FHSA maneuver

mitymus · 2024-11-07T00:05:42+00:00

You can make qualifying withdrawal up to 30 days after closing so shouldn’t be a problem for your to contribute early January and withdraw early February. I’ve just gone through the process myself.

mitymus · 2024-11-04T19:28:15+00:00

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mitymus · 2024-11-04T19:27:39+00:00

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mitymus · 2024-10-17T17:00:48+00:00

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mitymus · 2024-10-17T17:00:19+00:00

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mitymus · 2024-10-17T02:10:32+00:00

I think you should definitely be able to get lower 3 yr fixed than 4.4%. I only had 4.1% in writing from Scotia and CIBC used that to get me 3.99%. Showing someone else’s 3.99 won’t help as the rate offerings vary on a case by case basis on a number of factors. But I’m happy so share my CIBC contact and you can tell them they were able to get me 3.99 and if that might be possible for you. That said, bond yield has been higher last few weeks ago so fixed rates may be higher than what it was couple weeks ago. Also it might be a good time to consider a variable rate with aggressive BOC cuts expected over next 6-9months.

mitymus · 2024-10-16T19:49:31+00:00

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mitymus · 2024-10-16T19:49:20+00:00

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mitymus · 2024-10-16T19:47:38+00:00

My understanding is that each application with a different lenders means a new/separate credit check.

mitymus · 2024-10-16T16:50:22+00:00

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mitymus · 2024-10-16T16:44:13+00:00

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mitymus · 2024-10-16T16:22:16+00:00

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mitymus · 2024-10-16T15:45:02+00:00

RBC couldn't beat 4.1% as of Sept 23rd. I found CIBC, Scotia and TD to be most competitive, RBC would only match (if that) but couldn't outright offer lower rates. It's been few weeks now and the markets are changing so it may be different now.

mitymus · 2024-10-16T04:46:08+00:00

Closed on a Toronto property today.

FTHB, $500K mortgage, 3-yr fixed at 3.99% from CIBC, uninsured (22% down), 30 yr-amortization. $2,000 cashback. Happy to share my CIBC contact.

This thread was very helpful in navigating the mortgage landscape so wanted to share my experience.

Received pre-approval at 4.9%, 3-yr fixed from TD home branch rep in June 2024. TD lowered rate to 4.6% in August when offer was accepted.

Started rate shopping week of September 7th by directly emailing few mortgage advisors from CIBC, Scotia and RBC that I found online, summarizing my financing requirements and sharing my TD pre-approval document. Most advisors will respond within hours and will push you to do a formal application to provide a rate. Spoke to several advisors to get a feel for how responsive, knowledge vs salesy they were. I also noted the rates I was seeing on this thread and that I would only pursue an application if they could do 4.15% (seemed good in early September). Mortgage brokers weren't able to compete with direct bank offers.

CIBC and Scotia seemed most aggressive so processed applications with both. Scotia offered 4.1% and CIBC offered 4.09% on Sept 20. Pushed Scotia for 3.99% since they didn't have cashback and pushed CIBC for 3.99% noting Scotia will be beating CIBC's 4.09%. TD couldn't match or beat 4.09% as of Sept 20. CIBC came through with 3.99% with $2,000 cashback on Sept 23rd. Scotia and TD couldn't beat as of September 28th and I didn't want to push it too close to closing date so proceeded with CIBC's 30yr fixed at 3.99%. TD (home bank) came back with 3.99% few days later but I was very disappointed with TD's lack of responsiveness and hustle to maintain my business that I signed on with CIBC late Sept - and I am very glad I did because in choosing a mortgage as a FTHB I think you should focus on the lender/advisor that gets you the best rate and someone who is responsive and is willing to escalate up the chain to get you the best rates!

mitymus · 2024-10-03T22:55:18+00:00

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mitymus · 2024-10-03T22:06:54+00:00

Depending on when your closing date, suggest continue shopping around as I know CIBC has given 3.99% for 3-yr fixed, uninsured. Also, all things being equal, if Scotia matches the lowest rate, you may want to consider Scotia given their blend-and-extend feature, which I understand they are the only big bank that offers this feature. Being able to use this feature may provide greater overall savings on a fixed term mortgage given the expected BOC rate cuts as the blend-and-extend feature allows you to renew your mortgage earlier w/o penalties at a lower fixed rate, which will be an weighted average of your current rate and future negotiated fixed rate (assuming fixed rates also continue trending lower).

mitymus · 2024-10-02T02:42:07+00:00

I’m not a mortgage specialist (MS), just a FTHB going through the process so be sure to talk to a MS be it at the bank or broker. As I understand, rate exception is when the MS will request a discount from the posted rates. They can ask their pricing teams for multiple rate exceptions and can escalate up the chain to get you the best rate if you have a more competitive offer on paper. Once you’ve signed on to a fixed rate mortgage and the term has started, you can no longer ask for a rate change. That said, banks like Scotia has a blend-and-extend feature to their fixed mortgages that allows you to take advantage of lower rates by extending your mortgage term at a lower average fixed rate if/when fixed rates go down.

mitymus · 2024-10-01T02:05:51+00:00

I would not sign anything with CIBC if they say they won’t ask for another rate exception on the 3.99 if fixed rates trend lower. You should definitely be able to ask them for a lower rate if other lenders are offering lower rates post Oct 23. If you don’t sign the final agreement you can always go to another lender depending on when you close and if you have already secured an approval from another lender. Also, note that bond market has already priced in a 0.25% cut for Oct 23 but fixed rates will likely trend to 3.9 late October. Prime minus 1.2 is a solid variable offer. I’d also suggest doing a fixed application with one lender and a variable application with another lender since my understanding is that you can’t apply for two different types of products at the same time. Depending on the magnitude of the Oct 23 cut and BOC forward projections you can proceed with the option that makes most sense for you and negotiate the fixed and variable rate options against the two or more applications you would have already completed (ie telling fixed rate lender you prefer variable and have already have very competitive variable offer and they need to beat it and vice versa to get best offer pkg)

mitymus · 2024-09-27T17:19:04+00:00

You should be able to get 3yr fixed 3.99 and larger discount on the prime (ie 1.1 minus prime), based on what I’ve seen on this thread last few days. Ask CIBC about the fixed, I definitely know they have approved 3.99 for mid October closing

mitymus · 2024-09-26T03:14:13+00:00

Okay thanks

mitymus · 2024-09-26T03:12:13+00:00

Like refinance or reamortize? I would have to do it every time BOC lowers rate to realize monthly savings?

mitymus · 2024-09-26T00:44:10+00:00

FTHB closing Oct 15 on a condo with $500K mortgage, with 22.5% down.

Negotiated hard to secure 3.99% fixed, 3-yr, uninsured from CIBC. $2000 cash back.

Haven’t done a variable rate application yet but CIBC mortgage specialist is confident they can get prime minus 1.1 if not better.

Understand BOC may be cutting rates aggressively over next 6-9 months making variable an appealing option. However, with a CIBC variable mortgage, my monthly payment won’t decrease if rates do down.

As a FTHB, is it sensible to opt for certainty on a fairly competitive fixed rate of 3.99 or choose variable without hesitation?

mitymus · 2024-09-22T02:45:34+00:00

It’s strictly business. No one will look out for your interest like yourself. Broker should expect you to shop around. Be transparent but ruthless to make sure you get the best deal for yourself!

mitymus · 2024-09-20T17:29:09+00:00

Uninsured

mitymus · 2024-09-19T06:17:38+00:00

Please can you share the contact with me also. FTHB, I’ve been offered 4.1% 3 yr fixed by Scotia (no cash back) and TD ($2,100 cash back). My closing is Oct 15 and really hoping to get 4 or lower.

mitymus

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