Real Estate

The Official Mortgage Rates Thread

[OP]
Jr. Member
Mar 16, 2006
182 posts
201 upvotes
Toronto

The Official Mortgage Rates Thread

per http://www.redflagdeals.com/forums/show ... p?t=350650 i am starting a thread on the current mortgage rates for

Open Variable
Closed Variabe
Fixed
Fixed Rate Cashback

help out fellow RFD'ers - let us know where and what the best rates are! :)

edit:
Toronto Star's official daily mortgage rate table
http://www.fiscalagents.com/thestar/mor_clo_sort.shtml
(thanks jerryhung!)

edit:
as of Oct 26, 2006, best rates seem to be:
Open Variable - nothing is FULLY open so far... (penalties), but check out prime - .95 for 5 years with Danby Bank and Dundee Bank of Canada
Closed Variabe - Prime minus 1% for 5 yr (donno through what institution, PM anon)
Fixed - ING 5yr @ 4.94%, but only with a 400K mortgage
Fixed Rate Cashback
Thread Summary
Active mortgage brokers in the thread (as of July 2019) are:

@ahlaker (Nikola)
@CdnRealEstateGuy (Kevin)
@PaulMeredith
@rateconnect (Phil)
@valuemortgage (Andre)
@canadian gal (Dana)

For us to give you an idea on rates and fees, we need to know (please answer the questions below for your particular transaction only):

For a mortgage transfer/renewal:

-How much is the mortgage owing?
-Roughly, what is the current market value of the property?
-Which city is the property located in?
-Is the property owner-occupied or a rental?
-Who is your current lender?
-Do you have a HELOC tied to the mortgage?
-Is the mortgage CMHC insured?
-When did you buy the property?
-When is your renewal date?

For a purchase of a property:

-What is the purchase price?
-How much is the down payment?
-Where it the property located?
-When is the closing date?
-Will the property be owner-occupied or a rental?

For a mortgage refinance:
Whenever you are borrowing MORE money than currently owing or INCREASING the remaining amortization period, it is a refinance.

-Roughly, what is the current market value of the property?
-What is the current mortgage owing?
-How much do you want to borrow (refinance)?
-Is the property owner-occupied or a rental?
-Where is the property located?
-When do you want to close on the refinance?

Guides from brokers:
-Switching lenders step-by-step

General Notes:
-It usually takes 30 days to close on a new/switch mortgage, but faster closes are possible (especially in slower periods like winter). Generally, applicants should contact a broker 90-120 days before closing/renewal. Quotes can generally be held for 30/120 days. Live deals (firm closing date) are generally required for a quote.
-The brokers will give the lowest available interest rate available given the inputs provided, and otherwise assume the applicant has good/great credit history/score (680+), good income and employment to support the payments, no other material debts, etc. to satisfy Gross Debt Service Ratio (GDS) and Total Debt Service Ratio (TDS) requirements.
-The lower interest rates will generally be available for situations with: insured, owner-occupied, non-HELOC (i.e. not collateral charge), higher downpayment/equity (if non-insured), <$1M property value. Location of the property is also a factor.
-Competitive rates that cover appraisal/legal fees are generally available. Break fees for your current mortgage are never covered (for competitive rates).
-Mono lenders generally have the lowest rates, better prepayment terms (e.g. 20/20), portability, and other favourable terms.
-PM with a broker to get details on the actual lender(s) available to you.
53906 replies
[OP]
Jr. Member
Mar 16, 2006
182 posts
201 upvotes
Toronto
i'll start, even tho the rates i received are meh...

based on Prime = 6%

HSBC
3 year open variable: Prime - 0.5% = 5.5%
5 year closed variable: Prime - 0.85% = 5.15%
Sr. Member
Oct 9, 2001
905 posts
220 upvotes
Toronto
Through my mortgage broker I am happy I got 5 years closed variable at Prime minus .90 (but their APR is 5.062) so even better than that!

The only place I found better was Dundee at Prime minus .95 but my broker doesn't deal with them.

Here is a great link for all to compare rates on variable closed:

http://www.moneysearch.ca/mortgagerates.htm

Beware that some rates like the 5.00 variable closed on this list are just the introductory rates.

I did TONS of research so if anyone needs any help, let me know :)
[OP]
Jr. Member
Mar 16, 2006
182 posts
201 upvotes
Toronto
thanks!

questions - what is "APR"? is your rate prime minus .90 for the full 5 years? since it's CLOSED variable, will there be penalties if/when you decide to convert to fixed rate?
Member
May 14, 2006
244 posts
6 upvotes
London
i just signed a 5 year prime - .85 at scotia.

no fees or penalties to convert to fixed at anytime
[OP]
Jr. Member
Mar 16, 2006
182 posts
201 upvotes
Toronto
quentin0 wrote:
Oct 12th, 2006 11:23 pm
i just signed a 5 year prime - .85 at scotia.

no fees or penalties to convert to fixed at anytime
is this a closed variable?
Deal Addict
Dec 19, 2004
3006 posts
25 upvotes
GTA
good thread - i think this part of the forum needs more 'official' types of threads for the constant q's that come up.

So, I'd suggest you update the title and make this the 'official mortgage rates thread'
this site is like a drug. Its forum is the drug dealer.
[OP]
Jr. Member
Mar 16, 2006
182 posts
201 upvotes
Toronto
it seems mortgage brokers DO get better rates...

ING 5 yr fixed is 5.14%
i just got quoted 4.94% by a broker!

now i wonder whether to fix or variable....
Member
Feb 14, 2002
372 posts
63 upvotes
Is the 4.94% for a 5 year fixed as well? Cuz that's a really good rate. I talked to a mortgage broker and the best was 5.09. Do you mind giving out information on your mortgage broker?

doodling wrote:
Oct 19th, 2006 4:09 pm
it seems mortgage brokers DO get better rates...

ING 5 yr fixed is 5.14%
i just got quoted 4.94% by a broker!

now i wonder whether to fix or variable....
Deal Fanatic
User avatar
Apr 16, 2006
6028 posts
440 upvotes
Just bought a house with my mom...she had no credit and the only reason why the application was approved was because of my credit history...

Needless to say, not the greatest rate.

I'm locked in at 5 years at 5.74 %

When it's time to renew, my mom will have better credit and she should be able to haggle a better rate than that. For the time being however....> :(

BTW: Laurentian Bank
Deal Addict
Dec 19, 2004
3006 posts
25 upvotes
GTA
chileung wrote:
Oct 20th, 2006 12:36 am
Is the 4.94% for a 5 year fixed as well? Cuz that's a really good rate. I talked to a mortgage broker and the best was 5.09. Do you mind giving out information on your mortgage broker?
Hi - I too would be interested in knowing the contact info for that person - get them some referrals ;)
this site is like a drug. Its forum is the drug dealer.
Newbie
Dec 15, 2003
51 posts
2 upvotes
i did have a 5.1 closed from td about 3.5 years ago. Now I've sold the house and I'm looking for a new mortgage.. so far best I've seen is PC at around 5.14? But TD refuses to match it since it's not a "bank"
Newbie
Jan 10, 2006
25 posts
4 upvotes
I got Prime - 1% for 5 years variable closed.
I think my mortgage broker is pretty good in terms of getting the best rate possible. If you want his contact, please pm me.

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