The Official Mortgage Rates Thread

[Wonderdollar]

Hi,

I'm thinking of buying a town home at North York area. I have a pre-approval from a bank but the mortgage amount is not enough to cover the house price under my situation. If you have the flexibility to provide more mortgage amount, please PM me.

Thanks...

May be this article can help you find the best mortgage using a mortgage professional rather than a bank as the professionals would offer you not only a better rate most of the times but also a wide variety of mortgage products to choose from.

http://metronews.ca/voices/fun-and-f...o-to-the-bank/

[Chimpanzee]

Hi,
I have read through most of this thread. I am currently looking to secure financing for a condo with subject removal this week, closing in late May. I had original been pre approved by my bank (RBC) but due to some errors on my credit report they revoked that. (Originally 2.99 4 yr term) I have since been working with RBC's "alternate mortgage solutions" department. The best rate they have been able to find me now is 3.49 for a 5 yr term. I will be using a cosigner now since the credit score has not gone up enough when the lenders pull it(under 550). (When I pull it it is over 600). I would like to either find 4-5 yr fixed around 3% but do not know if this exists anymore? CMHC won't approve me with 5% down but have hinted that they will with 15% down - not what I prefer to do. Ideally a lender then that uses genworth? Any thoughts or input would be greatly appreciated!!!!

Thanks

[rehan77]

Hi there, looking to get a good rate on an early renewal (early August renewal date) for a 5-year fixed mortgage. PM me if you have any info. Thanks. Btw, I'm in the GTA area.

[Mountduval]

I havent been succesfum in securing the rates guys from montreal mention
Can someone pm me the contact of their broker please in montreal please. My mortgage is up for renewal in june a broker offered 5. Years at 3.15%
I am interested in DEsjardin 5 years at 2.99 fixed with notary fees paid someobe mentioned
Thank you

[Mountduval]

I havent been succesfum in securing the rates guys from montreal mention
Can someone pm me the contact of their broker please in montreal please. My mortgage is up for renewal in june a broker offered 5. Years at 3.15%
I am interested in DEsjardin 5 years at 2.99 fixed with notary fees paid someone mentioned
Thank you

[WHO]

I'm not sure this Desjardins rate is still on. If it is, I'd also like to know about it!

[iamdman]

You did not get a good rate.. I got 2.89 from TD for 4 yrs fixed and I am not even taking that as I got a better deal...

When did you get that 2.89 /4yrs? Must have been before April 1?

[iamdman]

I got approval from cibc 2.89 % for 4 years fixed and now i am well within 30days of closing. Just curious if there is any better deal right now.
Closing date = May 22 2012
New Purchase from builder
First time buyer
Credit score is 700+

Again, obviously pre April 1st rate?

[PaulMeredith]

Hi,
I have read through most of this thread. I am currently looking to secure financing for a condo with subject removal this week, closing in late May. I had original been pre approved by my bank (RBC) but due to some errors on my credit report they revoked that. (Originally 2.99 4 yr term) I have since been working with RBC's "alternate mortgage solutions" department. The best rate they have been able to find me now is 3.49 for a 5 yr term. I will be using a cosigner now since the credit score has not gone up enough when the lenders pull it(under 550). (When I pull it it is over 600). I would like to either find 4-5 yr fixed around 3% but do not know if this exists anymore? CMHC won't approve me with 5% down but have hinted that they will with 15% down - not what I prefer to do. Ideally a lender then that uses genworth? Any thoughts or input would be greatly appreciated!!!!

Thanks

4 & 5 year terms at 3% no longer exist. You would have to drop down to a 3 year to get that rate, but given your credit bureau (while I haven't seen it personally), 3.49% on a 5 year fixed may be the best option for you if they will approve you for that. 3.49% IS the market rate for a 5 year fixed right now. While there are typically 'below market' rates available through many mortgage brokers, they typically have more stringent qualifying criteria, therefore you most likely won't qualify if you have any delinquencies on your credit bureau. Hope this helps. Good luck!

[iamdman]

4 & 5 year terms at 3% no longer exist. You would have to drop down to a 3 year to get that rate, but given your credit bureau (while I haven't seen it personally), 3.49% on a 5 year fixed may be the best option for you if they will approve you for that. 3.49% IS the market rate for a 5 year fixed right now. While there are typically 'below market' rates available through many mortgage brokers, they typically have more stringent qualifying criteria, therefore you most likely won't qualify if you have any delinquencies on your credit bureau. Hope this helps. Good luck!

I was offered 3.19% @ 4yrs from RBC with a 30 day hold, any good?

[PaulMeredith]

I was offered 3.19% @ 4yrs from RBC with a 30 day hold, any good?

You can do better than that on a 5 year term. PM sent.

[laptop-tech]

Again, obviously pre April 1st rate?

like others mentioned already, those offers are no longer available.

This is why I tell people to be upfront and make a decision. I cant tell how many times I spoke with a person, had a terrific rate and the person waits until he/she is 30 days from closing to start shopping more seriously, only to find out that my rate was lower and now is expired... but could have been locked for 6 months!

For instance, right now there is an opportunity to lock a 1 year fixed product at ridiculous rates. This is ideal for those that like variable mortgages but right now the discount on variables is not good, so going a short term, fixed rate provides a fantastic opportunity.

[nightwing12]

like others mentioned already, those offers are no longer available.

This is why I tell people to be upfront and make a decision. I cant tell how many times I spoke with a person, had a terrific rate and the person waits until he/she is 30 days from closing to start shopping more seriously, only to find out that my rate was lower and now is expired... but could have been locked for 6 months!

For instance, right now there is an opportunity to lock a 1 year fixed product at ridiculous rates. This is ideal for those that like variable mortgages but right now the discount on variables is not good, so going a short term, fixed rate provides a fantastic opportunity.

makes sense to me, especially since locking in doesn't force you to take that rate, you can keep shopping around while you have the current best rate locked in.

[laptop-tech]

makes sense to me, especially since locking in doesn't force you to take that rate, you can keep shopping around while you have the current best rate locked in.

BINGO!

6 months ago we had 3y fixed at 1.99%... could be locked until now... yet, some people chose to wait until 30 days from closing.. guess what? the best 3y now is no where near that rate. New construction could have locked that rate for 1 year.

The point is exactly like you said : lock it and keep your options open. I guess the problem with a lot of people is that when they send you a PM and you reply saying " call me at XXXXXXX" those people think someone will grab them over the phone and force them to do anything... too bad, those people are missing on fantastic opportunities, just a phone call way.
I posted a little while ago... 4y was available at 2.49% or 2.59%. Tons of PMs, all replied, some serious buyers called in, set an appointment and locked the rate. Others chose not to bother with a phone call...then a few weeks later rates went up and some of those same people were scrambling to get 2.79%.

[james5051]

Whats 3yr fixed going for now? My brother was offered 2.84%.