The Official Mortgage Rates Thread

[cwxa99]

Just came back from the branch of TD... for 3-yr fixed 3%, 5-yr fixed 3.3% (Montreal)

Will renew the mortgage on September and wonder there are any good mortgage broker in Montreal, downtow area will be preferred

Thanks

[1C5]

To everyone and especially Paul:

Thoughts on a 10 year fixed ar 3.89 with same perks (prepayment 15% a year, 15% increased monthly payments) than a 5 year fixed and whatever the going rate is (3.29 or fill a number in).

My question is do you think the extra interest is worth locking in for 10 years or take the 5 year at the lower rate? Mortage will be around $450k

I know you can't really give an answer without knowing my exact situation but both seem like decent options for me and in terms of monthly payments, I am ok with the extra interest of the 10 year but don't want to do it if everyone says the 10 year is a bad idea at the current rate compared to the 5 year.

Thanks for the help.

[WHO]

Just came back from the branch of TD... for 3-yr fixed 3%, 5-yr fixed 3.3% (Montreal)

Will renew the mortgage on September and wonder there are any good mortgage broker in Montreal, downtow area will be preferred

Thanks

As I posted 4 posts above, my mother got a rate of 3.19% for 5-yr fixed through a broker.
Whether uou use Hypoteca or Multi-Prêt or any other, I think they should pretty much have all similar rates.

I too was wondering if there were nay better offering, but it's a bit harder to have professionals from QC on rfd.

[commander_groo]

I ended up renewing for 5 years at 3.29% a 1.7% discount from posted with Scotiabank, It was the best I could negotiate with them, even then it took a bit of convincing to do. Their original offer was 3.90 which I thought was horrible. I believe that going to another lender would have cost me 3 months interest as this was a 6 month early renewal, and I didn't want to wait as I was coming from a rate of 6%, even the savings over the next 6 months is somewhat significant.

[qweasdzxc63]

Ok, just talked to my broker and he said he'd gonna put everything on my home equity line of credit at the rate of 3.5%. Is this a good rate.

Well, the most important thing here is NOT the rate. It is the cost to get that short term loan. Best scenario you sell/buy house on the same closing day. HELOC cost 500 to set up and 300 to close (You have to close it if you sold you home). I more like open variable , no fee to do that. I didn't pay mortgage discharge fee last time.

[Mrbj]

Well, the most important thing here is NOT the rate. It is the cost to get that short term loan. Best scenario you sell/buy house on the same closing day. HELOC cost 500 to set up and 300 to close (You have to close it if you sold you home). I more like open variable , no fee to do that. I didn't pay mortgage discharge fee last time.

There is no mortgage discharge fees in AB. I didn't know if there was any fees associated with my HELOC, I could go with 1-3-5 year open mortgage depending best rate, but my broker insists that it would be the best option to go with HELOC - she didn't mention any fees - eventhough $800 seems like small price.

[WHO]

Hello,

So, my mom is up for renewal in less than a month. She was offered 3.19% 5-yf fixed through a broker.
I guess her mortgage amount is in the neighborhood of 125k.

I guess, given the short notice, that's a good rate, right?
Just last week the best she was offered was 3.25 with Scotia (through same broker). I'm not sure who the 3.19 is with.

I just got word that the rate she was offered is with Industrial Alliance. She also has an offer of 3.25% with Scotia.

She has no plans to break the mortage before the 5 years is up, but do the pros here still think she's better off paying the extra .06% with Scotia? And, if so, for what reasons?

Thanks! She needs to deal with this pretty soon. I already told her to ask more precisions from her broker (ie penalties, fees, locked-in details).

[cwxa99]

As I posted 4 posts above, my mother got a rate of 3.19% for 5-yr fixed through a broker.
Whether uou use Hypoteca or Multi-Prêt or any other, I think they should pretty much have all similar rates.

I too was wondering if there were nay better offering, but it's a bit harder to have professionals from QC on rfd.

Thanks it is good to know
Hypoteca or Multi-Prêt

[niroopg]

I ended up renewing for 5 years at 3.29% a 1.7% discount from posted with Scotiabank, It was the best I could negotiate with them, even then it took a bit of convincing to do. Their original offer was 3.90 which I thought was horrible. I believe that going to another lender would have cost me 3 months interest as this was a 6 month early renewal, and I didn't want to wait as I was coming from a rate of 6%, even the savings over the next 6 months is somewhat significant.

6%. Wowzers.

Yeah, 3.29% is a decent offering for 5 year fixed. I think the absolute rock bottom offer is 3.19 @ 5 fixed (I'm not sure if that even exists).

Ultimately, I would be satisfied, especially coming off of your previous rate lol.

[qweasdzxc63]

There is no mortgage discharge fees in AB. I didn't know if there was any fees associated with my HELOC, I could go with 1-3-5 year open mortgage depending best rate, but my broker insists that it would be the best option to go with HELOC - she didn't mention any fees - eventhough $800 seems like small price.

CIBC waiver 500 setup fee with condition you take $30,000 for 4 month. I don't know if there is any difference btw 1-3-5 year open mortgage. It is open anyway.

[commander_groo]

6%. Wowzers.

Yeah, 3.29% is a decent offering for 5 year fixed. I think the absolute rock bottom offer is 3.19 @ 5 fixed (I'm not sure if that even exists).

Ultimately, I would be satisfied, especially coming off of your previous rate lol.

Yeah, it was really bad timing, IO bought my brothers share of the house out so I was financing a larger mortgage, in order to get the variable rate I had to qualify based on the 5 year posted rate as per there policy. the only way I could really qualify was on the the discounted 5 year rate at 6%. Or so I understood it. I only had a couple of days to make it happen ad my brother really needed his money as he just bought a house and his closing date was coming up quick. I'm sure there was probably something I could of done better, but its history now.

lets just say I was thrilled when my early renewal came due.

[PF4RedFlag]

Hi guys

Is 2.9 closed for 3 years a good rate? (this is TD)
Double up (or adjust the rate up to double) and paying up to 15% each year
What else should I ask for ?

thanks
PF

[callmethecat]

I am looking for variable open mortgage and was offered Prime rate (will be charged at 3.99 which is capped rate) from ScotiaBank. Is this a good rate or anyone can give me a better referral? Thanks a lot.

Many lenders are offering 3.5% (prime + 0.5%) for a HELCO, which is basically an open variable mortgage that can be paid off at any time.

[callmethecat]

I was quoted 3.39 % for 5 year fixed with Scotia bank for a 400k house.
I know I can get better rate but Is 5 year fixed better right now ?

Yes, you can easily do 30bp better (3.09%) for a 5 year mortgage - non collateral with full bells and whistles.

[kunjar]

Hi guys

Is 2.9 closed for 3 years a good rate? (this is TD)
Double up (or adjust the rate up to double) and paying up to 15% each year
What else should I ask for ?

thanks
PF

i have a friend who was quoted the exact same rate.