Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Apr 10, 2010
1398 posts
208 upvotes
GSRee wrote: Yeah I guess it would depend on how you accelerated your mortgage. In my case it wasn't lump sum pre-payments, it was increasing my payment amount by 20% over multiple years. So for example I went from $1000/mo to $1200/mo to $1440/mo (and possibly to $1728/mo, I don't remember how many times we did that before switching!). So in that scenario it would be possible to go back to $1000/mo (or so they said), which wouldn't "decelerate" me all the way back to 22 years, but it would have been much closer to 22 than to 8.
Got it. Thanks.
Jr. Member
Apr 13, 2013
108 posts
10 upvotes
Woodbridge
513263337 wrote: I see your strategy there, but how do you actually "decelerate" to 22 years?

I know you can "accelerate" by making more pre-payments, but once it's accelerated, how do you decelerate back to 22 years? It's not like you can reduce your monthly payment to be lower than your initial regular monthly payment.
I increased my installment from 719$ to 900$ biweekly. If prime rate goes up , I can go back to my original amount 719$ biweekly. I don't think u can reduce yr payment.
Member
May 12, 2006
241 posts
16 upvotes
Hi all - I'm also a first time home buyer with excellent credit score, looking for ~$300k mortgage with >20% down payment. Here are the rates I have gotten so far:

2.99% 5-year fixed
2.35% 5-year variable

Can I do better? Interested in A-level lenders only... thanks!
Newbie
May 10, 2011
2 posts
Hi All,

I am a first time home buyer looking for ~435 K mortgage with 10% down payment. I am looking at either a 3 year or 5 year fixed mortgage.
For the 5 year fixed I have a quote of 2.89 from CIBC.

Can I do any better and what would be the best I could do for 3 year fixed?

Thanks
Banned
User avatar
Apr 17, 2009
461 posts
86 upvotes
rAfChOw wrote: Hi all - I'm also a first time home buyer with excellent credit score, looking for ~$300k mortgage with >20% down payment. Here are the rates I have gotten so far:

2.99% 5-year fixed
2.35% 5-year variable

Can I do better? Interested in A-level lenders only... thanks!
Yes, you can do better with the 5-yr fixed.
Sr. Member
Dec 15, 2008
652 posts
58 upvotes
Vancouver, BC
rAfChOw wrote: Hi all - I'm also a first time home buyer with excellent credit score, looking for ~$300k mortgage with >20% down payment. Here are the rates I have gotten so far:

2.99% 5-year fixed
2.35% 5-year variable

Can I do better? Interested in A-level lenders only... thanks!
Best one I've seen is http://www.valueland.ca
RATE 2.25% Closed
TERM 5 year Variable
PREPAYMENT 15 / 15
RATE HOLD 60 Days
Member
May 12, 2006
241 posts
16 upvotes
exhaust wrote: Best one I've seen is http://www.valueland.ca
RATE 2.25% Closed
TERM 5 year Variable
PREPAYMENT 15 / 15
RATE HOLD 60 Days
Saw that on Ratespy but I wonder from which lender and what conditions/restrictions...
Member
May 12, 2006
241 posts
16 upvotes
geotuna wrote: Yes, you can do better with the 5-yr fixed.
I've seen 5-yr fixed at ~2.8% but with tight conditions... I prefer something with low restrictions, i.e. min 15% prepayments, reasonable terms for porting/breaking, no hidden fees, etc.
Banned
User avatar
Apr 17, 2009
461 posts
86 upvotes
rAfChOw wrote: I've seen 5-yr fixed at ~2.8% but with tight conditions... I prefer something with low restrictions, i.e. min 15% prepayments, reasonable terms for porting/breaking, no hidden fees, etc.
Exactly, restrictions... A mortgage is far more than just a rate. Glad you recognize that.
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
I 100% agree! I was thinking of posting the same thing earlier this week!
callmethecat wrote: Not to be a pain in the a** but do we really need post after post to say PM sent. I'm sure anyone who posts on this forum gets 10 PMs in a few hours.

BTW PM Sent :)
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Jun 6, 2009
722 posts
258 upvotes
Anyone get better than 2.99% 5 yr from a major 5 bank with standard conditions?
Newbie
Jul 3, 2004
23 posts
3 upvotes
Repsac wrote: Looking for a rate on a 3yr fixed...first buy, $330k home, 5% down, edmonton AB
I bank with Scotia, but notice ratehub and ratespy show considerably lower rates and better T/C.
Best I can see is True North @ 2.69% and wondering if that's competitive enough to take or should I be digging for better?
Popping back up on this with a few questions.
Ratespy is showing a couple at 2.49% as others have mentioned here.
Valueland and Butler Mortgage are catching my eye, as we would want a lender that works in both AB and ON (as we may move back to ON in a few years)
Just curious on anyones experience with either? I've heard Valueland pop up on here a few times recently, but nothing really for Butler?

Valueland:
2.49% on a 3yr closed fixed rate
60 day Hold
15% / 15% prepayment
Portable, Assumable by a new buyer, Transferable on Maturity, Breakable with penalty clause, No rentals.
18yr Min amortization, 30yr max amortization
Provence coverage: AB,BC,ON,NB,NL
Lender: insurance company

For butler, all I am seeing is: Major financial institution, all types of transactions, and AB, BC, ON for provinces.
So with the lack of info, I am leaning towards valueland. Just a bit hesitant, as most of the people I've spoken with locally have never heard of them.
Other than those 2, the other we would be looking at is HSBC Bank Canada @ 2.73% or Scotia (as I bank with them) @ 2.89 **shows as 2.89 on ratespy, but everywhere else as 3.44
Just looking for a touch of advice for our first mortgage!
Banned
User avatar
Apr 17, 2009
461 posts
86 upvotes
The lender mentioned lends in both AB and ON.

Valueland and Butler are both ON based brokerages. When choosing a brokerage you need to first check whether it is also licensed in AB.
Repsac wrote: Popping back up on this with a few questions.
Ratespy is showing a couple at 2.49% as others have mentioned here.
Valueland and Butler Mortgage are catching my eye, as we would want a lender that works in both AB and ON (as we may move back to ON in a few years)
Just curious on anyones experience with either? I've heard Valueland pop up on here a few times recently, but nothing really for Butler?

Valueland:
2.49% on a 3yr closed fixed rate
60 day Hold
15% / 15% prepayment
Portable, Assumable by a new buyer, Transferable on Maturity, Breakable with penalty clause, No rentals.
18yr Min amortization, 30yr max amortization
Provence coverage: AB,BC,ON,NB,NL
Lender: insurance company

For butler, all I am seeing is: Major financial institution, all types of transactions, and AB, BC, ON for provinces.
So with the lack of info, I am leaning towards valueland. Just a bit hesitant, as most of the people I've spoken with locally have never heard of them.
Other than those 2, the other we would be looking at is HSBC Bank Canada @ 2.73% or Scotia @ 2.89 (as I bank with them)
Just looking for a touch of advice for our first mortgage!
Member
Feb 14, 2006
288 posts
137 upvotes
Ottawa
Current mortgage is maturing early August with a remaining balance of 180K. Considering purchasing a new home and selling the current one around the same time. Will need to increase the loan amount (for the new home) to 400K or so. What would be my options?
Sr. Member
Dec 15, 2008
652 posts
58 upvotes
Vancouver, BC
geotuna wrote: The lender mentioned lends in both AB and ON.

Valueland and Butler are both ON based brokerages. When choosing a brokerage you need to first check whether it is also licensed in AB.
So you can't apply from http://www.valueland.ca if the property is in British Columbia?
Banned
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Jul 16, 2003
10397 posts
1468 upvotes
Toronto
exhaust wrote: So you can't apply from http://www.valueland.ca if the property is in British Columbia?
The broker has no control of where the lender will lend. Valueland is a brokerage, that is - it is an office where mortgage agents (and a broker) work. They get your application and send to the lender (in the case of the 2.49% it is called Industrial Alliance), so any approval will be subject to the lender's policies. This particular lender (IA) for instance does lend in BC, so any brokerage authorized to sell mortgages in BC (my brokerage included, btw) can get you that rate in BC.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428

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