Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Nov 20th, 2017 3:35 am
Member
Dec 26, 2013
296 posts
61 upvotes
CdnRealEstateGuy wrote:
Feb 3rd, 2016 3:39 pm
What is your rate now?

Bond yields have been dropping, so banks should be dropping their fixed rates. Having said that, some of the Big Banks have been increasing their rates while bond yields dropped to increase their profit margins.
4.09% five year fixed. I have no problem waiting for a lower rate, not as risky waiting on such a small mortgage. 400k would be a different story.
Deal Addict
Jun 29, 2007
3669 posts
799 upvotes
A lot of banks asking for title insurance now? I thought it's only required if you don't have a survey certificate. It's not a high ratio mortgage and 2 lenders are saying it's mandatory and I have to pay for it. A credit union that gave me a mortgage a few months ago never needed one.
Deal Addict
Sep 13, 2011
3321 posts
1073 upvotes
Toronto
Speedy1 wrote:
Feb 3rd, 2016 4:50 pm
A lot of banks asking for title insurance now? I thought it's only required if you don't have a survey certificate. It's not a high ratio mortgage and 2 lenders are saying it's mandatory and I have to pay for it. A credit union that gave me a mortgage a few months ago never needed one.
Every lender I know of will require title insurance. I don't think any lawyer would advise you to close without title insurance either. Personally, I would never purchase a property without title insurance, even if I could. It is there to protect you against title theft of your property.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
Jun 29, 2007
3669 posts
799 upvotes
PaulMeredith wrote:
Feb 3rd, 2016 5:13 pm
Every lender I know of will require title insurance. I don't think any lawyer would advise you to close without title insurance either. Personally, I would never purchase a property without title insurance, even if I could. It is there to protect you against title theft of your property.
Thanks. That's interesting. It was a lawyer that handle my recent purchase and mortgage, and she never mentioned or suggested title insurance.
Deal Addict
User avatar
Dec 1, 2015
1265 posts
719 upvotes
Etobicoke, ON
As Paul said, title insurance these days is required by every lender I can think of. And even if lawyers were not required to buy a title policy, the costs to run title searches in some cases would easily be higher than the title policy itself, while not offering the same kind of protection. Title defects can be know at the time of your purchase, or they can arise later on... having title insurance allows you to cover both circumstances.

I just found this article providing some additional details :

https://www.integratedmortgageplanners. ... ld-buy-it/

Speedy1 wrote:
Feb 3rd, 2016 5:17 pm
Thanks. That's interesting. It was a lawyer that handle my recent purchase and mortgage, and she never mentioned or suggested title insurance.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Newbie
May 20, 2012
91 posts
8 upvotes
VANCOUVER
I'm going to lock in a 5yr fixed rate with RBC some time over the next couple of days. Any ideas what kind of rate I should be aiming for? Thx in advance :)
Jr. Member
Oct 31, 2010
138 posts
4 upvotes
Montreal
Speedy1 wrote:
Feb 3rd, 2016 1:12 pm
A few days ago, I was offered 2.04% at CIBC for 1 yr fixed.
I got the same 2.04% but 2 years.
Deal Addict
Jun 29, 2007
3669 posts
799 upvotes
van800 wrote:
Feb 3rd, 2016 10:47 pm
I'm going to lock in a 5yr fixed rate with RBC some time over the next couple of days. Any ideas what kind of rate I should be aiming for? Thx in advance :)
They quoted me 2.89% last week.
Jr. Member
Apr 5, 2013
122 posts
4 upvotes
eurodin wrote:
Feb 3rd, 2016 11:09 pm
I got the same 2.04% but 2 years.
Any conditions? That 2yr 2.04% is really low, even lower than what the brokers here can offer.
Newbie
May 20, 2012
91 posts
8 upvotes
VANCOUVER
Speedy1 wrote:
Feb 3rd, 2016 11:11 pm
They quoted me 2.89% last week.
They quoted me the same today. Just thinking that I should be able to do better!
Deal Addict
Jun 29, 2007
3669 posts
799 upvotes
eurodin wrote:
Feb 3rd, 2016 11:09 pm
I got the same 2.04% but 2 years.
2.04% for 2 yrs is quite impressive. CIBC told me 2.29% for 2 yrs.
Jr. Member
Oct 31, 2010
138 posts
4 upvotes
Montreal
GreenFlagDeal wrote:
Feb 3rd, 2016 11:11 pm
Any conditions? That 2yr 2.04% is really low, even lower than what the brokers here can offer.
1 condition, you gota be a good negotiator.
Jr. Member
Oct 31, 2010
138 posts
4 upvotes
Montreal
Speedy1 wrote:
Feb 3rd, 2016 11:12 pm
2.04% for 2 yrs is quite impressive. CIBC told me 2.29% for 2 yrs.
Yes nice rate for 2 year fixed. They offered 1.99% not long ago, but I was to far away from renewal 150 days out.

I hope customer service level is ok. I have been with CIBC with 20 years for banking, and I have 2 other mortgages at Scotia. Scotia on the road brokers are good, their brick and mortar is awful, but depends who you land on I guess.
Sr. Member
Feb 3, 2006
967 posts
19 upvotes
I have a Heloc/Mortgage question that needs answering.

Could anyone on this thread who works in the industry please PM me.

cheers
Member
Apr 8, 2007
481 posts
37 upvotes
cibc broker offered 2 yr fix @2.24, branch offered 2 yr fix 2.34
hsbc 2 yr fix @2.14.... this was offer via their premier account holders i guess...
Living in this big world, I have a little dream.

Top