Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Mar 25th, 2017 4:44 pm
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PaulMeredith wrote:
Mar 16th, 2017 6:14 pm
valuemortgage wrote:
Mar 16th, 2017 1:55 pm
CdnRealEstateGuy wrote:
Mar 16th, 2017 12:52 pm
Geese_Howard wrote:
Mar 14th, 2017 8:42 pm
My wife co-owned a home with her family and having their mortgage at Bank A. we are now seeking for mortgage for new builder home , is it better to go with the same Bank A for better rate ?
co-owned home still has remaining 230K. When I tried with different banks they are considering the old remaining mortgage of 230K to our new total. However, Bank A is willing to give mortgage to the new home since they are accepting her retired dad will take care of the remaining 230K with his own pension income. So my question is there reason for shopping around or just settle with Bank A.
Bank A offering the following rates for new home :
Best Variable closed - 2.3% ( needed to qualify for 4.* % )
Fixed 5yr - 2.69%
Last edited by echo_jey on Mar 16th, 2017 1:47 pm, edited 2 times in total.
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An older post of mine on the subject

official-mortgage-rates-thread-351105/2 ... st24469235

an update given the new rules now in effect

official-mortgage-rates-thread-351105/2436/#p27574652
Momo10 wrote:
Mar 16th, 2017 1:39 pm
Hello,

Can someone please explain the difference between conventional vs collateral? I'm in the process now, and these terms have never been mentioned!

Thank you,
M
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
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PaulMeredith wrote:
Mar 16th, 2017 1:14 pm
prime -0.20% (2.50%).
Following the same line of questions, what would be the lowest fixed rate (anything from 1-5 years) available on a rental property? (20% down, no insurance premium). Thanks!
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MidnightOverlord wrote:
Mar 16th, 2017 2:59 pm
I know for a fact that TD is offering P - .4 = 2.45?? This is their "Target" for rentals
TD has an extra special "mortgage prime" that's 0.15% higher than their bank prime just to squeeze more money out of their variable rate customers.
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ace604 wrote:
Mar 16th, 2017 3:35 pm
TD has an extra special "mortgage prime" that's 0.15% higher than their bank prime just to squeeze more money out of their variable rate customers.
Yeah, I know. Still doesn't change the fact that the effective rate is 5 bps lower than the quote. And that's not the lowest TD goes on rental- the rest is up to the advisor/MMS/broker

So the fact that the"lowest" quote on rentals is 2.5 is 🦈

Edit: that was supposed to be a fishy emoji, not jaws reincarnated
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MidnightOverlord wrote:
Mar 16th, 2017 5:00 pm
Yeah, I know. Still doesn't change the fact that the effective rate is 5 bps lower than the quote. And that's not the lowest TD goes on rental- the rest is up to the advisor/MMS/broker

So the fact that the"lowest" quote on rentals is 2.5 is 🦈

Edit: that was supposed to be a fishy emoji, not jaws reincarnated
I can only quote what I see. I cannot quote rates or deals that 'may' be given by certain banks or branches. I stopped dealing with TD ever since they started registering all their mortgages as collateral. But from what I see, TD's rate on rentals is also 2.50%.
Paul Meredith
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PaulMeredith wrote:
Mar 16th, 2017 6:14 pm
I can only quote what I see. I cannot quote rates or deals that 'may' be given by certain banks or branches. I stopped dealing with TD ever since they started registering all their mortgages as collateral. But from what I see, TD's rate on rentals is also 2.50%.
Okay, sure. I don't have access to broker channels but if any RFDer walks into their branch, the quoted rate on rentals is 2.45 before the advisors SR or the MMS commission is impacted. It can go as low as TD MTG prime - 50 = 2.35 if your volume is good and/or the deal is simple. The fact that you don't deal with TD doesn't excuse the fact that those rates are not what the market is lending at.
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PaulMeredith wrote:
Mar 13th, 2017 1:49 pm
Thats no different than what I mentioned in my post, so it sounds like you are misunderstanding here. Yes, you can go up to 80% on the HELOC providing that the HELOC portion alone does not exceed 65% of the property value.
Hi Paul

I am good with the percentages now.

Do you think I could get better then prime on my line of credit. I was told it was not going to expire or up for renewal at the end of my term. The rep mentioned he could likely increase the amount of the line of credit and still do prime. Does this seem realistic?

Thank you
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GenX wrote:
Mar 16th, 2017 7:01 pm
Hi Paul

I am good with the percentages now.

Do you think I could get better then prime on my line of credit. I was told it was not going to expire or up for renewal at the end of my term. The rep mentioned he could likely increase the amount of the line of credit and still do prime. Does this seem realistic?

Thank you
Anytime you can prime on a HELOC you are doing really well. Really hard to get these days and only one or two lenders will offer it, and only to certain types of professional borrowers (doctors, engineers, etc.). As far as better than prime? Never heard of anyone getting lower. You an always ask your lender, but just know that you are doing pretty good as it is with prime :-).
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MidnightOverlord wrote:
Mar 16th, 2017 5:00 pm
Yeah, I know. Still doesn't change the fact that the effective rate is 5 bps lower than the quote. And that's not the lowest TD goes on rental- the rest is up to the advisor/MMS/broker

So the fact that the"lowest" quote on rentals is 2.5 is 🦈

Edit: that was supposed to be a fishy emoji, not jaws reincarnated
I was only replying to the "??" which I interpreted as possibly questioning why a doubled "discount" of 40bps was only beating the other rate by 5bps.

The fact it starts 5bps lower is kind of meaningless since TD can just willy nilly change their "mortgage prime" to whatever they feel like. I would NEVER take a variable rate from a bank using a "mortgage prime" when the others are still using the same one as for all their customer products. I think IG has a mortgage prime too, not just TD. All those people who jumped on P-1.01 a while back actually got "mortgage prime" minus 1.01%.

Shady. Blowfish Dunno if there's an emoji for that, so I'll go with a fish too. Didn't see a shark :)
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Parps wrote:
Mar 16th, 2017 3:00 pm
Following the same line of questions, what would be the lowest fixed rate (anything from 1-5 years) available on a rental property? (20% down, no insurance premium). Thanks!
Anyone?
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Mar 16, 2017
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Hello,

My wife and I are first time home buyers. We recently visited a mortgage broker who told us the best 5 year variable rate she could get us was prime -0.5 (2.2%) with first national. I saw earlier that someone mentioned a 5 year variable rate of prime -0.85 was possible with another lender with the right profile. I just want to make sure our current broker is not giving us false information to maximize their own commission. Our profile is as follows:

35% down payment
Purchase price of roughly 350K
Mortgage of 228K
No other debts, excellent credit, good stable jobs, combined income roughly 140K a year

Does anyone think it is possible to get a 5 year fixed rate of less than 2.5% with our profile? Should I be contacting a different mortgage broker? Any help would be appreciated.

Thanks
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Bdport wrote:
Mar 17th, 2017 9:45 am
Hello,

My wife and I are first time home buyers. We recently visited a mortgage broker who told us the best 5 year variable rate she could get us was prime -0.5 (2.2%) with first national. I saw earlier that someone mentioned a 5 year variable rate of prime -0.85 was possible with another lender with the right profile. I just want to make sure our current broker is not giving us false information to maximize their own commission. Our profile is as follows:

35% down payment
Purchase price of roughly 350K
Mortgage of 228K
No other debts, excellent credit, good stable jobs, combined income roughly 140K a year

Does anyone think it is possible to get a 5 year fixed rate of less than 2.5% with our profile? Should I be contacting a different mortgage broker? Any help would be appreciated.

Thanks
Up until yesterday, you could have got prime -0.85% (1.85%). These rates have unfortunately increased now and the lowest is now prime -0.65% (2.05%) So, yes, you can still do better than what the other broker is quoting you.

There are also 5 year fixed rates as low as 2.39% or possibly lower.
Paul Meredith
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Mar 16, 2017
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Hello to all,

Very informative thread. Thank you to all who take the time to explain and justify!

Question 1: BMO's 5 year smart fixed 10/10 and 25 years: How low can the rate go before it impacts the commission of the vendor? ( how does their commission even work for them?)
Question 2: in your opinion how much can be shaved off a rate for a 5 year fixed, 10/10 (BMO) if I offer to surrender all prepayment options?

Cheers
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