Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • May 20th, 2018 7:48 pm
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Registering the full amount or not will have no impact on the product itself... it will be a collateral charge either way. If you understand you will loose the ability to switch out to other lenders at no cost and likely be subject t higher interest rates later on, and still want a collateral charge, I guess it would make sense to register it at the max amount allowed, so that at least you have access to a large Heloc.
ShyGuy69 wrote:
Mar 20th, 2017 2:37 pm
Thanks for the response valuemortgage.

Does it make sense to register the full amount of the home on a collateral mortgage?
Seems like I have the option to register an amount between the mortgage loan and the appraised cost of the home.

Trying to determine the pitfalls of doing this.
Andre Oliveira - Mortgage Agent
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napoleonz wrote:
Mar 20th, 2017 2:17 pm
Hello, what's the best fixed-rate (2,3,4,5 yrs) out there right now for renewal in July, (> 1mil purchase price), 30 yr amortization, w/ >60% equity ?
You could get 2.55% on a 5 year fixed and transfer costs paid for if your closing was within 30 days.

Your better bet might be variable, you can get 2.2% with transfer fees paid for as well.

Both scenarios are on 30 year amortization, you should probably start looking within 60 days prior to your renewal date.
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wilyam wrote:
Mar 19th, 2017 12:47 pm
Is it common for a seller to ask a buyer to sign an agreement of purchase before a lot is severed? Seller wants to make sure he has a buyer committed before spending the money to have a waterfront lot severed.
That's not really a mortgage questions, but yes, it is common. Make sure there is a condition in the offer that addresses the severe and protects you.
Kevin Somnauth, CFA
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SamS2016 wrote:
Mar 19th, 2017 8:48 pm
Hi Guys, I am looking for some advice on mortgage with 35% down payment. Read somewhere that there is no income verification with 35% down for self employed. Is that correct? If there is a solution what kind of rate and where?

Thanks for your advice.
With no proof of income, you're looking at 50% down for the most part.

If you can prove income via non-traditional means (ie bank statements...), you're looking at possibly 20% down.
Kevin Somnauth, CFA
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spdewan wrote:
Mar 20th, 2017 12:20 am
Paul, I spoke to you while ago. Looks like 1.80% rate is gone now? I am putting more than 35% down
1.90% is now the best rate with 35%+ down.
Kevin Somnauth, CFA
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martydxb wrote:
Mar 20th, 2017 12:43 pm
Is it still possible to get 1.8% or 1.9% 5 yr variable rate mortgages for principal homes (I will live in it)? Are there some restrictions in exchange for getting these rates? E.g. No 20% per year down payment of the mortgage amount, its a collateral mortgage (so cant easily switch), etc... Bit of a beginner and need help :)

EDIT: It would be 5% to 10% down only. (High Ratio)
1.80% 5-year variable and 2.39% 5-year fixed are the best rates for high ratio mortgages. NOT a collateral charge.
Kevin Somnauth, CFA
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CdnRealEstateGuy wrote:
Mar 20th, 2017 3:57 pm
1.80% 5-year variable and 2.39% 5-year fixed are the best rates for high ratio mortgages. NOT a collateral charge.
I originally purchased with less than 20% down, upon next renewal is it still considered high ratio? House value increased and my equity is ~ 40-45%.
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If the original purchase was insured and you have not refinanced yet, the insurance certificate can be transferred and you get the same rate as a new insured purchase (high ratio rates).
Andre Oliveira - Mortgage Agent
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I have TD collateral mortgage we took 3 years ago, that was registered as the twice of amount of mortgage, even exceeded a house appraisal value.
However when I opened HELOC 2 years ago, it was registered separately, the legal cost was waived by TD bank, back at the time.
A few months ago I asked to increase HELOC and application was approved for small additional amount.
The issue now that bank is claiming legal fees again $550, to increase registration of original HELOC by this additional amount, and which is still less than the old initial appraisal value of the house, and overall, include HELOCs and mortgage, it is less than 60% of house value.
I thought all legal fees covered by initial registration 3 y ago.
Can anybody to clarify? It seems rip off
Thank you
Last edited by Sungate on Mar 20th, 2017 10:32 pm, edited 1 time in total.
Newbie
Mar 20, 2017
13 posts
Montreal
Hello,
CanWise broker offers 2.04% fixed rate for 2 years with Scotia bank. In my situation legal fees are 750$ to get out of mortgage line of credit, would otherwise be free.
What do you guys think of this offer? It looks fairly competitive.

Thanks,
Olivier
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Sungate wrote:
Mar 20th, 2017 10:32 pm
I have TD collateral mortgage we took 3 years ago, that was registered as the twice of amount of mortgage, even exceeded a house appraisal value.
However when I opened HELOC 2 years ago, it was registered separately, the legal cost was waived by TD bank, back at the time.
A few months ago I asked to increase HELOC and application was approved for small additional amount.
The issue now that bank is claiming legal fees again $550, to increase registration of original HELOC by this additional amount, and which is still less than the old initial appraisal value of the house, and overall, include HELOCs and mortgage, it is less than 60% of house value.
I thought all legal fees covered by initial registration 3 y ago.
Can anybody to clarify? It seems rip off
Thank you
LOL. Find a new branch.

Or ask them to visit here: https://www.tdcanadatrust.com/m/product ... basics.jsp

And read the section at the bottom under HELOC called "collateral charge" and how the benefit is no new registration needed.
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olabreche wrote:
Mar 21st, 2017 12:00 pm
Hello,
CanWise broker offers 2.04% fixed rate for 2 years with Scotia bank. In my situation legal fees are 750$ to get out of mortgage line of credit, would otherwise be free.
What do you guys think of this offer? It looks fairly competitive.

Thanks,
Olivier
Depends...what is your current mortgage rate?

I would suggest going variable over a short-term fixed. Best variable rate is 1.75% 5-year variable.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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olabreche wrote:
Mar 21st, 2017 12:00 pm
Hello,
CanWise broker offers 2.04% fixed rate for 2 years with Scotia bank. In my situation legal fees are 750$ to get out of mortgage line of credit, would otherwise be free.
What do you guys think of this offer? It looks fairly competitive.

Thanks,
Olivier
2.04% for 2 yrs is a great rate if it's true. I would double check that though since their website is advertising 2.29%. Also double check what fees you have to pay. Your current mortgage line of credit is with scotiabank or a different lender?

http://www.canwise.com/rates
Newbie
Mar 20, 2017
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Montreal
Speedy1 wrote:
Mar 21st, 2017 1:31 pm
2.04% for 2 yrs is a great rate if it's true. I would double check that though since their website is advertising 2.29%. Also double check what fees you have to pay. Your current mortgage line of credit is with scotiabank or a different lender?

http://www.canwise.com/rates
Broker from CanWise confirmed again the rate today. Looks like a serious offer, but there may be some fine print I am missing at the moment. Broker says there is no need for CMHC insured loan to get this rate, but not sure if there couldn't be another pitfall down the road.

I have a mortgage line of credit with National Bank of Canada. Broker says that type of loan cannot be simply transfered to a new bank and must be refinanced, involving higher legal fees (I am in QC). I want to convert to a conventional mortgage and be done with this type of BS. No need for line of credit anyway.

I also think this is a great offer, guarantees a great rate for 2 years and lets me renegociate 2 years from now. Who knows, rates could be even lower than today at this point.
Newbie
Mar 20, 2017
13 posts
Montreal
CdnRealEstateGuy wrote:
Mar 21st, 2017 12:45 pm
Depends...what is your current mortgage rate?

I would suggest going variable over a short-term fixed. Best variable rate is 1.75% 5-year variable.
Why do you suggest variable over short-term fixed? Seems like the risk of rate hike is higher in the case of a 5-years variable. With short term fixed I can renegotiate another fixed term in 2 years.

My current mortgage is 2.85 fixed for 4 years, coming to terms in June. Not sure how that matters regarding the renewal.

Is your 1.75% variable rate available for non-CMHC insured loans? What institution?

Thanks!

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