Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • May 20th, 2018 7:48 pm
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Dec 1, 2015
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The rate mentioned is only available for insured deals... a refinance, such as yours, unfortunately does not qualify for that rate. I guess Kevin forgot to mention it.
olabreche wrote:
Mar 21st, 2017 2:25 pm
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!
Andre Oliveira - Mortgage Agent
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olabreche wrote:
Mar 21st, 2017 2:25 pm
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!
Just wanted to add a bit more to Andre's comment about the 1.75% variable being only available on insured deals (that is, purchases with LESS than 20% down) and NOT available on refinances. It also has a ridiculously high penalty of 3% of the mortgage amount. Substantial considering that the standard penalty to break a variable rate mortgage is only 3 months interest.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Mar 20, 2017
3 posts
Hi,

I am in QC and looking to refinance away from National Bank's Line of Credit. Not insured, equivalent of about 30 % down. Got the same offer from Canawise as olabreche but with TD and about 2,000$ of cashback.
Have not seen the details of the loan from TD.

I am looking for two options, a 5 year variable and a 3 year variable rate.

btw, how do I get in touch with one of the brokers on the forum ?

Thanks !
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Feb 5, 2005
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Hello there, potential first time condo/home buyer and looking for the best 5 year fixed rate - planning 20% down payment. I was pre-approved with the HSBC 2.35% rate but still confirming if that is a collateral or not (they are slow to talk to). Is the next best thing 2.39% at CanWise?
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Make sure you can qualify for the rate you see posted online. A lot of lenders are now pricing the rates based on the Loan To Value ratio, and 80% is the most expensive, while 65% and high ratio (insured) deals get the lowest rates.
Depending on your location, you may get a 2.44%.

Also be careful with some toxic products that come with very punitive penalties.
Andre Oliveira - Mortgage Agent
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Any of those rates posted there can be obtained through a broker here too. Pay attention to the details that people often forget to mention.. for example, the fact that the majority of the rates listed there are for high ratio (insured deals where you have less than 20% for down payment) and some of them have a very punitive penalty formula such as 3% of the entire balance.
If you are looking for a great deal, you can find in this thread a LOT of info about real rates, that apply to your situation, not rates that may sometimes be promoted in a way to appear more attractive than others.
Andre Oliveira - Mortgage Agent
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Jr. Member
Apr 21, 2006
101 posts
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Oakville
Where to find the best re-finanace rates?
We currently own a home and have to re-finance about $150k - currently $350k left on the mortage.
Are best rates posted the same as re-finance rates? if not, where to find the best re-finance rates fixed 5 year?
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Mar 20, 2017
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cokeman wrote:
Mar 21st, 2017 9:42 pm
Hello there, potential first time condo/home buyer and looking for the best 5 year fixed rate - planning 20% down payment. I was pre-approved with the HSBC 2.35% rate but still confirming if that is a collateral or not (they are slow to talk to). Is the next best thing 2.39% at CanWise?
Is the 2.35 still available as of today? I see 2.49 posted on their website.
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Mar 20, 2017
13 posts
Montreal
laurentreit088330 wrote:
Mar 21st, 2017 9:13 pm
Hi,

I am in QC and looking to refinance away from National Bank's Line of Credit. Not insured, equivalent of about 30 % down. Got the same offer from Canawise as olabreche but with TD and about 2,000$ of cashback.
Have not seen the details of the loan from TD.

I am looking for two options, a 5 year variable and a 3 year variable rate.

btw, how do I get in touch with one of the brokers on the forum ?

Thanks !
Looks like we're more or less in the same boat. Is it also your understanding that to move away from National Bank's Line of Credit, the legal fees are at least 750$ (if not paid by the bank)? I had never been aware of this fact before.

Would you mind posting your broker's name? I'd take the 2000$ cashback :)

Otherwise, regarding 5 years variable, I was offered 2.15% by CanWise with all transfer fees paid (non-insured). Still hesitating between this and the 2 years closed. The paid transfer fees are a big incentive to go 5 years, this and not needing to bother renegotiating again in 2 years.
Last edited by olabreche on Mar 22nd, 2017 9:42 am, edited 1 time in total.
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olabreche wrote:
Mar 22nd, 2017 9:39 am
Is the 2.35 still available as of today? I see 2.49 posted on their website.
They have raised their rate, so the 2.35% is not available anywhere now.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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laurentreit088330 wrote:
Mar 21st, 2017 9:13 pm
Hi,

I am in QC and looking to refinance away from National Bank's Line of Credit. Not insured, equivalent of about 30 % down. Got the same offer from Canawise as olabreche but with TD and about 2,000$ of cashback.
Have not seen the details of the loan from TD.

I am looking for two options, a 5 year variable and a 3 year variable rate.

btw, how do I get in touch with one of the brokers on the forum ?

Thanks !
A $2,000 cash back doesn't even offset the cost of switching to another lender at the time of maturity due to TD's collateral mortgage unfortunately. Not a very good deal at all.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Sr. Member
Sep 9, 2008
524 posts
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Mississauga
valuemortgage wrote:
Mar 17th, 2017 4:51 pm
What you need is a different branch. One branch tells you the rate is P+1.5%, another will tell you TD does not offer Helocs, another will say P+.50... this is how banks operate.

Im applying again for a Heloc with CIBC... 1 branch told me they could do it at 80% (minus mortgage), another told me CIBC does not offer Helocs in 2nd position (lololololol), another says they do at 65% (minus mortgage).. Im waiting for the final reply.
Call 10 branches, get 10 different answers, pick the best one and give it a try. Im not kidding.
I'm giving PCF a try, since they gave me P+0.5 for 2nd position HELOC with flat $150 setup fee. CIBC does have the promo rate until November, but if you are not borrowing 100k+, it doesnt make sense since they charge ~ 830 in setup fees.
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I also contacted PCF but unfortunately they have some odd rules for underwriting that prevented me from qualifying. Other bank I called gave me several different answers, and Im currently working with one of them to see what happens, but the Heloc fee *should* be waived.
Andre Oliveira - Mortgage Agent
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Newbie
Jul 25, 2008
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Oshawa
I'm looking for a new mortgage on a $600K property with 20-25% down, potentially looking to see whats the best out there for a no-collateral 3 year fixed. My plan is to pay approx 35% lump sum at the end of 3 years and switch lenders to reduce my monthly payments. Please advise which lender and rate.
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