Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 29th, 2017 1:54 pm
Deal Addict
Feb 2, 2014
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Toronto
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
Mortgage Agent and Real Estate Sales Representative
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Feb 2, 2014
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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
Mortgage Agent and Real Estate Sales Representative
Member
Sep 9, 2008
360 posts
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Mississauga
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%.
Sr. Member
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Dec 1, 2015
923 posts
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Etobicoke, ON
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
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Newbie
Dec 30, 1969
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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 $550, to increase registration of original HELOC by this additional amount, and which is still less than the old initial appraisal value of the house, and overall, include HELOCs and mortgage, it is less than 60% of house value.
I thought all legal fees covered by initial registration 3 y ago.
Can anybody to clarify? It seems rip off
Thank you
Last edited by Sungate on Mar 20th, 2017 10:32 pm, edited 1 time in total.
Newbie
Mar 20, 2017
7 posts
Montreal
Hello,
CanWise broker offers 2.04% fixed rate for 2 years with Scotia bank. In my situation legal fees are 750$ 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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User avatar
Aug 8, 2012
7328 posts
2526 upvotes
BC
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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Jun 29, 2007
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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
7 posts
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
7 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!
Sr. Member
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Dec 1, 2015
923 posts
474 upvotes
Etobicoke, ON
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
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Deal Addict
Sep 13, 2011
2923 posts
835 upvotes
Toronto
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
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Newbie
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
409 posts
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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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