Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • May 22nd, 2018 9:05 pm
Deal Addict
Feb 2, 2014
4746 posts
969 upvotes
Toronto
Replyall wrote:
May 23rd, 2017 12:24 pm
Thanks, is this Scotia? My broker is offering Scotia 2 year fixed for 2.19. Does that mean he's pocketing a 10BPS spread?

Scotia also directly offered me 2.09 last week. Is there any reason to stick with a broker in my case? I know brokers are generally more competitive on longer terms.
It's with a fairly large lender.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3906 upvotes
BC
Guys, what's the best variable rate available today for a switch for a property under $1M, 60% equity (not collateral, not originally CMHC-insured (20% down originally)).
(Switching from MCAP in case they are the ones with the best rate and you can't switch to the same bank :))

This is for BC.

Also wondering same question for a different person switching from Scotia (not collateral), again - in case MCAP is the best :)
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Newbie
Apr 20, 2017
28 posts
4 upvotes
CDNPatriot wrote:
May 20th, 2017 2:34 am
I was offered 1.98 for a two year mortgage with Scotia. I'm looking for a readvanceable mortgage with a 30 year amortization. Are there better rates?
Can you please provide more details regarding Scotia's offer of 1.98% for a two year fixed mortgage? I don't see it on Scotia's website. Is this offer available to everyone? If so, do you have a contact name and phone number for the Scotia mortgage specialist you're dealing with.

Many thanks!
Deal Addict
User avatar
Sep 13, 2011
3644 posts
1174 upvotes
Toronto
ace604 wrote:
May 24th, 2017 12:46 pm
Guys, what's the best variable rate available today for a switch for a property under $1M, 60% equity (not collateral, not originally CMHC-insured (20% down originally)).
(Switching from MCAP in case they are the ones with the best rate and you can't switch to the same bank :))

This is for BC.

Also wondering same question for a different person switching from Scotia (not collateral), again - in case MCAP is the best :)
1.85% with MCAP, 2.15% with Scotia. :)
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Sep 13, 2011
3644 posts
1174 upvotes
Toronto
IheartToronto wrote:
May 24th, 2017 2:39 pm
Can you please provide more details regarding Scotia's offer of 1.98% for a two year fixed mortgage? I don't see it on Scotia's website. Is this offer available to everyone? If so, do you have a contact name and phone number for the Scotia mortgage specialist you're dealing with.

Many thanks!
You can't believe every rate you see online unfortunately. Sometimes, a specific branch of a bank will offer a special incentive to specific customers. This could be due to the client being of high net worth, having all their accounts with the bank, or it could just be that they are being overly aggressive trying to hit a target in which case they are doing the mortgage at a loss. One thing that I can assure you is that this is not a rate that anyone can just walk in and get.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Newbie
Apr 20, 2017
28 posts
4 upvotes
PaulMeredith wrote:
May 24th, 2017 2:59 pm
You can't believe every rate you see online unfortunately. Sometimes, a specific branch of a bank will offer a special incentive to specific customers. This could be due to the client being of high net worth, having all their accounts with the bank, or it could just be that they are being overly aggressive trying to hit a target in which case they are doing the mortgage at a loss. One thing that I can assure you is that this is not a rate that anyone can just walk in and get.
Thanks Paul, I agree with your comments - and also, I appreciate all of the excellent information that you've shared on this discussion board. Thanks for that!

Even though Scotiabank's 1.98% rate may be a special offer to targeted customers, I still wouldn't mind contacting the Scotia mortgage specialist to see if I might qualify. It's a great rate, and I'd at least like to give it a try.
Deal Addict
User avatar
Sep 13, 2011
3644 posts
1174 upvotes
Toronto
IheartToronto wrote:
May 24th, 2017 3:18 pm
Thanks Paul, I agree with your comments - and also, I appreciate all of the excellent information that you've shared on this discussion board. Thanks for that!

Even though Scotiabank's 1.98% rate may be a special offer to targeted customers, I still wouldn't mind contacting the Scotia mortgage specialist to see if I might qualify. It's a great rate, and I'd at least like to give it a try.
My pleasure, thanks for the kind words! And I agree, definitely no harm in asking!
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Jul 16, 2003
3583 posts
600 upvotes
Firstly: I want to say thank you to PaulMeredith, CdnRealEstateGuy, and the other brokers in this thread for all the information provided in this thread on a regular basis. Definitely helped me get an understanding of the different products out there over the last few months as I was doing my research.

Secondly, I ended up getting my mortgage through Paul, and the process was extremely smooth and painless. Paul was quick to answer questions, very knowledgeable, and very open and transparent.
Obviously all of us (especially on RFD) want the best rates - just extremely pleased that getting the best rate came with zero headaches.
Ebay - 172 - 0 - 0
Heatware - 56 - 00 - 0
BST Feedback - 82 - 0 - 0

I sell clothes for cheap
Deal Addict
Apr 2, 2008
1097 posts
186 upvotes
I want to get a 5 year variable for a property 1.2-1.5M with 20% down in BC.
What's the lowest rate?
RBC (where I do all my businesses including corporate accounts ) has promised to rate match any lender.
Deal Addict
User avatar
Dec 1, 2015
1531 posts
778 upvotes
Etobicoke, ON
You should be looking at around 2.15% on a 5y variable.
magic18 wrote:
May 24th, 2017 8:09 pm
I want to get a 5 year variable for a property 1.2-1.5M with 20% down in BC.
What's the lowest rate?
RBC (where I do all my businesses including corporate accounts ) has promised to rate match any lender.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Sr. Member
May 1, 2017
847 posts
184 upvotes
magic18 wrote:
May 24th, 2017 8:09 pm
I want to get a 5 year variable for a property 1.2-1.5M with 20% down in BC.
What's the lowest rate?
RBC (where I do all my businesses including corporate accounts ) has promised to rate match any lender.
Hi there,

2.10% is available on a 5 year variable.

Cheers,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3906 upvotes
BC
PaulMeredith wrote:
May 24th, 2017 2:55 pm
1.85% with MCAP, 2.15% with Scotia. :)
LOL, no way. Ha. Those are the 2 best ... these guys are going to be switching banks.

Are there any of these lenders that give best rates at renewal? MCAP, etc... anyone?
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Deal Addict
Apr 26, 2004
1954 posts
54 upvotes
GTA
magic18 wrote:
May 24th, 2017 8:09 pm
I want to get a 5 year variable for a property 1.2-1.5M with 20% down in BC.
What's the lowest rate?
RBC (where I do all my businesses including corporate accounts ) has promised to rate match any lender.
2.1% with 2500-3000$ cash back
Mortgage Specialist in the GTA here to answer all your questions.
Deal Addict
User avatar
Oct 23, 2006
3795 posts
764 upvotes
Winnipeg
Mortage Q for RFD
valuemortgage wrote:
May 20th, 2017 10:59 am
I personally love variable rate mortgages. They tend to outperform comparable fixed rate terms and save the clients a ton of money. Too bad most people only think "risk", instead of considering the "reward" of a variable rate mortgage. When I talk to clients, 9 out of 10 somehow believe that rates are just about to start increasing (and that they are lucky to be able and lock a fixed rate right now) but they never ask themselves "why is the bank willing to lock a low rate for 5y when we all know the rates are just about to explode?"...

Variable rates are an excellent tool to keep the interest cost down, and when the client understands the purpose this product serves, they only want variable.
Good recap.

I will be moving next year and not porting mortgage; my company will pay for any fees to discharge (and interest penalty up to 6 months interest; not for an IRD though).

My dilemma is I need to renew in the next couple months (currently with TD). I would consider switching banks, but would have to eat those costs. That's why I would prefer to stick with TD unless switching would be at no (to almost no) cost.

I want to get the best rate for the next 9-12 months without any risk of personal costs from breaking the mortgage (having the fees covered by my employer).

Probably means I should stick with variable? As far as I can see, do most banks just charge 3 months interest to break a closed variable? (Plus other discharge fees)

Cibc quoted 2.20% for a 5yr variable & 2.10% for a 3yr variable.

Are TD's rate close? Do they even offer a 3 yr variable?

Thanks.
Deal Addict
User avatar
Sep 13, 2011
3644 posts
1174 upvotes
Toronto
canuckcolehead wrote:
May 25th, 2017 9:27 am
Mortage Q for RFD



Good recap.

I will be moving next year and not porting mortgage; my company will pay for any fees to discharge (and interest penalty up to 6 months interest; not for an IRD though).

My dilemma is I need to renew in the next couple months (currently with TD). I would consider switching banks, but would have to eat those costs. That's why I would prefer to stick with TD unless switching would be at no (to almost no) cost.

I want to get the best rate for the next 9-12 months without any risk of personal costs from breaking the mortgage (having the fees covered by my employer).

Probably means I should stick with variable? As far as I can see, do most banks just charge 3 months interest to break a closed variable? (Plus other discharge fees)

Cibc quoted 2.20% for a 5yr variable & 2.10% for a 3yr variable.

Are TD's rate close? Do they even offer a 3 yr variable?

Thanks.
TD's rate is 2.20% on the 5 year variable. They do not offer a 3 year, as most lenders do not. You should be able to get at least 2.15% from them if you negotiate.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)

Top

Thread Information

There are currently 3 users viewing this thread. (3 members and 0 guests)

Rooster504, iso3200, billbillbill