Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • May 25th, 2018 6:29 pm
Deal Addict
Apr 2, 2008
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canwest is posting 1.8% 5yr variable....anyone tried?
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Dec 1, 2015
1538 posts
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Etobicoke, ON
Rate is available.. the problem is that often people dont get all details.. there s a lender with a nasty penalty formula on their 5y variable term, and the rate for high ratio deals is P-90 (so, 1.80%). It does not mean this is available to everyone, but often some brokerages will leave all crucial details out when they post generic rates.
Make sure you talk to a mortgage professional and understand what rates apply to your specific situation, as rates vary a LOT these days based on "loan to value" ratio, nature of the transaction, etc.
magic18 wrote:
May 25th, 2017 10:38 am
canwest is posting 1.8% 5yr variable....anyone tried?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Newbie
Aug 12, 2014
8 posts
Edmonton, AB
Hi, I just found this thread and saw people get consultation from specialists. I am a potential customer. So, if you have time, please give me some advice on my situation. I have 2 mortgage. One is rental property valued $240K and outstanding balance of $100K in mortgage.(Standard, renewal in Nov 2017) The other one is primary residence, valued at $300K and outstanding balance is $230K.(Collateral Charged, renewal in Feb 2018). Recently, I learned HELOC and Collateral Charged/Standard. So, I want to move my rental property to bank like Tangerine and get HELOC. For my primary residence, I am open to any. The only feature I want is low exit penalty(such as 3-month interest). Household income is $200K and I have a debt of $15K of RRSP Loan with 1.5% interest. Any advice will be appreciated, even from non-professionals.
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You dont need to move a mortgage to another lender to get a Heloc, as you can still add a Heloc behind the existing mortgage with most banks. I have a Heloc with CIBC, while my mortgage is with a monoline lender.
About low penalties, the best option would be a variable rate term, as most of them (like 99%) charge only 3 months interest. All fixed rate terms will be subject to IRD or 3 months interest, whichever is the highest of the two.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Deal Addict
Feb 2, 2014
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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.
Sorry, had to lol at this.

If the property was less than $1M, RBC would NOT match any lender...very cute sales tactic.

Not an attack on you Magic18, more so RBC.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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Feb 2, 2014
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magic18 wrote:
May 25th, 2017 10:38 am
canwest is posting 1.8% 5yr variable....anyone tried?
You can get as low as 1.75%, but it's not for a $1M+ property :(
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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Sep 13, 2011
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goat wrote:
May 24th, 2017 5:45 pm
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.
Thanks, I appreciate the kind words! It was great working with you. :)
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Sr. Member
May 1, 2017
847 posts
184 upvotes
CdnRealEstateGuy wrote:
May 25th, 2017 12:49 pm
Sorry, had to lol at this.

If the property was less than $1M, RBC would NOT match any lender...very cute sales tactic.

Not an attack on you Magic18, more so RBC.
I'm not sure I follow you, he said the prop. value would be between 1.2m to 1.5m - would RBC not rate match that price level?
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Oct 23, 2006
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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.
PaulMeredith wrote:
May 25th, 2017 9:48 am
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.
If I went with a 1yr fixed with TD, what's the best rate going right now? How would I calculate the penalty if I broke it 8 months in (4 months remaining?)
Deal Addict
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Dec 1, 2015
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Etobicoke, ON
Your broker does not need to be in Quebec to get you a mortgage in Quebec. I currently have 2 clients in BC, 1 in AB and several in ON. Closed deals in SK, AB, BC, QC, ON and NB already.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Sr. Member
May 1, 2017
847 posts
184 upvotes
alex&vanessa wrote:
May 25th, 2017 1:45 pm
Any brokers on this forum from Quebec?
Your broker can be from anywhere in Canada, essentially. The brokers on this forum will be able to give you the information you're looking for even if they are not from QC.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Oct 21, 2009
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Cambridge
GreenMortgages wrote:
May 25th, 2017 2:18 pm
Your broker can be from anywhere in Canada, essentially. The brokers on this forum will be able to give you the information you're looking for even if they are not from QC.

Regards,

Connor
Well my mortgage deal fell through after 2 weeks of waiting and my deadline to provide financing is tomorrow

MCAP needs a quebec licensed broker to sign off
Deal Addict
Oct 30, 2006
1521 posts
266 upvotes
Interesting... do you know how long before we will see rate drops (3+yrs fixed), if any, from say RBC or others???


PaulMeredith wrote:
May 24th, 2017 10:12 am
The Bank of Canada announced this morning that they will be maintaining their overnight rate one again, which is the rate prime is based on. The announcement came at 10am this morning. May 25th). This is exactly what was expected and anything else would have been a pretty big surprise. 

For now, the prime rate remains 2.70%. 

We have also seen discounts on variable rate mortgages increase (meaning lower rates) making variable rates an attractive option once again.  There are now variable rates as low as prime -0.95% on high ratio mortgages (less than 20% down payment).

This morning's announcement relates to prime rate, however prime rate and fixed mortgage rates are unrelated. While variable rate mortgages and lines of credit are affected by prime rate, fixed mortgage rates are determined by bond yields.  As they have been dropping lately, there have been some recent drops to fixed rates. The 3 year fixed is now as low as 2.15% (high ratio purchases or those with 30% or greater down payment / equity. Property value must be under $1 million).  

You can follow the bond yields here: https://www.investing.com/rates-bonds/c ... bond-yield

You can read the full announcement here: http://www.bankofcanada.ca/2017/05/fad- ... 017-05-24/

The next interest rate announcement will be on July 12th, 2017.
Sr. Member
May 1, 2017
847 posts
184 upvotes
alex&vanessa wrote:
May 25th, 2017 2:52 pm
Well my mortgage deal fell through after 2 weeks of waiting and my deadline to provide financing is tomorrow

MCAP needs a quebec licensed broker to sign off
What happens is a broker from, say, Ontario, would co-broker the mortgage info to an associated broker in QC, who would facilitate that side of the transaction. Do you have a financing condition expiring tomorrow, or is your closing date tomorrow?

Why did it fall through? Financing can be arranged in a day if it is just a financing condition in an offer.

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179

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