Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • May 19th, 2018 3:53 pm
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Feb 2, 2014
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PaulMeredith wrote:
Aug 14th, 2017 7:54 am
Minimum down payment can be as little as 5%. Rates vary depending on down payment amount and purchase price, but 5 year fixed could be as low as 2.64% of variable as low as 1.95%.
For a New To Canada client with no income in Canada and about 20% down?

Poster would not be able to qualify for a mortgage with 20% down and income outside of the country.
Kevin Somnauth, CFA
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wonka1234 wrote:
Aug 14th, 2017 9:16 am
Whats the best rate for first time home buyers in GTA? I will have 20% down of a purchase price of 500-600k.
Where can I see comparisons?
2.64% 5-year fixed is the best rate with 20% down via the broker channel.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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Sep 13, 2011
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CdnRealEstateGuy wrote:
Aug 14th, 2017 12:26 pm
For a New To Canada client with no income in Canada and about 20% down?

Poster would not be able to qualify for a mortgage with 20% down and income outside of the country.
Sorry, I totally missed that part. I'll correct the original post.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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Jul 16, 2009
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Kitchener
Hello. Thanks for all of the invaluable info. here. Have a mortgage rate on hold with CIBC for 2.99% fixed, 5 yr. term, for 300k mortgage, 20% down. Cash-back offer of $750. Have fair credit rating as never borrowed before, always paid cash. First time home buyer.

Do you think a better fixed rate is possible? Any input appreciated.
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MUCH better options are available.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Newbie
Aug 13, 2017
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Whats the best rate for first time home buyers in Oakville? I will have 5% down of a purchase price of 650-700 k.

Where can I see comparisons?
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May 1, 2017
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Betsk wrote:
Aug 14th, 2017 4:26 pm
Hello. Thanks for all of the invaluable info. here. Have a mortgage rate on hold with CIBC for 2.99% fixed, 5 yr. term, for 300k mortgage, 20% down. Cash-back offer of $750. Have fair credit rating as never borrowed before, always paid cash. First time home buyer.

Do you think a better fixed rate is possible? Any input appreciated.
Hi there,

You should be looking at a rate around 2.74%. 2.99% is on the higher end of mortgage rates spectrum currently. This of course depends on what your credit score/history looks like and your qualifying.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Mar 23, 2003
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I have an offer from first national to renew my mortgage
Mortgage is 124k {insured}

Offer :
5yr fixed 2.74
5yr variable prime -. 75 = 2.2 presently ( I see better but I'd like to stay put with FN.
I am in the middle of fixing it up. And if appraisers come it may get messy.)

Which one is recommended?
I do not know if I will sell next year or not. Or in 2 or 4. I'm very undecided in that area. If I was selling next year Ofcourse I would take variable or open or something such. But I do not know.

What would the experts choose in my situation?

With 2 rate hikes I'm still safe. But anything more next year. Not so good.

Also. Since FN is conventional.
Can I attach a heloc to it with another lender?
If I can. Will it be revolving? As paydown happens lending increases? Would that work since it's a different institution?

Edit:
I just sent off another email asking if variable can be better. I've done it 2 times in last 3 weeks. I'm sure my agent will be annoyed. But I could swear I've heard others get a better offer from FN variable than this recently.
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The Heloc should be fairly easy to register in 2nd position with pretty much any bank (except NBC) but it wont change as you pay down the mortgage further. With an insured mortgage you could get P-95 elsewhere but you seem set on staying with FN... and I dont think they will offer that to you.

With a 50bps spread, I would personally get the variable... but Im have always been a big fan of variable anyways, as long as you understand the product and dont use it as an instrument to try and time the market. Rates could go up as much as they could come down. If one's main concern is about rates potentially going up during the term, a variable rate mortgage is not the right product for them.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
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valuemortgage wrote:
Aug 14th, 2017 6:11 pm
The Heloc should be fairly easy to register in 2nd position with pretty much any bank (except NBC) but it wont change as you pay down the mortgage further. With an insured mortgage you could get P-95 elsewhere but you seem set on staying with FN... and I dont think they will offer that to you.

With a 50bps spread, I would personally get the variable... but Im have always been a big fan of variable anyways, as long as you understand the product and dont use it as an instrument to try and time the market. Rates could go up as much as they could come down. If one's main concern is about rates potentially going up during the term, a variable rate mortgage is not the right product for them.
I'm not 100% set on FN. The only reason I am sort of stuck with them is as I mentioned. They will renew hassle free whereas if I shop around an appraiser will most likely get involved and my place is upside down as I am remodelling the entire house. I'm sure this will affect the appraisal. Also I know mortgages don't like full construction without construction insurance, etc. So it can get complex. I am not a flipper or anything such. But I can see this being a huge headache.
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Jul 16, 2009
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Kitchener
Thanks ValueMortgage and GreenMortgages. Will have to re-think this.
Newbie
Jul 11, 2017
8 posts
Hi all, question for the pros here.
I have a mortgage renewal coming up in late November. It's currently with RBC and I've received the early renewal email from them. I'm shopping around to see if I can find a better rate because their offer isn't great.
This is my primary residence and the principal balance is only around $125K.

I prefer fixed rate but am open to other recommendations as well. Thanks!
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May 1, 2017
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atomicorange wrote:
Aug 14th, 2017 11:44 pm
Hi all, question for the pros here.
I have a mortgage renewal coming up in late November. It's currently with RBC and I've received the early renewal email from them. I'm shopping around to see if I can find a better rate because their offer isn't great.
This is my primary residence and the principal balance is only around $125K.

I prefer fixed rate but am open to other recommendations as well. Thanks!
Hello,

There are some great options out there right now for a switch, especially if your mortgage was previously insured. 2.69% fixed is available for a switch/transfer. That rate is dependant on your credit/qualifying, but is certainly achievable.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Jul 11, 2017
8 posts
Thank you for the reply. How many years are the terms for the rate you're estimating?
Also I don't believe my mortgage was insured. I had over 20% down originally. How much of an increase would that cause?
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atomicorange wrote:
Aug 15th, 2017 10:06 am
Thank you for the reply. How many years are the terms for the rate you're estimating?
Also I don't believe my mortgage was insured. I had over 20% down originally. How much of an increase would that cause?
Has RBC quoted you any rates yet? Given your lower balance, it may not be worth switching, even if the rate is a bit lower. It's great that you have such a low balance on your mortgage, but harder to get a good deal on a mortgage when the balance is this low. It's a good problem to have though :)
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)

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