Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Oct 22nd, 2017 12:27 pm
Member
Mar 4, 2007
346 posts
24 upvotes
Calgary
Hello all,

I have a Mortgage renewal coming up soon. I was locked in with RBC for a 5 Year fixed. Doing research to see what my options are and what is the best rate I can get.

Mortgage: $280k
House Value: $410k in Calgary
Interest Rate: 2.89% Fixed ending December 5, 2017

I'm open to institutions other than the Big 5 and variable options.

Thanks
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Dec 1, 2015
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Etobicoke, ON
You just need to wait a little more... for a switch, most lenders lock rates for 90 days max. In a few weeks you will be within that 90 days period and have quite some options.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
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Feb 2, 2014
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cianwalsh wrote:
Aug 8th, 2017 8:33 pm
Hi all,

I have made an offer on a house in Ottawa, Ontario. The buying price is $450,000 and I am putting down $100,000. I have not been pre-approved for a mortgage and need to have one by the time my offer expires (Saturday August 12th at 7:59pm). I have no debts, a full-time job with the government (5+ years) and an A+ credit score. What is the best mortgage rate I can get (5 year fixed or variable). I have all my documentation ready, just need a good mortgage vehicle to apply to.

Thanks in advance
2.59% 5-year fixed is the best rate for you, but I have a feeling it will be increasing very soon....get an application in asap.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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Sep 13, 2011
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alanbrenton wrote:
Aug 9th, 2017 4:05 pm
To fixed rates?
At this time, there is no upward pressure on fixed rates. Whether there is another increase to prime rate later this year or not is all still speculation. Maybe there will be and maybe there won't be. If the Bank of Canada were to increase prime rate again, then this may very well send bond yields higher, which would then put upward pressure on fixed mortgage rates. If the prime rate remains unchanged during the next rate announcement on September 6th, I predict we will see bond yields drop, which would then put some downward pressure on fixed rates. As for what actually ends up happening, we'll have to wait and see.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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CdnRealEstateGuy wrote:
Aug 9th, 2017 4:02 pm
2.59% 5-year fixed is the best rate for you, but I have a feeling it will be increasing very soon....get an application in asap.
Where do you get 2.59? Credit unions? The best I see is 2.69 5-year fixed with $500 cash back
-ZdpZ... ;)
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Mar 9, 2012
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alanbrenton wrote:
Aug 9th, 2017 4:05 pm
To fixed rates?
Yes fixed rates.
Better get some rates locked for you if you are within your bank renewal period or start process with a shark broker from the forum. hehe
Last edited by skunkyjosh on Aug 9th, 2017 11:03 pm, edited 1 time in total.
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Dec 1, 2015
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Etobicoke, ON
If you want to get the best rates, talk to one of the brokers here.. any real rates that exist out there can be matched or beat - period.

Also make sure you ask all details about what someone may offer you. Rates vary greatly these days due to several factors. I often see people intentionally publishing rates they know they cannot offer to clients in certain situations.
zdpz wrote:
Aug 9th, 2017 10:15 pm
Where do you get 2.59? Credit unions? The best I see is 2.69 5-year fixed with $500 cash back
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Newbie
Jul 19, 2007
21 posts
4 upvotes
montreal
Hello, I would greatly appreciate any information and guidance regarding my situation.

Current Situation:
1. Own a condo (bought for 400k)
2. Mortgage remaining 290k and 21 months on term.
3. Current value I would say 475k
4. Open to selling or renting (re-mortgage and pull equity)

Goal
1. Buy a property for 875k (tear-down)
2. Build a new home my myself (family member is a general contractor)
3. Budget for new home between 425k to 475k.
4. Want to put minimum down (20% as I do not want to pay the insurance)

I wanted to know if I could finance the complete project in 1 mortgage (875k+475k) and what would the details of that type of loan. (payments? rates? minimum down payment?...)

or anything other better options?

thanks in advance for any suggestions and help.
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Mar 23, 2009
14049 posts
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Toronto
Siralex wrote:
Aug 9th, 2017 3:15 pm
Hello all,

I have a Mortgage renewal coming up soon. I was locked in with RBC for a 5 Year fixed. Doing research to see what my options are and what is the best rate I can get.

Mortgage: $280k
House Value: $410k in Calgary
Interest Rate: 2.89% Fixed ending December 5, 2017

I'm open to institutions other than the Big 5 and variable options.
valuemortgage wrote:
Aug 9th, 2017 3:51 pm
You just need to wait a little more... for a switch, most lenders lock rates for 90 days max. In a few weeks you will be within that 90 days period and have quite some options.
Siralex, I would ask RBC now what they are willing to offer you. Let them know you're shopping around, but want to know what RBC can offer. For example, can they match a 2.59% 5-year fixed?

While most of the lenders may only lock rates for 90 days or whatever, some of the big banks will let you early renew as early as 150 days early. I believe it is only 120 days for RBC, but you're already within that 120 day window for your renewal, so this is a good time to ask RBC what they can offer.

FWIW, I was with CIBC on the same 2.89% 5-year fixed with a term ending late December. (Our 2.89% rates were good for that time period back in 2012). A couple of weeks ago, on day 150 prior to the end of my term, I called in and was immediately offered 2.29% for a 2-year fixed, and 2.39% for a 3-year fixed which was pretty good.

YMMV though. The previous time I early renewed with CIBC (2012), when I called in they offered me 3.29% for a 5-year fixed, which the agent claimed was the lowest he was allowed offer as a front line phone agent. I said no thanks, and asked for 2.89%. The next day the back office approved the 2.89% request and I signed on the dotted line.
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Jun 29, 2007
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Siralex wrote:
Aug 9th, 2017 3:15 pm
Hello all,

I have a Mortgage renewal coming up soon. I was locked in with RBC for a 5 Year fixed. Doing research to see what my options are and what is the best rate I can get.

Mortgage: $280k
House Value: $410k in Calgary
Interest Rate: 2.89% Fixed ending December 5, 2017

I'm open to institutions other than the Big 5 and variable options.

Thanks
One of my mortgages with Scotiabank is due near end of Feb, 2018. Received letter on Tuesday asking if I want to early renew, esp to their 2 "special" rate promos. 1 was 2 yrs (2.62%) and other was 5 yrs (3.02%). Not interested at all since my current rate is 2.24%. Exclusive rates until Aug 31. LOL.
Deal Guru
Mar 23, 2009
14049 posts
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Toronto
Speedy1 wrote:
Aug 10th, 2017 10:57 am
One of my mortgages with Scotiabank is due near end of Feb, 2018. Received letter on Tuesday asking if I want to early renew, esp to their 2 "special" rate promos. 1 was 2 yrs (2.62%) and other was 5 yrs (3.02%). Not interested at all since my current rate is 2.24%. Exclusive rates until Aug 31. LOL.
Those sound like rates for the uninformed. They send out these notices to sucker in those who don't bother doing their research. And that's a lot of people.
Member
Mar 4, 2007
346 posts
24 upvotes
Calgary
EugW wrote:
Aug 10th, 2017 10:26 am
Siralex, I would ask RBC now what they are willing to offer you. Let them know you're shopping around, but want to know what RBC can offer. For example, can they match a 2.59% 5-year fixed?

While most of the lenders may only lock rates for 90 days or whatever, some of the big banks will let you early renew as early as 150 days early. I believe it is only 120 days for RBC, but you're already within that 120 day window for your renewal, so this is a good time to ask RBC what they can offer.

FWIW, I was with CIBC on the same 2.89% 5-year fixed with a term ending late December. (Our 2.89% rates were good for that time period back in 2012). A couple of weeks ago, on day 150 prior to the end of my term, I called in and was immediately offered 2.29% for a 2-year fixed, and 2.39% for a 3-year fixed which was pretty good.

YMMV though. The previous time I early renewed with CIBC (2012), when I called in they offered me 3.29% for a 5-year fixed, which the agent claimed was the lowest he was allowed offer as a front line phone agent. I said no thanks, and asked for 2.89%. The next day the back office approved the 2.89% request and I signed on the dotted line.
I phoned them this morning and they offered me 5 year at 2.94% and 3-year fixed at 2.74%. I told him no thanks but he said to book an appointment at the local branch and they might be able to offer a better rate. I will go with one of the people here.
Member
May 1, 2017
470 posts
109 upvotes
Siralex wrote:
Aug 10th, 2017 1:47 pm
I phoned them this morning and they offered me 5 year at 2.94% and 3-year fixed at 2.74%. I told him no thanks but he said to book an appointment at the local branch and they might be able to offer a better rate. I will go with one of the people here.
You can certainly beat those rates with any of the brokers/agents in this forum. With your loan-to-value you should have top-tier rates available to you (assuming you qualify in all other aspects).

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Jr. Member
Aug 20, 2015
193 posts
70 upvotes
Toronto
valuemortgage wrote:
Aug 9th, 2017 11:27 pm
If you want to get the best rates, talk to one of the brokers here.. any real rates that exist out there can be matched or beat - period.

Also make sure you ask all details about what someone may offer you. Rates vary greatly these days due to several factors. I often see people intentionally publishing rates they know they cannot offer to clients in certain situations.
Are there currently any 5 year variable rates better than HSBC's 1.99%?

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