Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • May 19th, 2018 3:53 pm
Sr. Member
May 1, 2017
847 posts
184 upvotes
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?
If your mortgage is not currently insured, you could get around 2.79% for a switch! But, as Paul mentioned, depending on what RBC has offered you, it may not be worth it to make the switch to a new lender - would have to crunch some numbers and see if making the change makes sense.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Jul 11, 2017
8 posts
Yes they offered me 2.84 for 4 year fixed and 2.94 for 5 year.
And you're absolutely right. Now that I've done the math it seems like the difference between RBC and the best market rate is less than $10 a month. Not really worth the extra work to switch, especially since I get a rebate on some other banking fees with RBC by having the mortgage account.

Thanks for your insight Paul and Connor. Really appreciate your honest advice ^_^
Sr. Member
May 1, 2017
847 posts
184 upvotes
atomicorange wrote:
Aug 15th, 2017 10:46 am
Yes they offered me 2.84 for 4 year fixed and 2.94 for 5 year.
And you're absolutely right. Now that I've done the math it seems like the difference between RBC and the best market rate is less than $10 a month. Not really worth the extra work to switch, especially since I get a rebate on some other banking fees with RBC by having the mortgage account.

Thanks for your insight Paul and Connor. Really appreciate your honest advice ^_^
No problem - interest savings may be negligible for low mortgage balances when considering switching, especially if there are any costs to do so, and more so when you're receiving outside benefits from your current lender!

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Jr. Member
May 19, 2013
171 posts
67 upvotes
Surrey
I was approved for the 1.99% rate from HSBC. This is my first switch/refinance so was hoping to get answers from people who have gone through one before.
I'm thinking about making a lump sum payment to TD before I switch to HSBC. Is this something that I need to mention to HSBC? Is there a certain amount of time I have to wait after the payment before I see the notary to make sure they have the up to date numbers?
Newbie
Jul 29, 2017
7 posts
Thanks for your response guys. So with 35% down, would the foreign income still be an issue? Spoke to someone already at RBC and they asked for about 2 years worth of mortgage payment to show in a bank account
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Feb 2, 2014
4737 posts
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Toronto
AnkitaChd wrote:
Aug 14th, 2017 5:01 pm
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?
1.95% 5-year variable and 2.54% 5-year fixed are the best rates for your mortgage.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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Feb 2, 2014
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sidshock wrote:
Aug 14th, 2017 5:47 pm
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.
Go variable if you're thinking of breaking within the 5-year term. Penalty will only be 3 months of interest. Plus, spread between fixed and variable justifies it.

Btw, you can do much better on the rate...I would consider switching lenders.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
4737 posts
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Inductor wrote:
Aug 15th, 2017 1:05 pm
Thanks for your response guys. So with 35% down, would the foreign income still be an issue? Spoke to someone already at RBC and they asked for about 2 years worth of mortgage payment to show in a bank account
35% down and you won't need 2 years of payments in a bank account.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Jun 6, 2004
1533 posts
3 upvotes
Toronto
I got about $120k left on my mortgage.
I'm currently with Scotiabank 2.09% and it's up for renewal next month.
They offered me 5 years fixed 3% and variable 2.54%
I went to HSBC and offered me 5 years fixed 2.69% and 1.99% variable.

Is there any other better offers with other banks?
If I decided to go with HSBC, should I go with fixed or variable?

Thanks
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Sep 13, 2011
3642 posts
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sky888 wrote:
Aug 15th, 2017 1:57 pm
I got about $120k left on my mortgage.
I'm currently with Scotiabank 2.09% and it's up for renewal next month.
They offered me 5 years fixed 3% and variable 2.54%
I went to HSBC and offered me 5 years fixed 2.69% and 1.99% variable.

Is there any other better offers with other banks?
If I decided to go with HSBC, should I go with fixed or variable?

Thanks
The quotes you have are the best you will get, especially considering your low balance. I would double check with HSBC to confirm these rates would be available to you considering how low your balance is. The good news is that you have a low balance. The bad news is your options become a bit more limited.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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Jun 6, 2004
1533 posts
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PaulMeredith wrote:
Aug 15th, 2017 2:02 pm
The quotes you have are the best you will get, especially considering your low balance. I would double check with HSBC to confirm these rates would be available to you considering how low your balance is. The good news is that you have a low balance. The bad news is your options become a bit more limited.
Is there any other fees I need to pay for switching?
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sky888 wrote:
Aug 15th, 2017 3:11 pm
Is there any other fees I need to pay for switching?
in most cases, just the discharge fee from your current lender.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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Dec 1, 2015
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Etobicoke, ON
2 of the banks do that program.
Inductor wrote:
Aug 15th, 2017 1:38 pm
Thanks @CdnRealEstateGuy. Does that include the big banks?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
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Jun 6, 2004
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PaulMeredith wrote:
Aug 15th, 2017 3:20 pm
in most cases, just the discharge fee from your current lender.
I need to pay for appraisal fee and discharge fee.
I guess it's worth it switching?

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