Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Jul 17th, 2018 9:08 am
Deal Addict
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Dec 1, 2015
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Etobicoke, ON
Scotia and TD.

NBC also does that - but they are not available through brokers.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
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Jun 6, 2004
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how's True North Mortgage? they seem to have the lowest interest rates?
Newbie
Jul 29, 2017
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valuemortgage wrote:
Aug 15th, 2017 5:31 pm
Scotia and TD.

NBC also does that - but they are not available through brokers.
Thanks. So you mean Scotia and TD would only via brokers while NBC would without brokers?
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sky888 wrote:
Aug 15th, 2017 11:15 pm
how's True North Mortgage? they seem to have the lowest interest rates?
True North Mortgage is a broker, just like Mortgage Intelligence, Dominion Lending, and CityCan Financial. They are not the lender, and any rate you see offered by them can be either matched or beat by any regular posting broker on this board.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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No. TD and Scotia are available through brokers plus their own channels (branch, mobile reps, etc). NBC does not operate through brokers anymore, so only branch and mobile reps.
Inductor wrote:
Aug 16th, 2017 12:23 am
Thanks. So you mean Scotia and TD would only via brokers while NBC would without brokers?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
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Jul 1, 2008
235 posts
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Brampton, ON
HSBC Variable 1.99 is good.
I am also looking for a mortgage but my closing is in Dec so can't get pre-approval from HSBC. They only have validity for 90 days.

Will wait for a month and start shopping again..
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
Sr. Member
May 1, 2017
886 posts
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desaib wrote:
Aug 16th, 2017 11:26 am
HSBC Variable 1.99 is good.
I am also looking for a mortgage but my closing is in Dec so can't get pre-approval from HSBC. They only have validity for 90 days.

Will wait for a month and start shopping again..
Depending on the specifics of the mortgage you're looking for, you can get approved for as low as 2% variable for 120 days through the broker channel!

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Sep 5, 2016
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HSBC changed its rate 1.99 to 2.14 for five year closed variable.

I am in tricky situation with that. I already approved with them 1.99% for 90 days but my existing mortgage has renewed in about 120 days. If HSBC give me extension for more 30 days I will save penalty from other bank then it is sweet deal else early payment penalty makes this deal sour for me.
Newbie
Jul 29, 2017
7 posts
valuemortgage wrote:
Aug 16th, 2017 9:15 am
No. TD and Scotia are available through brokers plus their own channels (branch, mobile reps, etc). NBC does not operate through brokers anymore, so only branch and mobile reps.
Ok I got it! Thanks for your valuable insights
Member
Jul 1, 2008
235 posts
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Brampton, ON
Yes, that is correct.
Going through broker channel does it deal with banks?

Well, this is my first loan and many of my colleagues are with First National or RBC.
My closing still has 126 days left so have some time to shop around and understand more about how mortgages work.
GreenMortgages wrote:
Aug 16th, 2017 12:25 pm
Depending on the specifics of the mortgage you're looking for, you can get approved for as low as 2% variable for 120 days through the broker channel!

Regards,

Connor
Sr. Member
May 1, 2017
886 posts
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Hi there,

First National is a monoline lender, and RBC is a bank lender.

To clarify: There are brick-and-morter banks, like CIBC, TD, Scotiabank, National Bank, etc, and then there are monoline lenders, which do not have physical branches like First National, MCAP, RMG, CMLS, etc. The monoline lenders operate online only. The monoline lenders are only accessible through the "Broker Channel," meaning that you can only get mortgages through these lenders if you go through a mortgage broker/agent.

Mortgage brokers/agents have access to monoline lenders, as well as a few "bank" institutions, like Scotiabank, and TD, as well as Credit Unions, Private lenders, B Lenders, etc.

Monoline lenders often have products that have preferable rates and terms than what you would find at a bank. This isn't always the case, but is in many situations. They are, in my opinion, equally as reputable if not more so than banks like RBC, BMO, etc.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Jul 20, 2007
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Hi folks,
For a rental property in BC , what is the current best rates available for variable and 2-3 yr fixed? Trying to see if P minus 60 is still decent. Not sure what rate would break even or better would be?

Any feedback is appreciated.
Sr. Member
May 1, 2017
886 posts
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gphammer wrote:
Aug 16th, 2017 3:27 pm
Hi folks,
For a rental property in BC , what is the current best rates available for variable and 2-3 yr fixed? Trying to see if P minus 60 is still decent. Not sure what rate would break even or better would be?

Any feedback is appreciated.
Hello,

p-0.60% is a great rate on a rental for any term, really. Is it a purchase, refinance, or switch?

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Inductor wrote:
Aug 15th, 2017 1:38 pm
Thanks @CdnRealEstateGuy. Does that include the big banks?
Each lender, including each Big Bank, has different criteria for this program.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative

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