Real Estate

The Official Mortgage Rates Thread

Deal Guru
User avatar
Feb 2, 2014
11203 posts
3334 upvotes
Toronto
monarch0300 wrote: Nothing with monoline? A broker told me Canwise would be able to do 2.54%, is that not possible? Finally, BMO has offered to match/beat any rate, any preference between BMO/TD
You said the purchase price was $3M, correct? If so, you're not getting 2.54% 5-year fixed from Canwise.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Jan 31, 2018
6523 posts
1235 upvotes
regrus wrote: Maybe someone here can advise how Canada's Chartered banks think about mortgage renewals.
We think we are golden as our 5 year mortgage is about to renew yet Scotia Bank will not match broker rates.
Our home appraises at $1,100,000.00 with $350,000.00 balance owing on renewal. Both of us have over 800 credit scores. High stable incomes and no other debt.
We recently received a commitment letter from MCAP at 2.59% and presented it to Scotia Bank and after waiting for a response for four days they will not move off of their renewal offer of 2.84%.
I just don't get it. Five years ago Scotia Bank paid an independent broker to place our mortgage; they paid for an appraisal; they paid for mortgage insurance behind the scene; Scotia Bank does not have to go out and buy funds on the open markets as they have access to overnight funds that MCAP does not. All their overhead to acquire our mortgage they have already spent 5 years ago.
What are they thinking when they won't match a rate and let good customers walk?
Why would anyone even waste their time with chartered banks when it comes to mortgages or renewals?
We see this all the time with bank clients unfortunately they don't care .

4 days to get back to you !Myself and the other brokers on the forum would be able to tell you on the spot your rate based on the info provided.

Personally I place 90% of my business with non bank lenders

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Guru
User avatar
Feb 2, 2014
11203 posts
3334 upvotes
Toronto
elchavito wrote: First time home buyer here.

Purchasing a $250,000 home with 5% down (i.e. CMHC insured). Got pre approval from TD at 2.79% 5 yr fixed.
Discharge fee is $260. My understanding is the other expenses to switch lenders after the 5 years are up are land title and legal fees.
Good deal? Any red flags I should be aware of with TD's product?
You can get 2.49% 5-year fixed for your purchase.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jun 20, 2019
13 posts
4 upvotes
Any changes with the rates currently?
Have 2.54% + $2k cashback with bona fide sale clause secured right now (bona fide sale clause doesn't matter for me)

-Purchase price: $900k
-Which city is the property located in: Oakville, ON
-Is the property owner-occupied or a rental: Owner occupied
-Downpayment: 10%
-Closing date: end of August

I wonder if there is something better I can get right now.
Thank you!
Newbie
Nov 23, 2014
18 posts
1 upvote
Calgary, AB
Looking to renew my mortgage...

-How much is the mortgage owing? 339k
-Roughly, what is the current market value of the property? 460k
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct 2014
-When is your renewal date? Oct 2019

First National has offered me a 5 year fixed for 2.79%, I like their prepayment options, but am interested to see if any lower rates are available with comparable prepayment options.

Thanks for any info!
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
firsthomebuyer wrote: Any changes with the rates currently?
Have 2.54% + $2k cashback with bona fide sale clause secured right now (bona fide sale clause doesn't matter for me)

-Purchase price: $900k
-Which city is the property located in: Oakville, ON
-Is the property owner-occupied or a rental: Owner occupied
-Downpayment: 10%
-Closing date: end of August

I wonder if there is something better I can get right now.
Thank you!
Go back to broker and say you want contract rate of 2.49% and cash back of $2k! I’m sure you’ll find another broker willing to do that deal. Good luck!
btherm wrote: Looking to renew my mortgage...
First National has offered me a 5 year fixed for 2.79%, I like their prepayment options, but am interested to see if any lower rates are available with comparable prepayment options.
You could do 2.69% for a 5-year fixed with same prepayment privileges as FN.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Deal Fanatic
User avatar
Jan 31, 2018
6523 posts
1235 upvotes
btherm wrote: Looking to renew my mortgage...

-How much is the mortgage owing? 339k
-Roughly, what is the current market value of the property? 460k
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct 2014
-When is your renewal date? Oct 2019

First National has offered me a 5 year fixed for 2.79%, I like their prepayment options, but am interested to see if any lower rates are available with comparable prepayment options.

Thanks for any info!
You would have 2.69% available to you with 20/20 prepayments

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Guru
User avatar
Feb 2, 2014
11203 posts
3334 upvotes
Toronto
huntclub wrote: Is it normal for a non-bank lender to charge a $332.92 "Closing Process Fee"?

I know B-lenders charge thousands in upfront fees, but this non-bank lender is supposedly an A-lender.

What's more confusing is the $332.92 fee includes a $99 Lender Title Insurance, but the lender also requires me to purchase additional Title Insurance.

Image
Are you 100% certain the lender charged this and not the lawyer?
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 26, 2008
71 posts
249 upvotes
Hi Everyone,

I am looking for a refinance to make changes in ownership. Would like to get a quote on interest rate. Currently have a rate hold with Scotiabank for 2.79% 4 year fixed. Thanks in Advance!

Current amount owing: $342,000
Approximate market value: $500-$540k
Original purchase date: July 2017
No insurance premium over 20% down payment
Did you refinance your mortgage since you owned your home? = No refinances
Do you have a second component such as a HELOC attached to your mortgage? = No
Current lender: Scotiabank 5 year fixed
Owner occupied
Location: Burnaby, BC
Maturity date: July 2022
Deal Fanatic
User avatar
Jun 6, 2010
9802 posts
5796 upvotes
Toronto, Ontario
Is it hard to get a mortgage for a pre construction condo that occupancy is happening in April 2020?
Since the contract was signed before the mortgage rules are tightened, will the old rules apply in this case?
It is a smaller studio and many bank is having restriction on the size of the unit. I really don't understand why banks in Canada is doing this.
If the income is not that high, is there still way to secure a mortgage?
If I buy something that is not in deep discounted, my father will punish me; everyone will laugh at me. I will be the strange kid who doesn't fit in.
Guide to get free movie BOGO code from Virgin Mobile
Newbie
May 21, 2007
7 posts
1 upvote
Toronto
Hi all,

I am currently locked into a variable rate from the winter at prime - 1.05, with a cost of $2016 to break it. I'm wondering if the cost of locking in a low fixed rate would make it worthwhile to switch over?

Current amount owing: $240,000
Approximate market value: $600
Original purchase date: Feb 2014
No insurance premium over 20% down payment
Did you refinance your mortgage since you owned your home? = No refinances
Do you have a second component such as a HELOC attached to your mortgage? = No
Owner occupied
Location: Ottawa, ON
Maturity date: Jan 2024
Deal Fanatic
User avatar
Jan 31, 2018
6523 posts
1235 upvotes
desikage wrote: Hi all,

I am currently locked into a variable rate from the winter at prime - 1.05, with a cost of $2016 to break it. I'm wondering if the cost of locking in a low fixed rate would make it worthwhile to switch over?

Current amount owing: $240,000
Approximate market value: $600
Original purchase date: Feb 2014
No insurance premium over 20% down payment
Did you refinance your mortgage since you owned your home? = No refinances
Do you have a second component such as a HELOC attached to your mortgage? = No
Owner occupied
Location: Ottawa, ON
Maturity date: Jan 2024
Who is your current lender

You could save 40pts plus on a fixed rate
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6523 posts
1235 upvotes
604girl wrote: Hi Everyone,

I am looking for a refinance to make changes in ownership. Would like to get a quote on interest rate. Currently have a rate hold with Scotiabank for 2.79% 4 year fixed. Thanks in Advance!

Current amount owing: $342,000
Approximate market value: $500-$540k
Original purchase date: July 2017
No insurance premium over 20% down payment
Did you refinance your mortgage since you owned your home? = No refinances
Do you have a second component such as a HELOC attached to your mortgage? = No
Current lender: Scotiabank 5 year fixed
Owner occupied
Location: Burnaby, BC
Maturity date: July 2022
How much are you looking to take out or is this simply a change on title ?

If a refi you can go to a max loan amount of 432k so 90k available (based on 540k)

Refinance rates are slightly higher 2.74% range

Phil

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Jun 15, 2019
4 posts
What are the current rates for 4-5 years fixed with a 30 year amortization? Looking for $0 in appraisal fees.

Purchase price: $372,500
Down payment: 20%
Owner occupied

I’ve been told that 2.79% @ 4 yrs with 20/20 prepayment options is the best rate I could get with a 30 year. Can anyone confirm?
Deal Fanatic
User avatar
Jan 31, 2018
6523 posts
1235 upvotes
mystery01 wrote: Hello,
I wanted some advice on my situation. I bought a house 6 months ago. Locked in a fixed 3.49% for 5 years with RBC.
Now that the rates have dropped close to a percent is it possible for me to break out of this and refinance. If yes, how much penalty am i looking at?

-How much is the mortgage owing? $650k
-Roughly, what is the current market value of the property? $775k
-Which city is the property located in? mississauga
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? yes
-When did you buy the property? jan 2019
-When is your renewal date? jan 2024
You would need to call the current lender and find out the penalty

You would be eligible for 2.49% so big savings

Penalty would need to be paid out of pocket

Please advise

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6523 posts
1235 upvotes
Rookie2017 wrote: What are the current rates for 4-5 years fixed with a 30 year amortization? Looking for $0 in appraisal fees.

Purchase price: $372,500
Down payment: 20%
Owner occupied

I’ve been told that 2.79% @ 4 yrs with 20/20 prepayment options is the best rate I could get with a 30 year. Can anyone confirm?
2.74% is available through the broker channel on a 5 yr term for 30 yrs

4 yr term is higher

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Jul 22, 2019
23 posts
5 upvotes
Rookie2017 wrote: What are the current rates for 4-5 years fixed with a 30 year amortization? Looking for $0 in appraisal fees.

Purchase price: $372,500
Down payment: 20%
Owner occupied

I’ve been told that 2.79% @ 4 yrs with 20/20 prepayment options is the best rate I could get with a 30 year. Can anyone confirm?
I've been getting 2.89% & $2k cashback for 5 years/30 years amortization from the big banks. HSBC is doing the same with 2.79%
This has been on a 30% downpayment/500k+ mortgage owner occupied
Jr. Member
Sep 10, 2017
178 posts
34 upvotes
mystery01 wrote: Hello,
I wanted some advice on my situation. I bought a house 6 months ago. Locked in a fixed 3.49% for 5 years with RBC.
Now that the rates have dropped close to a percent is it possible for me to break out of this and refinance. If yes, how much penalty am i looking at?

-How much is the mortgage owing? $650k
-Roughly, what is the current market value of the property? $775k
-Which city is the property located in? mississauga
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? yes
-When did you buy the property? jan 2019
-When is your renewal date? jan 2024
You are exactly in same situation as i was a few years back, and if you have similar contract as mine then your penalty unfortunately might be north of at least 12 - 15k . Although i had much lower mortgage amount . You can use this link to calculate the penalty .

https://www.rbcroyalbank.com/cgi-bin/mo ... .cgi/start
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
desikage wrote: I am currently locked into a variable rate from the winter at prime - 1.05, with a cost of $2016 to break it. I'm wondering if the cost of locking in a low fixed rate would make it worthwhile to switch over?

Current amount owing: $240,000
Approximate market value: $600
Original purchase date: Feb 2014
No insurance premium over 20% down payment
Did you refinance your mortgage since you owned your home? = No refinances
Do you have a second component such as a HELOC attached to your mortgage? = No
Owner occupied
Location: Ottawa, ON
Maturity date: Jan 2024
It really depends on your view of rates. If you think they’re going to fall in the near term stay the course in your variable rate deal. The current inverted yield curve has many folks predicting a recession - which would mean a rate cut cycle - which could mean your variable rate comes out ahead over the next 4 years. If you think the BOC is on hold for the next 2 years then perhaps you pay to lock in 2.54% today. If you’re asking for my advice - stay in a variable.

Good luck.
Eaglyeye wrote: You are exactly in same situation as i was a few years back, and if you have similar contract as mine then your penalty unfortunately might be north of at least 12 - 15k . Although i had much lower mortgage amount .
+1. This is the perfect example of why high prepayment penalties are something to be wary of (and incidentally the biggest problem with big bank fixed rate mortgages).


Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages

Top

Thread Information

There are currently 3 users viewing this thread. (2 members and 1 guest)

NelsonV73298, vg19