Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Nov 18th, 2017 12:04 pm
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Jun 7, 2001
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DavidY wrote:
Sep 8th, 2017 10:58 am
Got these rates yesterday from HSBC. Thinking 2 or 3 year fixed closed would be best for me.
Locking in with HSBC at 2 year fixed closed at 2.59% for the next 60 days. Mortgage matures on the 1st week of December. Not quite an overlap.

Dave
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GreenMortgages wrote:
Sep 12th, 2017 8:59 pm
Hello,

For a switch you can get as low as 2.74% for a 5 year fixed mortgage. If you're looking to refinance, the rates would be closer to those that you've posted. Are you coming up to the end of your term that began at 30 years(thus you'd be around 25 years remaining if you took a 5 year term initially), or are you looking for a new mortgage with a 30 year amortization?

Regards,

Connor
During a mortgage switch you get to negotiate the rate for the next term? Do you get to negotiate the rate upon term renewal if you are not switching from your existing lender?
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GreenMortgages wrote:
Sep 13th, 2017 9:15 am
Hello,

At CMLS the penalty to discharge a variable rate mortgage will be 3 months interest if you discharge early. Their discharge fee will be the same as all others; between $250 -$350. They're a great institution, very easy to deal with.

Regards,

Connor
Do you still pay 3 months interest and a discharge fee, if you plan to sell you property and term is not up yet?
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May 1, 2017
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tido88 wrote:
Sep 13th, 2017 9:59 am
Do you still pay 3 months interest and a discharge fee, if you plan to sell you property and term is not up yet?
Hi,

Yes you pay the penalty (unless you port the mortgage over to a new property) and the discharge. The penalty is for discharging early (before the term is over), and the discharge is an administrative fee.

Connor
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Connor Green
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Concierge Mortgage Group
#12179
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tido88 wrote:
Sep 13th, 2017 9:56 am
During a mortgage switch you get to negotiate the rate for the next term? Do you get to negotiate the rate upon term renewal if you are not switching from your existing lender?
Hello,

Not sure exactly what your asking here. You don't get to negotiate the rate for anything except the upcoming term. If you're switching your mortgage from one lender to another at the end of your term, you get to negotiate the rate and find a lender who has the best rate available. You can also negotiate if you're just planning on staying with your current lender at renewal, with varying success depending on the lender.

Regards,

Connor
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Connor Green
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Concierge Mortgage Group
#12179
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AnthonyC18 wrote:
Sep 12th, 2017 4:25 pm
Just to let you guys that London Life still has 2.69% 5 year fixed rates with 25 year amortization as of Sept. 12, 2017 with standard mortgage terms:
15% privilege payment

The only way to secure this rate is to submit a complete application with all supportive documents.
Is it 2.69 for 5-year fixed or 2.79? On their website it says 2.79...

https://www.londonlife.com/our-products ... rates.html
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Jun 24, 2012
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Is it silly to look at variable at this time?

TD is advertising 2.75% 5 year closed variable vs 3.09% fixed

Most people are talking about fixed, but maybe that ship has sailed.
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Richhy wrote:
Sep 13th, 2017 3:07 pm
Is it silly to look at variable at this time?

Most people are talking about fixed.
Not at all! Whether to go fixed for variable really depends on the person, and there is no right or wrong answer here. In the past, homeowners have typically come out ahead with variable rate mortgages over fixed, but this doesn't necessarily mean that variable is always the way to go.

When choosing between fixed and variable, one borrower may not feel comfortable with any sort of risk at all while another may have a very high risk tolerance. Your choice really comes down to where on the spectrum you fall, and your mortgage professional should take the time to discuss this with you. Sometimes I’ll suggest for a client to go fixed, but then I may suggest variable to the very next client I speak with. Just because a specific mortgage is right for one person doesn’t mean it’s right for another. If you aren’t comfortable with the fact that your rate and payment could increase at any time, then a variable rate mortgage probably isn’t for you, regardless of how big the spread is.

There is one additional benefit to variable over fixed. If you found yourself in a position where you needed to break your mortgage early, then the penalty may be lower… in some cases, substantially lower.

The Bank of Canada has increased their overnight rate twice this year (which is what prime rate is based on). These were the first increases in almost 7 years. There are predictions that there could be one more before the year is out. Last time we saw rate increases back in 2010, we saw the prime rate increase three times in as many announcements. But then we didn't see another increase for the next 7 years. It's possible it could increase one more time. I don't think we'll see it, but time will tell. Whether this happens or not is speculation... but considering how strong the predictions are that it will increase, it's something that you need to be prepared for and factor into your decision.

Anything can happen and there is nothing to say however that the rate won't start to settle back down later in 2018... or it could flat line like it did last time. These fluctuations are to be expected when taking a variable rate mortgage and is something you would need to feel comfortable with.

Hope you find this helpful. :)
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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May 1, 2017
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Richhy wrote:
Sep 13th, 2017 3:07 pm
Is it silly to look at variable at this time?

TD is advertising 2.75% 5 year closed variable vs 3.09% fixed

Most people are talking about fixed, but maybe that ship has sailed.
Hi there,

I think Paul answered your question about variable rates more than adequately - but in regards to the rates posted at TD, you can certainly do better in most situations from other lenders. Keep in mind that TD offers exclusively collateral charge mortgages and their penalty calculations are not the most consumer friendly.

Cheers,

Connor
Last edited by GreenMortgages on Sep 13th, 2017 3:40 pm, edited 1 time in total.
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Connor Green
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Concierge Mortgage Group
#12179
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Thanks for the info.

What rate can I get for a renewal?

approx. 26 year $347,000 remaining

Current mortgage matures mid Nov.
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Richhy wrote:
Sep 13th, 2017 3:58 pm
Thanks for the info.

What rate can I get for a renewal?

approx. 26 year $347,000 remaining

Current mortgage matures mid Nov.
No problem. For a switch at maturity, you can get as low as 2.74%-2.84% five year fixed, and prime minus 0.75% - prime minus 0.85% variable. If your mortgage was originally insured, meaning you put less than 20% down when you purchased, there may be even better rates available.

Regards,

Connor
Last edited by GreenMortgages on Sep 13th, 2017 4:06 pm, edited 2 times in total.
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Connor Green
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Concierge Mortgage Group
#12179
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GreenMortgages wrote:
Sep 13th, 2017 4:06 pm
No problem. For a switch at maturity, you can get as low as 2.74%-2.48% five year fixed, and prime minus 0.75% - prime minus 0.85% variable. If your mortgage was originally insured, meaning you put less than 20% down when you purchased, they may be even better rates available.

Regards,

Connor
A lot of people will ask for that 2.48%...
Andre Oliveira - Mortgage Agent
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BTW = I'm the former "Laptop-tech" member here. Just changed the username.
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valuemortgage wrote:
Sep 13th, 2017 4:09 pm
A lot of people will ask for that 2.48%...
Oops! Amended.
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Connor Green
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Concierge Mortgage Group
#12179
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GreenMortgages wrote:
Sep 13th, 2017 4:11 pm
Oops! Amended.
Sorry, excuse my ignorance, but what does that mean? An amended mortgage or you amended your post?
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Richhy wrote:
Sep 13th, 2017 5:21 pm
Sorry, excuse my ignorance, but what does that mean? An amended mortgage or you amended your post?
I amended my post from 2.48% to 2.84%.
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Connor Green
Mortgage Agent
Concierge Mortgage Group
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