Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Sep 25th, 2017 9:48 pm
Member
May 1, 2017
409 posts
103 upvotes
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%.
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
Feb 2, 2014
3744 posts
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Toronto
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.
If your mortgage is insured, you can go as low as 2.10% 5-year variable.

Is your mortgage insured? What is the value of the property?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Jun 24, 2012
39 posts
2 upvotes
TORONTO
CdnRealEstateGuy wrote:
Sep 13th, 2017 6:00 pm
If your mortgage is insured, you can go as low as 2.10% 5-year variable.

Is your mortgage insured? What is the value of the property?
Uninsured

Market value or assessment value? I'd say around $7-800 market value
Sr. Member
Dec 15, 2008
560 posts
35 upvotes
Vancouver, BC
For a new purchase that I'll very likey live in for over 5 years, I was presented these options:
1. Variable Prime - 0.59% = 2.61%
2. Fixed 2.99%

I will go with Fixed. I predict the 38 basis difference is not enough buffer over 5 years.
Newbie
Dec 27, 2011
19 posts
13 upvotes
AMHERSTBURG
Just signed my documents at HSBC today. Applied online July 15th. Received a call for follow up 10 days later, even though online states I would receive a call within 24-48 hours. Submitted the documents they requested the next day, then took about a full week to continue calling to get basically nowhere. Think it took about 3 weeks to get preapproval which I became scared as by that time I already had an agreement for purchasing a house. I constantly called to try to move the process along. Finally about 2.5 weeks ago appraiser came out, took another 1.5 weeks for the underwriter to review. One additional week to arrange the in bank signing. Thank goodness it is done with 1 week left to spare. I did not think it was going to get done. Rate of 2.39 which I almost missed out on as they took so long to process I almost missed the 90 day preapproval rate. Did I mention over the phone they tried changing to 2.69? Going to the local branch was totally different, very straight forward and quick. I would never use online/phone services ever if you can avoid.
Newbie
Dec 6, 2016
6 posts
Hi guys,

Got an accepted offer for a townhouse in Vancouver:

Purchase price: 954k
DP: 20%
Closing date: Dec 4 (but it's flexible for any time in between from now)

What rate for 5 yr fixed I can get?

Thanks,
Member
May 1, 2017
409 posts
103 upvotes
mansoorix wrote:
Sep 13th, 2017 10:10 pm
Hi guys,

Got an accepted offer for a townhouse in Vancouver:

Purchase price: 954k
DP: 20%
Closing date: Dec 4 (but it's flexible for any time in between from now)

What rate for 5 yr fixed I can get?

Thanks,
Hi there,

For a 20% down purchase in BC, you can get as low as 2.84%-2.94% 5 year fixed, and potentially slightly better, depending on your qualifying and closing date! Fixed rates are on the rise, and the 5 eyar Canada bond rate (which heavily influences fixed mortgage rates) is still rising, indicating that fixed rates could continue to rise. Better to get something locked in sooner rather than later to protect yourself against rate increases.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
User avatar
May 15, 2016
1313 posts
154 upvotes
What are some good rates for Edmonton?

550k
20% down
Deal Fanatic
User avatar
Jun 7, 2001
6710 posts
657 upvotes
Alberta
GreenMortgages wrote:
Sep 13th, 2017 10:27 pm
Hi there,

For a 20% down purchase in BC, you can get as low as 2.84%-2.94% 5 year fixed, and potentially slightly better, depending on your qualifying and closing date! Fixed rates are on the rise, and the 5 eyar Canada bond rate (which heavily influences fixed mortgage rates) is still rising, indicating that fixed rates could continue to rise. Better to get something locked in sooner rather than later to protect yourself against rate increases.

Regards,

Connor
HSBC site was advertising 5 year fixed closed at 2.79%....now at 2.94%. Unfortunately, they only hold the rate for 60 days.

Dave
Newbie
Jun 24, 2012
39 posts
2 upvotes
TORONTO
True North is advertising prime -1.05% variable (2.15%) and 2.69% 5-year fixed. They seem to be well reviewed. Would love to hear from the experts if this is realistically possible.

And if I would qualify. Please PM me.
Jr. Member
Aug 19, 2007
154 posts
78 upvotes
York
Looking for a broker to help me with a 4 year fixed mortgage on a rental property. PM me if you can help. thanks
Member
May 1, 2017
409 posts
103 upvotes
Richhy wrote:
Sep 14th, 2017 10:22 am
True North is advertising prime -1.05% variable (2.15%) and 2.69% 5-year fixed. They seem to be well reviewed. Would love to hear from the experts if this is realistically possible.

And if I would qualify. Please PM me.
Hi there,

Those rates are for high-ratio mortgages only, meaning that they're only available if you put less than 20% down. It may seem appealing, but when you put less than 20% down, you pay an insurance premium that gets tacked on to the mortgage which negates any savings you would have by getting the lower rate. It would be a net negative to decide to have less than 20% down. It's never a god idea to put less than 20% down if you have the option.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Jun 24, 2012
39 posts
2 upvotes
TORONTO
GreenMortgages wrote:
Sep 14th, 2017 10:54 am
Hi there,

Those rates are for high-ratio mortgages only, meaning that they're only available if you put less than 20% down. It may seem appealing, but when you put less than 20% down, you pay an insurance premium that gets tacked on to the mortgage which negates any savings you would have by getting the lower rate. It would be a net negative.

Regards,

Connor
I see it says "High Ratio Purchase and Transfer Only" what does Transfer mean?
Member
May 1, 2017
409 posts
103 upvotes
Richhy wrote:
Sep 14th, 2017 10:57 am
I see it says "High Ratio Purchase and Transfer Only" what does Transfer mean?
A transfer/switch is when you move your mortgage to a new institution either during the term, or at the end of your term, without changing the dollar amount of the mortgage. In the case you're quoting, it means that the mortgages would have had to be high-ratio or insured at some point, so it still carries the insurance, so the transfer is technically a "high-ratio transfer."

Was your mortgage originally insured? i.e did you put less than 20% down on your purchase?

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Jun 24, 2012
39 posts
2 upvotes
TORONTO
GreenMortgages wrote:
Sep 14th, 2017 11:00 am
A transfer/switch is when you move your mortgage to a new institution either during the term, or at the end of your term, without changing the dollar amount of the mortgage. In the case you're quoting, it means that the mortgages would have had to be high-ratio or insured at some point, so it still carries the insurance, so the transfer is technically a "high-ratio transfer."

Was your mortgage originally insured? i.e did you put less than 20% down on your purchase?

Regards,

Connor
No it was always over 20%

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