Real Estate

The Official Mortgage Rates Thread

Newbie
Mar 4, 2018
8 posts
2 upvotes
Does yours have a HELOC attached?

They offered me a renewal of 2.69 5yr fixed with a HELOC @ P+.5
House is property tax assessed at $454k mortgage of $137k. Bought in 2014 for $311k
On my mortgage "details page" it says it's a conventional mortgage, so I presume it's not a collateral charge as others would have?
I'm self employed with a credit score of 866.
Maybe the combination of "all above" is the reason for higher rate???

I never thought about asking for a "rebate" to offset my monthly account fees for the next five years :)
Newbie
Sep 23, 2013
5 posts
3 upvotes
Vancouver
My renewal is on Sept 10th, 2019.
Main question is - we are certainly going to sell the house in the next 6-10 month. So what would be the best renewal option for us? Can we switch lander atm?
RMG is offering 5years fixed 2.54% and they saying penalty is 3 month interest. Renew with them seems easiest way. Am I right?

-$1.200,000 aprox market price, mortgage is $557.000
-Port Coquitlam, BC
-owner-occupied + rental suite
-RMG
-No HELOC
-No CMHC
-Sept 2014
-Sept 10, 2019
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
tastle wrote: My mortgage term is expiring on Sept. 18th. The mortgage isn't insured since I did a 20% down payment to avoid CHMC insurance.

After speaking with RBC, they offered me 2.64% for 5 years + pay me $240 up front to cover for "free chequing" for 5 years. (4*12*5)

I've started to look at HSBC but it might be a bit too late. What's the best deals people have gotten with RBC recently with a similar mortgage? If I were to go with them over HSBC, I'd lose at least $500 in the difference of the mortgage, plus chequing bonuses - transfer fees.
You can go as low as 2.39% 5-year fixed. We can work with the 18th closing date.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
GoneSurfin wrote: Does yours have a HELOC attached?

They offered me a renewal of 2.69 5yr fixed with a HELOC @ P+.5
House is property tax assessed at $454k mortgage of $137k. Bought in 2014 for $311k
On my mortgage "details page" it says it's a conventional mortgage, so I presume it's not a collateral charge as others would have?
I'm self employed with a credit score of 866.
Maybe the combination of "all above" is the reason for higher rate???

I never thought about asking for a "rebate" to offset my monthly account fees for the next five years :)
Conventional just means it’s not insured. If you have their Homeline product, it’s a collateral charge.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
pix53063 wrote: My renewal is on Sept 10th, 2019.
Main question is - we are certainly going to sell the house in the next 6-10 month. So what would be the best renewal option for us? Can we switch lander atm?
RMG is offering 5years fixed 2.54% and they saying penalty is 3 month interest. Renew with them seems easiest way. Am I right?

-$1.200,000 aprox market price, mortgage is $557.000
-Port Coquitlam, BC
-owner-occupied + rental suite
-RMG
-No HELOC
-No CMHC
-Sept 2014
-Sept 10, 2019
For a fixed rate mortgage, the penalty is GREATER if IRD or 3 months interest. For variable, it’s only 3 months interest.

You have the option to port a fixed rate mortgage penalty-free. If want to break it though, go variable for the cheaper penalty.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jul 18, 2019
7 posts
1 upvote
CdnRealEstateGuy wrote: You can go as low as 2.39% 5-year fixed. We can work with the 18th closing date.
Our mortgage is in similar situation but its due Sep 8. Is it too late to ask you guys?
Newbie
Jul 12, 2008
13 posts
Oakville
Hello,

I am trying to figure out what options that I have to take advantage of the lower rates. I found out from my mortgage company (MCAP) that I have a mortgage restriction "Sale Only" and I can't break the mortgage. Is there other ways to deal with this? My current rate is Prime - .55 (3.40%) Here are the details to my mortgage

How much is the mortgage owing? - $661K
-Roughly, what is the current market value of the property? - $1.4M
-Which city is the property located in? - Oakville
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? - MCAP
-Do you have a HELOC tied to the mortgage? - Yes $45K outstanding (Interest only)
-Is the mortgage CMHC insured? No
-When did you buy the property? July 15th 2016
-When is your renewal date? July 15th 2021

Thanks
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
FiniteDoc wrote: Our mortgage is in similar situation but its due Sep 8. Is it too late to ask you guys?
You would need to go into an open for a couple of weeks minimum it is a process for switches 3 weeks min

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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User avatar
Sep 13, 2011
7037 posts
3631 upvotes
Toronto
tastle wrote: My mortgage term is expiring on Sept. 18th. The mortgage isn't insured since I did a 20% down payment to avoid CHMC insurance.

After speaking with RBC, they offered me 2.64% for 5 years + pay me $240 up front to cover for "free chequing" for 5 years. (4*12*5)

I've started to look at HSBC but it might be a bit too late. What's the best deals people have gotten with RBC recently with a similar mortgage? If I were to go with them over HSBC, I'd lose at least $500 in the difference of the mortgage, plus chequing bonuses - transfer fees.
There are 5 year fixed rates available for your situation for 2.39%. Switches generally take about 30 days to complete, but in some cases, they can be done in as little as 21 days. So it's still 'possible' to get it switched that quickly, but you would need to move fast and have all your documents together pretty much immediately. Should the new mortgage close late, your current lender will just put you into an open mortgage at maturity. Rates on open mortgages are high, often around 7%, but this is an annual rate and you should only need it for a few days at the most. But it depends on how quickly you are willing to move and how fast you can get the required documents together.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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Jan 31, 2018
6551 posts
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yycnewhouse wrote: -What is the purchase price? $600k
-How much is the down payment? 20%
-Where it the property located? Calgary
-When is the closing date? The next three weeks
-Will the property be owner-occupied or a rental? Owner occupied

What's the best rate out there? I see 2.49% on ratespy but seen better through the thread.

Thanks!
2.54% 5 yr fixed available in AB & 2.34% is for ON only

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Sep 13, 2011
7037 posts
3631 upvotes
Toronto
FiniteDoc wrote: Our mortgage is in similar situation but its due Sep 8. Is it too late to ask you guys?
It's too late to hit a September 8th maturity date, but still not too late to switch. The closing would just be after September 8th. You are not alone here as this happens all the time. Your current lender will just put you into an open mortgage at maturity. Rates on open mortgages are high, often around 7%, but this is an annual rate and you won't need it for very long, however you'll of course want to move as quickly as possible.

Best to speak with your current lender and ensure they put you into an open mortgage as of September 8th. You can then reach out to the broker of your choice to get the process started. Again, you do not want to delay here.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
7037 posts
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Toronto
mcmaster1 wrote: Hello,

I am trying to figure out what options that I have to take advantage of the lower rates. I found out from my mortgage company (MCAP) that I have a mortgage restriction "Sale Only" and I can't break the mortgage. Is there other ways to deal with this? My current rate is Prime - .55 (3.40%) Here are the details to my mortgage

How much is the mortgage owing? - $661K
-Roughly, what is the current market value of the property? - $1.4M
-Which city is the property located in? - Oakville
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? - MCAP
-Do you have a HELOC tied to the mortgage? - Yes $45K outstanding (Interest only)
-Is the mortgage CMHC insured? No
-When did you buy the property? July 15th 2016
-When is your renewal date? July 15th 2021

Thanks
Switching lenders would not be an option for you in this case, but you can speak with MCAP to find out what fixed rate they will be able to offer you to convert your variable into a fixed. Your variable rate is extremely high, so I would suggest reaching out to them to find out what rate they can offer you. There is no cost for doing this and this should start saving you money immediately.

Good luck!

Paul
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Sr. Member
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Jul 19, 2003
778 posts
106 upvotes
Markham
Hey All

Does anyone know which lender offers the best rate for a refinance? Non-high ratio, > 1M value and a switch from another lender MCAP in ON. Thanks.
Newbie
Sep 10, 2014
17 posts
3 upvotes
Toronto, ON
What would be the best rates for a mortgage pre-approval?

  • What is the purchase price? $200,000 - $300,000
  • How much is the downpayment? 20%
  • Where is the property located? Halifax, NS
  • When is the closing date? N/A for pre-approval
  • Will the property be owner-occupied or a rental? Owner-Occupied
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Jan 31, 2018
6551 posts
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nexisrocks wrote: What would be the best rates for a mortgage pre-approval?

  • What is the purchase price? $200,000 - $300,000
  • How much is the downpayment? 20%
  • Where is the property located? Halifax, NS
  • When is the closing date? N/A for pre-approval
  • Will the property be owner-occupied or a rental? Owner-Occupied
2.54% 5 yr fixed would be your best rate on live deals meaning when you have a firm deal in place

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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morpheiz wrote: Hey All

Does anyone know which lender offers the best rate for a refinance? Non-high ratio, > 1M value and a switch from another lender MCAP in ON. Thanks.
Are you at end of term with MCAP or if not are you in the regular or flex product

2.59% is the best rate on a refi - if you are taking out extra money

For a straight switch 2.39% is your best rate

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
BryanBreguet wrote: I'm 2 years into my 5 years fixed with Scotiabank, 2.99%, 30 year amortization.
My understanding is that I'd have to pay the interest differential if I break my mortgage. Can a broker tell me what rate Scotiabank would use to make the calculations? House is in Vancouver and worth over 1 mio, uninsured mortgage anyway since we put more than 20%.
Looking quickly on ratehub, it seems I could get a much lower rate (while Scotiabank still seems to list 2.99%...). You can PM if you want.
Goto your Scotia mortgage paperwork and find out the "discount" you got from the posted rate. Once you have that you can find out pretty easily what your penalty will be.
howardtang wrote: Hey Guys, First time home buyer, been lurking here for few months now. Currently building a new home.
-What is the purchase price? 418,200
-How much is the down payment? 10%
-Where it the property located? Calgary, Alberta
-When is the closing date? Nov 2019
-Will the property be owner-occupied or a rental? Owner
Wonder what the best rates are at the moment and also what term of mortgage you would recommend with the way rates are dropping at the moment. I would be comfortable going short term if it seems like a good idea.
Thank you!
Five year fixed rates are the lowest in Alberta (the Duca 1.99% isn't available here). With that in mind you're looking at 2.39% with RFA, XMC and Manulife. Manulife will throw in $1k cash back if you've got a group savings or benefits plan with them. Manulife is an all-in-one mortgage (collateral charge) but the rest are unrestricted products (no bonafide sales clause and no prepayment penalty based on %age of balance). If you were to wait such that you're within 45 days of closing, you could be eligible for 2.34% 5-year fixed with Marathon.

@PaulMeredith already covered the "short-term" options, but I'd add this: your ideal situation is that when your term is up Canada is in a full on recession and the overnight rate (which drives prime) has dropped 2-3 times. You'd also be hoping that the banks pass on the full rate cuts onto the prime rate, and you'd be looking for a variable rate mortgage at p-1% (or better hopefully). Either that or a further collapse in 5-year bond yields (back too something like 0.5%) such that fixed rates are even lower than they are today.
cilantrosanchez wrote: How much is the mortgage owing? $237,000
-Roughly, what is the current market value of the property? $363,000 (approx, I imagine appraisal would come back around this #, could be slightly lower or higher).
-Which city is the property located in? Halifax, NS
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? Think Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct 2016
-When is your renewal date? October 16, 2019
Original amortization 30 years. 27 remaining. Can it be changed to 25 on renewal?
Do these criteria qualify for any of the 2.34/2.39/2.44 rates? Or am I best to find pick one of the many 2.49 rate offerings?
Thinkfinancial offer pretty good rates - make sure you check with them on renewal. Also be very careful of signing a 2.39% 5-year fixed with a bonafide sales clause. I don't think that for your mortgage value you can find a 2.39% 5-year deal without a bonafide sales clause (best one would probably be 2.44% with RFA).
yycnewhouse wrote: -What is the purchase price? $600k
-How much is the down payment? 20%
-Where it the property located? Calgary
-When is the closing date? The next three weeks
-Will the property be owner-occupied or a rental? Owner occupied
What's the best rate out there? I see 2.49% on ratespy but seen better through the thread.
Thanks!
Go with Motusbank (brokers can't organize their deals). You can get 2.49% for a 5-year fixed. Brokers (me included) would probably suggest the 2.59% with MCAP (being their Fusion readvanceable mortgage). Make sure that if you go with that deal that you insist on $2k in cash back because that is roughly the difference between the two deals over 5-years.
rob444 wrote: I am not specifically looking for a fixed rate, I'm looking for whatever will be the best financially over the next 5 years. Right now the fixed rate term is more than 0.5% lower vs what I'm paying now in a variable rate. So the BOC would have to lower their rate by 25 basis points TWO times to come close to the current fixed rate amount, and a third time to actually beat it. And that is assuming the lenders all pass on the full BOC rate drop to their own prime rate.
I will also be asking First National what they can offer before I break my mortgage with them, be it a fixed rate terms comparable to the 2.39 (I assume from MCAP) or to lower the P-1% I'm currently at on a variable rate.
The bolded is all dependent on your view of interest rates. The yield curve is so inverted right now that three cuts to the overnight rate wouldn't be outlandish. Will the banks pass on the full rate cut? Will those cuts happen soon enough for you to save money? Who knows.
morpheiz wrote: Does anyone know which lender offers the best rate for a refinance? Non-high ratio, > 1M value and a switch from another lender MCAP in ON. Thanks.
Best rates for refinance are not in the broker channel and they belong to Motusbank (5-year rate at a reported 2.49% with haggling) or HSBC (5-year rate at 2.59% with up to $3k of stacked cash back). If you insist upon a broker originated deal you'd probably be getting sold the MCAP Fusion mortgage (also 2.59% for 5-years and cash back will vary depending your broker). I'd call up Motusbank and ask them for a 2.49% refinance.

As for switches - being with MCAP limits your switch into RFA which otherwise would've been the best non-restricted deal (5-years at 2.39%). I think then your best unrestricted deal would be 2.49% (5-year fixed with a plethora of lenders) and 2.39% into a 5-year fixed with a bonafide sale clause.

Hope this was helpful to everyone. Good luck to all the rate shoppers!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Aug 26, 2019
15 posts
Thanks Nikola! Can you please me your email?

Also, how does a cashback work? Do we get a cheque from the provider?
Newbie
Aug 25, 2019
2 posts
Hi, I'm a first time home buyer and I currently have an accepted offer on a house. Looking around for the best interest rates. Best offer I found right now is 2.59% 4 year fixed from BMO.
Is anyone on this forum dealing in Quebec.

-210 000$
-20% down
-Located in Granby, Quebec
-Closing on September 30
-Will be owner occupied

Thanks,
Charles
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
yycnewhouse wrote: Thanks Nikola! Can you please me your email?
Also, how does a cashback work? Do we get a cheque from the provider?
In this particular case you'd get a cheque (or most likely an e-transfer) from the mortgage broker/agent who organized your deal. Very much like a "cash back" realtor.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages

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