Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Oct 23rd, 2017 7:27 am
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
devilfish1 wrote:
Oct 9th, 2017 3:48 pm
Thanks for your help Kevin! And Happy Thanksgiving!
Thanks @devilfish1, you as well.

Check back after you have purchased a property and know the final purchase price. Myself, @valuemortgage, @PaulMeredith and @GreenMortgages would be happy to provide more information then.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
I hope I don't get into any trouble for saying this, but I don't think this thread gets enough credit.

This thread has 2,666 pages of great information related to mortgages. There are at least 4 professionals who have a ton of knowledge on the industry (and based of my experience in the industry, the regulars here are much more knowledgeable than the average mortgage agent or bank rep.) and there are also some great non-professional regular posters. Also, there are non-regular posters who share their recent experiences and rates at that point in time to help others.

You get the latest rates, rules and a ton of information here. You get pretty quick 2-way communication from high quality professionals and fellow consumers.

I think this thread on RFD may be the best resource on the internet for mortgages in Canada (bold statement for sure). More people should definitely be taking advantage of it and visiting this thread. I'm actually very surprised how few people (given how big the mortgage market is) visit this thread.

I guess most people don't bother shopping around.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Oct 12, 2014
79 posts
4 upvotes
North York, ON
On a 2.5% (5 year variable) with RBC. Just wondering if I should consider locking into a fixed rate?
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
yellowlight18 wrote:
Oct 9th, 2017 8:12 pm
On a 2.5% (5 year variable) with RBC. Just wondering if I should consider locking into a fixed rate?
So you're at prime -70bps?

How much longer is your term? What are they offering?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Nov 25, 2006
39 posts
3 upvotes
First time home buyer:)
What 5 year fixed rate can I get in Nanaimo, BC for a 550k house with 35% down, non-owner occupied (rental property)?
From what I saw on this forum, 2.94% seems possible?
Can someone recommend a broker?

thanks!
Sr. Member
Nov 1, 2003
627 posts
94 upvotes
My mortgage with Scotia is up for renewal April 2018. How soon can I shop around and lock in a rate elsewhere? They are offering early renewal but the rate is a horrible 3.39% fixed or prime -0.35% for 5yr.
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
GPS wrote:
Oct 9th, 2017 11:20 pm
My mortgage with Scotia is up for renewal April 2018. How soon can I shop around and lock in a rate elsewhere? They are offering early renewal but the rate is a horrible 3.39% fixed or prime -0.35% for 5yr.
You can start at 120 days out. So in 2018.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
vdgraaf wrote:
Oct 9th, 2017 10:19 pm
First time home buyer:)
What 5 year fixed rate can I get in Nanaimo, BC for a 550k house with 35% down, non-owner occupied (rental property)?
From what I saw on this forum, 2.94% seems possible?
Can someone recommend a broker?

thanks!
2.94% is for owner-occupied only unfortunately.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Aug 17, 2009
13 posts
Hello,

I became PR in July 2014. Is it true that I can get a mortgage as long as I have 35% down without income? I am looking to purchase a 800k condo in Vancouver.

Also what rate would i be looking at??

Thanks!!
Newbie
Sep 25, 2017
22 posts
7 upvotes
Sharing is caring. Very thankful to have this thread and appreciate the expert advices from all the mortgage specialists. Happy Thanksgiving all!
CdnRealEstateGuy wrote:
Oct 9th, 2017 4:45 pm
I hope I don't get into any trouble for saying this, but I don't think this thread gets enough credit.

This thread has 2,666 pages of great information related to mortgages. There are at least 4 professionals who have a ton of knowledge on the industry (and based of my experience in the industry, the regulars here are much more knowledgeable than the average mortgage agent or bank rep.) and there are also some great non-professional regular posters. Also, there are non-regular posters who share their recent experiences and rates at that point in time to help others.

You get the latest rates, rules and a ton of information here. You get pretty quick 2-way communication from high quality professionals and fellow consumers.

I think this thread on RFD may be the best resource on the internet for mortgages in Canada (bold statement for sure). More people should definitely be taking advantage of it and visiting this thread. I'm actually very surprised how few people (given how big the mortgage market is) visit this thread.

I guess most people don't bother shopping around.
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
hkwallace328 wrote:
Oct 10th, 2017 1:54 am
Hello,

I became PR in July 2014. Is it true that I can get a mortgage as long as I have 35% down without income? I am looking to purchase a 800k condo in Vancouver.

Also what rate would i be looking at??

Thanks!!
Yes, based on your post, it sounds like you would qualify (35% down, no income qualification).

You're looking at typical bank rates (3.24% - 3.39% range).

When did you first arrive in Canada?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Sep 26, 2016
6 posts
2 upvotes
CdnRealEstateGuy wrote:
Oct 9th, 2017 3:33 pm
Yes, Meridian is a credit union and only lends in Ontario. 2.94% 5-year fixed is the best rate I have for BC with 20% down.
Thank you. I'm looking to sell my place in 2-3 years though. What's the best option for a mortgage in BC in that case?
Jr. Member
Dec 25, 2006
157 posts
8 upvotes
kingsha wrote:
Sep 7th, 2017 10:54 am
Hi folks. Does any lender offer to hold a rate for beyond 120 days? My closing is on Jan 31st, 2018 (a little over 4.5 months away). With the current sentiments of rates increasing, I was hoping to lock in now. Otherwise, will sit tight till the first week of October.
Hi again agents. I am now in the market for a mortgage and wish to lock in an attractive rate. House is closing end of Jan (less than 120 days). Sale price is low 800's. I have a 25% down payment ready. First time home buyer. I am looking for the most attractive fixed rate option available on the market. Am flexible with the number of years it is fixed for. Please PM me and we can begin working together. Thanks!
Member
Aug 13, 2006
267 posts
54 upvotes
CdnRealEstateGuy wrote:
Oct 9th, 2017 4:45 pm
I hope I don't get into any trouble for saying this, but I don't think this thread gets enough credit.

This thread has 2,666 pages of great information related to mortgages. There are at least 4 professionals who have a ton of knowledge on the industry (and based of my experience in the industry, the regulars here are much more knowledgeable than the average mortgage agent or bank rep.) and there are also some great non-professional regular posters. Also, there are non-regular posters who share their recent experiences and rates at that point in time to help others.

You get the latest rates, rules and a ton of information here. You get pretty quick 2-way communication from high quality professionals and fellow consumers.

I think this thread on RFD may be the best resource on the internet for mortgages in Canada (bold statement for sure). More people should definitely be taking advantage of it and visiting this thread. I'm actually very surprised how few people (given how big the mortgage market is) visit this thread.

I guess most people don't bother shopping around.
Couldn't agree more. I got tired of sorting through all of the lender sites and trying to decipher if I was eligible for their teaser rates. In my case I was looking to renew my mortgage (<100K) and to my surprise - lots of lenders don't want to bother with smaller mortgages. I would of thought that someone with a ton of equity in their home wouldn't have a problem finding a lender. Boy was I wrong.

In any event - I reached out to Paul M who as able to find a lender at a very good rate. My experience working with Paul and his team was very positive. He responded to all of my questions in a very timely manner and really took care of everything. I did have a small issue with the lender and Paul and his team stepped in and resolved the issue immediately. Sometimes a better indicator of the level of service you are receiving is not when things are going well....but when things are going not so well.

Thank you all for contributing to this thread.

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