Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Aug 16th, 2018 6:56 pm
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Sep 13, 2011
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khushez wrote:
Oct 11th, 2017 7:10 pm
Sorry the question was if one had a very good 2yr fixed rate in current situation should I take it or 5yr even if it’s way more makes more sense. I am hearing mixed news on whether rates will keep on going up or not so not sure whether to take shorter or longer fixed mortgage
No one can really say for sure where rates are going to be in a couple of years. One thing that we do know for sure today as that today's rates, even with all the increases, are still at historically low levels. Rates starting with a 2, or even a 3 for that matter are not typical. We have however become accustomed to these rates having had access to them for more than 5 years now. I think it was about 8 years ago when 5 year fixed rates first dipped below 4%, and at that time, it was a huge breakthrough. I remember then when rates hit 3.79%, many thought that they couldn't get much lower than that. As long as the economy continues to grow, rates will likely continue to increase. Again, no one can say for sure here and anything can happen. If you like the idea of the low rate of the 2 year fixed, and are comfortable with a bit more risk, then you could always go with the 2 year fixed with the intent to switch to variable at the end of the two years. I predict that fixed rates will be higher at that time then they are right now. All is speculation of course.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Helloooooo everyone.


Complete noob stepping in here (Well, I mean, I know the mortgage basics well).


Basically, wife and I have been told by our landlord he is selling (While my wife is 20 weeks pregnant) - we were going to buy in the next year or so anyway, so now we have been pushed to do so basically in the next months instead.


We live in Vancouver - but want to move to Coquitlam or that general area. What we need, is a mortgage broker, someone we can sit down with, explain what we want to borrow, have them check our credit and go over all our options and what would fit our lives...

Does anyone have a broker they recommend or have had great experiences with? We are currently right in Downtown Vancouver.


Thank you so much. Stressful stressful times.
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May 1, 2017
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evanwier wrote:
Oct 12th, 2017 12:52 pm
Helloooooo everyone.


Complete noob stepping in here (Well, I mean, I know the mortgage basics well).


Basically, wife and I have been told by our landlord he is selling (While my wife is 20 weeks pregnant) - we were going to buy in the next year or so anyway, so now we have been pushed to do so basically in the next months instead.


We live in Vancouver - but want to move to Coquitlam or that general area. What we need, is a mortgage broker, someone we can sit down with, explain what we want to borrow, have them check our credit and go over all our options and what would fit our lives...

Does anyone have a broker they recommend or have had great experiences with? We are currently right in Downtown Vancouver.


Thank you so much. Stressful stressful times.
Hi there,

Theres nothing quite like being forced to buy! Think of it as being a bit 'ahead of schedule.'

As far as you mortgage goes - you don't technically need to use a broker that is based out of Vancouver, as most mortgage brokers/agents can work inter-provincially as all of the work can be facilitated over the phone and online. Any one of the brokers/agents on this forum can help facilitate the mortgage for you!

That said, I completely understand if you'd rather have a face-to-face meeting with someone reputable. If you like I can recommend someone in Vancouver who would be happy to help you out.

Regards,

Connor
_________________________________
Connor Green
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Concierge Mortgage Group
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evanwier wrote:
Oct 12th, 2017 12:52 pm
Helloooooo everyone.


Complete noob stepping in here (Well, I mean, I know the mortgage basics well).


Basically, wife and I have been told by our landlord he is selling (While my wife is 20 weeks pregnant) - we were going to buy in the next year or so anyway, so now we have been pushed to do so basically in the next months instead.


We live in Vancouver - but want to move to Coquitlam or that general area. What we need, is a mortgage broker, someone we can sit down with, explain what we want to borrow, have them check our credit and go over all our options and what would fit our lives...

Does anyone have a broker they recommend or have had great experiences with? We are currently right in Downtown Vancouver.


Thank you so much. Stressful stressful times.
Let's make this painless for you @evanwier....no need to stress at all!

Just contact a bank, credit union or broker and get pre-approved. This will let you know what you can buy (specifically your price point).

After that, just contact a realtor and you can start looking at properties. It's that simple.

You can get pre-approved in less than a day. It's a fast and easy process, I promise!
Kevin Somnauth, CFA
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Jun 23, 2009
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Toronto
Hi experts, need some advice on what I should do for my first ever mortgage as I feel like my agent isnt doing a good job and is pushing for a commitment.

Background:
600k townhome prebuild, closing in 90 days, can do 20% down but do not have to, want to do 5year fixed.

What I guess I know:
I can get a rate lock from HSBC for 3.04% 5y fixed, insured or not
I can probably get a rate from nonBank lender of 2.84% for 5 yr fixed, insured

What I what to know:
1) Are those the cheapest rate I can get ( insured and uninsured) for a 90days lock? if not where can i get such info for the lowest rate?
2) From what I read, insured mortgage get a relatively better rate, is that also the case when it comes time to renew in 5 yrs?
3) If 2) is true, is it better to pay the insurance and go for the better insured rate as the insurance is probably $13K and the difference between in interest of insured and uninsured rate for 5yf is already at $10k ?


Thanks all !!!
Last edited by complainfromme on Oct 12th, 2017 6:54 pm, edited 1 time in total.
Newbie
Dec 16, 2014
68 posts
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Waterloo, ON
GreenMortgages wrote:
Oct 11th, 2017 3:43 pm
Hi there,

2 year fixed rates are in and around 2.89%. You can get a 3 year fixed at 2.54% if the mortgage amount is less than 70% of the value of the property! Whats the value of your property and is the purpose of the mortgage a purchase, refinance, or renewal/switch?

Regards,

Connor
which bank provides 3 year fixed at 2.54% ?

thanks
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Dec 12, 2009
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GreenMortgages wrote:
Oct 11th, 2017 3:43 pm

2 year fixed rates are in and around 2.89%.
skunkyjosh wrote:
Oct 12th, 2017 9:45 pm
fixed rates going up again--
We are due for renewal in January. Will have < 2 years left to pay it off. Bank called today saying we can renew 150 days prior and offered a 2 year fixed @ 2.89%.
It seems we should accept. Any comments?
Newbie
Feb 26, 2015
26 posts
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Toronto, ON
What is the rate hold policy for mortgage renewals? Shopping around for a new mortgage I believe is 120-180 days. But if my current lender has a certain rate to extend to me leading up to my renewal, can they hold it for a period of time? Any one have any experience with RBC on this? And if so, is it in writing somewhere with RBC?

I have looked and are unable to find anything specific to renewal holds.

Thank you
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Sep 13, 2011
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complainfromme wrote:
Oct 12th, 2017 6:54 pm
Hi experts, need some advice on what I should do for my first ever mortgage as I feel like my agent isnt doing a good job and is pushing for a commitment.

Background:
600k townhome prebuild, closing in 90 days, can do 20% down but do not have to, want to do 5year fixed.

What I guess I know:
I can get a rate lock from HSBC for 3.04% 5y fixed, insured or not
I can probably get a rate from nonBank lender of 2.84% for 5 yr fixed, insured

What I what to know:
1) Are those the cheapest rate I can get ( insured and uninsured) for a 90days lock? if not where can i get such info for the lowest rate?
2) From what I read, insured mortgage get a relatively better rate, is that also the case when it comes time to renew in 5 yrs?
3) If 2) is true, is it better to pay the insurance and go for the better insured rate as the insurance is probably $13K and the difference between in interest of insured and uninsured rate for 5yf is already at $10k ?


Thanks all !!!
The lowest rate for a mortgage with 20% down is 2.94%. Lower than this if it's insured. If your mortgage is insured than there may be lower rate options available for you after 5 years.
When you have the option of putting 20% down, ALWAYS put down the 20%. It never makes sense to pay the CMHC fee to get a slightly lower rate. The lowest rate mortgage is not always the least expensive.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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manhal wrote:
Oct 12th, 2017 7:44 pm
which bank provides 3 year fixed at 2.54% ?

thanks
This is available through any regular posting broker on this board. It's from a very large institution, but you won't be anywhere close to this through a bank.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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ROYinTO wrote:
Oct 12th, 2017 11:41 pm
We are due for renewal in January. Will have < 2 years left to pay it off. Bank called today saying we can renew 150 days prior and offered a 2 year fixed @ 2.89%.
It seems we should accept. Any comments?
It's a competitive rate and since you have less than two years to pay off, you really have no other options anyway. Your lender is being competitive so I would definitely go for it.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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princ3ali wrote:
Oct 13th, 2017 8:04 am
What is the rate hold policy for mortgage renewals? Shopping around for a new mortgage I believe is 120-180 days. But if my current lender has a certain rate to extend to me leading up to my renewal, can they hold it for a period of time? Any one have any experience with RBC on this? And if so, is it in writing somewhere with RBC?

I have looked and are unable to find anything specific to renewal holds.

Thank you
Maximum rate hold is 90 days with most lenders. You could always contact RBC to find out if it's possible to get a quote for early renewal as banks will sometimes offer this. As of right now, fixed mortgage rates are stable and there is no upward pressure on them.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Jr. Member
Jun 23, 2009
136 posts
22 upvotes
Toronto
PaulMeredith wrote:
Oct 13th, 2017 10:17 am
The lowest rate for a mortgage with 20% down is 2.94%. Lower than this if it's insured. If your mortgage is insured than there may be lower rate options available for you after 5 years.
When you have the option of putting 20% down, ALWAYS put down the 20%. It never makes sense to pay the CMHC fee to get a slightly lower rate. The lowest rate mortgage is not always the least expensive.
Thanks Paul !
May I ask where I can find 2.94% for 5yrs fixed uninsured? You can pm me if you want. thanks
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complainfromme wrote:
Oct 13th, 2017 12:59 pm
Thanks Paul !
May I ask where I can find 2.94% for 5yrs fixed uninsured? You can pm me if you want. thanks
PM on the way!
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)

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