Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Oct 23rd, 2017 7:27 am
Newbie
Jan 24, 2007
32 posts
Hi all, my mortgage is up for renewal Apr 2018. Looking for the best rates available in Ontario. My bank BMO is offering 2yrs fixed @ %2.94 or 5yrs closed variable @ %2.65 and I can lock in the these rates today. Any suggestions, advice or any better offers out there? Thanks,
Deal Addict
Sep 13, 2011
3300 posts
1061 upvotes
Toronto
ttom wrote:
Oct 10th, 2017 4:04 pm
Hi all, my mortgage is up for renewal Apr 2018. Looking for the best rates available in Ontario. My bank BMO is offering 2yrs fixed @ %2.94 or 5yrs closed variable @ %2.65 and I can lock in the these rates today. Any suggestions, advice or any better offers out there? Thanks,
Looks like your bank is trying to lock you in to something early. Maximum rate hold on switches (to other lenders) is 90 days, so the earliest you would really be able to shop around is January sometime. That being said, the 2 year fixed they are offering you is not bad, but the variable is terrible. If you are interested in a variable, I would hold off until you are within 90 days of your maturity date and then post again at that time.

Also, don't let your bank try to tell you that the rates they are offering you are only good for a limited time (a few days for example). It's a common tactic used by banks to try to get their clients to lock in with them before they really have a chance to shop.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
Sep 13, 2011
3300 posts
1061 upvotes
Toronto
-=MK=- wrote:
Oct 10th, 2017 2:04 pm
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.
Thanks for the kind words! Glad I could help you out! :)
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
sushiboy16 wrote:
Oct 10th, 2017 12:00 pm
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?
You can port the 5-year fixed or take a 5-year variable @2.50%. You can port the variable or break it (penalty is capped at 3 months of interest only).
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
kingsha wrote:
Oct 10th, 2017 2:00 pm
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!
2.84% 5-year fixed is the best rate with 25% down.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Member
Jul 2, 2013
209 posts
15 upvotes
Newmarket
My mortgage is up for renewal of my 5 year fixed in November. Just called TD and they offered a 5 year variable of 2.79 and a 5 year fixed of 3.34. Does this sound right or am I being hosed?
If I am being hosed, who should I be speaking to at the branch to get the lowest rate they can offer? The mortgage "specialists" don't seem to care about losing my business..
Deal Addict
Sep 13, 2011
3300 posts
1061 upvotes
Toronto
lehmanr wrote:
Oct 10th, 2017 5:21 pm
My mortgage is up for renewal of my 5 year fixed in November. Just called TD and they offered a 5 year variable of 2.79 and a 5 year fixed of 3.34. Does this sound right or am I being hosed?
If I am being hosed, who should I be speaking to at the branch to get the lowest rate they can offer? The mortgage "specialists" don't seem to care about losing my business..
Those rates are typical of todays market, however there are definitely lower rates available right now with 5 year fixed being as low as 2.94%. You'll be a little more limited here since you are with TD, you are almost certainly in a collateral mortgage, which means options are more limited and there is often additional costs involved with switching lenders at the end of the term such as legal and appraisal fees (usually around $800 to $1,100 in total). In some cases, these can be covered, but then that limits your options even further.

What is the approximate value of your home and how much do you owe on the mortgage now?
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
lehmanr wrote:
Oct 10th, 2017 5:21 pm
My mortgage is up for renewal of my 5 year fixed in November. Just called TD and they offered a 5 year variable of 2.79 and a 5 year fixed of 3.34. Does this sound right or am I being hosed?
If I am being hosed, who should I be speaking to at the branch to get the lowest rate they can offer? The mortgage "specialists" don't seem to care about losing my business..
Just to add, I would highly recommend you contact TD and confirm that you indeed have a collateral charge.

Perhaps you can do that and let us know what they say. This is important, because it will impact the rate you get.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Member
Jul 2, 2013
209 posts
15 upvotes
Newmarket
Thank you both for your comments. I do indeed have a collateral mortgage. my home is worth about $550 and I owe $250. I may have approval issues signing with another bank as I started a small business last year and have very little to show for income.
Deal Addict
Sep 13, 2011
3300 posts
1061 upvotes
Toronto
lehmanr wrote:
Oct 10th, 2017 5:39 pm
Thank you both for your comments. I do indeed have a collateral mortgage. my home is worth about $550 and I owe $250. I may have approval issues signing with another bank as I started a small business last year and have very little to show for income.
If that is the case, then your best bet is to re-sign with TD unfortunately. You can always try negotiating a lower rate, but as you are finding out, sometimes it can seem like the banks just don't care about your business. In this case, you really don't have much choice but to renew with them unfortunately.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Member
Jul 2, 2013
209 posts
15 upvotes
Newmarket
PaulMeredith wrote:
Oct 10th, 2017 6:45 pm
If that is the case, then your best bet is to re-sign with TD unfortunately. You can always try negotiating a lower rate, but as you are finding out, sometimes it can seem like the banks just don't care about your business. In this case, you really don't have much choice but to renew with them unfortunately.
The 2.79 variable rate seems very appealing. Should I bother going variable or just take the 3.34 fixed?
Newbie
Oct 12, 2014
79 posts
4 upvotes
North York, ON
CdnRealEstateGuy wrote:
Oct 9th, 2017 9:10 pm
So you're at prime -70bps?

How much longer is your term? What are they offering?
My term is until March 2020 (about 2.5 years). I haven't talked to RBC yet about their fixed rates, but just wondering if it makes sense to switch now or am I still saving a quite a bit on interest by staying variable?
Newbie
Oct 9, 2017
2 posts
Hi,
New home buyer. I had a 2 yr locked at 2.2. With more rate hikes in the horizon should i take the 2yr fixed at this rate or should take the 5yr fixed which is just north of 3%.
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
yellowlight18 wrote:
Oct 10th, 2017 8:51 pm
My term is until March 2020 (about 2.5 years). I haven't talked to RBC yet about their fixed rates, but just wondering if it makes sense to switch now or am I still saving a quite a bit on interest by staying variable?
Before you can make that decision, you need to find out what rate they are offering if you choose to convert.

I think you'll find their rate quite high and you will be better off staying variable or leaving them.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
khushez wrote:
Oct 10th, 2017 9:00 pm
Hi,
New home buyer. I had a 2 yr locked at 2.2. With more rate hikes in the horizon should i take the 2yr fixed at this rate or should take the 5yr fixed which is just north of 3%.
When is your closing date?

Also, what is the purchase price and the mortgage amount?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative

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