Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 22nd, 2018 9:36 am
Newbie
Nov 14, 2007
67 posts
22 upvotes
GTA
Would like your input. I can do an early renewal on my mortgage and was offered 3.29 on 5 yr fixed or 2.65 on 5 yr variable. Are these good or should I wait till 90 days before renewal?
Newbie
Oct 13, 2017
2 posts
Hi mortgage experts,

We currently have the mortgage for our townhouse with TD, fixed rate @2.69% for 5 years end in 2020. We are buying an apartment in Surrey, BC and will make it a rental property. The purchase price is 318k and we will go with 20% down payment. So we got pre-approved from TD with the 5 yr variable rate 2.75% P-0.6. I personally prefer fixed rate for short terms like 1-3 year because Idk if we are going to keep the apartment for a long time.

Is 5 yr 2.75% a good variable rate? What is the lowest fixed rate that I can get for a rental property?

Thank you!
Deal Addict
Jun 29, 2007
3913 posts
889 upvotes
voo_doo wrote:
Oct 14th, 2017 1:49 pm
Would like your input. I can do an early renewal on my mortgage and was offered 3.29 on 5 yr fixed or 2.65 on 5 yr variable. Are these good or should I wait till 90 days before renewal?
A few posters have asked whether they should early renew. In addition to knowing what rate/term you can renew into, you need to also consider what your current rate is.

If you have a low or lower rate, do you want to renew early to a higher rate so that you can lock into a rate/term because rates may or may not be going up in the next 2-3 months?

10 months ago, I had a cibc mtg at 2.15% and was offered 2.09% for 2 yrs (thanks to this thread) to early renew ~3 months before it was due. That's a no brainer for my situation. Also some may not be aware that you can usually counter major banks' mtg rate offer, whether at renewal time or anytime you are shopping for a mtg.

Other considerations are what are your financial plans in future, where you think rates are going, what are your financial/emotional risk tolerances, etc.
Newbie
Apr 2, 2010
7 posts
Mississauga
Hey all, looking to finalize a mortgage and wanted to confirm this is a reasonable rate. TD has offered for 25yr variable closed: [Prime] - [0.75], and maybe [Prime] - [0.88] if the broker can get approval (rate was held until November, but we'll be closing in December). Also not sure if that's a tactic by the broker to get us to hurry up...?

Purchase price is 1MM and we'll be putting 20% down. I've seen crazy rates online for minus 1 or minus 1.15, but these are all high-ratio right? From others I've talked to, the TD offer is good enough. Agree?

Appreciate any input, thanks
Deal Addict
Jun 29, 2007
3913 posts
889 upvotes
SyndicateLeader wrote:
Oct 14th, 2017 2:58 pm
Hey all, looking to finalize a mortgage and wanted to confirm this is a reasonable rate. TD has offered for 25yr variable closed: [Prime] - [0.75], and maybe [Prime] - [0.88] if the broker can get approval (rate was held until November, but we'll be closing in December). Also not sure if that's a tactic by the broker to get us to hurry up...?

Purchase price is 1MM and we'll be putting 20% down. I've seen crazy rates online for minus 1 or minus 1.15, but these are all high-ratio right? From others I've talked to, the TD offer is good enough. Agree?

Appreciate any input, thanks
Likely a collateral mtg with TD. Check to see if TD has a different bank prime for mortgages which is higher than other lenders' mtg prime so the discount at TD is exaggerated.
Newbie
Apr 2, 2010
7 posts
Mississauga
Thanks, good points. Yes, it is definitely a collateral mortgage, which I don't really mind as long as the potential fees at the end are offset by the discount. Their rate for mortgage is 3.35, so 0.15 higher. So at -0.75, I'm looking at 2.6%
Deal Addict
User avatar
Sep 13, 2011
3568 posts
1143 upvotes
Toronto
raul7 wrote:
Oct 14th, 2017 8:16 pm
Anyone has any input on the rate HSBC is offering ? Variable 5 years : 2.29%
Seems too low ! I wonder if there is any catch ( I asked them and they said no!) link below.

http://www.hsbc.ca/1/2/personal/borrowi ... loan-rates
The only real catch is that it's HSBC . Check out their reviews here:
https://www.consumeraffairs.com/finance ... tgage.html
https://www.yelp.ca/biz/hsbc-bank-canada-vancouver-16

Also, depending on your situation, there could potentially be even lower available.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Newbie
Oct 9, 2007
36 posts
3 upvotes
Canada
PaulMeredith wrote:
Oct 14th, 2017 8:24 pm
The only real catch is that it's HSBC . Check out their reviews here:
https://www.consumeraffairs.com/finance ... tgage.html
https://www.yelp.ca/biz/hsbc-bank-canada-vancouver-16

Also, depending on your situation, there could potentially be even lower available.
Thanks for the reply ! I had mortgage with them before, (same house, first 5 years was with HSBC then moved to CIBC) .. to be honest, they aint that bad. My main bank is CIBC, so thats where i do all my banking, and every month i deposited money into my HSBC account and that was the end of that ! I mean at the end of the day, I owe bank money, not the other way around ! so as long as i pay on time, they all seem to be the same !

regarding lower rate, I was told by another broker her, I could qualify for lower rate if my mortgage is insured, (which mine is not) . Do you think I can get below 2.29% ? if so , please let me know. As mentioned above, I owe the bank , so i don't care which bank i go to , as long as i go to one offering the lowest interest :)
Newbie
Mar 28, 2017
10 posts
9 upvotes
To any agents in this thread, I am looking to see if I can get an 700-800k mortgage with my current situation.

180k+bonus household income + 2 rental properties that are both positive cashflow. Please PM - thanks!
Newbie
Jan 18, 2008
39 posts
1 upvote
Can you use the appraisal ordered by a lender but paid by yourself for a different lender? If so, how do you get access to the appraisal? Thank you.
Newbie
Mar 7, 2011
1 posts
Toronto
Mortgage renewal Feb 2018 for Rental Condo in GTA.
Current mortgage with BMO - 30 years amortization; 20% Down; Appraised at 334k (2 yrs ago); Principal Amount 253k (when due)
What types of rates could I expect to get for 3 or 5 years fixed/variables?
Thank you.
Deal Addict
User avatar
Dec 1, 2015
1491 posts
768 upvotes
Etobicoke, ON
Yes, but it is not just a matter of sending the report to the new lender. When the appraisal is ordered, the appraiser has to send the report directly to the lender, and if you are getting a new approval with a different lender, they want a report addressed to them directly. The process now is to send what is called a "letter of transmittal" to the appraiser, who will then re-write the report and send to the new lender. This letter of transmittal has a cost of some $100.00 or so.
bestbuy00 wrote:
Oct 15th, 2017 3:00 pm
Can you use the appraisal ordered by a lender but paid by yourself for a different lender? If so, how do you get access to the appraisal? Thank you.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Jr. Member
Feb 2, 2011
140 posts
4 upvotes
can anyone provide mortgage for an investment property? previously was recommended to go to big banks but wondering if a broker can give a good rate? also, what are rates for investment properties right now? 5 yr fixed.

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