Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Aug 16th, 2018 6:56 pm
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
4083 posts
964 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
4083 posts
964 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
3736 posts
1216 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
14 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
1616 posts
805 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
142 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.
Sr. Member
May 1, 2017
920 posts
195 upvotes
ediasn wrote:
Oct 15th, 2017 7:29 pm
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.
Hi there,

For a rental property, you would be looking at 3.39% 5 years fixed. As I'm sure you're aware, mortgages for rental properties are not eligible for the best rates in the market as single unit rentals are no longer considered "insurable" by mortgage default insurers. The best rates are for those mortgages which are already insured, or are insurable in nature, which unfortunately, rental properties no longer are.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179

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