Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Feb 19th, 2018 3:24 pm
Newbie
Oct 9, 2007
36 posts
3 upvotes
Canada
PaulMeredith wrote:
Oct 20th, 2017 2:47 pm
Of course! Same rate, prime -1.05% . There are a few main components that are used to quote rate. Property value, equity in the property, type of transaction, property type, and whether or not your original mortgage was insured.
Right now, with 35% or greater equity (or down payment) and a property value under $1 million, the lowest rate is prime -1.05% (2.15%). This is for owner occupied properties only (if the property were a rental, rate would be significantly higher).
I ask the name of the lender because if your lender is TD, National Bank or Tangerine, then your mortgage is almost certainly a collateral charge (unless you switched in previously from another lender with a standard charge). This would mean that you would need to proceed as a refinance, which can affect rates. Same goes if you had a HELOC attached to the mortgage.
Lastly, if you had purchased with LESS than 20% down payment, then the lowest rate would drop to prime -1.15% (2.05%).

Hope that helps provide some clarify. Of course, i'm always happy to provide a personal quote for anyone interested in getting one :)
Thanks Paul, Sounds like a good rate. How do I get the ball rolling ? as mentioned I am in Vancouver, B.C.
Deal Addict
User avatar
Sep 13, 2011
3470 posts
1126 upvotes
Toronto
raul7 wrote:
Oct 23rd, 2017 12:26 pm
Thanks Paul, Sounds like a good rate. How do I get the ball rolling ? as mentioned I am in Vancouver, B.C.
You can reach out to any of the regular posting brokers on this board. We all have access to this rate and can all do deals in BC. Everything is done by phone, email and fax (if necessary).
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Sr. Member
User avatar
Aug 22, 2007
741 posts
94 upvotes
Markham
Any brokers here offering pre-approval not based on the new stress test rate of 4.84%? Located in the Scarborough, Ontario area.

Just reached out to some banks out there but have only met up with a broker at national bank of canada. Their pre-approval is already using the 4.84% stress test rate.

Thanks.
Deal Addict
User avatar
Sep 13, 2011
3470 posts
1126 upvotes
Toronto
xdragus wrote:
Oct 23rd, 2017 1:35 pm
Any brokers here offering pre-approval not based on the new stress test rate of 4.84%? Located in the Scarborough, Ontario area.

Just reached out to some banks out there but have only met up with a broker at national bank of canada. Their pre-approval is already using the 4.84% stress test rate.

Thanks.
Providing you have 20% down, we can still qualify you based on the contract rate (the rate your payments are based on) on 5 year fixed mortgages. Basically what we would be doing here for you is pre-qualifying you based on contract rate. You would have to find something to purchase prior to January 1st in order for this to be completed. A pre-approval does not protect you from the new rules.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Sr. Member
May 1, 2017
726 posts
159 upvotes
xdragus wrote:
Oct 23rd, 2017 1:35 pm
Any brokers here offering pre-approval not based on the new stress test rate of 4.84%? Located in the Scarborough, Ontario area.

Just reached out to some banks out there but have only met up with a broker at national bank of canada. Their pre-approval is already using the 4.84% stress test rate.

Thanks.
Hi there,

You can get a pre-approval based on the contract rate and a 30 year amortization, but that doesn't necessarily mean that you won't have to qualify at the new stress test rate once you've actually made a purchase. Depending on when you buy, and when your closing date is, you may need to qualify under the stress test rates and guidelines. At this time, If you don't have a firm purchase in place by JAN 1, 2018, you'll have to re-qualify at the new stress test rates.

They may come out with a "cut-off" date by which time you need to have a firm purchase in place or you'll have to qualify by the stress test guidelines, and that could be sooner than JAN 1. We have yet to hear anything about that though.

As soon as we hear we will update the forum.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Nov 25, 2014
14 posts
3 upvotes
Toronto, ON
Need some feedback from the community:

Has anyone dealt with following mortgage brokers?
  • Akal Mortgages
  • CanWise Financial
  • Sigma Mortgages
  • TrueNorth Mortgages
Is 35 years amortization still available?

Thanks in advance.
Deal Addict
User avatar
Dec 1, 2015
1409 posts
748 upvotes
Etobicoke, ON
Those are just brokerages.. they are not the lenders.

Amortizations are limited to some products and lenders.. best rates are limited to 25y, but 30y is easily available for most uninsurable deals... 1 lender still has 35y but rates will be higher. Do you *need* a 35y amortization or would prefer it just to keep payments lower?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Deal Addict
Apr 26, 2004
1905 posts
51 upvotes
GTA
canucksfan19 wrote:
Oct 7th, 2017 10:30 am
Looking for a $1.25M mortgage, putting over 35% down in BC. What's the best 5 year fixed rate I can get, assuming no problems with credit?

I also have an existing $400K mortgage with Street Capital at 2.39%, which is in year 2 of 5 (for a condo I plan to sell to facilitate the purchase above). Whats the best strategy for me to approach Street Capital to roll this mortgage into the higher one above?
Depending on your closing date you should be eligible for 2.99% on a 5 year fixed rate and 2.5% on a variable and in both scenarios you're eligible for cash back promotions as well!
Mortgage Specialist in the GTA here to answer all your questions.
Newbie
Dec 24, 2011
14 posts
2 upvotes
Ottawa
Looking to refinance a mortgage on my condo in Ottawa.

Property value: $275,000
Amount left on mortgage: $144,000

Would be interested in refinancing back up to 80% of property value unless a straight transfer would have a significantly cheaper rate. What rates are out there? Willing to go variable or fixed.
Deal Addict
Feb 2, 2014
4459 posts
904 upvotes
Toronto
navaqeel wrote:
Oct 23rd, 2017 2:03 pm
Need some feedback from the community:

Has anyone dealt with following mortgage brokers?
  • Akal Mortgages
  • CanWise Financial
  • Sigma Mortgages
  • TrueNorth Mortgages
Is 35 years amortization still available?

Thanks in advance.
If you don't need the 35-year AM, don't take it. Rate is much higher. But yes, it's still available.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
4459 posts
904 upvotes
Toronto
jonnyow wrote:
Oct 23rd, 2017 2:56 pm
Looking to refinance a mortgage on my condo in Ottawa.

Property value: $275,000
Amount left on mortgage: $144,000

Would be interested in refinancing back up to 80% of property value unless a straight transfer would have a significantly cheaper rate. What rates are out there? Willing to go variable or fixed.
3.04% 5-year fixed or 2.55% 5-year variable are the best rates for a refinance.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Sr. Member
May 1, 2017
726 posts
159 upvotes
jonnyow wrote:
Oct 23rd, 2017 2:56 pm
Looking to refinance a mortgage on my condo in Ottawa.

Property value: $275,000
Amount left on mortgage: $144,000

Would be interested in refinancing back up to 80% of property value unless a straight transfer would have a significantly cheaper rate. What rates are out there? Willing to go variable or fixed.
Hi there,

Was your mortgage previously insured? What was your original mortgage amount and purchase price? If it was originally insured, there are some very, very low rates available for transfers. As already mentioned, 3.04% is available if you wanted to refinance up to 80%.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Nov 10, 2014
22 posts
I am completely new to mortgage and it's rules.need some guidance here.
I have purchased a house with a developer and it's going to be complete in 10 months.want to take mortgage for about 3 years.
What is more suitable fixed or variable? What's the best rate of interest ? And how can I secure those rates till the house is complete?planning to pay 20% down on the property.should I pay lesser or greater than 20% if that matters?this would be my first mortgage. Is it good to go to a bank or any other institution?what terms and conditions should i look for?would the new mortgage rules starting 1st jan affect the pre approval amount and rates of the mortgage? If i get qualified for a lower amount, what option would i have?thanks.
Newbie
Nov 12, 2010
21 posts
1 upvote
Sold my condo, and looking to purchase another soon...please advise on best rates that I may qualify for, and of any differences if I was to choose 25 or 30 year amortization periods. Thanks!

Mortgage amount : 300 - 350k
Property value: 478K
Current lender: TD
Do you have a HELOC or second component of any kind attached to the mortgage? No
How long ago did you buy the home originally, and what was your down payment percentage when you bought it? 2 years ago, 20%
Deal Addict
User avatar
Sep 13, 2011
3470 posts
1126 upvotes
Toronto
cadtor wrote:
Oct 23rd, 2017 6:05 pm
I am completely new to mortgage and it's rules.need some guidance here.
I have purchased a house with a developer and it's going to be complete in 10 months.want to take mortgage for about 3 years.
What is more suitable fixed or variable? What's the best rate of interest ? And how can I secure those rates till the house is complete?planning to pay 20% down on the property.should I pay lesser or greater than 20% if that matters?this would be my first mortgage. Is it good to go to a bank or any other institution?what terms and conditions should i look for?would the new mortgage rules starting 1st jan affect the pre approval amount and rates of the mortgage? If i get qualified for a lower amount, what option would i have?thanks.
You're still way too early for rate shopping as the maximum rate hold is typically 120 days prior to closing. What I suggest you doing is getting something locked in with the bank the builder has the relationship with. Then, once you are within 120 days of closing, you can then start shopping. Signing a mortgage commitment with the bank does not commit you to going to that lender at all. You are still free to shop around once you are within the 120 day window. The most important thing right now is that you get a rate locked in with the bank. That way, you'll be protected against rising rates.

As your purchase agreement was signed prior to the new rules, you will likely be immune to them. This has not been 100% confirmed, but will almost certainly be the case.

As for fixed or variable? The spread between fixed and variable has now widened, making them more attractive once again. Over the past 30 years, variable has won out over fixed with very few exceptions. So does that mean you should take variable? Not necessarily. The question I always ask is how comfortable would you feel if your rate and payment were to increase within 6 months after closing? If the thought of an increase in rate and payment scares you, then fixed might be a better choice.

When taking variable, you really need to be comfortable with rising rates. Sometimes your rate and payment will increase, sometimes it will decrease, which is something you need to accept before taking variable. If you feel more comfortable with a rate and payment that is locked in for the term, then you're likely better off going fixed. The best choice isn't necessarily the one that saves you the most money. It's the one that allows you to sleep comfortably at night.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)

Top

Thread Information

There are currently 2 users viewing this thread. (2 members and 0 guests)

rateconnect, onebuddy