Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Nov 20th, 2017 10:15 pm
Newbie
Oct 9, 2007
28 posts
1 upvote
Hi Paul, Can you please give me a quote as well? (I asked before as well, but no one got back to me)
Please note, I am in Vancouver, if that makes any difference

Mortgage amount : 180k
property value: 650K
current lender: CIBC
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? 10 years ago, 22%


Thank you,
Deal Addict
Sep 13, 2011
3322 posts
1073 upvotes
Toronto
raul7 wrote:
Oct 20th, 2017 2:31 pm
Hi Paul, Can you please give me a quote as well? (I asked before as well, but no one got back to me)
Please note, I am in Vancouver, if that makes any difference

Mortgage amount : 180k
property value: 650K
current lender: CIBC
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? 10 years ago, 22%


Thank you,
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 :)
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
Feb 2, 2014
4108 posts
819 upvotes
Toronto
greenfinger wrote:
Oct 20th, 2017 2:07 pm
Hi Paul,

Can you give me q quoto too? My mortgage is due for renewal in Feb 2018. Currently, I am offered with 2 year fixed 2.89% or 5 year fixed 3.44% or 5 year variable prime-0.5%. The following is the basic information. Thanks.

Mortgage amount : 345k
property value: 600K
current lender:CIBC
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? 5 years, 20%
As Paul said, you have to wait until you are within 90 days to get the Prime -1.05%.

Within 120 days (which is now), you can get Prime -.90% 5-year variable or 2.84% 5-year fixed.

If you want variable, wait until you are within 90 days. If you want fixed, get an approval now.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Mar 3, 2016
26 posts
1 upvote
Anybody here work at HSBC? I would like to apply for a mortgage, PM me.
Deal Addict
Sep 13, 2011
3322 posts
1073 upvotes
Toronto
GabeC007 wrote:
Oct 20th, 2017 3:42 pm
Anybody here work at HSBC? I would like to apply for a mortgage, PM me.
Is there a reason why you are looking for HSBC specifically? They don't exactly have the best reputation:
https://www.consumeraffairs.com/finance ... tgage.html
https://www.yelp.ca/biz/hsbc-bank-canada-vancouver-16
official-mortgage-rates-thread-351105/2657/#p28285811
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Dec 1, 2015
1268 posts
720 upvotes
Etobicoke, ON
Why limit yourself to a single lender? In an open market where you get the benefit of having dozens and dozens of financial institution fighting for your business, you may have better options elsewhere.
GabeC007 wrote:
Oct 20th, 2017 3:42 pm
Anybody here work at HSBC? I would like to apply for a mortgage, PM me.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Member
Aug 20, 2015
209 posts
75 upvotes
Toronto
GabeC007 wrote:
Oct 20th, 2017 3:42 pm
Anybody here work at HSBC? I would like to apply for a mortgage, PM me.
I got my mortgage via HSBC because they offered the best 5 year variable rate and incentives at the time I was closing.

Just beware that they are extremely slow. The entire process took about a month and a half. To top it off they made a couple mistakes on my application, and as a result my lawyer didn't get any instructions until the day before closing.
Jr. Member
Jan 18, 2015
156 posts
28 upvotes
Cornwall, ON
I figured I'd drop this in this thread because it has more to do with this thread than my original, but anyway:

This is what I was told by Scotia if I renew now (months before the regular early renewal is available):

Current 4 year: 2.94% (my current rate if unchanged for another few months)
Blend 3 years: 3.09%
Blend 4 years: 3.15%
Blend 5 years: 3.25%

I get to keep 15% prepayment allowed and everything.

Are these rates good? I was thinking about the 5 year one.
Deal Addict
Sep 13, 2011
3322 posts
1073 upvotes
Toronto
CouponBaron wrote:
Oct 21st, 2017 9:42 am
I figured I'd drop this in this thread because it has more to do with this thread than my original, but anyway:

This is what I was told by Scotia if I renew now (months before the regular early renewal is available):

Current 4 year: 2.94% (my current rate if unchanged for another few months)
Blend 3 years: 3.09%
Blend 4 years: 3.15%
Blend 5 years: 3.25%

I get to keep 15% prepayment allowed and everything.

Are these rates good? I was thinking about the 5 year one.
They are good for a big bank, but there may be lower available depending on your situation.

When is your renewal date?
How much do you owe on the mortgage?
Do you have a HELOC attached to the mortgage?
What is the approximate value of your home?

Let me know and I can advise as to what your lowest available rate would be right now.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Jr. Member
Jan 18, 2015
156 posts
28 upvotes
Cornwall, ON
PaulMeredith wrote:
Oct 21st, 2017 9:51 am
They are good for a big bank, but there may be lower available depending on your situation.

When is your renewal date?
How much do you owe on the mortgage?
Do you have a HELOC attached to the mortgage?
What is the approximate value of your home?

Let me know and I can advise as to what your lowest available rate would be right now.
As I understand they (and another bank I checked with) it's probably uneconomical to move it for a minute interest rate difference because it's lower value. No HELOC, owe probably 60% of the value. Proper renewal is not until next June.
Newbie
Nov 11, 2007
3 posts
ontario
Paul, how to get a personal quote of HELOC from you?
Newbie
Aug 11, 2009
43 posts
1 upvote
Richmond
just got approved on a 5 yr fixed rate @3.24% from BMO. amortization is 30 yrs. is this a good rate? or who can beat this ? much appreciated.
Deal Addict
Feb 2, 2014
4108 posts
819 upvotes
Toronto
shinji30 wrote:
Oct 22nd, 2017 3:04 am
just got approved on a 5 yr fixed rate @3.24% from BMO. amortization is 30 yrs. is this a good rate? or who can beat this ? much appreciated.
5-year fixed rates range from 2.74% - 3.04%....you probably can get better.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Sr. Member
May 1, 2017
560 posts
125 upvotes
shinji30 wrote:
Oct 22nd, 2017 3:04 am
just got approved on a 5 yr fixed rate @3.24% from BMO. amortization is 30 yrs. is this a good rate? or who can beat this ? much appreciated.
Hi there,

You can get a mortgage with a 30 year amortization at 3.04% 5 years fixed.. This is an extremely competitive rate for an "uninsurable mortgage," (which having a 30 year amortization constitutes), and is a full featured, unrestricted mortgage with better terms and conditions than BMO.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)