Real Estate

The Official Mortgage Rates Thread

Deal Guru
User avatar
Feb 2, 2014
11203 posts
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Toronto
Some more rate increases coming out tonight. Get those applications in ASAP if you need an approval!
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
Jul 8, 2013
4475 posts
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Somewhere in AB
CdnRealEstateGuy wrote: 2.24% 5-year fixed is the best rate.
Is 2.24% now the lowest rate on a 5-year switch? We paid over 35% down payment; does it make sense for us to break the mortgage and pay ~$2,400 in interest and switch?
"You don’t need to sacrifice stability, common sense, and comfort if a 1% bond still lets you achieve your financial goals." M. Housel
Deal Fanatic
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Sep 13, 2011
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Toronto
TuxedoBlack wrote: Is 2.24% now the lowest rate on a 5-year switch? We paid over 35% down payment; does it make sense for us to break the mortgage and pay ~$2,400 in interest and switch?
This rate is available for high ratio purchases only (CMHC insured). The lowest rate on a switch with 35% or greater equity is currently 2.54% through brokers. Note that the property value needs to be either under $1 million OR the property needed to be purchased prior to November 30, 2016.

In order to confirm if it would make sense to switch, we would need to know what rate you are paying now, your current balance, how many years are remaining in your term (and amortization), as well as the penalty (which you have already provided).
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Newbie
Oct 30, 2007
16 posts
Toronto
Hi, I'd like to get your advise on the following:
I recently bought a house and sold my previous property. The closing of my current house was before the closing date of my previous property. So I ported my old mortgage with my current mortgage. However, the closing of my old property did not go as planned and it got postponed for about 3 months, still sold to the same buyer. Since I ported my mortgage, I expected no penalty when I terminated the old mortgage. Scotia argued that since it took over 90 days since the closing of my current house, there will a termination penalty. I was wondering if I can do anything to get rebate or something.
Any help will be much appreciated.
Deal Guru
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Feb 2, 2014
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Toronto
yasss1 wrote: Hi, I'd like to get your advise on the following:
I recently bought a house and sold my previous property. The closing of my current house was before the closing date of my previous property. So I ported my old mortgage with my current mortgage. However, the closing of my old property did not go as planned and it got postponed for about 3 months, still sold to the same buyer. Since I ported my mortgage, I expected no penalty when I terminated the old mortgage. Scotia argued that since it took over 90 days since the closing of my current house, there will a termination penalty. I was wondering if I can do anything to get rebate or something.
Any help will be much appreciated.
Unfortunately their protocol says you have to port within 90 days.

The bigger question, is can you get compensation from the other party due to this delay. Speak to your lawyer and realtor.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
May 3, 2006
50 posts
10 upvotes
And I am back, CIBC offered me 2.69% 5yr Fixed
Think I'll get a better rate out there?

-How much is the mortgage owing? $177000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Toronto, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? October 2014
-When is your renewal date? Oct 26 2019
Member
Sep 22, 2014
448 posts
189 upvotes
Ottawa, ON
Hey
I'm looking at purchasing a home in Ottawa.

What is the purchase price? $700 000 to $750 000
How much is the down payment? $350 000
Where it the property located? Ottawa
When is the closing date? Nov\Dec
Will the property be owner-occupied or a rental? Owner-occupied

We would be most interested in a 3 to 5yr fix or variable.
Jr. Member
Apr 14, 2010
161 posts
61 upvotes
Surrey
RBC is offering 2.74% 4/5yr Fixed

-How much is the mortgage owing? $370,000
-Roughly, what is the current market value of the property? $850,000
-Which city is the property located in? Surrey, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Dec 2014
-When is your renewal date? Dec 11, 2019

First time renewal. Are there better options out there?
Sr. Member
Sep 17, 2008
597 posts
117 upvotes
Hi guys,

CIBC is offering 2.79% 5 years fixed for renewal.

-How much is the mortgage owing? 486000
-Roughly, what is the current market value of the property? 1000000
-Which city is the property located in? Vaughan
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct, 2016
-When is your renewal date? Nov 8, 2019

First time renewal. Are there better options out there? Interested in 3-5 year fixed

Thanks
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Sep 13, 2011
6996 posts
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Toronto
gerogesin wrote: Hey
I'm looking at purchasing a home in Ottawa.

What is the purchase price? $700 000 to $750 000
How much is the down payment? $350 000
Where it the property located? Ottawa
When is the closing date? Nov\Dec
Will the property be owner-occupied or a rental? Owner-occupied

We would be most interested in a 3 to 5yr fix or variable.
The lowest 5 year fixed rate for your situation would be 2.34% at the moment. This is significantly lower than the shorter term or variable options. As with pretty much all the low rate mortgages, it cannot be locked in until you have an accepted offer on a property. The vast majority of lenders have increased rates over the last couple of weeks, however this offer remains unchanged..... for now. It's just a matter of time before this promo ends however, which can come at any time, and will likely be without notice.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
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Toronto
s0n1c wrote: Hi guys,

CIBC is offering 2.79% 5 years fixed for renewal.

-How much is the mortgage owing? 486000
-Roughly, what is the current market value of the property? 1000000
-Which city is the property located in? Vaughan
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct, 2016
-When is your renewal date? Nov 8, 2019

First time renewal. Are there better options out there? Interested in 3-5 year fixed

Thanks
The lowest 5 year fixed rate for a switch in your case would be 2.54%. Switches take around 21-30 days to complete, so you'll want to get started fairly soon.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
3615 upvotes
Toronto
Feelings wrote: RBC is offering 2.74% 4/5yr Fixed

-How much is the mortgage owing? $370,000
-Roughly, what is the current market value of the property? $850,000
-Which city is the property located in? Surrey, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Dec 2014
-When is your renewal date? Dec 11, 2019

First time renewal. Are there better options out there?
There are definitely lower rates out there! The lowest 5 year fixed through brokers is currently 2.54%. As you have a HELOC attached, you have a collateral charge mortgage, which means there are some additional fees involved in switching. Legal fee of approximately $600 (BC), appraisal of around $300, as well as the discharge fee from your current lender, which is usually around $75 in BC. In some cases, some, or even all of these fees can be covered for you. If you want all covered, then rate will be a bit higher. Often it works out to go with a lower rate and pay the legals. It's best to reach out to a broker to find out your exact options. Any of the regular posting brokers on this board would be able to help you.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Guru
User avatar
Feb 2, 2014
11203 posts
3334 upvotes
Toronto
2.24% - 2.34% 5-year fixed is still available for purchases.

For transfers, rates start at 2.44% 5-year fixed (for insured mortgages).
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
May 1, 2012
10537 posts
11427 upvotes
Toronto
Do brokers here issue mortgages to cottages that do not have a proper foundation (cinderblocks only) or cottages that are of partial foundation (perhaps 25%-50% foundation, rest on dirt or cinderblocks)?

If so, are the rates competitive or are they really high?
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
mosaic99 wrote: looking for best rate for 2 year fixed -
new purchase, owner occupied, in BC
price $650000 down payment 150000
lender has branch (don't like those only do mortgage online)
Thanks!
Try HSBC who will probably do 2.59% with probably $2k of cash back! That's actually a pretty good rate too Smiling Face With Open Mouth
yasss1 wrote: Hi, I'd like to get your advise on the following:
I recently bought a house and sold my previous property. The closing of my current house was before the closing date of my previous property. So I ported my old mortgage with my current mortgage. However, the closing of my old property did not go as planned and it got postponed for about 3 months, still sold to the same buyer. Since I ported my mortgage, I expected no penalty when I terminated the old mortgage. Scotia argued that since it took over 90 days since the closing of my current house, there will a termination penalty. I was wondering if I can do anything to get rebate or something. Any help will be much appreciated.
Gotta talk to Scotia as they're your best bet (try their ombudsman). Depending on why the sale of old property was delayed, you may be entitled to compensation from the buyer. This is one of those reasons why "porting" goes bad. Have a look at https://www.ratespy.com/when-porting-a- ... -081810388
rcxotic wrote: And I am back, CIBC offered me 2.69% 5yr Fixed
Think I'll get a better rate out there?
-How much is the mortgage owing? $177000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Toronto, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? October 2014
-When is your renewal date? Oct 26 2019
Sure you'll get a better rate. Motusbank is doing 2.49% for any term. HSBC is doing 2.59% with cash back for a 5-year fixed. Brokers could do 2.59% with all costs covered on an MCAP Fusion.
gerogesin wrote: Hey
I'm looking at purchasing a home in Ottawa.
What is the purchase price? $700 000 to $750 000
How much is the down payment? $350 000
Where it the property located? Ottawa
When is the closing date? Nov\Dec
Will the property be owner-occupied or a rental? Owner-occupied
We would be most interested in a 3 to 5yr fix or variable.
Best 5-year fixed would be with Meridian at 2.34% (assuming you have signed offer). Variables start at p-1.25% (with a bonafide sales clause) or p-1.15% without that penalty.

s0n1c wrote: Hi guys,
CIBC is offering 2.79% 5 years fixed for renewal.
-How much is the mortgage owing? 486000
-Roughly, what is the current market value of the property? 1000000
-Which city is the property located in? Vaughan
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct, 2016
-When is your renewal date? Nov 8, 2019
First time renewal. Are there better options out there? Interested in 3-5 year fixed
Thanks
Feelings wrote: RBC is offering 2.74% 4/5yr Fixed
-How much is the mortgage owing? $370,000
-Roughly, what is the current market value of the property? $850,000
-Which city is the property located in? Surrey, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Dec 2014
-When is your renewal date? Dec 11, 2019
First time renewal. Are there better options out there?
Both of you are in the same boat (65% LTV or better and switching an insurable mortgage). There certainly are better rates. 2.49% is available for any fixed term with Motusbank. Via brokers I think the best you'll do is 2.59% (5-year fixed) with all fees covered on an MCAP Fusion. You could also get 2.54% from brokers but that will have a stiff prepayment penalty (ie: breaking your mortgage will cost you 2.75% of the mortgage balance). If you prefer bricks and mortar you can goto HSBC at 2.59% and get up to $3k of cash back!

Good luck everyone!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Sr. Member
Sep 17, 2008
597 posts
117 upvotes
ahlaker wrote: Try HSBC who will probably do 2.59% with probably $2k of cash back! That's actually a pretty good rate too Smiling Face With Open Mouth



Gotta talk to Scotia as they're your best bet (try their ombudsman). Depending on why the sale of old property was delayed, you may be entitled to compensation from the buyer. This is one of those reasons why "porting" goes bad. Have a look at https://www.ratespy.com/when-porting-a- ... -081810388



Sure you'll get a better rate. Motusbank is doing 2.49% for any term. HSBC is doing 2.59% with cash back for a 5-year fixed. Brokers could do 2.59% with all costs covered on an MCAP Fusion.



Best 5-year fixed would be with Meridian at 2.34% (assuming you have signed offer). Variables start at p-1.25% (with a bonafide sales clause) or p-1.15% without that penalty.






Both of you are in the same boat (65% LTV or better and switching an insurable mortgage). There certainly are better rates. 2.49% is available for any fixed term with Motusbank. Via brokers I think the best you'll do is 2.59% (5-year fixed) with all fees covered on an MCAP Fusion. You could also get 2.54% from brokers but that will have a stiff prepayment penalty (ie: breaking your mortgage will cost you 2.75% of the mortgage balance). If you prefer bricks and mortar you can goto HSBC at 2.59% and get up to $3k of cash back!

Good luck everyone!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Thank you, I will have a talk with HSBC see what they can do.
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Sr. Member
Dec 12, 2005
983 posts
398 upvotes
Richmond
-How much is the mortgage owing? $110,000
-Roughly, what is the current market value of the property? $490,000
-Which city is the property located in? Richmond, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2009
-When is your renewal date? Jan 1, 2020
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
mosaic99 wrote: Thank you so much!
FYI - the 2.59% with HSBC and cash back is for a 5-year deal. I'm not sure they'll do that for a 2 year deal but you'll never know until you ask! Good luck.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Sr. Member
Oct 28, 2007
634 posts
10 upvotes
Ottawa
Sorry for asking a silly question, but the terminology used is a bit confusing; I have a pre-approval by MCAP for a 5yr fixed mortgage renewal (not insured), I'd be switching from RBC, and was inquiring with my broker about a possible bonafide clause. He explained to me that there's no penalty if we want to change lenders away from MCAP again in 5 years, the penalty would only be if you break the 5yr term (ie, switch lenders again after 2 years).

Am I understanding the bonafide clause correctly? Is the penalty only for breaking before the next renewal, or once there, you're locked in with that lender until you've paid off the entire mortgage (ie the 15+yrs left)?

Thanks!

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