Real Estate

The Official Mortgage Rates Thread

Jr. Member
Oct 1, 2018
111 posts
83 upvotes
I was told that rates would further go down by January 2020 by my mortgage broker. Any inputs on this claim?
Member
Apr 11, 2004
224 posts
4 upvotes
krypt0nite wrote: Hello,

I'm 1st time home buyer and looking for best mortgage rate on my nearly completed pre-sale condo.

-What is the purchase price? $487k
-How much is the down payment? $96k
-Where it the property located? Burnaby, BC
-When is the closing date? ~Jan 2020
-Will the property be owner-occupied or a rental? Owner

I am unfamiliar with getting a mortgage.
Should I look to lock in a mortgage rate soon as possible or should I wait later in the later months for it to drop?
My closing date is Jan 2020.

Thanks!
rateconnect wrote: 2.59% would be your best 5 yr fixed rate and yes lock in a rate - if rates drop with other lender we can switch you out

Reach out to any of the brokers on the forum

Phil
Hi Phil,

You quoted 2.59% for 5 year fixed.
I just checked, my downpayment is 19.7% of the total purchase price including tax. The developer required 20% down from the pre-tax purchase price - 15k vendor credit.
Would I qualify for the HSBC 2.49% high ratio mortgage?

I also see from previous posts, the best rate is 2.34% for 5 year. This may have increased since yesterday to 2.44%?
Was I able to qualify for the previous 2.34% 5 year rate?

What does insured purchase or mortgage mean?
Does it mean, I need insurance if I pay less than 20% down?

Sorry, I am still new to this.

Thanks.
Deal Addict
Nov 20, 2012
1138 posts
775 upvotes
riflerover wrote: I was told that rates would further go down by January 2020 by my mortgage broker. Any inputs on this claim?
Maybe someone with inside knowledge can pitch in but I am not sure if that will happen since the sales have started picking up again (atleast in BC). Let's see.
Jr. Member
Oct 1, 2018
111 posts
83 upvotes
achohan91 wrote: Maybe someone with inside knowledge can pitch in but I am not sure if that will happen since the sales have started picking up again (atleast in BC). Let's see.
He is experienced broker and has been very patient and nice to me along the process. I am debating if I should trust his instincts and stay where I am now at 2.95% variable, or with my variable I could 2.9 fixed now itseems.
Deal Addict
Aug 19, 2002
3680 posts
1730 upvotes
Is Meridian generally willing to negotiate rates directly with customers?

Based on the advice from this thread for my situation, I have been able to confirm a solid rate with one of the banks. However, as one last kick at the can, I want to take that rate and see if Meridian will beat it and go lower than their advertised 2.49%.
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
pseudointellectual wrote: Hey! First-time home-buyer looking for your most competitive rate on a 5yr fixed mortgage:

-What is the purchase price? 790,000
-How much is the down payment? 175,000
-Where it the property located? Hamilton, ON
-When is the closing date? Mid-December
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
2.34% 5-year fixed is the best rate available.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
krypt0nite wrote: Hi Phil,

You quoted 2.59% for 5 year fixed.
I just checked, my downpayment is 19.7% of the total purchase price including tax. The developer required 20% down from the pre-tax purchase price - 15k vendor credit.
Would I qualify for the HSBC 2.49% high ratio mortgage?

I also see from previous posts, the best rate is 2.34% for 5 year. This may have increased since yesterday to 2.44%?
Was I able to qualify for the previous 2.34% 5 year rate?

What does insured purchase or mortgage mean?
Does it mean, I need insurance if I pay less than 20% down?

Sorry, I am still new to this.

Thanks.
2.34% 5-year fixed is for Ontario purchases only.

2.59% 5-year fixed is the best rate in BC.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
Hot off the presses...

2.24% 5-year fixed (insured) and 2.34% 5-year fixed (non-insured) will no longer be available after today.

Rates will be 10bps higher (2.34% and 2.44% respectively).
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Mar 28, 2015
429 posts
177 upvotes
Rural AB
I have 4yrs left on my current scotia bank fixed mortgage deal and want to ask if it’s worth looking for a better deal considering buyout etc
Mortgage $255k
Buy out $7600k
Rate 3.75%
Jr. Member
Mar 26, 2013
171 posts
127 upvotes
GTA
Wondering if any brokers on here can help me hold the 2.34% that is only available until today? I assume it is with Meridian? Looking to renew.

Purchase Price - $560K
Remaining Balance - $439K
Location - Scarborough ON
Renewal date - Nov 30
Owner

Please PM me if you are a broker and can get the 2.34%. Thank you.
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
UnluckyDucky wrote: Wondering if any brokers on here can help me hold the 2.34% that is only available until today? I assume it is with Meridian? Looking to renew.

Purchase Price - $560K
Remaining Balance - $439K
Location - Scarborough ON
Renewal date - Nov 30
Owner

Please PM me if you are a broker and can get the 2.34%. Thank you.
2.34% is only available on purchases with Meridian

Did you put greater than 20% down when you purchased

What is the approx. value today

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
carbonfilter wrote: I have 4yrs left on my current scotia bank fixed mortgage deal and want to ask if it’s worth looking for a better deal considering buyout etc
Mortgage $255k
Buy out $7600k
Rate 3.75%
How much is the property worth and is it cmhc insured

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Jr. Member
Mar 26, 2013
171 posts
127 upvotes
GTA
Yes we put down exactly 20%, the property is likely valued at $590-600K today. We will also be putting down an additional $100-120K on the renewal so would require about $300-320K
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
pseudointellectual wrote: Hey! First-time home-buyer looking for your most competitive rate on a 5yr fixed mortgage:

-What is the purchase price? 790,000
-How much is the down payment? 175,000
-Where it the property located? Hamilton, ON
-When is the closing date? Mid-December
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
2.34% is available until midnight and 2.44% as of tomorrow

You would need to apply to any of the brokers on the forum NOW to get an application complete so we can lock the rate

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
UnluckyDucky wrote: Yes we put down exactly 20%, the property is likely valued at $590-600K today. We will also be putting down an additional $100-120K on the renewal so would require about $300-320K
2.49% 5 yr fixed is available to you on renewal

Reach out to any of the brokers for assistance

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Jr. Member
Mar 26, 2013
171 posts
127 upvotes
GTA
Thanks, as I understand I still have some time to figure this out as only the new purchase rate is going up tomorrow?
Sr. Member
Dec 12, 2005
984 posts
398 upvotes
Richmond
With complete info now...

Checking to see if it's a good rate to lock in or should ask for a better rate. TD rep offering 2.79 on a 5 yr fixed.

Mortgage owing is 110,000, owner owned in Richmond, BC with a renewal date of Jan 1.
Market Value is around 480,000, no CHMC or HELOC
Current Lender is TD, purchasd in 2009
Last edited by ai_c on Oct 17th, 2019 9:10 pm, edited 1 time in total.
Member
Mar 26, 2007
352 posts
18 upvotes
Toronto
Can anyone help me get a pre approval before rates rise tonight?
Intended price to purchase new build is 500k
I can have 20 percent down or up to 30 percent.
Intend to own and live as primary resident.
Existing home under mcap will be rented out. Existing 400k mortgage. Market value should be around 750k.
Thanks in advance.
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
BTweee wrote: Can anyone help me get a pre approval before rates rise tonight?
Intended price to purchase new build is 500k
I can have 20 percent down or up to 30 percent.
Intend to own and live as primary resident.
Existing home under mcap will be rented out. Existing 400k mortgage. Market value should be around 750k.
Thanks in advance.
The rate is only good for "live deals" meaning you have a property in place - not valid for preapps

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

Top

Thread Information

There are currently 6 users viewing this thread. (5 members and 1 guest)

Nichpawl, mario35, macmachine, TazZaide, Gaurv123