Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Jul 18th, 2018 11:35 pm
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Actually, there is. Your lawyer who closed the mortgage at the time of purchase knows what type of charge was used. But regardless, if you have a TD, Tangerine and National Bank mortgage - it is a collateral charge (rare exceptions exist to some very specific cases, mostly very old mortgages).
papycgf wrote:
Dec 7th, 2017 6:31 pm
How do you know the 'final' word ? Only when the new lender what to really do the switch ?
It's little bit weird it doesn't exist a "normal" et way to know exactly what kind of mortgage we have..
Andre Oliveira - Mortgage Agent
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Dec 6, 2017
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Hi,
Looking for some opinions and suggestions.
I'm currently on 5 year variable 2.40% and still have 3 more years left. Property is in BC, purchase price is 750k, current mortgage is 470K. Should I break the term and switch to a better rate or stay with the current one? What better rate could I get if switch? fix and variable. 3 and 5 year.

Thanks a lot
MH
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mosaic99 wrote:
Dec 7th, 2017 7:40 pm
Hi,
Looking for some opinions and suggestions.
I'm currently on 5 year variable 2.40% and still have 3 more years left. Property is in BC, purchase price is 750k, current mortgage is 470K. Should I break the term and switch to a better rate or stay with the current one? What better rate could I get if switch? fix and variable. 3 and 5 year.

Thanks a lot
MH
Best rate available to you is 2.01% 5-year variable. It’s about $3,000 to break your existing mortgage and you’ll be saving 39bps per year for the remaining 3 years. Interest savings will exceed the penalty, so might make sense to switch.
Kevin Somnauth, CFA
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CdnRealEstateGuy wrote:
Dec 7th, 2017 9:06 pm
Best rate available to you is 2.01% 5-year variable. It’s about $3,000 to break your existing mortgage and you’ll be saving 39bps per year for the remaining 3 years. Interest savings will exceed the penalty, so might make sense to switch.
Can you guys share your 5 year variable rates from big banks?
I have been offered P-0.45% 5 year variable by CIBC. That’s the best they can do. I just want to stick with CIBC as I have other products with them. But it will be nice to know what other big banks are offering. Maybe be I can get them to knock off couple of basis points.
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ruchir wrote:
Dec 7th, 2017 9:49 pm
Can you guys share your 5 year variable rates from big banks?
I have been offered P-0.45% 5 year variable by CIBC. That’s the best they can do. I just want to stick with CIBC as I have other products with them. But it will be nice to know what other big banks are offering. Maybe be I can get them to knock off couple of basis points.
You need to ask yourself if it’s worth paying the extra $$$ just to stay with CIBC. To me, that’s doesn’t make sense at that rate.

Rates through the broker channel start at P-1.25% 5-year variable. Connor, Paul, Andre or myself have access to that.
Kevin Somnauth, CFA
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CdnRealEstateGuy wrote:
Dec 7th, 2017 11:36 pm
You need to ask yourself if it’s worth paying the extra $$$ just to stay with CIBC. To me, that’s doesn’t make sense at that rate.

Rates through the broker channel start at P-1.25% 5-year variable. Connor, Paul, Andre or myself have access to that.
I have a readvanceable HELOC attached to the mortgage and I use both for investments. So in that sense I am limited by that. I need both, not just the mortgage. Do you know any brokers offering both?
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Oct 22, 2017
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CdnRealEstateGuy wrote:
Dec 7th, 2017 11:36 pm
You need to ask yourself if it’s worth paying the extra $$$ just to stay with CIBC. To me, that’s doesn’t make sense at that rate.

Rates through the broker channel start at P-1.25% 5-year variable. Connor, Paul, Andre or myself have access to that.
Is the P-1.25% only for insured mortgages?
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ruchir wrote:
Dec 8th, 2017 6:10 am
I have a readvanceable HELOC attached to the mortgage and I use both for investments. So in that sense I am limited by that. I need both, not just the mortgage. Do you know any brokers offering both?
Yes, we can all offer that.
Kevin Somnauth, CFA
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wa88gta wrote:
Dec 8th, 2017 9:59 am
Is the P-1.25% only for insured mortgages?
Yes, insured deals only for that rate. Non-insured rates start at 2.01% (P-1.19%) 5-year variable.
Kevin Somnauth, CFA
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Dec 5, 2016
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Looking for options on mortgage rates.

Purchase price: $950K pre-construction
Down Payment: 20-25%
Closing: Apr 2018
Location: GTA

I was already approved through TD in August but closing was delayed.
What are the best rates out there for 25yr and 30yr amortization for 5 year fixed or 5 year variable in my situation?

Thanks!
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alucky17 wrote:
Dec 8th, 2017 11:32 am
Looking for options on mortgage rates.

Purchase price: $950K pre-construction
Down Payment: 20-25%
Closing: Apr 2018
Location: GTA

I was already approved through TD in August but closing was delayed.
What are the best rates out there for 25yr and 30yr amortization for 5 year fixed or 5 year variable in my situation?

Thanks!
Maximum rate hold is 120 days. Lowest 5 year fixed rate would be 2.94%. Lowest variable would be prime -0.90% (2.30%). These are both with a 25 year amortization. If you wanted to go with a 30 year amortization, lowest rate drops to 3.14% 5 year fixed or prime -0.55% - prime -0.60% fro 5 year variable.
Paul Meredith
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Nov 25, 2011
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Hello everyone,

My mortgage is coming up for a renewal in February and it is the first time I will be going through this process. Definitely feel unprepared despite how many articles I have recently read on the matter. I'm currently with RBC on 2.89% 5 Year fixed. Amount at time of renewal will be roughly 175k. I am meeting with RBC later on today to get their new offer. What should I expect/ask for? I would like to stay around that (if not less) interest rate. Also planning on paying the mortgage off within the next 5 years so this renewal would probably be another 5 year (fixed? Open to variable as well). Would be willing to switch lender if fees are covered and they offer similar options like the Double down payment I have enjoyed at RBC. If I have read correctly on this thread then it is probably important I mentioned that the original mortgage had CMHC on it?

Looking forward to your responses
Thanks!
Last edited by stefmora on Dec 8th, 2017 1:00 pm, edited 1 time in total.
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My RBC mortgage is up for renewal in March. Outstanding amount is around $610,000 and my credit score is above 800, so I'm not concerned with qualifying elsewhere...

They called and offered me an early renewal at 3.29% (5 year fixed). I quickly looked up current rates and said that I could get a rate of 2.69% from CanWise Financial right now, with the same prepayment/increase payment abilities. They said they couldn't match that, and that they would call me back in another month while I shopped around.

Honestly, I like RBC. We use them for all of our banking. But the 0.6% difference works out to almost $200 a month... I don't like them that much.

What costs, if any, would I incur by switching to another mortgage provider?

Can one of the mortgage brokers on here send me a PM to start chatting? I'd like to know if it is ridiculous for me to expect RBC to match the CanWise offer to keep my business (and all of my other accounts).

Thanks,
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canehdianman wrote:
Dec 8th, 2017 1:37 pm
My RBC mortgage is up for renewal in March. Outstanding amount is around $610,000 and my credit score is above 800, so I'm not concerned with qualifying elsewhere...

They called and offered me an early renewal at 3.29% (5 year fixed). I quickly looked up current rates and said that I could get a rate of 2.69% from CanWise Financial right now, with the same prepayment/increase payment abilities. They said they couldn't match that, and that they would call me back in another month while I shopped around.

Honestly, I like RBC. We use them for all of our banking. But the 0.6% difference works out to almost $200 a month... I don't like them that much.

What costs, if any, would I incur by switching to another mortgage provider?

Can one of the mortgage brokers on here send me a PM to start chatting? I'd like to know if it is ridiculous for me to expect RBC to match the CanWise offer to keep my business (and all of my other accounts).

Thanks,
The 2.69% you see online (also available through any regular posting broker on this board) is for high ratio mortgages only. Meaning, mortgages that were insured with CMHC (or another insurer). If you had a down payment of 20% or greater when you purchased your property, then this rate would not be available to you unfortunately.

Do you have line of credit currently attached to your mortgage?
What is the approximate value of your home right now?

The answers to these questions will help us to quote you a rate. One way or another, lower rates should will almost certainly be available to you. Likely, the new mortgage would also have significantly better terms and conditions than what RBC is offering you, aside from rate.

Providing you are not in a collateral mortgage, there would be no cost to switch your mortgage at the end of the term (other than the discharge fee from your current lender, which gets capitalized into the new mortgage).

At your request, i'll shoot you a PM with some more detail.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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PaulMeredith wrote:
Dec 8th, 2017 1:49 pm
The 2.69% you see online (also available through any regular posting broker on this board) is for high ratio mortgages only. Meaning, mortgages that were insured with CMHC (or another insurer). If you had a down payment of 20% or greater when you purchased your property, then this rate would not be available to you unfortunately.
I discovered that as I played around a little bit more with Ratehub. I put 20% down, so I do not have a high ratio mortgage. The rate it shows now is 2.79%.
PaulMeredith wrote:
Dec 8th, 2017 1:49 pm
Do you have line of credit currently attached to your mortgage?
I do not have a LoC attached to my mortgage.
PaulMeredith wrote:
Dec 8th, 2017 1:49 pm
What is the approximate value of your home right now?
~ 850k
PaulMeredith wrote:
Dec 8th, 2017 1:49 pm
The answers to these questions will help us to quote you a rate. One way or another, lower rates should will almost certainly be available to you. Likely, the new mortgage would also have significantly better terms and conditions than what RBC is offering you, aside from rate.

Providing you are not in a collateral mortgage, there would be no cost to switch your mortgage at the end of the term (other than the discharge fee from your current lender, which gets capitalized into the new mortgage).

At your request, i'll shoot you a PM with some more detail.
Info provided. thanks!

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