Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Dec 17th, 2017 10:49 am
Sr. Member
May 1, 2017
615 posts
140 upvotes
CdnRealEstateGuy wrote:
Dec 6th, 2017 2:20 pm
NOT a refinance to take a borrower off a mortgage when the mortgage is already with a lender. Lenders usually charge nothing for this. But yes, they need to pay legal fees to remove from title on the property.
"of sorts"

I realize it's not a true refinance but will still need to be done through an intermediary to facilitate the change, which can be costly.

Thanks,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Oct 18, 2010
1 posts
Hi. new member to the forum here so apologies if I break any rules :)

Purchasing a freehold townhouse in Mississauga, 800k purchase price with 20% down, closing Feb-Mar 2018.

What's the best rate for 5yr fixed and variable assuming no liabilities and healthy household income?
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Feb 2, 2014
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Toronto
GreenMortgages wrote:
Dec 6th, 2017 2:27 pm
"of sorts"

I realize it's not a true refinance but will still need to be done through an intermediary to facilitate the change, which can be costly.

Thanks,

Connor
What do you mean "intermediary"?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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Feb 2, 2014
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dcaron9999 wrote:
Dec 6th, 2017 2:22 pm
Renewing my current 2.79% APR 5-year fixed term 250K mortgage in aout 120 days.
National Bank (curent mortgage) called me up to reserve and commit to 2.99% 5y term.
CIBC (current employer) offers 2.94% 5y rate, which is not worth moving for, especially if notary fees are to be added.
Im based in Mirabel, Quebec.

Any better deals out there than 2.99 APR with brick and mortar banks?

My credit rating is above average with no debt other other than mortgage, and decent collateral (RSP + TFSA emergency fund to cover living expense for 1 year).
What is the value of the property?

Do you know if you have a collateral charge mortgage with National Bank (most likely you do)?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Sr. Member
May 1, 2017
615 posts
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CdnRealEstateGuy wrote:
Dec 6th, 2017 2:30 pm
What do you mean "intermediary"?
Hi Kevin,

"a person who acts as a link between people in order to try to bring about an agreement"

A lawyer, whoever needs to be a part of the change in registered mortgage charge and title if necessary.

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Sep 13, 2011
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ghabian wrote:
Dec 6th, 2017 2:30 pm
Hi. new member to the forum here so apologies if I break any rules :)

Purchasing a freehold townhouse in Mississauga, 800k purchase price with 20% down, closing Feb-Mar 2018.

What's the best rate for 5yr fixed and variable assuming no liabilities and healthy household income?
Lowest 5 year fixed on an $800K purchase with 20% down would lie 2.94%.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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Feb 2, 2014
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GreenMortgages wrote:
Dec 6th, 2017 2:33 pm
Hi Kevin,

"a person who acts as a link between people in order to try to bring about an agreement"

A lawyer, whoever needs to be a part of the change in registered mortgage charge and title if necessary.

Connor
Yes, as mentioned, they have to pay for legals.

I was referring to the penalties that were mentioned by the poster and yourself. There should be no penalties associated with removing themselves from the mortgage.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Mar 28, 2007
90 posts
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It really depends on what the cost is. I thought it would be around $8,000 to $10,000 in penalties. If the cost is under $1,000 I'd be more intersted in this route. I'll try to go to the bank and see what they say.
Sr. Member
May 1, 2017
615 posts
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CdnRealEstateGuy wrote:
Dec 6th, 2017 2:49 pm
Yes, as mentioned, they have to pay for legals.

I was referring to the penalties that were mentioned by the poster and yourself. There should be no penalties associated with removing themselves from the mortgage.
Myself? Can you please indicate where I mentioned there would be penalties? Just mentioned it can be costly.

Thanks,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
Feb 2, 2014
4224 posts
856 upvotes
Toronto
phantom_911 wrote:
Dec 6th, 2017 2:52 pm
It really depends on what the cost is. I thought it would be around $8,000 to $10,000 in penalties. If the cost is under $1,000 I'd be more intersted in this route. I'll try to go to the bank and see what they say.
No penalties to get your name off the mortgage. Just have to pay for legals.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
4224 posts
856 upvotes
Toronto
GreenMortgages wrote:
Dec 6th, 2017 2:54 pm
Myself? Can you please indicate where I mentioned there would be penalties? Just mentioned it can be costly.

Thanks,

Connor
Ah, perhaps I misread your post then...that's why I was commenting to poster.

Poster said "We'd be willing to get our names off the existing mortgages but as far as I can tell there will be large penalties for doing so."

You replied "yes", so I assumed you were referring to the penalties.

All good then, sounds like we are all clear there should be no penalties.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Sr. Member
May 1, 2017
615 posts
140 upvotes
CdnRealEstateGuy wrote:
Dec 6th, 2017 3:02 pm
Ah, perhaps I misread your post then...that's why I was commenting to poster.

Poster said "We'd be willing to get our names off the existing mortgages but as far as I can tell there will be large penalties for doing so."

You replied "yes", so I assumed you were referring to the penalties.

All good then, sounds like we are all clear there should be no penalties.
All clear!
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Sr. Member
May 1, 2017
615 posts
140 upvotes
ghabian wrote:
Dec 6th, 2017 2:30 pm
Hi. new member to the forum here so apologies if I break any rules :)

Purchasing a freehold townhouse in Mississauga, 800k purchase price with 20% down, closing Feb-Mar 2018.

What's the best rate for 5yr fixed and variable assuming no liabilities and healthy household income?
Hi there,

Paul mentioned the best fixed rate available, I just wanted to chime in with the variable. With 20% down, you will be able to get prime minus 0.90%!

Cheers,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
Apr 26, 2004
1885 posts
50 upvotes
GTA
fuc847 wrote:
Dec 6th, 2017 3:19 pm
for my rental property, the best i found is prime - 0.55 3 yr with cibc....
You can actually get p-65

When is your purchase/renewal date?
Mortgage Specialist in the GTA here to answer all your questions.

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