Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Dec 14th, 2017 10:16 pm
Deal Addict
Feb 2, 2014
4214 posts
850 upvotes
Toronto
All else equal....

AVOID National Bank, TD and Tangerine ladies and gentlemen.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Sr. Member
May 24, 2011
955 posts
198 upvotes
BC
are there better 5 year fixed closed rates than 3.34% being offered from TD/Scotia?
Deal Addict
User avatar
Dec 1, 2015
1304 posts
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Etobicoke, ON
Depending on several considerations, 5y rates can be MUCH lower. Purchase? Refinance? Switch? Property value? Mortgage amount? Rental or owner occupied? Closing date?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Deal Addict
Apr 26, 2004
1884 posts
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GTA
SalinaH313741 wrote:
Dec 6th, 2017 5:58 pm
Purchased house closing date Jan 31st, price $1115000


Downpayment came from old house if sold ( condition offer now) can be flexiable ,pay up to 24%

Bmo approved mortgage rate is 3.29% 5yrs fixed.

Any better rate I can get? Thanks. Pls feel free to pm me.
And just another think if you’re interested in a heloc you can get a 5 year fixed rate for 2.9-2.99% and 1000-1500$ cash back!
Mortgage Specialist in the GTA here to answer all your questions.
Deal Addict
Feb 2, 2014
4214 posts
850 upvotes
Toronto
2Sedins1Cup wrote:
Dec 7th, 2017 1:43 pm
are there better 5 year fixed closed rates than 3.34% being offered from TD/Scotia?
Starts at 2.69% 5-year fixed and 1.95% 5-year variable...so yes, much better rates available!
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Mar 3, 2012
72 posts
9 upvotes
Montreal, QC
valuemortgage wrote:
Dec 7th, 2017 1:22 pm
They know quite well.. they just pretend they dont know, or intentionally provide evasive answers. When a client "confronts" those banks with collateral charges (like TD, National Bank, Tangerine) asking if they have one, that means the client just found out elsewhere and will now be upset. So, the bank employee will avoid a direct answer, or provide a vague answer to avoid the situation.

Every week, someone from RFD contacts me (and other brokers) with a "Hi. I have a conventional mortgage with TD and want to switch lenders... my mortgage is not a collateral.. it is a conventional..." And 11 out of 10 times the deal goes nowhere because no matter what TD tells them, they have a collateral charge and eventually find out about it. Sometimes the next day, other times about 1 week from closing.
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..
Deal Addict
User avatar
Dec 1, 2015
1304 posts
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Etobicoke, ON
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
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Newbie
Dec 6, 2017
2 posts
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
Deal Addict
Feb 2, 2014
4214 posts
850 upvotes
Toronto
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
Mortgage Agent and Real Estate Sales Representative
Sr. Member
User avatar
Apr 23, 2009
825 posts
125 upvotes
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.
Deal Addict
Feb 2, 2014
4214 posts
850 upvotes
Toronto
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
Mortgage Agent and Real Estate Sales Representative
Sr. Member
User avatar
Apr 23, 2009
825 posts
125 upvotes
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?
Newbie
Oct 22, 2017
3 posts
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?
Deal Addict
Feb 2, 2014
4214 posts
850 upvotes
Toronto
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
Mortgage Agent and Real Estate Sales Representative

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