Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Dec 16th, 2018 1:47 pm
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Sep 13, 2011
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turtler wrote:
Jan 12th, 2018 10:15 am
They also said they would only guarantee the rate for a few days (early renewal). My mortgage isn't up until March 1.
Anything weird about that?
Likely a few days until sign with them to lock it in. Rates cannot be locked in simply from quotes alone. If you are looking at switching to another lender, keep in mind switches take about 3-4 weeks to complete.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Sep 18, 2017
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We're looking to buy a place anytime from now to the next year or so. We got pre-approved at RBC for an $850000 home with 5% down payment, but of course the rates were pretty bad.

Is it possible (or necessary) to get pre-approved at a lower rate with a broker? I'm leaning towards variable over fixed, but I'm not set on it.

What we're hoping to buy:

Property Value: $750,000
Down payment: 5-10% (we have the cash to do a bit more, but will likely go with the minimum)
Credit Rating: Excellent
Location: BC
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May 15, 2017
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PaulMeredith wrote:
Jan 12th, 2018 12:06 pm
Likely a few days until sign with them to lock it in. Rates cannot be locked in simply from quotes alone. If you are looking at switching to another lender, keep in mind switches take about 3-4 weeks to complete.
Don't they usually offer to hold the rate for 90-120 days?
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turtler wrote:
Jan 12th, 2018 1:03 pm
Don't they usually offer to hold the rate for 90-120 days?
They are likely just giving you a quote, which is why they are saying they can't guarantee it for more than a few days. If you are ready to move forward with the offer, then they lock the rate in. As this is a mortgage you have coming up for renewal, it's best to ask your lender what is involved with just locking in a rate and see what they tell you.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Feb 11, 2016
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Hi,

I see 2.89% for a 5-yr fixed being quoted by a few people in this thread. Are you able to disclose who the lender is that offers this rate, and what the conditions are for getting it?

Would a mortgage for a primary residence, 20% down, closing within 90 days, qualify for this rate? I ask because even in dealing with a mortgage broker here in Ottawa, the best rate I was quoted is 3.19% for 5-yr fixed (offered by Alterna). Is 2.89% possible if the broker "buys down" the rate, or is that actually what the lender is offering?

Thanks.
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That rate is with MCAP, and it is NOT available if you have 20% down payment. The minimum down payment to qualify for that 2.89% is 35%. With 20% down you can get 3.14%, and if the closing is within 60 days you can get lower rates.
Andre Oliveira - Mortgage Agent
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valuemortgage wrote:
Jan 12th, 2018 2:48 pm
That rate is with MCAP, and it is NOT available if you have 20% down payment. The minimum down payment to qualify for that 2.89% is 35%. With 20% down you can get 3.14%, and if the closing is within 60 days you can get lower rates.
Thank you very much for the clarification. So 3.19% is pretty good, but 3.14% is the best available right now in a 20% down scenario for 5-yr fixed. I'll have to figure out if the terms between the 3.14% and 3.19% are the same, or if the 3.19% terms are less restrictive which might make it worth the trade-off.

Based on what I have been able to gather, if you are putting less than 20% down rates are low, then they go up a bit if you are putting down 20-35%, and then they go down again if you put down 35% or more. Not exactly intuitive for the ordinary Joe looking for a mortgage.
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Dec 1, 2015
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Alterna does not differentiate 20%, 25%, 35% or 50% down payment. They all get the same rate. Insured deals get lower rates with Alterna (but in that case there would be even better deals elsewhere).

Do you know how to check you inbox?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
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Feb 11, 2016
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valuemortgage wrote:
Jan 12th, 2018 3:27 pm
Alterna does not differentiate 20%, 25%, 35% or 50% down payment. They all get the same rate. Insured deals get lower rates with Alterna (but in that case there would be even better deals elsewhere).

Do you know how to check you inbox?
Sent you a message. :)
Newbie
May 25, 2016
3 posts
Hello

I am looking to buy our first house. We are in Montreal area.

We are looking at a duplex (occupied by owner + 1 rental appartment).
House price : Up to 500k
Down payment : 220k
What would be the best variable and fixed rate we can have right now? We are looking at 5 year terms or so.

Thank you!
Newbie
Jan 11, 2018
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Mortgage is up for renewal in March. First time renewing. Local broker is saying 3.09 fixed for 5 years or prime -0.65 variable.

Are these decent rates? What do people think is the better option between the two. I'm leaning towards variable.
Newbie
Jan 11, 2018
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Anyone know what the best rates going these days are? Local broker is saying 3.09 fixed or prime -0.65 variable. That's quite a bit higher than the current ratehub rates. This is our first renewal on an insured mortgage, around 270k outstanding.
Newbie
Apr 2, 2017
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My mortgage is due to renew in three weeks. My current lender offered me 2.89% 2-yr fixed but I have to renew it before Jan 17th in order to get the deal.
Mortgage is 180k, value is over 700k. Any good deal around here?
Member
Oct 12, 2014
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North York, ON
I have a variable rate at 2.5%. Should I consider switching to fixed rate?
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RogueCruze wrote:
Jan 12th, 2018 6:06 pm
Anyone know what the best rates going these days are? Local broker is saying 3.09 fixed or prime -0.65 variable. That's quite a bit higher than the current ratehub rates. This is our first renewal on an insured mortgage, around 270k outstanding.
There are SIGNIFICANTLY lower available. As your mortgage is insured, the lowest 5 year fixed rate is 2.79% and the lowest variable is prime -1.25% (currently 1.95%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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