Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Jan 17th, 2018 2:12 am
Newbie
Oct 9, 2012
21 posts
3 upvotes
BURNABY
Hi all,

I am located in Vancouver. I have a homeline plan with 2 mortgage segments with RBC (1 ending in April, 1 in August). 320K left. RBC is offering 2.89 2 year fixed term. I am looking at either 2 or 3 year fixed? I am also open to variable if the rates are good. Are there a better rates than this?

Thank you in advance.
Deal Addict
Feb 2, 2014
4336 posts
867 upvotes
Toronto
Pebblez wrote:
Jan 11th, 2018 12:20 pm
Hi all,

I am located in Vancouver. I have a homeline plan with 2 mortgage segments with RBC (1 ending in April, 1 in August). 320K left. RBC is offering 2.89 2 year fixed term. I am looking at either 2 or 3 year fixed? I am also open to variable if the rates are good. Are there a better rates than this?

Thank you in advance.
What is the value of the property?

You will have to pay out both mortgages if you switch lender.

Most likely you are looking at 2.01% 5-year variable or 2.89% 5-year fixed. Also have to pay legals due to the collateral charge.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
4336 posts
867 upvotes
Toronto
jeff316 wrote:
Jan 11th, 2018 12:17 pm
Thanks. Can you renew through a broker, or just directly with the lender?
It's not new business, so lender.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Apr 28, 2015
26 posts
5 upvotes
East York, ON
CdnRealEstateGuy wrote:
Jan 11th, 2018 12:42 pm
It's not new business, so lender.
Thanks. What is your take on fixed term rate projections over the next half year?
Newbie
Jan 10, 2018
1 posts
Okanagan
Hi all. I have 15 months remaining in a variable rate mortgage (P-0.5) and am considering going to a fixed 5 year term. Changes in household income have changed our risk tolerance and fixed may be the better fit going forward. My current lender, First National, is offering 3.59 to convert but it seems to me I would come out ahead paying their fees and moving to another lender.

Mortgage amount: $330,000 remaining
Property value: approx $675,000
CMHC Insured? No
Location: Okanagan, BC

What would my rate options be?
Deal Addict
Nov 26, 2011
1663 posts
133 upvotes
Ottawa
Can a mortgage broker chime in regarding a question I have. If a self-employed currently has a mortgage with a B lender due to not so good credit when buying a house and now it is time for renewal can they renew with an A lender now that their credit is better?
Deal Addict
User avatar
Dec 1, 2015
1346 posts
739 upvotes
Etobicoke, ON
Call them and confirm how much the penalty to break the current term would be now. You can get lower rates elsewhere, but we need to consider the penalty, in comparing the 2 options, to determine what makes more sense to you.
jcmradar wrote:
Jan 11th, 2018 2:26 pm
Hi all. I have 15 months remaining in a variable rate mortgage (P-0.5) and am considering going to a fixed 5 year term. Changes in household income have changed our risk tolerance and fixed may be the better fit going forward. My current lender, First National, is offering 3.59 to convert but it seems to me I would come out ahead paying their fees and moving to another lender.

Mortgage amount: $330,000 remaining
Property value: approx $675,000
CMHC Insured? No
Location: Okanagan, BC

What would my rate options be?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Member
User avatar
Dec 9, 2007
256 posts
6 upvotes
Hi, looking to renew my mortgage thats up in April but looking for the best rates.

Mortgage Amount 5 years ago: $273,315.00
Balance: $236,128.44

Looking for 3 to 5 years fixed.
Thanks.
Deal Addict
User avatar
Dec 1, 2015
1346 posts
739 upvotes
Etobicoke, ON
We need to know :

Who the current lender is
If you had 20% downpayment or more, at the time of the purchase
Current estimated property value
supertroy wrote:
Jan 11th, 2018 3:35 pm
Hi, looking to renew my mortgage thats up in April but looking for the best rates.

Mortgage Amount 5 years ago: $273,315.00
Balance: $236,128.44

Looking for 3 to 5 years fixed.
Thanks.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Deal Addict
Feb 2, 2014
4336 posts
867 upvotes
Toronto
jeff316 wrote:
Jan 11th, 2018 1:02 pm
Thanks. What is your take on fixed term rate projections over the next half year?
I don’t see them dropping, that’s for sure.

I’m anxiously awaiting December numbers. We know unemployment rate is at a low, so let’s see how inflation was last month.
Last edited by CdnRealEstateGuy on Jan 11th, 2018 6:01 pm, edited 1 time in total.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Sep 20, 2015
9 posts
Nepean, ON
Hi

I have a rental property that i am inheriting.

I am about to break the old variable mortage with CIBC

looking for new options. CIBC is adding on 0.15% addition to the following rates just because its a rental
Valuation of property is 600k. Outstanding mortgage balance is 233k


2 years fixed at 2.94+0.15

3 years fixed at 3.09+0.15

4 years fixed at 3.14+0.15

5 years fixed at 3.24+0.15

3 years variable at Prime-0.6 which is 2.6%+0.15

5 years variable at Prime-0.5 which is 2.7%.+0.15

Credit rating is excellent.. debt to service ratio is LOW and so is gross debt ratio.


Do you think i can do better?

Breaking current CIBC mortgage will cause penalty of 3 months interest - which is not much at this point.
Newbie
Nov 8, 2017
9 posts
Hi !
150 K mortgage on 470 K purchase.
Looking for 5 yr variable rate.
Will add LoC to the major bank. Is it possible?
Jr. Member
Aug 14, 2007
101 posts
22 upvotes
Burnaby, BC
Hi. I'm looking to renew my mortgage that ends in April. I am currently with First National with a rate of 2.79%. I am looking for a 5 year fixed rate, but I'm open to suggestions. It appears the best rate available right now is 2.89%?

Property Value: $520,000
Balance owing: $250,000
CMHC Insured: No
Credit Rating: Excellent
Location: BC

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