Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Sep 24th, 2018 6:44 pm
Deal Addict
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Sep 10, 2003
1559 posts
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Hamilton
Mortgage experts,

We are with Computershare Trust, we were considering a HELOC and inquired a while back with the bank (formerly known) as PC Financial, and were told this company doesn't allow second positions on their mortgages? Does this sound right, or should we check somewhere else?

Thanks!
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Feb 2, 2014
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Toronto
Just a heads up...2.79% 5-year fixed insured and 2.89% 5-year fixed non-insured are still available, BUT I would get a rate locked-in asap.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
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Jul 5, 2005
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Toronto
Jake1982 wrote:
Jan 13th, 2018 4:29 pm
Heres what Scotiabank offered me for a early renewal today. I was told by the "advisor" that in order to negotiate I need to get a quote from another institution and they would get back to me in a couple days. Not impressed with the service they offer especially considering I've been a customer for over 10 years.
Looking to renew.

Fixed
2yr 3.13%
3yr 3.29%
4yr 3.49%
5yr 3.57%

Variable
3yr 3.00% capped @ 3.74%

Mortgage amount: $270,000 remaining
Property value: approx $400,000
CMHC Insured? No
Location: Edmonton
Maturity Date: May 30, 2018
Credit: Excellent

Can better be had out there right now?
I got the same run around with Scotia, been with them for 16 yrs and after I gave them details of other rates of 2.89% for 2 yrs fixed they offered me a 0.02% rate reduction of 3.17% after sending my request downtown. WTF, how much time and money are they wasting?

Anyways, looking for a 2yr fixed rate renewal on a $365K rental property in Toronto. Your advice would be appreciated.

Thanks
Deal Addict
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Jul 5, 2005
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Anyone got any opinions on Home Trust mortgages offering 2.54% 2 yrs fixed?
Deal Addict
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May 18, 2004
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mortgage up for renewal April 28th.
is it too early?
detached house, purchased 2 years ago 859k, mortgage remaining 400k
currently have a 2 year fixed at 2.09%

located in Newmarket, Ontario
Sr. Member
Jan 3, 2013
502 posts
152 upvotes
Winnipeg
CdnRealEstateGuy wrote:
Jan 14th, 2018 6:09 pm
Just a heads up...2.79% 5-year fixed insured and 2.89% 5-year fixed non-insured are still available, BUT I would get a rate locked-in asap.
My renewal is April 25 so I can't do anything yet right? I figured at 95 days would be when to kick it off which gives five days to get everything in order or should I be doing something now?
Newbie
Oct 14, 2017
17 posts
4 upvotes
Hello, I am new to this and hope im posting in the right spot.
My mortgage renews in sept with mcap, will the interest rate be the same? Current rate is 3.49 fixed 5yrs.
Will they check my credit report? Or be subject to a stress test?
Ive carried on more debt, but no late/missed payments. Would they deny my renewal?
Credit score currently at704(equifax) husband 750
Thanks
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Feb 2, 2014
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The_Madz wrote:
Jan 14th, 2018 9:35 pm
mortgage up for renewal April 28th.
is it too early?
detached house, purchased 2 years ago 859k, mortgage remaining 400k
currently have a 2 year fixed at 2.09%

located in Newmarket, Ontario
2.89% 5-year fixed or 2.01% 5-year variable.

Start the process now, as the fixed rate won’t stay there.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Fanatic
User avatar
Feb 2, 2014
5278 posts
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Toronto
zeon64 wrote:
Jan 14th, 2018 10:23 pm
My renewal is April 25 so I can't do anything yet right? I figured at 95 days would be when to kick it off which gives five days to get everything in order or should I be doing something now?
95 days is fine. Get started now.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Fanatic
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Feb 2, 2014
5278 posts
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Toronto
Nnnoob wrote:
Jan 14th, 2018 11:19 pm
Hello, I am new to this and hope im posting in the right spot.
My mortgage renews in sept with mcap, will the interest rate be the same? Current rate is 3.49 fixed 5yrs.
Will they check my credit report? Or be subject to a stress test?
Ive carried on more debt, but no late/missed payments. Would they deny my renewal?
Credit score currently at704(equifax) husband 750
Thanks
If you’ve made your payments on time, no re-underwriting...no reason to “stress” Face With Tears Of Joy.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Newbie
Feb 27, 2006
77 posts
19 upvotes
Hello mortgage experts,

Should I get a new mortgage?

Location: Calgary, Alberta
Mortgage Balance: 227,740
Property Value: 305,000
Credit Rating: 700
Current Lender: First National mortgage a 5-yr variable @ 2.7
Renewal Date: May 29, 2019

What is the best rate for a variable 5 years or fixed 5 years?

Thank you!
Sr. Member
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May 1, 2017
926 posts
199 upvotes
Nnnoob wrote:
Jan 14th, 2018 11:19 pm
Hello, I am new to this and hope im posting in the right spot.
My mortgage renews in sept with mcap, will the interest rate be the same? Current rate is 3.49 fixed 5yrs.
Will they check my credit report? Or be subject to a stress test?
Ive carried on more debt, but no late/missed payments. Would they deny my renewal?
Credit score currently at704(equifax) husband 750
Thanks
Hi there,

There is no reason for them to deny you a renewal if you have been making your payments on time. The interest rate in all likelihood will not be the same - they will offer you their current renewal rate, which is a reflection of where there rates are currently. MCAP has been checking credit on renewals, and have been using that information to generate a rate to offer to borrowers. So, if your credit has decreased significantly, you may see that reflected in the rate that you are offered. You and your husbands credit seems to be in good shape so I wouldn't worry too much.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Sr. Member
User avatar
May 1, 2017
926 posts
199 upvotes
The_Madz wrote:
Jan 14th, 2018 9:35 pm
mortgage up for renewal April 28th.
is it too early?
detached house, purchased 2 years ago 859k, mortgage remaining 400k
currently have a 2 year fixed at 2.09%

located in Newmarket, Ontario
Hello,

You're a little bit too early to lock in to the absolute lowest rates available, as those rates are only available for 90 days (you're 103 days until maturity) but you should certainly start looking. There are still excellent rates available for 120 days which would be available to you now, though.

You could have some excellent rates available to you depending on the remainder of your qualifying, and some of the specifics of property. In order to know what kind of rates will be available to you, we will need to know the following:

Current property value:
Current lender:
Original mortgage balance:

All things considered you will likely have under 3% 5 years fixed available (which you could lock into now), and around prime minus 1.09% available on the variable side.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Sr. Member
User avatar
May 1, 2017
926 posts
199 upvotes
Phantomtib wrote:
Jan 14th, 2018 11:43 pm
Hello mortgage experts,

Should I get a new mortgage?

Location: Calgary, Alberta
Mortgage Balance: 227,740
Property Value: 305,000
Credit Rating: 700
Current Lender: First National mortgage a 5-yr variable @ 2.7
Renewal Date: May 29, 2019

What is the best rate for a variable 5 years or fixed 5 years?

Thank you!
Hi there,

You're a few weeks away from being able to lock into a new product for maturity. Lenders only allow you to lock in a new rate/product for a switch for 120 days. You're 134 days away from maturity. Bond rates have been increasing lately, which has consequently put pressure on 5 year fixed mortgage rates which is why we've seen mortgage rate increase over the last 2 weeks. Depending on what your penalty would be to discharge 2 weeks early (likely just 2 weeks of interest) it may be a good idea for you to lock in to something sooner before rates go up. The 2 week interest penalty may be significantly offset by you being able to lock into rates while there are still very low options around.

The alternative is that you wait until you're 120 days from maturity to get an application submitted and hope we don't see more rate increases between now and then.

As of right now, you would be able to get in and around 3% and better for a 5 year fixed mortgage, and p-1.09% and better for a variable rate mortgage. Whether or not better rates are available depends on you qualifying and whether or not your mortgage was originally insured!

Regards,

Connor
Last edited by GreenMortgages on Jan 15th, 2018 9:13 am, edited 1 time in total.
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
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Dec 1, 2015
1639 posts
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Etobicoke, ON
To get the best rates, you must be within 90 days from the maturity date. You can start the application process now, provide all details, etc.. but the application cannot be submitted until you are 90 days from the maturity date of your current mortgage. If the rates dont change until then, you will be fine. If they increase before we can submit the application, nothing can be done about that.
zeon64 wrote:
Jan 14th, 2018 10:23 pm
My renewal is April 25 so I can't do anything yet right? I figured at 95 days would be when to kick it off which gives five days to get everything in order or should I be doing something now?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence

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