Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Oct 21st, 2018 12:37 pm
Newbie
Apr 28, 2016
65 posts
13 upvotes
Mortgage is up for renewal May 31st, 2018

Current property value: 750k
Purchase price: 425k
Outstanding balance: 295k

Scotiabank is offering 3.25 for 3 years fixed, includes manager's discount. Also have HELOC with them. Can I switch my mortage and keep my HELOC if I find better rates elsewhere?
Newbie
Dec 25, 2012
29 posts
1 upvote
MISSISSAUGA
Looking for reviews on butler mortgage. Give me 2.15% (P-1.30) on 5 year variable. Mortgage value 425K. Any one had experience dealing with them?
Member
Jan 31, 2018
443 posts
63 upvotes
ogolaw wrote:
Feb 11th, 2018 10:19 pm
Hi all,
I'm a first time home buyer and was offered 3.19 interest rate for a 5 year term. Do you think i can get a lower with Credit union or bank?
There are definitely more competitive rates out there as low as 2.94% if insured

Hope this helps

Phil
Phil Cragg
Rateconnect
Broker License #12626
Deal Addict
Apr 26, 2004
2032 posts
62 upvotes
GTA
starmasminder wrote:
Feb 11th, 2018 2:37 pm
What's the best 5-year fixed rate available for a new purchase closing in late April?

Price: 1.1M
Downpayment: 35%
Location: Markham, ON
You should be able to get 3.19-3.29% with cash back.
Mortgage Specialist in the GTA here to answer all your questions.
Deal Addict
Apr 26, 2004
2032 posts
62 upvotes
GTA
greylake wrote:
Feb 10th, 2018 10:17 am
Hey,

I posted here about a week ago but my situation as changed a little bit. I'm buying a $1.5 million house in Toronto and will be paying cash but I would like to get a $500k loan on the house to replace some of the investments I am selling.

I presume that I can still get a regular mortgage, but will this situation affect the rate I will be able to get? I see in this thread that it is currently possible to get around 3.00% five year fixed but the best offer from my bank is 3.24%. How should I go about getting a better rate?

Thanks
You should be about to get 3.19-3.29% with roughly 1500$ cash back
Mortgage Specialist in the GTA here to answer all your questions.
Newbie
Apr 28, 2016
65 posts
13 upvotes
Geese_Howard wrote:
Feb 12th, 2018 2:15 pm
You should be about to get 3.19-3.29% with roughly 1500$ cash back
Is the cash back available fo mortgage renewal as well?
Deal Fanatic
User avatar
Feb 2, 2014
5401 posts
1143 upvotes
Toronto
rateconnect wrote:
Feb 12th, 2018 2:04 pm
There are definitely more competitive rates out there as low as 2.94% if insured

Hope this helps

Phil
Really? Which lender is doing 2.94% 5-year fixed on a collateral switch?
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
User avatar
Dec 1, 2015
1651 posts
811 upvotes
Etobicoke, ON
It is extremely unlikely (but technically possible) to have 2 separate charges registered on the property, 1 for the mortgage and 1 for the Heloc. Lenders like Scotia bank, National Bank, TD Bank and Tangerine love to register a single charge as it ties mortgage and Heloc into a single product, so you cannot separate them. You can transfer out, but both mortgage and Heloc would become a new mortgage (or a new mortgage and new Heloc elsewhere).
Call Scotia to confirm if you have the STEP product, which is mortgage and Heloc together under a single charge. 99.9999999999% sure this will be the case, If so, you can transfer out to other lenders but there would be legal fees to be paid.
donkeyyy wrote:
Feb 12th, 2018 1:07 pm
Mortgage is up for renewal May 31st, 2018

Current property value: 750k
Purchase price: 425k
Outstanding balance: 295k

Scotiabank is offering 3.25 for 3 years fixed, includes manager's discount. Also have HELOC with them. Can I switch my mortage and keep my HELOC if I find better rates elsewhere?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Deal Fanatic
User avatar
Feb 2, 2014
5401 posts
1143 upvotes
Toronto
nhr594 wrote:
Feb 12th, 2018 1:18 pm
Looking for reviews on butler mortgage. Give me 2.15% (P-1.30) on 5 year variable. Mortgage value 425K. Any one had experience dealing with them?
That's not the contract rate. Butler has a bit of a reputation for misleading rates. I've seen this before on RFD.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Apr 26, 2004
2032 posts
62 upvotes
GTA
donkeyyy wrote:
Feb 12th, 2018 4:41 pm
Is the cash back available fo mortgage renewal as well?
Yes it is available for renewal options as well! Cashback can vary from mortgage/heloc amount and closing date.
Mortgage Specialist in the GTA here to answer all your questions.
Newbie
Sep 25, 2012
11 posts
15 upvotes
RICHMOND
Hello all,
Hoping for some advice and strategy ideas. I've been a long time lurker of this thread and it appears it's close to being mortgage renewal time.
Currently on a TD Mortgage at 2.19% fixed - expires in July 2018. Mortgage is up for renewal July 30th, 2018. Non-insured mortgage.

Current property value: 560K (Greater Vancouver area; primary residence)
Purchase price: 550k
Mortgage : $355K
Outstanding balance: 298k

Any ideas on what I can get currently? I'm leaning towards a fixed rate mortgage (for mental security). Any advice is appreciated!
Thanks!
Deal Addict
User avatar
Dec 1, 2015
1651 posts
811 upvotes
Etobicoke, ON
Kind of too early to shop around. Today, one would be able to get a 5y fixed at 2.99%, but that rate can only be locked for 90 days. You will need to re-evaluate your options once you are about 90 days from the maturity date, and see what is available then.
Keep in mind that there will be a legal fee you will need to pay, as TD uses collateral charges.
ericcortazello wrote:
Feb 12th, 2018 6:02 pm
Hello all,
Hoping for some advice and strategy ideas. I've been a long time lurker of this thread and it appears it's close to being mortgage renewal time.
Currently on a TD Mortgage at 2.19% fixed - expires in July 2018. Mortgage is up for renewal July 30th, 2018. Non-insured mortgage.

Current property value: 560K (Greater Vancouver area; primary residence)
Purchase price: 550k
Mortgage : $355K
Outstanding balance: 298k

Any ideas on what I can get currently? I'm leaning towards a fixed rate mortgage (for mental security). Any advice is appreciated!
Thanks!
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Member
Jan 31, 2018
443 posts
63 upvotes
CdnRealEstateGuy wrote:
Feb 12th, 2018 5:27 pm
Really? Which lender is doing 2.94% 5-year fixed on a collateral switch?
Sorry Kevin but this rate is attainable

This is the original user post along with my response :

"Hi all,
I'm a first time home buyer and was offered 3.19 interest rate for a 5 year term. Do you think i can get a lower with Credit union or bank? "

There are definitely more competitive rates out there as low as 2.94% if insured

Hope this helps

Phil
Phil Cragg
Rateconnect
Broker License #12626
Newbie
May 16, 2017
12 posts
1 upvote
Montreal
Thanks Paul for the confirmation! Indeed, I'm very satistifed with the discount!

I mis-understood the rate. I thought it was for equity greater than 35%.

This brings me another general quick question: when our amortization reaches less than 5 years, is it still possible to renew for a 5 year (variable) term? Let's say I have 4 years left the next time I renew, can I still look at a 5 year variable term (which would end after 4 years)? Typically, the 3 years variable are really not as competitive.

Thanks.
PaulMeredith wrote:
Feb 12th, 2018 9:41 am
You're right, it wouldn't be possible, but not harm in asking for sure! The prime -1.24% variable rate is for high ratio mortgages only, that is, those that are insured with CMHC (or other mortgage insurer). Even if your original mortgage was insured, you would need to proceed as a refinance, which means the rate you would be offered would be quite bit higher than what you are paying right now. You would also lose your insured status.

Prime -0.85% is still a pretty decent rate!

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