Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Feb 23rd, 2018 1:03 pm
Newbie
Jan 31, 2018
67 posts
9 upvotes
greylake wrote:
Feb 10th, 2018 11:27 am
Thanks for the answer. Taking possession march 1st but I guess I won't necessarily need the mortgage on that date.
The rates are good for 120 days

Phil
Phil Cragg
Rateconnect
Broker License #12626
Newbie
Nov 22, 2017
8 posts
1 upvote
What are the better rates with 25% down? We would be able to do 25% if the difference in rates made it make sense.
rateconnect wrote:
Feb 9th, 2018 8:55 pm
Based on the information provided you can get preapproval rates below:

5 yr fixed with a major bank 3.44% 20/20 good for 120 Days
5yr variable would be in the 2.80% range or prime - .65

Once you purchase the property then you would be eligible for all the best rates. Some of the rates you see posted on the forum are not good until you have a firm deal on a property.

If you had a firm deal today rates below would apply

5 yr variable at 2.60% prime - .85% with 20% down 20/20 prepayment good for 120 days

5yr fixed 3.06% 120 day rate hold 20/20 prepayment

There are slightly better rates if you could come up with 25% down

Hope this helps

Phil
Jr. Member
Sep 12, 2007
135 posts
5 upvotes
Coquitlam
rateconnect wrote:
Feb 10th, 2018 9:48 am
Hi There

Did she offer you any other terms rates ? Are you open to other terms or specifically a 4 yr?

I would explore other options as there are definitely some more competitive rates out there see below:

5 yr fixed rate 3.04% 20/20 90 day rate hold

5 yr variable 2.45% or prime - 1% 120 day hold 20/20 prepayment

4 yr 3.19% 120 day hold 15/15 prepayment

3 yr fixed 2.99% 90 day hold 15/15 prepayment

Hope this helps

Phil
She offered:

3.24% x 5 year 10/10 fixed
3.34% x 5 year 20/20 fixed
3.19% x 4 year 20/20 fixed
3.25% x 3 year 20/20 fixed

Where would i be able to get a 3.04% 20/20 fixed for 5 years? Is it necessary to submit the actual signed offer of Purchase and proof of income to get these "better" rates? I'm not really understanding when I can actually be offered better deals

Thanks for helping
Last edited by akalic on Feb 10th, 2018 3:39 pm, edited 1 time in total.
Deal Addict
Feb 22, 2011
2604 posts
2391 upvotes
Toronto
I have a tenant leaving on August 15th of this year and my renewal for the term is August 26th. I want to sell the property which between cleaning, listing and closing will likely take a few months. Should I bother finding a broker or just ask the bank to renew me with open? I had a broker before but he has become unreliable.

I also plan on paying down my primary residence, they said I can do a 20% payment, plus increase my payments by 20% and double them. Is there anything I should know about doing this? What will the benefits be now of paying half my balance? Will I just keep making the same payment and pay the principal down faster? So then when I renew this one in 2.5 years I would have a much lower balance? Would I then have a different payment or continue with my current one?
Member
User avatar
Oct 23, 2007
474 posts
29 upvotes
Hi there,

I'm about to purchase a condo with my girlfriend and we're looking to try find a better mortgage. Could I please request the best mortgage rate available to us for our situation? Thanks in advance!

Both first time home buyers, located in Ontario
Both working, combined income: $157,000
Purchase Price: $660,000
Down payment: 10% / $66,000
Credit score: Excellent & Very Good

We currently have a pre-approval from a big bank for 3.44% 5 year fixed, 25 year mortgage. Would increasing the down payment amount qualify us for a better rate?
Member
Mar 13, 2010
286 posts
22 upvotes
rateconnect wrote:
Feb 10th, 2018 1:32 pm
Hi There

How much is the property worth and current mortgage balance? Also when you purchased the property did you put less than 20% down

TD mortgages are a collateral charge so legals would be required to switch to a different lender however there are some that allow collateral switches

Hope this helps

Phil
Pm you
Member
Feb 7, 2004
417 posts
106 upvotes
Haldimand
Looking for some advice. I currently have my mortgage through CIBC. They called me the other day saying I'm within the 120 day early renewal they offer (maturity is June). I am looking to move hopefully within the next two years but that is not certain. They offered me 3.24% for 2 years fixed which is nothing special imo but I also have the ability to port my mortgage so I'm wondering if it would be smart to lock in for say, 5 years if the rate is comparable. They probably won't let me switch lenders until closer to the actual maturity and by then rates will probably have gone up again. Current balance is approximately $242,000 at 2.89% and this will be my first renewal.
Newbie
Jan 31, 2018
67 posts
9 upvotes
akalic wrote:
Feb 10th, 2018 3:39 pm
She offered:

3.24% x 5 year 10/10 fixed
3.34% x 5 year 20/20 fixed
3.19% x 4 year 20/20 fixed
3.25% x 3 year 20/20 fixed

Where would i be able to get a 3.04% 20/20 fixed for 5 years? Is it necessary to submit the actual signed offer of Purchase and proof of income to get these "better" rates? I'm not really understanding when I can actually be offered better deals

Thanks for helping
Many of the rates you see quoted by brokers on the forum are for "live " deals meaning when you have a purchase and sale agreement in place. Once you have the aforementioned you can lock in the rates

Hope this helps

Phil
Phil Cragg
Rateconnect
Broker License #12626
Newbie
Jan 31, 2018
67 posts
9 upvotes
Canadarox12 wrote:
Feb 10th, 2018 1:54 pm
What are the better rates with 25% down? We would be able to do 25% if the difference in rates made it make sense.
You would be able to get better rates on 25% down on a live deal meaning when you have a purchase and sale agreement in place.

Current rates below if this were the case today

25% down 3.04% 5 yr fixed

25% down 5 yr variable prime -1% currently 2.45%

Hope this helps

Phil
Phil Cragg
Rateconnect
Broker License #12626
Newbie
Aug 22, 2007
69 posts
1 upvote
Labrie wrote:
Feb 11th, 2018 11:02 am
Looking for some advice. I currently have my mortgage through CIBC. They called me the other day saying I'm within the 120 day early renewal they offer (maturity is June). I am looking to move hopefully within the next two years but that is not certain. They offered me 3.24% for 2 years fixed which is nothing special imo but I also have the ability to port my mortgage so I'm wondering if it would be smart to lock in for say, 5 years if the rate is comparable. They probably won't let me switch lenders until closer to the actual maturity and by then rates will probably have gone up again. Current balance is approximately $242,000 at 2.89% and this will be my first renewal.
I'm in the same boat as you with identical rate at 2.89. I'm at RBC and up for first time renewal in May. Interesting though nobody really contacted me yet from RBC. My other concern is if I switch institutions, is it gonna be a lot of work? Not sure if I should go variable this time, but love to get some tips or suggestions. Good luck on your search.
Newbie
Sep 21, 2014
45 posts
7 upvotes
Ottawa, ON
Hey,

Mortgage up for renewal on June 12th, 2018.

Purchase price: 238K
Market value: ~270K
Mortgage balance: 155K
Initial down-payment: 15%
Currently 5-yr fixed at 2.79% with RBC
In Ottawa, Ontario

What 5-yr fixed and variable rates am I looking at?

Thanks
Newbie
Feb 10, 2018
1 posts
vancouver,bc
My mortgage is up for renewal Nov 2018 with TD Bank. I was searching rates and have found True North to be much lower than others. Tangerine is also pretty low ( I have some investments with them)

My question is which type of mortgage to go for if there is a good chance I will be selling in 1-3 years to purchase a larger home ( So I would still need a mortgage) . I am not sure how it works if you are just going to increase your mortgage due to a new purchase ( With the same company) rather than paying it off.

Any info would be great!
Ps.. I am in Vancouver BC
Newbie
Jan 31, 2018
67 posts
9 upvotes
DirkDiggler69 wrote:
Feb 11th, 2018 12:04 pm
Hey,

Mortgage up for renewal on June 12th, 2018.

Purchase price: 238K
Market value: ~270K
Mortgage balance: 155K
Initial down-payment: 15%
Currently 5-yr fixed at 2.79% with RBC
In Ottawa, Ontario

What 5-yr fixed and variable rates am I looking at?

Thanks
Hi there

Based on the information you are eligible for some great rates see below

5 yr variable prime-1.24% currently 2.24% this product has a slight restriction in that you can't payout in full the first 5 yrs other than through a bonafide sale then regular 3 month penalty
would apply.

5 yr fixed rates 2.99%

Hope this helps

Phil
Phil Cragg
Rateconnect
Broker License #12626
Deal Addict
Feb 2, 2014
4475 posts
905 upvotes
Toronto
akalic wrote:
Feb 9th, 2018 11:19 pm
Hi there,

Went to a BMO mortgage specialist and wanted some insight on this offer by them.

3.19% on a 4 year fixed 20/20

295k home. first time home buyers
25 year amortization
downpayment: >30%
Credit/Employment: Very Good
Province: BC

She was telling me this is the special. Does that mean that this rate is not tailored to me at all? What can i do at this point
With 30% down, you can get 2.99% 5-year fixed and Prime -1.15% (2.30%) 5-year variable.

Much better deals out there than what BMO is offering.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
4475 posts
905 upvotes
Toronto
ADRiiAN` wrote:
Feb 10th, 2018 10:10 am
Thanks. What's a common deposit now a days to show good commitment?
On a $500k property, $20-$25k should suffice.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative

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