Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Jan 15th, 2019 11:37 pm
Newbie
Nov 27, 2014
2 posts
Dorval, QC
Hello brokers!

I'm in Montreal, QC. My mortgage is up for renewal on May 1st 2018.

Mortgage Amount: 290,000
Purchase Price (2013): 483,000
Remaining Amortization: 16.75 years
Family income: >130,000/yr, very good credit rating
Owner occupied
Mortgage is not insured

Please let me know rates for 5 year fixed and 5 year variable. I am looking for a traditional (non collateral) mortgage with options to make lump-sum payments during mortgage.

Thanks
Member
Mar 13, 2010
294 posts
23 upvotes
If any one know which TD specialist can match BMO 4 year 3.19% please share with me


Thanks
Deal Addict
User avatar
Dec 1, 2015
1678 posts
817 upvotes
Etobicoke, ON
You should be able to get a 5y fixed at 2.99% or a 5y variable at P-1.19%, with excellent pre payment flexibility and not a collateral charge.
GoHabsGo24 wrote:
Feb 13th, 2018 2:25 pm
Hello brokers!

I'm in Montreal, QC. My mortgage is up for renewal on May 1st 2018.

Mortgage Amount: 290,000
Purchase Price (2013): 483,000
Remaining Amortization: 16.75 years
Family income: >130,000/yr, very good credit rating
Owner occupied
Mortgage is not insured

Please let me know rates for 5 year fixed and 5 year variable. I am looking for a traditional (non collateral) mortgage with options to make lump-sum payments during mortgage.

Thanks
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Newbie
Apr 26, 2012
34 posts
13 upvotes
VERDUN
Can I get 2.99% for the rental property as indicated in post 42148?
Sr. Member
Sep 18, 2008
503 posts
82 upvotes
Woodbridge
If house closes on Jul 18th when would i start looking for a mortgage given builder does not delay the closing?
Deal Fanatic
User avatar
Feb 2, 2014
5714 posts
1246 upvotes
Toronto
alienzed wrote:
Feb 13th, 2018 3:23 pm
Can I get 2.99% for the rental property as indicated in post 42148?
No, owner-occupied only.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Fanatic
User avatar
Feb 2, 2014
5714 posts
1246 upvotes
Toronto
erexa wrote:
Feb 13th, 2018 3:53 pm
If house closes on Jul 18th when would i start looking for a mortgage given builder does not delay the closing?
120 days before closing to get a competitive rate.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Sr. Member
Jan 31, 2018
532 posts
73 upvotes
alienzed wrote:
Feb 13th, 2018 3:23 pm
Can I get 2.99% for the rental property as indicated in post 42148?
No owner occupied only

Best rental rates currently available are :

3.44% with 20% downpayment

3.39% with 25% downpayment

Hope this helps

Phil
Phil Cragg
Rateconnect
Broker License #12626
Jr. Member
Sep 12, 2007
162 posts
14 upvotes
Coquitlam
Just an update regarding my scenario:

295k home. first time home buyers
25 year amortization
downpayment: 35% (uninsured)
Credit/Employment: Very Good
Province: BC

Been quoted 3.14% with MCAP 5 year fixed or First National 5 year variable (2.50% prime-0.95). How much better of a rate can I get for the 5 year variable? I do question whether 5 years on a variable is more risk adverse than say a 3 year term..

I know I should be able to make my mind up on my own on whether to go variable vs. fixed. But what if there is a disparity of 0.64% ? Opinions?
Deal Addict
User avatar
Dec 1, 2015
1678 posts
817 upvotes
Etobicoke, ON
You can get 2.99% with Mcap.
akalic wrote:
Feb 13th, 2018 10:54 pm
Just an update regarding my scenario:

295k home. first time home buyers
25 year amortization
downpayment: 35% (uninsured)
Credit/Employment: Very Good
Province: BC

Been quoted 3.14% with MCAP 5 year fixed or First National 5 year variable (2.50% prime-0.95). How much better of a rate can I get for the 5 year variable? I do question whether 5 years on a variable is more risk adverse than say a 3 year term..

I know I should be able to make my mind up on my own on whether to go variable vs. fixed. But what if there is a disparity of 0.64% ? Opinions?
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
Jr. Member
Sep 12, 2007
162 posts
14 upvotes
Coquitlam
valuemortgage wrote:
Feb 13th, 2018 11:29 pm
You can get 2.99% with Mcap.

Can I? Doesnt seem like the broker is budging. Tips?
Deal Addict
User avatar
Sep 13, 2011
4037 posts
1319 upvotes
Toronto
akalic wrote:
Feb 13th, 2018 11:38 pm
Can I? Doesnt seem like the broker is budging. Tips?
Yes. The best tip I can think of is switch brokers.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Sep 13, 2011
4037 posts
1319 upvotes
Toronto
akalic wrote:
Feb 13th, 2018 10:54 pm
Just an update regarding my scenario:

295k home. first time home buyers
25 year amortization
downpayment: 35% (uninsured)
Credit/Employment: Very Good
Province: BC

Been quoted 3.14% with MCAP 5 year fixed or First National 5 year variable (2.50% prime-0.95). How much better of a rate can I get for the 5 year variable? I do question whether 5 years on a variable is more risk adverse than say a 3 year term..

I know I should be able to make my mind up on my own on whether to go variable vs. fixed. But what if there is a disparity of 0.64% ? Opinions?
Let's say prime rate were to increase two times this year, bringing your spread then down to 0.14%. I'm not saying this will happen, but it's definitely possible. How much anxiety would this upward rate movement cause for you? As mentioned before, you need to feel comfortable with the possibility of the prime rate increasing, and potentially increasing to a point where you could end up paying more on the variable than where the fixed is today. This could end up happening. OR... prime could start to settle back down again over the next couple of years. Anything can happen here. If you are going to have trouble sleeping at night from the mere talk of rate increases, then perhaps fixed is a better choice for you. None of us have a crystal ball, therefore no one will be able to give you the correct answer. Only you know how you feel.

Another option would be to take the variable, but set the payment to equal that of the fixed. You're already prepared to make the higher payment of the 5 year fixed. Additional funds will go straight to your principal. You can then increase the payment a little more then next year, and then an little more the year after that. This way, you're hedging against rising rates. When rate does start to increase, you're already used to paying the higher payment and will have paid off a chunk of principal, so the higher rate will then be on a lower balance. This strategy can help remove some of the anxiety for you and is a great option for many.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Sr. Member
Sep 18, 2008
503 posts
82 upvotes
Woodbridge
CdnRealEstateGuy wrote:
Feb 13th, 2018 4:06 pm
120 days before closing to get a competitive rate.
Called builder, they said decision on my lot being delayed or not will be made next month, So if I don't get a notice or anything by mid March I will start shopping around. I am inclined to go with variable though. My guess is with 20-25% down I won't get P-1.1 or something.
Newbie
Feb 13, 2018
1 posts
Hi everyone, Im seeking advice on rolling a progress draw construction mortgage into a conventional mortgage.

I just finished building a house in NS financed with a variable rate construction progress draw mortgage at Scotiabank. Total loan amount is $405k. We have about $130k in equity (own the land and put additional cash into the project) plus we can out down upto $60k more. I was planning to target a conventional mortgage of about $350k.

I am ready to enter negotiations to roll into a fixed rate mortgage. If I stick with ScotiaBank, they'll waive any prepayment fees (3 months interest, ~$4500) to close the existing mortgage.

The problem is Scotia's published closed fixed rates are quite high. We built this house with the intention of staying long term. I had always considered a long fixed rate mortgage given the recent trend for rate hikes.

I called Tangerine and they will hold a 10yr @ 3.79 or a 5yr @ 3.34. Scotia's rates are 6.39 & 5.14 respectively. If I take the hit and leave Scotia the payback period would be <1 yr for the 10yr fixed and about 16mos for the 5yr. That is if Scotia only offers the published rates. Perhaps they will come down? I meet with them later today so I will find out.

After browsing around this forum and others I'm starting to get the impression that long fixed rate mortgages are not necessarily the best move, even in today's climate.

Other option is to go with a short term (e.g. 3 yr) term with ScotiaBank then have some negotiating position at the end of the term and take advantage of annual prepayment privileges. I certainly can't guess what's going to happen with mortgage rates given the uncertainty with NAFTA, oil prices but BOCs recent moves point to increases.

Anyway thanks for reading and I woul appreciate any thoughts or advice.

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