The Official Mortgage Rates Thread

[Jobu]

National Bank told me the Engineering promo is no long valid. It is P + 1% now.

I just closed on a P+0.75 with National Bank -- they are willing to negotiate down from P+1 even for non-engineers.

[wheelz]

ING dropped there 5 year fixed rate to 3.99%

http://www.ingdirect.ca/en/mortgages/index.html

[umlowcn]

ING dropped there 5 year fixed rate to 3.99%

http://www.ingdirect.ca/en/mortgages/index.html

ING dropped 5 Year Variable to 2.35% as well.

[jigsaw-123]

i am getting same rate of mortgage from BMO and CIBC 3.69 for 5 year fixed. Does anybody know if they have a difference in terms and conditions that i choose one over another....please give ur opinions

also both mortgage reps were pushing me for variable...i am thiking 3.69 fixed is a pretty good deal...please give me your inputs....need to decide in the next 12 hours as i am going out of country for 1 month tommorow night

thanks in advance

Hi Dealsngh,

I am more or less in same boat as you are except I amlooking for a lender that would offer 3.69 for 5 year term.

My opinion, go with 5 year fixed and get peace of mind for next little while, in my case, this will be first time home buying experience and I know with that I will have many more challenges to cope with, this way, at least one less thing to worry about, just my opinion.

Now for your mortgage, can I ask if this is direct with bank and if so can you share few things like yyour down payment, closing days left, rep name and contact etc. You can either PM or post here. Thanks for sharing.

[liorsyncro]

I received my updates this morning. My rates for ING unMortgage are as follows:

Variable: ING unMortgage 5-year closed is prime + .05% (2.30%)

Fixed: ING unMortgage 5-year fixed closed is 3.94%

[umlowcn]

I received my updates this morning. My rates for ING unMortgage are as follows:

Variable: ING unMortgage 5-year closed is prime + .05% (2.30%)

Fixed: ING unMortgage 5-year fixed closed is 3.94%

So, the discount is posted rate minus .05% for both.

[cui5]

Hi,
I have been closed reading this thread for a while. Finally, i got my house and the closing date is Oct 30.

So i went to Valueland to get approved from National Bank for 1 year closed at 2.09%.

My reason is that after a year, the prime will definitely hike and i will be able to get a prime minus for a variable rate.

Since it is my first mortgage, i want to ask if there is any hassel or cost associated with refinance or transfer to another bank (legal fee/appraisal?)

Thanks.

[Mayoo]

Rates went down for me in CIBC. June 24 I applied and got 3.59/4yr fixed .. closing Sep 24 ... today i went and my mortgage specialist told 3.29/4yr fixed !!!

correct... and my worst case scenario would be 3.55/4yrs as that was the rate faxed to my lawyer 70-80 days ago by CIBC ( CIBC has 90days rate protection)..

Thank u all and thanks to this thread ..

So ended up getting 3.29% for 4yrs fixed. My closing day is today .. so all went fine ..

no need to PM me but if you want check CIBC on Keele and Finch ( Name: Mahvesh Sheikh)and Keele and Wilson. Again the rates contain discount cause i was with CIBC for 9yrs with LOCs, other accounts and my score is more than 740. Good luck !!!

[liorsyncro]

So, the discount is posted rate minus .05% for both.

Correct. It will be the exact same mortgage as the one posted on ING's website, but because you go through a preferred broker, the rate will be lower. And as long as your credit history is ok, you won't have to pay the broker any fees either.

[upupnorth]

What makes you so sure you will be able to get prime minus in one year?

Hi,
I have been closed reading this thread for a while. Finally, i got my house and the closing date is Oct 30.

So i went to Valueland to get approved from National Bank for 1 year closed at 2.09%.

My reason is that after a year, the prime will definitely hike and i will be able to get a prime minus for a variable rate.

Since it is my first mortgage, i want to ask if there is any hassel or cost associated with refinance or transfer to another bank (legal fee/appraisal?)

Thanks.

[Acadian]

Thank u all and thanks to this thread ..

So ended up getting 3.29% for 4yrs fixed. My closing day is today .. so all went fine ..

no need to PM me but if you want check CIBC on Keele and Finch ( Name: Mahvesh Sheikh)and Keele and Wilson. Again the rates contain discount cause i was with CIBC for 9yrs with LOCs, other accounts and my score is more than 740. Good luck !!!

Congrats!

I hope my luck is as good. I signed at 3.69% (posted - 1.55%). As of today, that would be lowered to 3.39%. But my closing date is October 23rd, so i'm hoping the rates don't go up before that.

The Bond Rates seem to be holding fairly steady.

[cui5]

What makes you so sure you will be able to get prime minus in one year?

The least i could expect is at prime. The ING is currently offering prime-0.05%.

I work in bank and get the employee discount.

[umlowcn]

Correct. It will be the exact same mortgage as the one posted on ING's website, but because you go through a preferred broker, the rate will be lower. And as long as your credit history is ok, you won't have to pay the broker any fees either.

Wonder why we can't get the variable rate @ prime?

[Mayoo]

Thank u all and thanks to this thread ..

So ended up getting 3.29% for 4yrs fixed. My closing day is today .. so all went fine ..

no need to PM me but if you want check CIBC on Keele and Finch ( Name: Mahvesh Sheikh)and Keele and Wilson. Again the rates contain discount cause i was with CIBC for 9yrs with LOCs, other accounts and my score is more than 740. Good luck !!!

Below is the contact person for CIBC Keele and Finch Branch

Mahvesh Sheikh
3940 Keele Street,Toronto
Ph#416-661-6014 ext 244

[liorsyncro]

Wonder why we can't get the variable rate @ prime?

You can get a 4-year variable at prime through Resmor. The offer is valid for one more week and you must close within 45 days after approval. While it doesn't give you the same prepayment privilege as the ING unMortgage, if you did not intend to prepay as much anyway, you may as well go with a quick-closing/value mortgage. I'm sure the ING rates will come down in the coming months to prime, we're almost there anyway, but for now it's prime + .05%. Prime won't go lower anyway. The only thing that may change would be if the banks decide to revert to prime minus again. If they go down that road, they're increasing the cost of borrowing in other areas. For example, we've seen most of the banks hiking their HELOC rates recently.