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Hsbc mortgage 1.76% 5 year fixed

  • Last Updated:
  • Oct 8th, 2020 8:11 pm
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17 replies
Member
May 20, 2006
225 posts
89 upvotes
If you visit the mortgage rate thread in the personal finance forum you will see rates as low as 1.59% on 5-year fixed. I think the rate quoted here is pretty standard (especially for an insured mortgage).
Member
User avatar
Nov 21, 2016
209 posts
349 upvotes
abbotsford
copter wrote: If you visit the mortgage rate thread in the personal finance forum you will see rates as low as 1.59% on 5-year fixed. I think the rate quoted here is pretty standard (especially for an insured mortgage).
Please do tell where the 1.59 deal is posted... I can’t find it.
[OP]
Newbie
Aug 24, 2014
96 posts
164 upvotes
CALGARY
Tell me more about this 1.59? Is this uninsured with a major bank?
Newbie
Mar 6, 2013
55 posts
54 upvotes
Toronto
TazZaide wrote: 1.64% five year fixed is available for you for a full featured mortgages in this case. Comes with 20/20 prepayment options. In the case of a fair penalty lender, the way they determine their early termination penalty to break the mortgage within your term is different to most big banks, who use the posted rate to determine what you need to pay in penalty to break the mortgage. This results in a significantly higher penalty with some of these big banks in comparison to a monoline lender/credit union who is considered fair penalty. The difference can be several thousands depending on your mortgage size.
Read the broker replies In the mortgage thread - this is the best rate I’ve seen ...or check a site like ratespy
Member
May 20, 2006
225 posts
89 upvotes
FartyMcGee wrote: There are 4300 pages to that thread. Why is it so hard to link the exact quote requested? This site infuriates me sometimes.
Page 4294 has a mention of 1.59%. Numerous other recent posts show 1.64-1.69% as standard rates. If you would like me to apply for the mortgage for you as well I’m sure I could, but I would suggest doing a bit of research (obviously you don’t need to go through the first 4250 pages of the thread as that’s old info). But spend at least 5-10 mins (and maybe even message one of the several mortgage brokers there) if you are serious about securing the lowest rate. I know everyone wants everything handed to them on a silver platter, but saving money takes some effort on your part too.
Jr. Member
Jul 21, 2017
130 posts
27 upvotes
copter wrote: Page 4294 has a mention of 1.59%. Numerous other recent posts show 1.64-1.69% as standard rates. If you would like me to apply for the mortgage for you as well I’m sure I could, but I would suggest doing a bit of research (obviously you don’t need to go through the first 4250 pages of the thread as that’s old info). But spend at least 5-10 mins (and maybe even message one of the several mortgage brokers there) if you are serious about securing the lowest rate. I know everyone wants everything handed to them on a silver platter, but saving money takes some effort on your part too.
1.59% fixed rate is for insured mortgage . Best rates I have seen so far for uninsured are :
  • Variable = 1.55% with CIBC (one case only) , but mostly 1.60%
  • Fixed = 1.64% , but mostly 1.69 %
Member
May 20, 2006
225 posts
89 upvotes
aaleemm wrote: 1.59% fixed rate is for insured mortgage . Best rates I have seen so far for uninsured are :
  • Variable = 1.55% with CIBC (one case only) , but mostly 1.60%
  • Fixed = 1.64% , but mostly 1.69 %

This thread is advertising an insured mortgage. I don’t know what the 1.59% rate was for as I wasn’t eligible for it. I am eligible for the 1.64% rate for my conventional mortgage though.
Deal Addict
Sep 24, 2007
3938 posts
1338 upvotes
Ontario
can't find the terms of the mortgage anywhere. is the mortgage portable at this rate? i just switched to BMO but willing to switch again to save $4k....
Jr. Member
May 16, 2017
105 posts
26 upvotes
Calgary, AB
Did anyone got a mortgage from TD recently, and what was the rate,
Please share
Member
Mar 25, 2006
255 posts
145 upvotes
The mortgage thread here on RFD seems pretty useless, just numbers being thrown around. Just to provide some specifics, I had 1.69% 5-yr fixed uninsured quoted by https://www.truenorthmortgage.ca. They are offering mortgage products from https://www.thinkfinancial.ca. THINK Financial describe themselves as "one of Canada's newest CMHC-approved lenders and is licensed under True North Mortgage".
Jr. Member
Jul 21, 2017
130 posts
27 upvotes
copter wrote: This thread is advertising an insured mortgage. I don’t know what the 1.59% rate was for as I wasn’t eligible for it. I am eligible for the 1.64% rate for my conventional mortgage though.
Which lender ?
Amortization period ?
Insured or uninsured ?
New or renewal/refinance ?
Member
May 20, 2006
225 posts
89 upvotes
aaleemm wrote: Which lender ?
Amortization period ?
Insured or uninsured ?
New or renewal/refinance ?
Think financial (same as the one quoted in the post directly above yours). Up to 25 year amortization. Uninsured (I stated that in my post - see conventional). Renewal from CIBC. The rates are specific to your situation and based on a number of factors so you’ll have to contact one of the brokers in that thread to get a quote for your situation.

To respond to the poster above... the mortgage thread is hardly useless. Obviously that poster got that quote because of that thread. You just have to be willing to pm one of the brokers there - they aren’t allowed to advertise directly on the board.
Jr. Member
Jul 21, 2017
130 posts
27 upvotes
Experts what is your view on the below when deciding Fixed vs Variable :
https://www.cnbc.com/2020/09/16/fed-mee ... rates.html

Key takes :
"As the central bank concluded its two-day policy meeting Wednesday, it said short-term rates would remain targeted at 0%-0.25%"

"Projections from individual members also indicated that rates could stay anchored near zero through 2023. All but four members indicated they see zero rates through then. This was the first time the committee forecast its outlook for 2023.

My view :
Probably the best scenario would be (assuming FED does what it says):
2020 = variable
2021 = variable
2022 = variable
2023 = Convert variable into 3 or 5 year fixed
2024 = Fixed
2025 = Fixed
2026 = Fixed
2027 = Fixed

xPosted
Deal Addict
Aug 26, 2004
2113 posts
224 upvotes
Toronto
HSBC good luck getting a response after the application you need to hound them.

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