Real Estate

Interest rate shopping

  • Last Updated:
  • Jan 13th, 2021 4:00 pm
[OP]
Newbie
Jun 3, 2019
52 posts
15 upvotes

Interest rate shopping

We put in an offer yesterday. Not sure if we'll get the house. Our mortgage agent said we could get 1.89 percent interest. Does anyone have any other good contacts to shop around?
15 replies
Newbie
Nov 29, 2020
18 posts
13 upvotes
HSBC is currently offering 1% for high ratio mortgages, I've also seen rates below 1.5% for conventional mortgages from credit unions and such.
Member
Oct 14, 2010
217 posts
130 upvotes
Toronto
Head over to the sticky thread on mortgage interest rates, you can contact a broker over there.
1.89 in today's environment seems steep. Should be much lower than that.
Deal Addict
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Nov 5, 2018
2916 posts
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Toronto
budwizestest wrote: Head over to the sticky thread on mortgage interest rates, you can contact a broker over there.
1.89 in today's environment seems steep. Should be much lower than that.
I was about to say the same.

You should also contact a mortgage broker that works with end-users. Do not go to your bank.
Called the bottom.
Deal Addict
Oct 27, 2012
2240 posts
3547 upvotes
Toronto
Go to a mortgage broker but also don't hesitate to inquire with a few banks. RBC, CIBC, BMO and HSBC do not sell through the broker channel and it's possible they have a better offer or product for your needs.
Deal Addict
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Nov 2, 2020
1282 posts
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I went to a broker and got a variable rate of 1.6. I could have gotten better if I went for fixed but I wanted the option of a lower penalty in case I sell. The mortgage itself came from TD, and Scotia Bank as I was shopping for two mortgages.
Deal Fanatic
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Feb 2, 2014
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Toronto
AnnCook wrote: We put in an offer yesterday. Not sure if we'll get the house. Our mortgage agent said we could get 1.89 percent interest. Does anyone have any other good contacts to shop around?
That's a brutal rate. Right now you can get as low as 1.25% 5-year variable or 1.39% 5-year fixed depending on the purchase price and amount down.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Apr 4, 2009
29 posts
61 upvotes
CdnRealEstateGuy wrote: That's a brutal rate. Right now you can get as low as 1.25% 5-year variable or 1.39% 5-year fixed depending on the purchase price and amount down.
1.25% seems really good. What kind of purchase price/ amount down would yield this optimal rate? I assume only CMHC insured?
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Nov 5, 2018
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Toronto
orikie wrote: I assume only CMHC insured?
I am assuming it has to be at that rate...
Called the bottom.
Deal Addict
Oct 27, 2012
2240 posts
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Toronto
Prime minus 1.21 is the best offer I've gotten, non-insured, 30 year AM. But it required some tough negotiation.
Newbie
Apr 4, 2009
29 posts
61 upvotes
My preapproval at TD quoted me 1.35 variable/ 1.64 fixed 5yrs for 30yr conventional. They were already slightly better than RBC and other quotes from a broker...So I didn't do too much negotiation further. I'm looking at 750k condo with 20% down.
Newbie
Jan 11, 2021
2 posts
1 upvote
I was offered 1.77 rate with RBC. Mortgage advisor said they would consider lower rate if I have an email stating a lower rate from other major banks. Any advice? I’m in Nova Scotia Halifax area.
Newbie
Jan 27, 2013
54 posts
28 upvotes
Montreal
Best rate i was offered by CIBC was 1.64 for 30yrs
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Feb 2, 2014
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orikie wrote: 1.25% seems really good. What kind of purchase price/ amount down would yield this optimal rate? I assume only CMHC insured?
Correct, insured purchases.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Apr 12, 2013
2003 posts
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Moon
ozzie16 wrote: Prime minus 1.21 is the best offer I've gotten, non-insured, 30 year AM. But it required some tough negotiation.
I got 1.2 @TD, its a very small mortgage though. From what I know bigger mortgages yield you better rates.
[FS] BNWT Bellfield Faux Fur Trim Parka

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Newbie
Jan 11, 2021
2 posts
1 upvote
Details please. I want to get my rate of 1.77 to 1.5.

Thanks I’m advance.

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