Real Estate

The Official Mortgage Rates Thread

Deal Addict
Nov 14, 2005
1188 posts
149 upvotes
Toronto
RodOne wrote: Can you name which (or a few of them) lenders allow a collateral mortgage transfer to them, and will assume the legal (notary) fees? Thx
laptop-tech wrote: No problems.

Td Bank
Merix
And ICICI
_______________
Shawn Stillman, CA, CPA Mortgage Broker
Mortgage Outlet Inc. 12628 (FSCO - Ontario), X300374 (FICOM - BC), MW-1411078 (RECA - Alberta)
Newbie
Dec 29, 2010
26 posts
laptop-tech wrote: No problems.

Td Bank
Merix
So, TD changed its policy recently?

“Schedule A”Broker Information Kit“Schedule A”Broker Information KitTD Canada Trust
Last Updated:October 31, 2012


The following mortgage are not eligible for transfer:
• Private mortgages
Collateral mortgages (e.g. Manulife One accounts and Scotia Total Equity Plan accounts are secured by collateral
mortgages and cannot be transferred)

• Mortgages where there is no blended monthly Principal and Interest Payment
• Mortgages with a non-assignable or non-transferable clause in the mortgage document or standard charge terms


http://webcache.googleusercontent.com/s ... clnk&gl=ca
http://www.canadianmortgagetrends.com/c ... gages.html
Banned
User avatar
Jul 16, 2003
10398 posts
1464 upvotes
Toronto
It is not that they "changed" their policies. Collateral charges cannot be "reassigned" (re using the existing charge) so TD is using FCT to discharge the collateral charge and register a new one with them. The service costs $495.00, and TD is currently offering a refund of up to $500.00, provided the client applies for a minimum 3y term.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Newbie
Dec 29, 2010
26 posts
Oh ok. Curious if they offer the same rates (to transfer) to clients with collateral mortgage and clients with standard mortgage. I don't think so. Thx
Banned
User avatar
Jul 16, 2003
10398 posts
1464 upvotes
Toronto
Rates are 100% the same.
Keep in mind that this is not anything exceptional at all. Clients normally get "free switches" which in reality cost the lenders around $300.00 or so. What TD (for example) is doing is just increasing that "allowance" to $500.00.

A little while ago NBC was offering some really low rates.. and since they had a bit of margin in some cases, they even gave a cashback (not to be rolled into the mortgage) to cover the legal fees. This is something some lenders do to "buy" new clients.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Deal Addict
Sep 5, 2009
3019 posts
1144 upvotes
I have run into the same problem with insurance that a previous poster wrote about. Refinancing with Merix and my home insurance is with TD for a rental property. TD won't put guaranteed replacement on the coverage so Merix won't close. Any recommendations for home insurance providers who offer guaranteed replacement on rental properties?
Newbie
Sep 14, 2008
75 posts
5 upvotes
Toronto
laptop-tech wrote: First we need to define what "best rate" is. Different lenders offer different rates for different situations, even for the same products. It is difficult for someone to quote a best rate, if only half of those interest actually qualify for it. For instance, a 5y fixed can be had at:

2.59% - owner occupied only - closing in 30 days - reduced pre payment privileges
2.69% - rental or owner occupied but only new construction - closing in 30 days
2.79% - rental or owner occupied - closing in 30 days
2.89% - same as above but can be locked for 120 days

Self employed? Some lenders add a premium? Stated income? Some lenders add a premium. Want good prepayment privileges? Not looking at any prepayment privileges?

Some of those rates are only available in some provinces, not all provinces.
Do the rates above assume CMHC insured? My broker is telling me the best rates are only for CMHC insured mortgages and non insured are 10 bps higher.
Banned
User avatar
Jul 16, 2003
10398 posts
1464 upvotes
Toronto
Some lenders offer lower rates for insured deals... but the ones I quoted are available for conventional or insured, same rate.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Newbie
May 2, 2013
1 posts
Hi I am looking to purchase my first home and I'm relatively new to this. I live in the Toronto area and would like a 5 year fixed mortgage for the best rate available. Prepayment would be nice, but not at the cost of significantly increasing my rate. I'm looking to buy a house and spend about $600,000. thanks
Member
Jun 7, 2010
246 posts
52 upvotes
[Someone mentioned I should post this in here since this is mortgage associated question..hopefully laptopexpert or other experts can help me out?!?]

I am located in Ottawa and planning to get HELOC from ING (@ P+.65%). Since this is my first go around I am trying to find out following:

1) How is the appraisal value calculated? For example, do they use the sell price of recent sales from my neighbourhood and average it out?
2) How do appraisal companies deal with issues where the most sell prices are for say 3 garage 2400sq foot homes but mine just happens to be a time 3 bedroom 1 garage home?
3)What are the "closing" costs usually being paid by RFDer's for HELOC's?

Any other gotchas with ING HELOC?

Thank!
Newbie
Dec 29, 2010
26 posts
laptop-tech wrote: First we need to define what "best rate" is. Different lenders offer different rates for different situations, even for the same products. It is difficult for someone to quote a best rate, if only half of those interest actually qualify for it. For instance, a 5y fixed can be had at:

2.59% - owner occupied only - closing in 30 days - reduced pre payment privileges
2.69% - rental or owner occupied but only new construction - closing in 30 days
2.79% - rental or owner occupied - closing in 30 days
2.89% - same as above but can be locked for 120 days

Self employed? Some lenders add a premium? Stated income? Some lenders add a premium. Want good prepayment privileges? Not looking at any prepayment privileges?

Some of those rates are only available in some provinces, not all provinces.
Any idea what would be the best rates for QC? 2,3 and 5 years fixed.
Thanks.
Banned
User avatar
Jul 16, 2003
10398 posts
1464 upvotes
Toronto
RodOne - Sorry - cant work in QC.

Deadsea:

1 - Appraisals can be done through GIV (online valuation using one of a few databases) or an actual appraisal with someone visiting the property. They look at lot size, average sales in the area, and make adjustments
2 - They can assign a value to the 3 car garage and adjust yours accordingly. Same with a pool, finished bsmt, etc
3 - That varies a lot. You may be required to pay the appraisal or not. There will be legal fees, or the lender may offer "in house" services. Do you currently have a mortgage on the property?

The real questions is : why are you going to ING at p+.65 when almost every other lender out there offer P+.50 and can offer a better product?
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Newbie
Apr 18, 2013
8 posts
1 upvote
5yr fixed

SCOTIA 2.74
ING 2.74
NBC 2.69

chose ING for prepayment options and fair penalties calculation
Newbie
May 3, 2013
22 posts
Ontario
I Just bought a home. Closing in Mid July.
Looking for a 500k conventional mortgage in Vaughan ON.
I was offered 2.79 with ScotiaBank.
I am looking for better rate. Preferably not with a big bank.
Thanks
--s
Newbie
Apr 26, 2013
47 posts
2 upvotes
Could you please explain this 15% Plus/ 15% Plus Double Up.
What dose "Double Up" mean.
is doubling the payment once a year or once per term or once per month

Thanks for help

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