Real Estate

The Official Mortgage Rates Thread

Newbie
Nov 8, 2012
15 posts
3 upvotes
I can help get 2.25% for 2 year fixed.

HamsterGirl35 wrote: Hi,

Scotia is offering me renewal for 2 yrs fixed at 2.79% and 3 years fixed at 2.89% as my renewal is coming up in Jan 2015.

How much would I have to pay penalty with Scotia if I decide to switch to another bank/lender at Jan 2015 period?

Thanks,
HamsterGirl35
Deal Addict
Apr 13, 2006
1026 posts
85 upvotes
Mississauga
Not sure how many this really interests but ... can do 3.49% on the 7-year fixed -- for those that fall into that market.
My views represent solely my views, and not the company in which I work for.
Deal Addict
Nov 14, 2005
1188 posts
150 upvotes
Toronto
kiz5 wrote: Not sure how many this really interests but ... can do 3.49% on the 7-year fixed -- for those that fall into that market.
In 5+ years and 300+ deals I have never once been asked about a 7 year mortgage.
_______________
Shawn Stillman, CA, CPA Mortgage Broker
Mortgage Outlet Inc. 12628 (FSCO - Ontario), X300374 (FICOM - BC), MW-1411078 (RECA - Alberta)
Deal Addict
Nov 14, 2005
1188 posts
150 upvotes
Toronto
Schlipps wrote: I'm in New Brunswick and am up for my renewal on March 1st and I currently have a TD collateral mortgage. I've been told by a couple brokers here that the best 120 rate hold they have is 2.99 5-year fixed or prime-.6 for variable and are willing to cover some of the fees to move my mortgage. They have better rates for 90-day and 45-day hold periods.

I've seen better rates on here but are they limited to Ontario and not available in Atlantic Canada?

Thanks.
Most of the low rates are posted on this site are good across Canada.

PM Sent
_______________
Shawn Stillman, CA, CPA Mortgage Broker
Mortgage Outlet Inc. 12628 (FSCO - Ontario), X300374 (FICOM - BC), MW-1411078 (RECA - Alberta)
Deal Addict
User avatar
Oct 23, 2006
4566 posts
1493 upvotes
Winnipeg
Can anyone tell me what the best fix rate for a 1 year closed mortgage is?

Credit unions seem to offer the lowest here in Winnipeg but what are the big banks at? The posted rates on their websites are terrible
Deal Addict
Apr 13, 2006
1026 posts
85 upvotes
Mississauga
callmethecat wrote: In 5+ years and 300+ deals I have never once been asked about a 7 year mortgage.
I've only ever had 1 customer ask -- and ended up doing a 5-year anyways.

Only reason I posted that -- realized CIBC is actually well below RateSpy and others for the 7-year. I guess in a similar way to how we've had a low 2-year.
My views represent solely my views, and not the company in which I work for.
Member
Dec 12, 2007
282 posts
98 upvotes
Canada
coleworld wrote: Can anyone tell me what the best fix rate for a 1 year closed mortgage is?

Credit unions seem to offer the lowest here in Winnipeg but what are the big banks at? The posted rates on their websites are terrible
You can reasonably get 2.34% with London Life for 1 year closed. Only in extreme cases, you may get even lower.
Deal Addict
User avatar
Dec 4, 2003
1010 posts
13 upvotes
So scotia wants me to provide the financial institution rates in order to match it......how am I going to provide it given that only rfd has these rates?!
Deal Addict
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Oct 23, 2006
4566 posts
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Winnipeg
AnthonyC18 wrote: You can reasonably get 2.34% with London Life for 1 year closed. Only in extreme cases, you may get even lower.
Yes but what are the Big 5's 1yr clsd rates?
Member
Dec 12, 2007
282 posts
98 upvotes
Canada
coleworld wrote: Yes but what are the Big 5's 1yr clsd rates?
The mortgage brokers here should be able to give you some of those answers.
Deal Addict
Nov 26, 2011
1985 posts
192 upvotes
Ottawa
If i applied for a mortgage is it possible that i get accepted for 5 yrs term but not 1 yr? Bank person telling me i am good for 5 yrs but not for 1 yr fixed.
Banned
User avatar
Apr 17, 2009
461 posts
86 upvotes
masoud100 wrote: If i applied for a mortgage is it possible that i get accepted for 5 yrs term but not 1 yr? Bank person telling me i am good for 5 yrs but not for 1 yr fixed.
Yes, that's quite common. The rate used to qualify fixed terms shorter than 5 years and variable terms is the Bank of Canada benchmark rate (currently at 4.79%), while the qualifying rate for fixed terms of at least 5 years is the actual contract rate (for example 2.99%). That means you need higher income to qualify for the 1-yr fixed than the 5-yr.
Deal Addict
Nov 26, 2011
1985 posts
192 upvotes
Ottawa
geotuna wrote: Yes, that's quite common. The rate used to qualify fixed terms shorter than 5 years and variable terms is the Bank of Canada benchmark rate (currently at 4.79%), while the qualifying rate for fixed terms of at least 5 years is the actual contract rate (for example 2.99%). That means you need higher income to qualify for the 1-yr fixed than the 5-yr.
If there is over 20% downpayment and a gross aalary of $70,000 does that not qualify for 1 yr mortgages. I feel them saying you are accepted only for 5 yrs is bwcause they will get more profit.
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Apr 17, 2009
461 posts
86 upvotes
masoud100 wrote: If there is over 20% downpayment and a gross aalary of $70,000 does that not qualify for 1 yr mortgages. I feel them saying you are accepted only for 5 yrs is bwcause they will get more profit.
You got a point. Which bank did you go to?
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User avatar
Sep 13, 2011
5279 posts
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Toronto
masoud100 wrote: If there is over 20% downpayment and a gross aalary of $70,000 does that not qualify for 1 yr mortgages. I feel them saying you are accepted only for 5 yrs is bwcause they will get more profit.
There is a lot more to it than just salary and income. You have to look at the mortgage amount, property tax and other debt as well. You could make $150,000 and have 30% down payment even and may still only qualify for a 5 year fixed as opposed to a 1 year fixed. As already explained, this is quite common.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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