Real Estate

The Official Mortgage Rates Thread

Sr. Member
Nov 1, 2004
766 posts
26 upvotes
Just got a deal closed with laptop-tech. Amazing broker, very flexible - giving us the an amazing rate that fits our situation.

Totally recommended!
Deal Addict
User avatar
Mar 13, 2003
2961 posts
470 upvotes
Alberta
testinz wrote: Just got a deal closed with laptop-tech. Amazing broker, very flexible - giving us the an amazing rate that fits our situation.

Totally recommended!
Yup, same here, just closed on Friday. Andre is on the ball 24/7
Deal Addict
User avatar
Jan 10, 2004
3870 posts
1235 upvotes
Edmonton
I guess it's just bad luck, but it seems every 5 years when we go to re-finance our mortgage, we hit the exact time the rates fluctuate for whatever financial bubble we're in. We're still a month or so outside our 90 day lock in period so I guess we just hope for the best...

Overall though, we've done variable prime minus since our start of our mortgage and I think we've saved quick a bit of interest that way.
Deal Fanatic
User avatar
Feb 2, 2014
7753 posts
2147 upvotes
Toronto
Ugh, Butler mortgages. As Laptop said, it should be IA's No Frills product, which is 5%/5%.
Canadajin wrote: Great information here, thanks everyone. I have received four quotes: True North - 5yr fixed - 2.54 - 20/20, Butler - 5yr fixed - 2.44 with 15/15, BMO - 5yr fixed - 2.69 with 20/20, and PC Financial - 4yr fixed - 2.69 with 20/20 (although they are trying to get their pricing dept. to offer a 5 yr). We have a pretty large mortgage currently with BMO (over .5Mil) but house (primary residence) has appraised at over double and we've payed off $400,000. I would think lenders would be bending over backwards to get us as customers: large mortgage, excellent credit rating and no debts other than house. So far, the only one willing to go below posted preferred rate has been Butler. We renew May 1, 2015. My question is should we wait and see if rates drop further in the next month or so, or should we be seriously considering one of the above mentioned products. Thanks!
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Sep 18, 2009
58 posts
14 upvotes
I have to renew my mortgage with Scotia they offered 5yr 2.84. What are the big banks offering? Could I get Scotia down a bit more?
Thanks
Jr. Member
Mar 4, 2013
134 posts
26 upvotes
Kingston
Some brokers have as low as 2.69% 5 Year Fixed with Scotiabank. Some of the better rates are 2.54 on a 5 Year Fixed, non-major bank lender.
PH1515 wrote: I have to renew my mortgage with Scotia they offered 5yr 2.84. What are the big banks offering? Could I get Scotia down a bit more?
Thanks
Brandon Lowi - Mortgage Agent - The Mortgage Professionals - Lic.#10280
Banned
User avatar
Apr 17, 2009
461 posts
86 upvotes
PH1515 wrote: I have to renew my mortgage with Scotia they offered 5yr 2.84. What are the big banks offering? Could I get Scotia down a bit more?
Thanks
Yes, you may get Scotia to lower a little bit, but why not switch to a different and get much lower?
Deal Fanatic
Dec 11, 2008
6274 posts
2160 upvotes
Montreal
How long does it usually take for a mortgage to be approved from scratch?
Selling my home, and waiting for the buyer to get an answer from his lender (he did not get pre-approved first). We put a 10 days delay in the purchase offer, and it's already been 6 days, so kinda getting impatient.
Newbie
Sep 18, 2009
58 posts
14 upvotes
geotuna wrote: Yes, you may get Scotia to lower a little bit, but why not switch to a different and get much lower?
I've got a step product to move mortgages I would have to pay out my other mortgage that has 3 yrs left.
Deal Guru
Feb 29, 2008
10807 posts
6022 upvotes
PH1515 wrote: I have to renew my mortgage with Scotia they offered 5yr 2.84. What are the big banks offering? Could I get Scotia down a bit more?
Thanks
Pretty crappy. Rbc, td offering better. Scotia can go lower on that rate too. Much lower. Had a bank manager there tell me 2.69. This was about a week ago.
Jr. Member
Mar 4, 2013
134 posts
26 upvotes
Kingston
It depends on the deal but, an approval can take 24-48 hours. However, if they are having troubles being approved it can take a lot longer. If someone spends 6 Days at Bank A and ends up getting declined, they may go to Bank B, which will take another couple of days etc...
Madevilz wrote: How long does it usually take for a mortgage to be approved from scratch?
Selling my home, and waiting for the buyer to get an answer from his lender (he did not get pre-approved first). We put a 10 days delay in the purchase offer, and it's already been 6 days, so kinda getting impatient.
Brandon Lowi - Mortgage Agent - The Mortgage Professionals - Lic.#10280
Deal Addict
User avatar
Aug 22, 2014
1126 posts
687 upvotes
Toronto, ON
Hi Brokers,

Mortgage is up for renewal in early May, $139k remaining. I'm currently with Tangerine. Looking at 5 year variable rates.

Please PM me. Thanks!
Banned
User avatar
Apr 17, 2009
461 posts
86 upvotes
PH1515 wrote: I've got a step product to move mortgages I would have to pay out my other mortgage that has 3 yrs left.
In that case you really have no leverage. Why would Scotia budge knowing that you have nowhere else to go? It doesn't hurt to try, so good luck.

You may also considering renewing into a 3-yr term and match the maturity with your other mortgage, so you get yourself some more flexibility for the next renewal.
Sr. Member
User avatar
Aug 3, 2006
739 posts
128 upvotes
Toronto
I need to change an existing joint mortgage with RBC to single person and will be required to re-do an application. Is it possible that a broker can help me get better rate for the new application? What are the costs of doing this that I should be aware of?
Deal Guru
Feb 29, 2008
10807 posts
6022 upvotes
Madevilz wrote: How long does it usually take for a mortgage to be approved from scratch?
Selling my home, and waiting for the buyer to get an answer from his lender (he did not get pre-approved first). We put a 10 days delay in the purchase offer, and it's already been 6 days, so kinda getting impatient.
As quick as 24 hours.

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