Real Estate

The Official Mortgage Rates Thread

Deal Addict
Apr 26, 2004
2122 posts
106 upvotes
GTA
splendor903 wrote: In a dilemma to go for refinancing or not. Look like upfront costs on lawyer fee, appraisals. What would be lawyer costs in case we go for refinancing? Any one having experience of savings(lower costs) on lawyer fee?
Depending on the size of your mortgage you should be able to get back cash back to cover your fees. How much is your mortgage for? Whoever is doing your mortgage should have gave you some suggestions on lawyers who can offer you a discounted rate. What are you being charged?
Mortgage Specialist in the GTA
Newbie
Mar 4, 2011
9 posts
Pickering
I haven't decided on my mortgage renewal timing yet (Still 80 days away).
As I understand refinance has lawyer costs, appraisal costs, I am trying to evaluate overall costs to go for refinancing or not. Hence, requesting lawyer cost savings information.
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
You can either use a lawyer for your refinance (at a higher cost) OR use a title company, which is the preferred choice of most lenders. First Canadian Title (FCT) and FNF Canada are popular choices. The work is absolutely 100% exactly the same (a lawyer always has to be responsible for the paperwork anyways) and it costs a bit more. Depending on the specific package your lender offers (some have a person come to yous house to sign documents, while some ask you to visit a branch to sign the docs) you legal fees could cost as little as $520.00 or as much as $810.00, for most mortgages up to $750k. This is the total cost in legal fees, including the title insurance policy and all small fees, taxes, etc. Other than that, you or may not need an appraisal (from $45.00 to $400.00) and your lender will add a discharge fee around $300.00 to the balance being transferred.
If you have a decent mortgage balance, over 250 I would say, you most likely can get a portion of those costs covered by a good broker. But keep in mind that the real reward is the savings in interest with the new lender, as they may offset all legal fees and still save you a bunch.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Mar 4, 2011
9 posts
Pickering
Thanks Andre Oliveira for detailed response. I paid for title insurance fee $350 to FCT (CIBC Mortgage) when i bought my home in July 2012. Do I need to pay again if I switch to different lender of mortgage?
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
All lenders now require a new title insurance policy. If this is a simple switch (changing lenders without increasing the mortgage amount, and if your mortgage can be transferred) the new lender covers the cost of title insurance. In a refinance, that cost would be included in the "legal fees" I mentioned above, and that is a cost you cover.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Fanatic
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Feb 2, 2014
8244 posts
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Toronto
rokim99 wrote: So scotiabank and RMG are the only banks that can do assignment ? Any brokers know other banks ?
Depends on details of the original purchase price, assignment price and down payment.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Aug 24, 2011
361 posts
75 upvotes
Toronto
Geese_Howard wrote: Yep there are some really really good cash back promos going on right now.
Could you plz elaborate on this? Is the cash back offered by the 5 big banks for first time home owners?

Thank you.
Newbie
Dec 14, 2012
96 posts
9 upvotes
Toronto
Geese_Howard wrote: Yep there are some really really good cash back promos going on right now.
I'm interested in this as well
Newbie
Dec 14, 2012
96 posts
9 upvotes
Toronto
PaulMeredith wrote: Nothing even remotely close to that unfortunately.
How should we go about obtaining this prime-0.75% 5-year variable rate from Investors Group? Are there very specific requirements to qualify?
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
Investors Group is not available through the broker channel, so the only way to obtain a mortgage with them is to contact IG directly. There was a person who worked for them in the past, who posted here some details about 1y ago or so. Not sure he/she is still around.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Feb 2, 2014
8244 posts
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Toronto
gotmoo wrote: How should we go about obtaining this prime-0.75% 5-year variable rate from Investors Group? Are there very specific requirements to qualify?
I have some contacts at IG...I will give them a shout to see if this rate is being offered.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
Apr 26, 2004
2122 posts
106 upvotes
GTA
jigar1510 wrote: Hello,

I want to for variable mortgage like 20-20 rates.
Jigar
It would be helpful if you can give us the closing date and amount you will need.

Are you putting 20% down?

Is it a primary or rental?
Mortgage Specialist in the GTA
Newbie
Apr 6, 2009
22 posts
2 upvotes
Toronto
I am about to start shopping around for mortgage, 5year fixed.
Just so I have a perspective when talking to lenders, what's a decent 5 year fixed rate these days? In Ontario?
Preferrably from a major bank.
Doesn't have to be rock bottom lowest, just so I know I am not being offered something way overpriced
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Sep 13, 2011
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Toronto
CuteCat wrote: I am about to start shopping around for mortgage, 5year fixed.
Just so I have a perspective when talking to lenders, what's a decent 5 year fixed rate these days? In Ontario?
Preferrably from a major bank.
Doesn't have to be rock bottom lowest, just so I know I am not being offered something way overpriced
Lowest 5 year fixed right now is 2.34% (available primary in the Greater Toronto and Ottawa areas, although other areas in the 'extended GTA' can be considered).

Lowest from a major bank is 2.49% available through brokers. Is there a reason why you prefer a major bank?
Paul Meredith
Mortgage Broker, Author
(lic. 10532)

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