Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
User avatar
Feb 2, 2014
7357 posts
1861 upvotes
Toronto
hallieliu wrote: I was told that if i loan from B banks, i have to pay 1% fee upfront. Can anyone confirm?

Thanks
It's NOT upfront (as in at time of approval). It is comes off the proceeds at closing.

Each B lender has different products. Some B lenders have a lender fee of only $500.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
User avatar
Feb 2, 2014
7357 posts
1861 upvotes
Toronto
RobinHou wrote: As an existing TD customer, I renewed my mortgage with them yesterday - 2.29% 3 years fixed.
I know it's not the best but i'm lazy to shop around and I think it's an ok offer.
Contact a broker and let them do the leg work for (and get you a better rate).

If you have any questions, Paul, Andre and myself are all experienced brokers who can answer them for you.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Addict
Jan 29, 2006
1415 posts
351 upvotes
Toronto
RobinHou wrote: As an existing TD customer, I renewed my mortgage with them yesterday - 2.29% 3 years fixed.
I know it's not the best but i'm lazy to shop around and I think it's an ok offer.
For a fixed rate that's not bad but there are some lenders out there who are offering a bit better. There are other non bank lenders giving 2.24% or even better for a 3 yr fixed rate.
Penalty Box
User avatar
Apr 21, 2004
51716 posts
16223 upvotes
Hi friendly mortgage brokers,

For rental properties, if one puts down 35% d/p, will one still have to pass the income test? This fellow currently has a significant mortgage amount left on his principal residence.

Thank you.
Sr. Member
Feb 7, 2008
985 posts
262 upvotes
Mississauga, ON
Hi everyone, looking into a pre-approval. I haven't been following mortgage rates for the past few years, but BMO told me there is a special for 2yr 2.09% fixed. Which of the big banks are offering the best 4yr and 5yr rates?
Newbie
Jan 8, 2016
69 posts
2 upvotes
Mississauga
l2iceboy wrote: Hi everyone, looking into a pre-approval. I haven't been following mortgage rates for the past few years, but BMO told me there is a special for 2yr 2.09% fixed. Which of the big banks are offering the best 4yr and 5yr rates?
You can get 2.04 % from BMO.When I contacted them for my mortgage, thats what the adviser had offered.But it didnt materialize as my debt ratio is high and i was offered 5 year fixed for 2.39%
Deal Addict
Apr 26, 2004
2114 posts
101 upvotes
GTA
B2redflag wrote: You can get 2.04 % from BMO.When I contacted them for my mortgage, thats what the adviser had offered.But it didnt materialize as my debt ratio is high and i was offered 5 year fixed for 2.39%
Bmo offered you 2.39 on a 5 year fixed?
Mortgage Specialist in the GTA
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
5y fixed is available at 2.34%, with standard terms and conditions and great pre payment flexibility, by the way.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Fanatic
User avatar
Feb 2, 2014
7357 posts
1861 upvotes
Toronto
alanbrenton wrote: Hi friendly mortgage brokers,

For rental properties, if one puts down 35% d/p, will one still have to pass the income test? This fellow currently has a significant mortgage amount left on his principal residence.

Thank you.
Yes, especially for rental properties. If you're going to take on the risk of buying rental properties (ie vacancies), lenders want to ensure you can make the payments.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
Nov 24, 2013
5869 posts
2528 upvotes
Kingston, ON
awais wrote: For a fixed rate that's not bad but there are some lenders out there who are offering a bit better. There are other non bank lenders giving 2.24% or even better for a 3 yr fixed rate.
So not worth the legal to go to another lender, is what you're saying? 5bps/yr on a 3yr... even on a $1m mortgage that would be what, <$500 difference?
Newbie
Mar 4, 2011
9 posts
Pickering
Thanks Paul for detailed reply on A lender and B lender. Big Banks representatives dissuade prospective mortgage applicants (with scaring bad intentions) that only 5 big banks are A lenders and all others are B lenders and their version of B lenders mean.. foreclosure of properties for any any missed payment, change in credit history and what not (blahh..blahh)

It is sad many people don't see the reality and get into trap of B lender micro lens and view the stories of big banks. Hard to convince them to wean away from influence of big banks (though final numbers show much savings with other than big 5 banks)

I would have saved at least $5K in last 4 years had I been away from big bank for my current mortgage. At least, now I know what to do upon renewal!!
Penalty Box
User avatar
Apr 21, 2004
51716 posts
16223 upvotes
alanbrenton wrote: Hi friendly mortgage brokers,

For rental properties, if one puts down 35% d/p, will one still have to pass the income test? This fellow currently has a significant mortgage amount left on his principal residence.

Thank you.
Will it be different say we buy a property and put in under an 18-year old's name? Can we be co-borrowers but have the title entirely under our child's name? Thanks again.
Member
Mar 1, 2014
380 posts
209 upvotes
alanbrenton wrote: Hi friendly mortgage brokers,

For rental properties, if one puts down 35% d/p, will one still have to pass the income test? This fellow currently has a significant mortgage amount left on his principal residence.

Thank you.
Having a large balance on principal home doesn't mean he will have trouble getting a mortgage on a rental.
Member
Mar 1, 2014
380 posts
209 upvotes
alanbrenton wrote: Will it be different say we buy a property and put in under an 18-year old's name? Can we be co-borrowers but have the title entirely under our child's name? Thanks again.
Co-signers must be on title of the property.

Top