Real Estate

The Official Mortgage Rates Thread

Newbie
May 13, 2016
1 posts
Geese_Howard wrote: You can get 2.44-2.49 with 1500 cash back from a major bank
I have heard that there can be drawbacks to cashbacks such as if you break the your mortgage midterm you have to pay some of the cashback back as a penalty.
Sr. Member
Mar 1, 2014
534 posts
645 upvotes
dealseekerguy wrote: I have heard that there can be drawbacks to cashbacks such as if you break the your mortgage midterm you have to pay some of the cashback back as a penalty.
Of course, banks are not in the business to give away free money.
Deal Fanatic
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Sep 13, 2011
5279 posts
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Toronto
mortgageshopping wrote: I'm a bit confused. I'm under the impression that due to needing bridge financing I have to go with TD or another big bank. Will Scotiabank and/or the non-bank lenders provide the bridge?
Thanks!
Yes, Scotiabank provides bridge financing, as do most non-bank lenders. The only lender i'm aware of that doesn't offer bridge financing is Industrial Alliance. Pretty much every other lender, bank or non-bank, offers it.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
Apr 26, 2004
2115 posts
101 upvotes
GTA
dealseekerguy wrote: I have heard that there can be drawbacks to cashbacks such as if you break the your mortgage midterm you have to pay some of the cashback back as a penalty.
That is true if you break your mortgage you will have to pay back the cash back. However the promo I'm referring to, you WILL NOT have to pay the cash back as long as you don't break your mortgage within 90 days and you will get this in writing. Many posters on here have taken advantage of this offer and have been very happy with it.
Mortgage Specialist in the GTA
Newbie
Jan 8, 2012
17 posts
19 upvotes
Burlington
Just wanted to say thanks to Paul Meredith for helping me renew my mortgage with a new lender.

I got in contact with Paul after following this thread for a couple of weeks.
Paul was very patient and helpful in promptly answering all of my questions (i had a lot of questions).
This was my first time dealing with a mortgage broker, and i would definitely recommend it.
Deal Addict
Jul 22, 2002
2488 posts
329 upvotes
Durham Region
Got my renewal papers in the mail from my lender (currently at 2.39% on a 3 year fixed), and they are now offering me a 3 year fixed term at 2.20% or a 5 year fixed term at 2.64%.

Are there better rates out there so I can negotiate, or are these pretty good renewal rates? Also better to lock up the 5 year rate? We've been doing the 3 year terms and been getting lucky with the rates on renewal, which makes me thankful I didn't lock in for 5 years at a higher rate. Thank you.
Sr. Member
Mar 1, 2014
534 posts
645 upvotes
ATLien69 wrote: Got my renewal papers in the mail from my lender (currently at 2.39% on a 3 year fixed), and they are now offering me a 3 year fixed term at 2.20% or a 5 year fixed term at 2.64%.

Are there better rates out there so I can negotiate, or are these pretty good renewal rates? Also better to lock up the 5 year rate? We've been doing the 3 year terms and been getting lucky with the rates on renewal, which makes me thankful I didn't lock in for 5 years at a higher rate. Thank you.
The 3-yr 2.20% is good, 5-yr 2.64% certainly not so good.
Moderator
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Jul 5, 2004
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ATLien69 wrote: Got my renewal papers in the mail from my lender (currently at 2.39% on a 3 year fixed), and they are now offering me a 3 year fixed term at 2.20% or a 5 year fixed term at 2.64%.

Are there better rates out there so I can negotiate, or are these pretty good renewal rates? Also better to lock up the 5 year rate? We've been doing the 3 year terms and been getting lucky with the rates on renewal, which makes me thankful I didn't lock in for 5 years at a higher rate. Thank you.
There's definitely better 5 year rates out there.
Deal Guru
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Feb 24, 2008
14584 posts
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Gatineau
valuemortgage wrote: 2.34% is no longer available. But a 2.39% is.
I just wanted to thank valuemortgage for helping me with my renewal to another lender. I originally contacted him about 2 months ago about my end of April Maturity Date.

Very knowledgeable guy and got back to me very promptly about all the questions I had. This was my first time dealing with a Mortgage broker, and would highly recommend him and will likely contact him again on my next renewal.

djino
"Thanks for all your help!"
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Sep 13, 2011
5279 posts
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Toronto
darnone wrote: Just wanted to say thanks to Paul Meredith for helping me renew my mortgage with a new lender.

I got in contact with Paul after following this thread for a couple of weeks.
Paul was very patient and helpful in promptly answering all of my questions (i had a lot of questions).
This was my first time dealing with a mortgage broker, and i would definitely recommend it.
Thanks for the kind words. I appreciate the post! :-)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
Jan 29, 2006
1454 posts
391 upvotes
Toronto
ahlaker wrote: Really? Ratespy.com shows 1.99% through Spin Mortgage brokerage?
Also 1.98 3 yr fixed with Butler
Deal Fanatic
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Feb 2, 2014
7774 posts
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Toronto
ATLien69 wrote: Got my renewal papers in the mail from my lender (currently at 2.39% on a 3 year fixed), and they are now offering me a 3 year fixed term at 2.20% or a 5 year fixed term at 2.64%.

Are there better rates out there so I can negotiate, or are these pretty good renewal rates? Also better to lock up the 5 year rate? We've been doing the 3 year terms and been getting lucky with the rates on renewal, which makes me thankful I didn't lock in for 5 years at a higher rate. Thank you.
If you want a 3-year term, take the 2.20%. If you want a 5-year term, switch lender....there are MUCH better 5-year rates out there.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Apr 2, 2009
851 posts
231 upvotes
My mortgage on one of my rental properties is coming up for renewal in July. what is the best rate out there right now for a 5 year variable? There is about 188k owing on a property worth about 350k. I am not against a fixed rate mortgage if the difference is negligible as I don't see interest rates dropping much more than they are now. I am also open to a 3 year instead of a 5 year.

Thanks
Deal Addict
Apr 12, 2007
2017 posts
988 upvotes
Ottawa
awais wrote: Also 1.98 3 yr fixed with Butler
Intellimortgage currently has a 3 year fixed @ 1.95%. Only good until the end of the day...
But seems to be only for those with CMHC insurance...all these conditions are quite frustrating...
Why should I pay a higher interest rate because I have ~50% equity with no CMHC insurance...seems counterintuitive.

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