Real Estate

The Official Mortgage Rates Thread

Member
Mar 1, 2014
333 posts
179 upvotes
mortgageshopping wrote:
May 13th, 2016 9:13 pm
My broker has lined up TD to offer me 2.59% on a 5yr fixed. Mortgage amount is $530,000. Is this the best TD will offer? My broker has told me about Marathon which is offering 2.39% (however, don't offer bridge financing - my current mortgage is with TD).
Where's the property located, and when is the closing date?
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Apr 26, 2004
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GTA
mortgageshopping wrote:
May 14th, 2016 8:16 pm
Vancouver BC, closing on June 3rd.
You can get 2.44-2.49 with 1500 cash back from a major bank
Mortgage Specialist in the GTA
Newbie
May 13, 2016
1 posts
Geese_Howard wrote:
May 14th, 2016 8:52 pm
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.
Member
Mar 1, 2014
333 posts
179 upvotes
dealseekerguy wrote:
May 14th, 2016 10:03 pm
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.
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Sep 13, 2011
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mortgageshopping wrote:
May 14th, 2016 12:36 pm
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)
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Apr 26, 2004
2100 posts
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dealseekerguy wrote:
May 14th, 2016 10:03 pm
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
13 posts
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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
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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.
Member
Mar 1, 2014
333 posts
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ATLien69 wrote:
May 15th, 2016 10:47 am
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.
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Jul 5, 2004
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ATLien69 wrote:
May 15th, 2016 10:47 am
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.
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Feb 24, 2008
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valuemortgage wrote:
May 10th, 2016 3:43 pm
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
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darnone wrote:
May 15th, 2016 10:34 am
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)
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Jan 29, 2006
1308 posts
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ahlaker wrote:
May 10th, 2016 1:40 pm
Really? Ratespy.com shows 1.99% through Spin Mortgage brokerage?
Also 1.98 3 yr fixed with Butler
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Feb 2, 2014
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ATLien69 wrote:
May 15th, 2016 10:47 am
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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects

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