Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Same rates are available for any amortization.. if you have less than 20% down payment, then your amortization is limited to 25y (any lender or bank). 20% down payment or more, pretty much any lender will offer 30y (and 2 lenders will do 35y, but at different rates. 2.05% variable is available for 25y or 30y as per above.

silvermist99 wrote: are the rates the same with 30 or 25 years mortgages? ie. 2.05% variable 5 years ?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Mar 15, 2012
29 posts
8 upvotes
Oshawa, ON
Hey everyone, first time home-buyer here, forgive my ignorance on the subject!
So my spouse and I just bought our first home. It is a new development which won't be complete until most likely Dec 2017/April 2018. We got our initial pre-approval with RBC for our mortgage with a 2.64% 5yr fixed term rate. I take it that is not a good rate but our mortgage specialist said it doesn't matter because our closing date is not within 120 days that it will most likely change anyways.
My question is, once I have signed for the house later this week with the lawyer and provide the builder with my mortgage information, am I locked in with RBC or can I change lenders once I am close to closing on my home? All my relatives are getting 2.3-2.49% which is much better.

Also I spoke with another TD rep who told me they have a new builders mortgage program that gives you a ridiculous 3.6% interest rate but after 120 days it goes down to the lowest rate available and so on. I don't understand how that works at all and I have never even heard of it.

Any advice would be appreciated!
Deal Addict
Feb 18, 2003
1542 posts
51 upvotes
Scarborough
Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
Deal Fanatic
User avatar
Sep 13, 2011
5168 posts
2056 upvotes
Toronto
vr6man25 wrote: Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
Extremely high and almost offensive they would quote you that. Often banks will try to get people locked in for an early renewal as it doesn't give them a chance to shop. If you compare that with today's lowest 5 year fixed at 2.19% or variable at prime -0.65% (2.05%), you can see just how high they are. Just wait a few more months and have access to a lot more options. Stay tuned here for all the latest updates.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
Feb 18, 2003
1542 posts
51 upvotes
Scarborough
[quote=PaulMeredith post_id=26852735 time=1475113136 user_id=463531]
[quote=vr6man25 post_id=26852690 time=1475112414 user_id=3501]
Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
[/quote]
Extremely high and almost offensive they would quote you that. Often banks will try to get people locked in for an early renewal as it doesn't give them a chance to shop. If you compare that with today's lowest 5 year fixed at 2.19% or variable at prime -0.65% (2.05%), you can see just how high they are. Just wait a few more months and have access to a lot more options. Stay tuned here for all the latest updates.
[/quote]
Forgot to add , this is a collateral mortgage
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
What is the balance? Do you have a Heloc product with RBC as well (the Homeline)?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Sr. Member
User avatar
Mar 9, 2012
685 posts
275 upvotes
vr6man25 wrote: Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
These are fair renewal rates from the big 5. It depends what their existing rate is at the moment and the mortgage balance. Be careful with these non-bank lenders who bash the big 5 without probing to get all the details, they are sharks.
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
vr6man25 wrote: Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
Just to back up Paul, these rates are very high. Especially the 2.54% 5-year with only 10/10 prepayments. Forget the early renewal.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
The rate you lock today for such a long period of time (1y, 2y, etc) is not a discounted rate... it is meant only to guarantee "anything". You are not locked with them, so once you are about 90-120 days from the actual closing date then you can start shopping around. Your relatives are getting discounted rates as they are probably closing a mortgage very soon. You can get a 2.15% on a 5y fixed today, but the rate is valid for 90 days.
ecastell wrote: Hey everyone, first time home-buyer here, forgive my ignorance on the subject!
So my spouse and I just bought our first home. It is a new development which won't be complete until most likely Dec 2017/April 2018. We got our initial pre-approval with RBC for our mortgage with a 2.64% 5yr fixed term rate. I take it that is not a good rate but our mortgage specialist said it doesn't matter because our closing date is not within 120 days that it will most likely change anyways.
My question is, once I have signed for the house later this week with the lawyer and provide the builder with my mortgage information, am I locked in with RBC or can I change lenders once I am close to closing on my home? All my relatives are getting 2.3-2.49% which is much better.

Also I spoke with another TD rep who told me they have a new builders mortgage program that gives you a ridiculous 3.6% interest rate but after 120 days it goes down to the lowest rate available and so on. I don't understand how that works at all and I have never even heard of it.

Any advice would be appreciated!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Member
Jan 13, 2012
246 posts
35 upvotes
skunkyjosh wrote:
vr6man25 wrote: Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
These are fair renewal rates from the big 5. It depends what their existing rate is at the moment and the mortgage balance. Be careful with these non-bank lenders who bash the big 5 without probing to get all the details, they are sharks.
Can everyone sort this out for me? Sounds like we have some very different opinions here, and I'm starting to see a big disagreement with a few posters here.

So, you are saying those are fair rates for a big bank lender? But the rates aren't even close to what other lenders can offer. Why would someone take the higher rates....I don't get what you're trying to say?

Why are they sharks in here? If they are providing options with lower rates, how is that a bad thing for all of us?

I am not affiliated with banks or brokers in any way,I just follow this thread regularly, and plan to until I renew next year....I want the best for myself, like everyone else here.
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
vesh1717 wrote:
skunkyjosh wrote:
vr6man25 wrote: Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
These are fair renewal rates from the big 5. It depends what their existing rate is at the moment and the mortgage balance. Be careful with these non-bank lenders who bash the big 5 without probing to get all the details, they are sharks.
Can everyone sort this out for me? Sounds like we have some very different opinions here, and I'm starting to see a big disagreement with a few posters here.

So, you are saying those are fair rates for a big bank lender? But the rates aren't even close to what other lenders can offer. Why would someone take the higher rates....I don't get what you're trying to say?

Why are they sharks in here? If they are providing options with lower rates, how is that a bad thing for all of us?

I am not affiliated with banks or brokers in any way,I just follow this thread regularly, and plan to until I renew next year....I want the best for myself, like everyone else here.
You can go as low as 2.14% 5-year fixed and 2.00% 5-year variable. The rates aren't good.

Just wait a few months and shop around.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Aug 8, 2012
10198 posts
3979 upvotes
BC
skunkyjosh wrote:
vr6man25 wrote: Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
These are fair renewal rates from the big 5. It depends what their existing rate is at the moment and the mortgage balance. Be careful with these non-bank lenders who bash the big 5 without probing to get all the details, they are sharks.
LOL. Seriously, who do you work for?

Non-bank lenders are sharks?

Sharks that lend you money for less, yes ... okay, that sounds "shark-like"
POLL: How frequent is your RRSP-matching?
Plastiq: Pay any bill with credit card for 0-2.5% fee (help meet min spending and keep old cards active!)
Rewards program transfer times (e.g. SPG->Aeroplan, Marriott->SPG, Amex MR->SPG...)
Newbie
Feb 10, 2015
76 posts
141 upvotes
London, ON
CdnRealEstateGuy wrote:
vesh1717 wrote:
skunkyjosh wrote:

These are fair renewal rates from the big 5. It depends what their existing rate is at the moment and the mortgage balance. Be careful with these non-bank lenders who bash the big 5 without probing to get all the details, they are sharks.
Can everyone sort this out for me? Sounds like we have some very different opinions here, and I'm starting to see a big disagreement with a few posters here.

So, you are saying those are fair rates for a big bank lender? But the rates aren't even close to what other lenders can offer. Why would someone take the higher rates....I don't get what you're trying to say?

Why are they sharks in here? If they are providing options with lower rates, how is that a bad thing for all of us?

I am not affiliated with banks or brokers in any way,I just follow this thread regularly, and plan to until I renew next year....I want the best for myself, like everyone else here.
You can go as low as 2.14% 5-year fixed and 2.00% 5-year variable. The rates aren't good.

Just wait a few months and shop around.
Who offers the 2.14% 5 year fixed?
Deal Addict
User avatar
Sep 23, 2014
1722 posts
463 upvotes
Toronto, ON
skunkyjosh wrote:
vr6man25 wrote: Rbc called and offered my parents today
6 months early renewal
3 years fixed 2.24
5 years fixed 2.54. 10/10 doubleup payments
5 years vari. P- .45
Any thoughts guys?
These are fair renewal rates from the big 5. It depends what their existing rate is at the moment and the mortgage balance. Be careful with these non-bank lenders who bash the big 5 without probing to get all the details, they are sharks.
I defend a good company and product when they offer something truly exceptional and in this case it is the non-banking lender. The big 5 are the sharks not the other way round and their rates are nothing more than a rip.
Dual XEON E5-2696V4 | ASUS STRIX GeForce GTX 1080Ti OC | 3X NEC PA301W | 64GB DDR4 ECC |1 TB Samsung 960 Pro
FreeNAS & Plex Server XEON E3 1265L V3 | Supermicro X10SAE | 16GB DDR3 ECC | 6 X 3TB HGST 7K4000 RAIDZ2 | 3 X 3TB HGST 7K4000 RAIDZ1
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
Duder71 wrote:
CdnRealEstateGuy wrote:
vesh1717 wrote:

Can everyone sort this out for me? Sounds like we have some very different opinions here, and I'm starting to see a big disagreement with a few posters here.

So, you are saying those are fair rates for a big bank lender? But the rates aren't even close to what other lenders can offer. Why would someone take the higher rates....I don't get what you're trying to say?

Why are they sharks in here? If they are providing options with lower rates, how is that a bad thing for all of us?

I am not affiliated with banks or brokers in any way,I just follow this thread regularly, and plan to until I renew next year....I want the best for myself, like everyone else here.
You can go as low as 2.14% 5-year fixed and 2.00% 5-year variable. The rates aren't good.

Just wait a few months and shop around.
Who offers the 2.14% 5 year fixed?
I just want to clarify that 2.14% 5-year fixed and 2.00% 5-year variable are for insured mortgages only. So if you have an existing CMHC (or Genworth, Canada Guaranty) policy, you can get these rates.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

Top

Thread Information

There are currently 17 users viewing this thread. (14 members and 3 guests)

sassaturs, Hondadna, ashven288, Thriftypete, Tipsy12, disque, stunner416, __wizard__, ziii, futureEE, highway11, Gold Monkey, Portlander, fearex