Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Sep 13, 2011
5310 posts
2285 upvotes
Toronto
kate27 wrote: Hello everyone! I have a question regarding mortgage rate.

I am looking at the 5-year fixed and closed mortgage for $115k. This would be a new mortgage for a recent home purchase, looking to close in March. I have a pre-approval from CIBC at 2.49%. I have phoned around the Big 6 banks, as well as the credit unions (Alterna and Meridian), and the online banks (Tangerine and PC Financial). They all told me that they cannot beat that rate, although there were a couple who offered to match it.

I would like to ask is this the best rate that I can find for the 5-year fixed and closed mortgage at this time? I have been looking at the previous threads and the rate seem comparable to what people have been getting, although slightly higher compared to the beginning of the month. Any help and/or advice is greatly appreciated! Thank you.
With new regulations, it's always a good idea to post the purchase price as well. If the purchase price is higher than $1 million, than a completely different set of rates will apply than if the home were valued at under $1 million. This is regardless of how much your down payment is. It's pretty ridiculous.
If under $1 million purchase price, there are 5 year fixed rates available as low as 2.39%. Rates have increased quite a bit in the past month.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Dec 21, 2016
2 posts
Hi Paul, thanks for your reply. The home is less than $1 million. I forgot to mention that the CIBC promo also include a $500 cash back bonus and the house appraisal fee is waived. I haven't been able to find a bank/credit union who is willing to go lower than the 2.49%.
Deal Addict
Feb 21, 2004
1418 posts
194 upvotes
Montreal
Are there any banks accessible to brokers that will finance 6-unit buildings?
Newbie
Apr 8, 2004
1 posts
Toronto
My mortgage is up for renewal in June 2017. What is a good rate for 4 year fixed rate and 5 year fixed from big banks?
Thanks
Jr. Member
Nov 27, 2004
105 posts
7 upvotes
My mortgage is up for renewal not until another few months. My question is if the mother is on maternity leave at the time of applying for mortgage renewal, will the income to be considered be the EI benefit income or will it be what the mother was earning before she left for Maternity leave? If it is the former, does it mean that we can borrow less? Thank you.
Sr. Member
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Mar 9, 2012
697 posts
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Toni wrote: My mortgage is up for renewal not until another few months. My question is if the mother is on maternity leave at the time of applying for mortgage renewal, will the income to be considered be the EI benefit income or will it be what the mother was earning before she left for Maternity leave? If it is the former, does it mean that we can borrow less? Thank you.
Most lenders will ask a letter of employer with a return date within a year to consider her income in the application process. (That's if you're trying to apply with a different lender.) If you just do a straight renewal with no additional funds there's no credit check.
Jr. Member
Nov 27, 2004
105 posts
7 upvotes
skunkyjosh wrote: Most lenders will ask a letter of employer with a return date within a year to consider her income in the application process. (That's if you're trying to apply with a different lender.) If you just do a straight renewal with no additional funds there's no credit check.
Thanks for your quick response. If renew with the same lender, do they normally verify income as well?
Sr. Member
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Mar 9, 2012
697 posts
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Toni wrote: Thanks for your quick response. If renew with the same lender, do they normally verify income as well?
Not for straight renewal, only if you add funds.
Last edited by skunkyjosh on Dec 24th, 2016 4:47 pm, edited 1 time in total.
Newbie
Jun 17, 2007
18 posts
Toronto, Ontario
Does anyone know whether or not a company can apply a mortgage, in other words, to apply a mortgage using company name rather than individual name? Thanks!
Sr. Member
Mar 1, 2014
539 posts
646 upvotes
qiaoyuan wrote: Does anyone know whether or not a company can apply a mortgage, in other words, to apply a mortgage using company name rather than individual name? Thanks!
Some lenders allow the mortgage to be in a holding company's name, but the company owners must personally guarantee the mortgage.
Newbie
Aug 29, 2009
48 posts
7 upvotes
Toronto
kate27 wrote: Hi Paul, thanks for your reply. The home is less than $1 million. I forgot to mention that the CIBC promo also include a $500 cash back bonus and the house appraisal fee is waived. I haven't been able to find a bank/credit union who is willing to go lower than the 2.49%.
HSBC does a 5 year fixed at 2.35%. Had a mortgage with them and been very happy.
Newbie
May 3, 2011
25 posts
5 upvotes
Toronto
Streetthispgt wrote: HSBC does a 5 year fixed at 2.35%. Had a mortgage with them and been very happy.
Hi buddy, may I know if that rate is for a closed or open mortgage. In any case that is a great rate I'll be sure to look into HSBC when my renewal comes up this year.
Newbie
Oct 9, 2013
99 posts
19 upvotes
Gloucester, ON
PaulMeredith wrote: than a completely different set of rates will apply than if the home were valued at under $1 million.
How far off are best rates for over a million vs. under? on average
Newbie
Oct 23, 2016
31 posts
2 upvotes
I think you have to sign up for their advance or premier accounts to get this rate (meaning you need to have 25k or 100k with them, or a mortgage of 150k), but they do have an offer on until December 31st where they'll give you $400 to open a new advance account. Problem with HSBC is finding a branch (no online account opening allowed) if you live outside a major centre. They've been closing them en masse. The branch hours suck.
Deal Fanatic
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Sep 13, 2011
5310 posts
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Toronto
Saleshrink wrote: How far off are best rates for over a million vs. under? on average
The difference can be large mainly due to how limited the options are mortgages on property values over $1 million. For example, lowest 5 year fixed on homes valued at under $1 million is 2.39% vs. 2.64% on homes valued at over $1 million. Just to clarify, i'm talking about the value of the home... not the mortgage amount. Even if you only needed to borrow $100K on a home valued at $2 million, you wouldn't have the option to get the lower rates. The whole thing is beyond ridiculous. I'm hoping that we are just in a transition period while lenders figure out more cost effective ways to acquire funding.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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