Real Estate

The Official Mortgage Rates Thread

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May 1, 2017
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pakaveli wrote: Thanks for the information, Connor. I got this rate from a mortgage broker this past Friday, it wasn't directly from Scotiabank, so I'm not sure if that makes a difference.

Initially, I had my mind set on a fixed mortgage, however, after doing some reading, I feel like variable seems like a good option as well. Especially if I could possibly get some like p-0.90%.

If we were to see variable rates going up and I switched to a fixed rate, aside from the fact that I would get a higher fixed rate, are there any other downsides to switching during your mortgage term? Are they any fees/penalties?
Hi there,

Unfortunately, it is extremely unlikely that this mortgage broker has 3.09% from Scotiabank, obtained a week ago. Do you have anything in writing? Their rates have been well over 3.29% for quite some time. You may want to double check with the broker you're using. As for the costs to lock in - there usually aren't any, in some cases there is an administration fee. It's worth noting that you wouldn't get the highly discounted rates that the same lender is offering. Instead you would get their standard fixed rate.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Apr 14, 2017
5 posts
Hi,
First time home buyer here. 20% down. House closes Dec 7. East Gwillimbury, ON.
Looking for a full featured mortgage with NO collateral charge.
Undecided to go variable or 5 Year fixed.

1. What is your current mortgage balance? $520,000
2. What is the approximate value of your home? New build.
3. When is the maturity date? N/A
4. Who is the mortgage currently with? N/A
5. Is your mortgage currently insured (did you put less than 20% down when you purchased the property)? No
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IceYan wrote: Hi,
First time home buyer here. 20% down. House closes Dec 7. East Gwillimbury, ON.
Looking for a full featured mortgage with NO collateral charge.
Undecided to go variable or 5 Year fixed.

1. What is your current mortgage balance? $520,000
2. What is the approximate value of your home? New build.
3. When is the maturity date? N/A
4. Who is the mortgage currently with? N/A
5. Is your mortgage currently insured (did you put less than 20% down when you purchased the property)? No
Hi there,

The best full featured 5 year fixed rate currently is 2.94%- 2.99%. The best variable rate mortgage in the market for a 5 year variable, full featured mortgage is approximately prime minus 0.90% (2.30%). Do you by chance have the ability to put down and extra 5%?

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Dec 1, 2015
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Some great options available to you, in particular with such a quick closing date. Keep in mind that rates vary a lot based on several factors including the location.. for instance as certain rate special may be limited to the GTA, and the same lender would have a different rate outside the GTA.

PM on the way with unbeatable offers.
IceYan wrote: Hi,
First time home buyer here. 20% down. House closes Dec 7. East Gwillimbury, ON.
Looking for a full featured mortgage with NO collateral charge.
Undecided to go variable or 5 Year fixed.

1. What is your current mortgage balance? $520,000
2. What is the approximate value of your home? New build.
3. When is the maturity date? N/A
4. Who is the mortgage currently with? N/A
5. Is your mortgage currently insured (did you put less than 20% down when you purchased the property)? No
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
May 9, 2009
8 posts
1 upvote
Hi there,
I have a renewal coming up in January. It is currently with a big bank and I'm looking at going through a mortgage broker. My financial advisor said that if I go with a mortgage broker, most big banks won't even touch my mortgage if I wanted to go back to them. Not sure if its true or not?
I've been quoted 2.94% 5 yr fixed and 2.35% 5 yr variable by a broker. Seems like i'm getting pretty good rates but hesitant with going with a C lender.
1. What is your current mortgage balance? $270,000
2. What is the approximate value of your home? $500000
3. When is the maturity date? January 2018
4. Who is the mortgage currently with? RBC
5. Is your mortgage currently insured (did you put less than 20% down when you purchased the property)? No
Thanks,
Lena
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May 1, 2017
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its_lena wrote: Hi there,
I have a renewal coming up in January. It is currently with a big bank and I'm looking at going through a mortgage broker. My financial advisor said that if I go with a mortgage broker, most big banks won't even touch my mortgage if I wanted to go back to them. Not sure if its true or not?
I've been quoted 2.94% 5 yr fixed and 2.35% 5 yr variable by a broker. Seems like i'm getting pretty good rates but hesitant with going with a C lender.
1. What is your current mortgage balance? $270,000
2. What is the approximate value of your home? $500000
3. When is the maturity date? January 2018
4. Who is the mortgage currently with? RBC
5. Is your mortgage currently insured (did you put less than 20% down when you purchased the property)? No
Thanks,
Lena
Hi there,

The rates you've been quoted are good, but can be beat. The best variable rate for you given your situation is approximately 2.25% - 2.30% 5 year variable, and 2.89%-2.94% 5 year fixed. What your financial advisor has told you is simply not true at all. If you wanted to go back to them after a term with a broker channel lender, they will welcome you with open arms.

Also, the lenders that mortgage brokers have access to, and have rates as low as the ones you've quoted, are not 'C' lenders. They are 'A' lenders on par with the big banks, and in most cases the products these lenders offer are superior to the big banks products. I'm not sure who told you that you would be getting a mortgage with a 'C' lender from a mortgage broker, when that terminology doesn't even exist. Perhaps it was a big bank/advisor trying to scare you away from the broker channel!

Regardless, the rates you're being offered are good, not the best, but certainly very good and you shouldn't be hesitant about the lenders offering these rates at all!

Cheers,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Dec 1, 2015
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its_lena wrote: <snip> My financial advisor said that if I go with a mortgage broker, most big banks won't even touch my mortgage if I wanted to go back to them. Not sure if its true or not?
<snip>
This is what bank employees will sometimes resort to, when they know they cant compete in terms of mortgage rates.. they will simply make absurd claims, in a desperate effort to put fear in your heart. Imagine the absurdity of the claim in itself.. so, if a client gets a mortgage with any lender that is not part of the "big banks club" then no bank will ever touch that client again. Who would lose in that scenario? The banks! Just ask that advisor for any kind of evidence supporting that insane claim, and you will see what they are actually trying to do... they just want to scare you.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Jun 3, 2013
57 posts
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Toronto
Hi,
My mortgage is up for renewal in January as well and I am taking the rates from all big banks as well as brokers. The best rate I am getting is from the broker. My bank (CIBC) is actually offering me terrible rate, even after very good score and everything.

I do not think there is any risk going to the mortgage brokers to get your mortgage. None of them can actually work in Canada without getting proper license and permission.
Newbie
Apr 14, 2017
5 posts
GreenMortgages wrote: Hi there,

The best full featured 5 year fixed rate currently is 2.94%- 2.99%. The best variable rate mortgage in the market for a 5 year variable, full featured mortgage is approximately prime minus 0.90% (2.30%). Do you by chance have the ability to put down and extra 5%?

Regards,

Connor
Hi Connor,
Thank you for the response. I might be able to get the extra 5%. What benefits would that afford me?

Thanks.
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May 1, 2017
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IceYan wrote: Hi Connor,
Thank you for the response. I might be able to get the extra 5%. What benefits would that afford me?

Thanks.
No problem at all. Some lenders offer different rates and products for different loan to value ratios, and for different regions. So, the extra 5% down would increase the number of products available to you from those lenders who tier their rates based on LTV or location.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
May 20, 2013
1 posts
Montreal
Hi all,

First time home buyer here with a closing date mid December for a house Whitchurch-Stouffville, On.. Have 20% down for a home price of 730,000.
Looking for a full featured mortgage and not sure to go variable or 5 Year fixed. I've been offered 2.6 variable and 3.29 fixed over 25 years but feeling its high.

Thanks
Deal Addict
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Dec 1, 2015
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Too high! Much better rates available. PM on the way.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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May 1, 2017
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boinging wrote: Hi all,

First time home buyer here with a closing date mid December for a house Whitchurch-Stouffville, On.. Have 20% down for a home price of 730,000.
Looking for a full featured mortgage and not sure to go variable or 5 Year fixed. I've been offered 2.6 variable and 3.29 fixed over 25 years but feeling its high.

Thanks
Hi there,

There are certainly much better rates available. You can get as low as 2.99%-2.94% for a 5 year fixed full featured mortgage with 20% down. For a variable rate, you can get as low as prime minus 0.90% (2.30%). Both options are full featured mortgages with excellent pre-payment privileges and cheaper penalties than the big banks.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Member
Dec 27, 2006
208 posts
7 upvotes
Toronto
Seems like Meridian's Fixed 2.2% for 2 years is for new purchases only. Bummer!

I am looking to re-finance or just renew. I was thinking of taking some money out to do some renovations on my rental property.

What are some good short term (less than 3 years) fixed rates currently offered besides Meridian's 2.2%?

Thanks!
Deal Addict
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Dec 1, 2015
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Anytime you take equity out, this is a refinance... the problem with refinances now is that these mortgages can no longer be bulk insured by the lender.. as a result, higher interest rates often apply, on top of processing fees.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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