Real Estate

The Official Mortgage Rates Thread

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Dec 1, 2015
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Etobicoke, ON
5y fixed would be 2.89%.
canadianpancakes wrote: Hi

Quick question. Looking to purchase a condo that’s around 430k with 10% down payment. Good income good credit score.

What can I expect for mortgage rates? 5 year fixed.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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mike0784 wrote: Hi,

Do you know what rate BNS would offer for a renewal with approximately 185k left on the mortgage?
Andre's right with this one - could range drastically depending on your level of holdings with them, your track record with payments, retention targets them, etc. If they really want to keep you, probably in the 3.19% range. If not, could be in the 3.34% range. Those rates are mostly speculation.

Connor
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Connor Green
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Concierge Mortgage Group
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reggyDeal wrote: If one already has a mortgage commitment from a lender how long does the close process take? Currently looking/waiting on a lawyer.
Hi there,

If you have commitment from a lender, and all of the conditions in the commitment are met, lenders can typically close within a few days. If it's a switch/transfer/refinance, and First Canadian Title is involved, they need at least 10 days once they've received the instructions from the lender. Ordering and receiving the payout statement from the current lender is what typically holds up closings these days for non-purchase transactions.

It really depends on what stage of the process you're in, how the mortgage is being registered, and the structure/purchase of the financing.

Some lenders can facilitate a quick close in 5 days if really necessary, while others require at least 12 business days after all the conditions in the commitment are met.

Regards,

Connor
Last edited by GreenMortgages on Nov 2nd, 2017 5:48 pm, edited 1 time in total.
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Connor Green
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Concierge Mortgage Group
#12179
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canadianpancakes wrote: Thank you for that. I will get Stress tested at 4.54% rate for approval ?
Qualifying rate for people with less than 20% down is 4.99% currently.

Connor
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Connor Green
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Concierge Mortgage Group
#12179
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Dec 2, 2011
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ORLEANS
As it turns out, Meridian's 2.2% 2 year deal is looking pretty good. I called today to finalize some details and will likely be signing with them. They don't require you require you to open a bank account with them. On the other hand, they don't pick up any of the fees (about $500 in my case) that other lenders might. The $500 is more than offset by saving $2,000-$3,000 in interest over two years (on a $250k mortgage) compared to the next best options available.

Brian
jeff316 wrote: Hey no prob. It's totally possible that it's not a condition for your mortgage. I was really pumped for my ultra-low short term and was ready to pay it down like a crazyman ... and then those conditions were a total bummer. Given that we had two incomes and a host of products/services with my bank and how local my branch is to me, it wasn't feasible. I might have done it had I been single, though. Let us know how it goes.

To add - also, there was limited flexibility in prepayment terms which meant that I couldn't smash the mortgage by adding a little extra each month - would have had to save up and do the old "anniversary date" payment (what is this, 1986?) or fully shorten my amortization, which would have been a refinance and triggered legal fees. Boo.
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Dec 2, 2011
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ORLEANS
Hi DaveTO

That's odd. Where'd you hear that? I'm sure they offer the 2.2% two year mortgage for renewals as that's what I'm doing. They don't offer that same rate for a refinance, though. I asked about then when I was considering pulling out a bit of cash.

Brian
DaveTO wrote: 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!
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As your mortgage is insured (high ratio) you must be able to service the debt load using the current stress test rate of 4.99%.
canadianpancakes wrote: Thank you for that. I will get Stress tested at 4.54% rate for approval ?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Nov 1, 2017
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GreenMortgages wrote: Andre's right with this one - could range drastically depending on your level of holdings with them, your track record with payments, retention targets them, etc. If they really want to keep you, probably in the 3.19% range. If not, could be in the 3.34% range. Those rates are mostly speculation.

Connor
Ok thanks for your input. I’ve been with Scotia for over 15 years and have always made timely payments with everything.
So I guess asking for 3.04% like the poster had mentioned in the posts before this is out of the question ?
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You can always ask.. but they will decide what they offer you. Depending on the specifics of your situation, there may be much better rates available, but if you prefer to stay with them, your bargaining power is limited to their willingness to offer what they consider adequate.

Do you have a Heloc with Scotia? The STEP product?
mike0784 wrote: Ok thanks for your input. I’ve been with Scotia for over 15 years and have always made timely payments with everything.
So I guess asking for 3.04% like the poster had mentioned in the posts before this is out of the question ?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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mike0784 wrote: Ok thanks for your input. I’ve been with Scotia for over 15 years and have always made timely payments with everything.
So I guess asking for 3.04% like the poster had mentioned in the posts before this is out of the question ?
I personally doubt that 3.04% will be in the cards. Worth a shot though. If they aren't willing to go that low you can considering switching lenders since much better rates could be available to you. There's really no point in renewing with Scotiabank if they're well over industry average, let alone the best rates in the market. You could save a tremendous amount of money by switching, depending on the specifics of current mortgage and qualifying, of course.

Regards,

Connor
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Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Nov 1, 2017
5 posts
valuemortgage wrote: You can always ask.. but they will decide what they offer you. Depending on the specifics of your situation, there may be much better rates available, but if you prefer to stay with them, your bargaining power is limited to their willingness to offer what they consider adequate.

Do you have a Heloc with Scotia? The STEP product?
Yes I have the STEP product from Scotia.
No HELOC.

Thanks for your quick reply!
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Nov 1, 2017
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GreenMortgages wrote: I personally doubt that 3.04% will be in the cards. Worth a shot though. If they aren't willing to go that low you can considering switching lenders since much better rates could be available to you. There's really no point in renewing with Scotiabank if they're well over industry average, let alone the best rates in the market. You could save a tremendous amount of money by switching, depending on the specifics of current mortgage and qualifying, of course.

Regards,

Connor
Ok thanks!
I still have until next march to decide whether I will stay with BNS or move to another lender. I figured I would start this renewal process early!
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Based on your reply, you have the STEP product.. which means you have a collateral charge. With a small balance it is very unlikely that it would make sense to move out as you will be subject to higher rates and have to pay legal fees to transfer that mortgage out of Scotia.
mike0784 wrote: Ok thanks!
I still have until next march to decide whether I will stay with BNS or move to another lender. I figured I would start this renewal process early!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Question for all the brokers here. When a client submits a mortgage approval for a 5 year fixed, are you already using the stress test to determine how much they can borrow or are you using 2.89% ?

Also if I get approved now (not pre-approved) will the 2.89% 5 year fixed still be honoured past Jan 1, 2018.

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