Real Estate

The Official Mortgage Rates Thread

Sr. Member
User avatar
Aug 12, 2003
979 posts
183 upvotes
Hamilton
Ah speaking of the new mortgage rules aka "stress test" my broker said I could not get a mortgage that's portable without going through a new agreement and paying the penalty in effect making portable mortgages irrelevant.

He also said if I went without another lender (renewing) that I would be involved in appraisal costs, lawyers, and other fees.

Any truth to this info, thanks for any responses.
Newbie
May 28, 2008
36 posts
9 upvotes
GVA
Hello. I would like some advice please.
My mortgage due for renewal.
RBC Bank renew offer is 3.34% 5yrs fixed / 2.94% 2yrs fixed / 2.7% 5yrs variable.

Property type : Duplex house.
Location: Coquitlam BC
Lender: RBC
Mortgage Balance: $283K Remaining
Current rate: 2 Year Fixed Closed: 2.29%
Amortization: 30 years (27.7 remaining)
Payment Frequency: Monthly
Renewal Date: January 21, 2018

I have questions.

1. What are the rates I can get?
2. I have 200k of line of credit that's been mostly paid off and 10k remaining.
Is it possible to renew mortgage with different lender while keeping line of credit with RBC?
If not, do I need to renew with remaining balance + 10k line of credit?
3. Should I renew sooner? or wait till renew date because current rate is 2.29%?
4. My initial plan was to get and renew 2yrs fixed for long as possible but I am having second thoughts.
Is it a bad plan?

Any advice would be appriciated.
Thank you.
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Sundon - your options will be a bit limited depending on a few factors. Since you have a mortgage + Heloc with RBC, most likely you have both under a single charge (a collateral charge, like the ones National Bank, TD and Tangerine use) and if this is the case your transfer to any other institution will be treated as a refinance, meaning you would have to pay fees and be subject to higher interest rates. The first step is to call RBC and confirm if you have 1 charge for both mortgage and Heloc, or 2 separate charges (1 for mortgage and 1 for Heloc). The former is quite unusual but does happen sometimes, and it would open up a bunch of possibilities for you.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Nov 13, 2017
6 posts
Hi I am looking for a mortgage on my new residential property. I would like to take equity out of my current residence and rent my current residence. From that equity I will have 20% to put towards my new property. What are the going 2 and 5 year rates for fixed and variable?
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Rates will vary quite a bit depending on the location and closing date. A 5y variable could be as low as P-90 for a conventional deal (less than 20%), while a 2y rate is not the greatest now. a 5y fixed could be 2.94%.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Addict
User avatar
Sep 13, 2011
4909 posts
1748 upvotes
Toronto
Super_Chicken wrote:
Nov 15th, 2017 9:36 am
Can brokers PM me for more details. Our offer was accepted as of last week, we are closing mid Feb. Looking for the best rates we can get for 2-5 year fixed/variable.

The credit union we were in discussions with dicked us around with our preapproval letter. It said one amount based on 20% down so we waved financing, the day of our acceptance they said they can't offer us that much anymore. We are still in discussion but want to see what other competing rates are like.
In order to accurately quote rates, we would need to know the purchase price as well as the down payment amount.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 18, 2008
39 posts
1 upvote
I have a conventional mortgage with bank with principal about 600k with 2 years left. I am getting a secured LOC of 400k from them. Combined mortgage and LOC eould be about 80% of my home current value.

I'm in a negative net cash flow at the moment monthly and expect to continue for the next while. Therefore, I expect I will owe the bank more then the 600k in 2 years time when the term ends. At which point I'd like to consolidate the mortgage and LOC I to a mortgage and potentially still need more capital going forward.

The bank offered me two options. One is to registered the LOC as separate collateral charge which will leave mortgage as conventional. The other option is to reregister both mortgage and LOC as collateral right now.

I understand that collateral mortgage has it's pitfalls in terms of wanting to move to a different lender. However, in the case I know i will need more money as time go by, I will most likely need to refinance if I do choose to go with diff lender. Does the need to refinance mean that it doesn't matter if my mortgage is collateral or conventional now? Since I will have to discharge and reregister anyway. Or are there other issues making the umbrella collateral undesirable?

The upside of the umbrella collateral is that since I know I will owe more money, I can roll the LOC into the mortgage in 2 years time without fees with the same lender.

What's the better option for me? Register the LOC as separate collateral or put both mortgage and LOC I to one collateral?


Thanks.
Sr. Member
User avatar
Mar 9, 2012
678 posts
268 upvotes
I was offered P-0.55% for a 30-years amortization for a refinance (148K). All fees covered except prepayment charge. Is that a good rate or a bad rate?
Deal Addict
User avatar
May 1, 2017
1064 posts
227 upvotes
skunkyjosh wrote:
Nov 15th, 2017 1:07 pm
I was offered P-0.55% for a 30-years amortization for a refinance (148K). All fees covered except prepayment charge. Is that a good rate or a bad rate?
Hi there,

That's a reasonably good rate for a refinance right now. Not stellar, but certainly not bad.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Nov 14, 2017
1 posts
Hi all, new to site and fairly new to home buying..... been doing a lot of reading as of late but still got a lot to learn.

Looking at purchasing a home in Whitehorse, YT and have put an offer in on a place (conditional on financing, inspection, etc.) purchase price is 465k and will be putting 20% down. The rates I have gotten back from my broker for 25 year amortization are 3.29%-5yr fixed and 2.99%-3yr fixed... The 5 year doesn't seem so stellar, what are your opinions? do I gamble on what the rates will be in 3 years time?

The other tricky thing, that could be affecting the rates I have gotten back is that I co-signed my parents mortgage 5 years ago ($127k left on it), so even though this is my first mortgage for me it's not the first time I have been connected to a mortgage.
Newbie
Nov 14, 2017
1 posts
Hello,

We're interested in mortgage rates, either variable or fixed, 5 years or shorter term, we've planned on a 25 year amortization.

The accepted offer is $219,000, and we're planning on putting 20% down. I have checked in with TD's rate, and through True North; we're interested in getting other quotes.

Thank you for the help!
Newbie
Aug 25, 2011
52 posts
3 upvotes
Toronto
If I'm buying a home and the closing date is after January 1st 2018, will I still be subjected to the new stress test rules? Or does the closing date need to be before Jan. 1st to use the old stress test rules? Thanks
Newbie
Sep 7, 2006
67 posts
9 upvotes
Abbotsford
Hi,

Looking to purchase a investment property in Alberta (rental), if I put down 20 percent, what kind of rates can I get? Property is 310k
I been offered 2.75 variable 5 years by TD.

Thanks
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
If you get an approval (not a pre-approval) before Jan 1st you will not be subject to the new rules, despite the closing being later on. Keep in mind that the biggest change is affecting only those qualifying for the absolute max they can get approved for, using longer amortizations, and qualifying using the contract rate. A lot of deals wont be affected by the new rules.
BRocky wrote:
Nov 15th, 2017 6:44 pm
If I'm buying a home and the closing date is after January 1st 2018, will I still be subjected to the new stress test rules? Or does the closing date need to be before Jan. 1st to use the old stress test rules? Thanks
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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