Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 24th, 2019 1:13 pm
Newbie
Feb 4, 2017
81 posts
12 upvotes
one of my friend bought a house in June but closing is in next june 2018.
Does new mortgage rules which will be active from Jan 2018 ,affects in this scenario?

When he bought a house he got pre approval for $400k? When he is actually gonna start looking for mortgage application, WIth new mortgage rules , as they say affordability will reduce by 20% then What will happen in this scenario?
Deal Addict
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Dec 1, 2015
1816 posts
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Etobicoke, ON
It may take a little while until we can say with absolute certainty, but all indicates that new construction purchases signed before the new rules were created would be protected. This has been the case with pretty much any changes in the recent years. Im currently working with a client that has purchased some 2y ago and got him approved recently based on the rules available 2y ago!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Addict
Apr 26, 2004
2100 posts
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GTA
vgb777 wrote:
Nov 14th, 2017 2:36 am
Looking for a quote for a 5year fixed mortgage rate.
Purchasing a house:
1300k purchase price with 400K down. May be a bit more if needed for a better rate.
Completion will be in January 2018
The property is in Burnaby, BC
Thank you.
You should be able to get 2.99-3.05% with some cash back.
Mortgage Specialist in the GTA
Sr. Member
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Aug 12, 2003
951 posts
162 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
33 posts
9 upvotes
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.
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Dec 1, 2015
1816 posts
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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?
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Dec 1, 2015
1816 posts
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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
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Sep 13, 2011
4403 posts
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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
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Mar 9, 2012
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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?
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May 1, 2017
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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!

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