Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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Toronto
usernamesucks wrote: I think we can only do 20% down, where can we get that 2.94% rate?
Brokers can offer you this rate.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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sway123 wrote: Hi,
First time posting here. My home is due for mortgage renewal in March 2018 and I am seeking advice on where to renew.

Renewal: March 24, 2018
Market price: ~$1mil
Remaining balance: $307,000
Current lender: TD
Current rate: 5-year fixed 2.99%
Amortization: 25yr remaining
Location: Vancouver BC


Called TD, they are offering me 2.89% special 5yr fixed. I want to try True North Mortgage or Canwise as they are having a 2.69% 5 year fixed. Please kindly advise.

Thank you so much!
2.69% 5-year fixed is for insured (aka CMHC insured) mortgages only.

Do you have this insurance on your mortgage?

If not, should be able to get 2.79% 5-year fixed depending on the value of your property.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Aug 5, 2011
135 posts
7 upvotes
NORTH YORK
Hi guys

We need some help with the mortgage application process and financial condition clause for an accepted offer.
Our offer on a house got accepted and we have a financial condition clause (5 days) in the offer.

We did get a pre-approval before we make an offer but it was a very poor rate. We just wanted one to be confident about our affordability.

It's our first house and we are a bit confused with the process. We didn't have time to shop around a lot for the mortgage rates.


How binding is the Mortgage approval that a bank gives us so that we can confortably waive the financial condition.?

Can we still shop around afterwards and negotiate for a better rate or even go with a different institution?

What are the best rates for a 5yr fixed? Very good credit history and approximately 25% down.
Is TD offering 2.89% for a 5yr for clients?

Thanks for the info.
DealEcstatic
sway123 wrote: Hi,
First time posting here. My home is due for mortgage renewal in March 2018 and I am seeking advice on where to renew.

Renewal: March 24, 2018
Market price: ~$1mil
Remaining balance: $307,000
Current lender: TD
Current rate: 5-year fixed 2.99%
Amortization: 25yr remaining
Location: Vancouver BC


Called TD, they are offering me 2.89% special 5yr fixed. I want to try True North Mortgage or Canwise as they are having a 2.69% 5 year fixed. Please kindly advise.

Thank you so much!
Deal Addict
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May 1, 2017
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DealEcstatic wrote: Hi guys

We need some help with the mortgage application process and financial condition clause for an accepted offer.
Our offer on a house got accepted and we have a financial condition clause (5 days) in the offer.

We did get a pre-approval before we make an offer but it was a very poor rate. We just wanted one to be confident about our affordability.

It's our first house and we are a bit confused with the process. We didn't have time to shop around a lot for the mortgage rates.


How binding is the Mortgage approval that a bank gives us so that we can confortably waive the financial condition.?

Can we still shop around afterwards and negotiate for a better rate or even go with a different institution?

What are the best rates for a 5yr fixed? Very good credit history and approximately 25% down.
Is TD offering 2.89% for a 5yr for clients?

Thanks for the info.
DealEcstatic
Hi there,

Pre-approvals are just a means to gauge your affordability - to see what you can afford based on the employment, income, debts, and credit that you claim to the lender.

Often times, pre-approvals are not eligible for the best rates in the market, as they are subject to a 'pre-approval premium.' Once you actually have an accepted offer (now, as you've indicated), much better rates become available to you. Most of the best rates/products are not available until an actual offer has been made and accepted. This is not always the case, but is in the majority of situations.

You will not be bound by an approval that you get to waive the condition. That said, you should look around for an approval now that has a good rate for your closing so that you're not wasting your own time. Theres no need to seek out multiple approvals. Talk to a broker - they will be able to tell you if you can waive your condition without getting you a formal approval. The broker can then go out and get you the best product available to you. This will save you the hassle of having to shop around for multiple approvals.

You can shop around now for a better rates, and get a firm approval in place so you can waive the financing condition. There are some excellent rates available but it's hard to say what will be without more information.

TD bank is not offering 2.89% for 5 year fixed mortgages - they are closer to 3.29%

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Aug 20, 2006
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Hi, looking to get a good rate for a mortgage. Was offered 3.2% for a 5 year fixed. First time home buyer, putting down about 30% down payment on a $700,000 home. Can you please let me know if there are better deals available?
Deal Addict
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May 1, 2017
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lightningflik wrote: Hi, looking to get a good rate for a mortgage. Was offered 3.2% for a 5 year fixed. First time home buyer, putting down about 30% down payment on a $700,000 home. Can you please let me know if there are better deals available?
Hi there,

The likelihood is that there are much better rates available to you since you're putting down 30%, likely under 3%. It's hard to say without more information about your qualifying (income, debts, credit etc), though.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Dec 1, 2015
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Etobicoke, ON
Your broker does not need to be local. The application/approval process is done entirely online, and most large brokerages these days can handle deals in any province. I close deals all the time in BC, ON, QC, NB, AB, NS, etc.
enteran wrote: Looking for a good mortgage broker in Nova Scotia. Any recommendations?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Dec 1, 2015
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For a "regular" deal, the rate is very high. There are much better rates with excellent terms and conditions available from several lenders. Talk to a mortgage professional and check your options.
lightningflik wrote: Hi, looking to get a good rate for a mortgage. Was offered 3.2% for a 5 year fixed. First time home buyer, putting down about 30% down payment on a $700,000 home. Can you please let me know if there are better deals available?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Nov 3, 2008
54 posts
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Toronto
Hi,

Need input from mortgage brokers, my wife and i have a new build home closing May 2017. Value is under $1M and we plan on putting 25% down min. Since its a new build through builder is it possible to get a mortgage approval now or do we have to wait until 120 days out?
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Sep 13, 2011
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clarkean wrote: Hi,

Need input from mortgage brokers, my wife and i have a new build home closing May 2017. Value is under $1M and we plan on putting 25% down min. Since its a new build through builder is it possible to get a mortgage approval now or do we have to wait until 120 days out?
For best rates, you'll need to wait until you are within 120 days of closing.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Jr. Member
Aug 5, 2011
135 posts
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NORTH YORK
What is a "regular" deal?

If the house is above 1 million, is that considered not regular? Or is it the mortgage that is above 1 million? Somebody mentioned that but I am not sure which one now.

Thanks
valuemortgage wrote: For a "regular" deal, the rate is very high. There are much better rates with excellent terms and conditions available from several lenders. Talk to a mortgage professional and check your options.
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May 1, 2017
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DealEcstatic wrote: What is a "regular" deal?

If the house is above 1 million, is that considered not regular? Or is it the mortgage that is above 1 million? Somebody mentioned that but I am not sure which one now.

Thanks
Hi,

A house valued at over $1m is not eligible for the lowest rates in the market. In order to get the best rates in the market, the mortgage must be eligible for mortgage default insurance to protect the lender agains borrower default. Properties valued over $1m are not eligible for this insurance, and are thus not eligible for the best rates in the market.

I saw that you quoted another user who was quoted 2.89% from TD. That is an extreme rarity as TDs rates are nowhere near 2.89% fixed for 5 years. Even if his/her mortgage was previously insured, TD would not offer that rate under normal circumstances. Just an FYI.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Fanatic
User avatar
Feb 2, 2014
7775 posts
2157 upvotes
Toronto
DealEcstatic wrote: Hi guys

We need some help with the mortgage application process and financial condition clause for an accepted offer.
Our offer on a house got accepted and we have a financial condition clause (5 days) in the offer.

We did get a pre-approval before we make an offer but it was a very poor rate. We just wanted one to be confident about our affordability.

It's our first house and we are a bit confused with the process. We didn't have time to shop around a lot for the mortgage rates.


How binding is the Mortgage approval that a bank gives us so that we can confortably waive the financial condition.?

Can we still shop around afterwards and negotiate for a better rate or even go with a different institution?

What are the best rates for a 5yr fixed? Very good credit history and approximately 25% down.
Is TD offering 2.89% for a 5yr for clients?

Thanks for the info.
DealEcstatic
With 25% down, best rate is 2.84% 5-year fixed. Not from TD which is good (not a collateral charge).

This should be the lowest rate out there with 25% down.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7775 posts
2157 upvotes
Toronto
lightningflik wrote: Hi, looking to get a good rate for a mortgage. Was offered 3.2% for a 5 year fixed. First time home buyer, putting down about 30% down payment on a $700,000 home. Can you please let me know if there are better deals available?
You can get 2.84% 5-year fixed with 30% down.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7775 posts
2157 upvotes
Toronto
DealEcstatic wrote: What is a "regular" deal?

If the house is above 1 million, is that considered not regular? Or is it the mortgage that is above 1 million? Somebody mentioned that but I am not sure which one now.

Thanks
Does the property have a $1M+ agreed price?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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