Real Estate

The Official Mortgage Rates Thread

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Apr 23, 2009
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CdnRealEstateGuy wrote: You need to ask yourself if it’s worth paying the extra $$$ just to stay with CIBC. To me, that’s doesn’t make sense at that rate.

Rates through the broker channel start at P-1.25% 5-year variable. Connor, Paul, Andre or myself have access to that.
I have a readvanceable HELOC attached to the mortgage and I use both for investments. So in that sense I am limited by that. I need both, not just the mortgage. Do you know any brokers offering both?
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Oct 22, 2017
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CdnRealEstateGuy wrote: You need to ask yourself if it’s worth paying the extra $$$ just to stay with CIBC. To me, that’s doesn’t make sense at that rate.

Rates through the broker channel start at P-1.25% 5-year variable. Connor, Paul, Andre or myself have access to that.
Is the P-1.25% only for insured mortgages?
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ruchir wrote: I have a readvanceable HELOC attached to the mortgage and I use both for investments. So in that sense I am limited by that. I need both, not just the mortgage. Do you know any brokers offering both?
Yes, we can all offer that.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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wa88gta wrote: Is the P-1.25% only for insured mortgages?
Yes, insured deals only for that rate. Non-insured rates start at 2.01% (P-1.19%) 5-year variable.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Looking for options on mortgage rates.

Purchase price: $950K pre-construction
Down Payment: 20-25%
Closing: Apr 2018
Location: GTA

I was already approved through TD in August but closing was delayed.
What are the best rates out there for 25yr and 30yr amortization for 5 year fixed or 5 year variable in my situation?

Thanks!
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alucky17 wrote: Looking for options on mortgage rates.

Purchase price: $950K pre-construction
Down Payment: 20-25%
Closing: Apr 2018
Location: GTA

I was already approved through TD in August but closing was delayed.
What are the best rates out there for 25yr and 30yr amortization for 5 year fixed or 5 year variable in my situation?

Thanks!
Maximum rate hold is 120 days. Lowest 5 year fixed rate would be 2.94%. Lowest variable would be prime -0.90% (2.30%). These are both with a 25 year amortization. If you wanted to go with a 30 year amortization, lowest rate drops to 3.14% 5 year fixed or prime -0.55% - prime -0.60% fro 5 year variable.
Paul Meredith
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Nov 25, 2011
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Hello everyone,

My mortgage is coming up for a renewal in February and it is the first time I will be going through this process. Definitely feel unprepared despite how many articles I have recently read on the matter. I'm currently with RBC on 2.89% 5 Year fixed. Amount at time of renewal will be roughly 175k. I am meeting with RBC later on today to get their new offer. What should I expect/ask for? I would like to stay around that (if not less) interest rate. Also planning on paying the mortgage off within the next 5 years so this renewal would probably be another 5 year (fixed? Open to variable as well). Would be willing to switch lender if fees are covered and they offer similar options like the Double down payment I have enjoyed at RBC. If I have read correctly on this thread then it is probably important I mentioned that the original mortgage had CMHC on it?

Looking forward to your responses
Thanks!
Last edited by stefmora on Dec 8th, 2017 1:00 pm, edited 1 time in total.
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My RBC mortgage is up for renewal in March. Outstanding amount is around $610,000 and my credit score is above 800, so I'm not concerned with qualifying elsewhere...

They called and offered me an early renewal at 3.29% (5 year fixed). I quickly looked up current rates and said that I could get a rate of 2.69% from CanWise Financial right now, with the same prepayment/increase payment abilities. They said they couldn't match that, and that they would call me back in another month while I shopped around.

Honestly, I like RBC. We use them for all of our banking. But the 0.6% difference works out to almost $200 a month... I don't like them that much.

What costs, if any, would I incur by switching to another mortgage provider?

Can one of the mortgage brokers on here send me a PM to start chatting? I'd like to know if it is ridiculous for me to expect RBC to match the CanWise offer to keep my business (and all of my other accounts).

Thanks,
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canehdianman wrote: My RBC mortgage is up for renewal in March. Outstanding amount is around $610,000 and my credit score is above 800, so I'm not concerned with qualifying elsewhere...

They called and offered me an early renewal at 3.29% (5 year fixed). I quickly looked up current rates and said that I could get a rate of 2.69% from CanWise Financial right now, with the same prepayment/increase payment abilities. They said they couldn't match that, and that they would call me back in another month while I shopped around.

Honestly, I like RBC. We use them for all of our banking. But the 0.6% difference works out to almost $200 a month... I don't like them that much.

What costs, if any, would I incur by switching to another mortgage provider?

Can one of the mortgage brokers on here send me a PM to start chatting? I'd like to know if it is ridiculous for me to expect RBC to match the CanWise offer to keep my business (and all of my other accounts).

Thanks,
The 2.69% you see online (also available through any regular posting broker on this board) is for high ratio mortgages only. Meaning, mortgages that were insured with CMHC (or another insurer). If you had a down payment of 20% or greater when you purchased your property, then this rate would not be available to you unfortunately.

Do you have line of credit currently attached to your mortgage?
What is the approximate value of your home right now?

The answers to these questions will help us to quote you a rate. One way or another, lower rates should will almost certainly be available to you. Likely, the new mortgage would also have significantly better terms and conditions than what RBC is offering you, aside from rate.

Providing you are not in a collateral mortgage, there would be no cost to switch your mortgage at the end of the term (other than the discharge fee from your current lender, which gets capitalized into the new mortgage).

At your request, i'll shoot you a PM with some more detail.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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PaulMeredith wrote: The 2.69% you see online (also available through any regular posting broker on this board) is for high ratio mortgages only. Meaning, mortgages that were insured with CMHC (or another insurer). If you had a down payment of 20% or greater when you purchased your property, then this rate would not be available to you unfortunately.
I discovered that as I played around a little bit more with Ratehub. I put 20% down, so I do not have a high ratio mortgage. The rate it shows now is 2.79%.
PaulMeredith wrote: Do you have line of credit currently attached to your mortgage?
I do not have a LoC attached to my mortgage.
PaulMeredith wrote: What is the approximate value of your home right now?
~ 850k
PaulMeredith wrote: The answers to these questions will help us to quote you a rate. One way or another, lower rates should will almost certainly be available to you. Likely, the new mortgage would also have significantly better terms and conditions than what RBC is offering you, aside from rate.

Providing you are not in a collateral mortgage, there would be no cost to switch your mortgage at the end of the term (other than the discharge fee from your current lender, which gets capitalized into the new mortgage).

At your request, i'll shoot you a PM with some more detail.
Info provided. thanks!
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Mar 2, 2015
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Hi all,

I'm looking to buy a condo downtown in the near future. Will be putting 20% down. Looking to spend $500-$600k as purchase price.
Went to a couple of big banks for Fixed mortgages (served up either as traditional or HELOC). I've seen better rates on RateHub and I'm trying to get them down to what CanWise can offer.

Cheers,
Giovanni
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giovanni1993 wrote: Hi all,

I'm looking to buy a condo downtown in the near future. Will be putting 20% down. Looking to spend $500-$600k as purchase price.
Went to a couple of big banks for Fixed mortgages (served up either as traditional or HELOC). I've seen better rates on RateHub and I'm trying to get them down to what CanWise can offer.

Cheers,
Giovanni
As per my post above, the 2.69% is NOT available for purchases with 20% down payment. This rate is available only for purchases with LESS than 20% down payment and therefore CMHC insured. Switches of mortgages that were originally insured also qualify for this rate. Same applies for the variable rate of prime -1.25%. Pretty much all the low rates you see advertised will be for insured mortgages only.

With 20% down, the lowest 5 year fixed right now is 2.94%, which is significantly better than anything you can get from a big bank. The banks will not match this rate. It also has much better terms and conditions including 20% prepayment privileges, and a much more consumer friendly formula for calculating penalty if you found yourself in a position where you need to break the mortgage early (penalty can be as much as 4-5 times higher with a major bank).

As with pretty much all of the low rate specials, this rate cannot be locked in until you have an accepted offer in place.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Mar 2, 2015
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PaulMeredith wrote: As per my post above, the 2.69% is NOT available for purchases with 20% down payment. This rate is available only for purchases with LESS than 20% down payment and therefore CMHC insured. Switches of mortgages that were originally insured also qualify for this rate. Same applies for the variable rate of prime -1.25%. Pretty much all the low rates you see advertised will be for insured mortgages only.

With 20% down, the lowest 5 year fixed right now is 2.94%, which is significantly better than anything you can get from a big bank. The banks will not match this rate. It also has much better terms and conditions including 20% prepayment privileges, and a much more consumer friendly formula for calculating penalty if you found yourself in a position where you need to break the mortgage early (penalty can be as much as 4-5 times higher with a major bank).

As with pretty much all of the low rate specials, this rate cannot be locked in until you have an accepted offer in place.
Thanks Paul! So basically there is no preapproval for these lower rates -- I will need to actually have an accepted offer before the rate can be locked; while the big banks are able to offer a locked rate before even having placed an offer. So, do you recommend for me to get a preapproval, and then when I actually have an accepted offer to then consider what the brokers can do?
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canehdianman wrote: I discovered that as I played around a little bit more with Ratehub. I put 20% down, so I do not have a high ratio mortgage. The rate it shows now is 2.79%.



I do not have a LoC attached to my mortgage.



~ 850k



Info provided. thanks!
Thanks! I responded to your PM.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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giovanni1993 wrote: Thanks Paul! So basically there is no preapproval for these lower rates -- I will need to actually have an accepted offer before the rate can be locked; while the big banks are able to offer a locked rate before even having placed an offer. So, do you recommend for me to get a preapproval, and then when I actually have an accepted offer to then consider what the brokers can do?
Correct. Brokers can lock in a rate for you prior to purchase as well, but it will be for much higher than what the lowest rates would be if you had an accepted offer in place.
I would HIGHLY suggest getting a pre-approval to find out how much you will qualify for and to ensure you do in fact qualify for what you are looking to purchase. You can do this either through a bank or through a broker.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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