Real Estate

The Official Mortgage Rates Thread

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Dec 1, 2015
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Even a small mortgage can get much better rates than the 3.15% they are offering you. Depending on the product you have (STEP mortgage or not) it may make sense to transfer the mortgage elsewhere. Talk to a mortgage professional, run the numbers and see if it helps you.
SneakyPete1 wrote: Yes it seems that way. Renewal time for me Scotia has offered me a 2 Year Fixed @ 3.15% They wouldn't budge any lower. For their Ultimate Variable product rate was 2.95% 5 year closed. I'm currently with them. Leaning toward the 2 year fixed term. I have a pretty small mortgage 120K.

Thoughts?
Andre Oliveira - Mortgage Agent at Valuemortgage
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207inthe716 wrote: Hello Everyone,

I am looking for information regarding obtaining a mortgage on an assignment sale (detached home, new build). The mortgage broker I have been working with a bit has told me that many lenders, including the ones that have the best rates, will not finance an assignment sale.

That being said, of the lenders that will finance an assignment sale, what are the rates at the moment on a high-ratio, five-year fixed term mortgage? The assignment price is around 530k, with a lift of around 60k and we are well-qualified buyers.

A few more pieces of information -- closing is in a bit less than a month,the property is in Ontario, and the assignor does not need any funds, aside from our deposit, before close.

Thank you for any assistance you can provide.
Hi there,

While the broker is correct that many institutions won't lend on assignments (usually unless the assignment is between immediate family), your broker is incorrect that the best rates available are not available for an assignment purchase currently.

Now, most lenders will only lend on the original value, and you would have to come up with the difference. If you're able to meet this requirement (lending on the original value), as low as 2.94% 5 years fixed may be available to you. If you require the mortgage financing to be calculated on the new value, then the rate would be higher - around 3.09%-3.14% 5 years fixed.

Best,

Connor
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Connor Green
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Concierge Mortgage Group
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SneakyPete1 wrote: Yes it seems that way. Renewal time for me Scotia has offered me a 2 Year Fixed @ 3.15% They wouldn't budge any lower. For their Ultimate Variable product rate was 2.95% 5 year closed. I'm currently with them. Leaning toward the 2 year fixed term. I have a pretty small mortgage 120K.

Thoughts?
Hi there,

As already mentioned, there are better rates available for longer terms if that's something that you're willing to consider. With a low mortgage amount such as yours, there are a number of variables to consider to determine whether switching your mortgage would be worth it. If you're in a collateral charge for instance, there may be fees associated with switching the mortgage (though not in every case). The fees may outweigh the interest savings depending on what the best rate is that's available to you.

That said, there are still some very competitive rates available in certain situations so it may in fact be worth it for you to switch - especially if you can do so for free! Even if you're in a collateral charge, you can get incredibly low rates right now and have the collateral charge switch fees covered for you.

You should speak to someone to a broker/agent to see what may be available to you and whether or not it would be worth it to switch lenders.

Best,

Connor
_________________________________
Connor Green
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Concierge Mortgage Group
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Jan 26, 2018
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valuemortgage wrote: Even a small mortgage can get much better rates than the 3.15% they are offering you. Depending on the product you have (STEP mortgage or not) it may make sense to transfer the mortgage elsewhere. Talk to a mortgage professional, run the numbers and see if it helps you.
GreenMortgages wrote: Hi there,

As already mentioned, there are better rates available for longer terms if that's something that you're willing to consider. With a low mortgage amount such as yours, there are a number of variables to consider to determine whether switching your mortgage would be worth it. If you're in a collateral charge for instance, there may be fees associated with switching the mortgage (though not in every case). The fees may outweigh the interest savings depending on what the best rate is that's available to you.

That said, there are still some very competitive rates available in certain situations so it may in fact be worth it for you to switch - especially if you can do so for free! Even if you're in a collateral charge, you can get incredibly low rates right now and have the collateral charge switch fees covered for you.

You should speak to someone to a broker/agent to see what may be available to you and whether or not it would be worth it to switch lenders.

Best,

Connor
Thanks to both of you for the advice. I think I'll contact a broker in my area to discuss my situation. My mortgage is a conventional. I don't have Scotia STEP or any other HELOC or loans against the title. I've switched mortgages in the past and had the new institution pickup the fees.

Thanks again.
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Feb 19, 2018
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Hello there,

what are the best 2 to 5 years rates for a 1.2m property in GTA ?

- purchase price :1.2m
- down payment percentage :35
- primary residence or rental property : primary
- closing date: June
current own a house in Toronto and have a mortgage on it. will rent the current house out and make the new house as primary residence. thanks for any help and advice.
Last edited by rainbowpig on Feb 20th, 2018 11:13 pm, edited 2 times in total.
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Dec 25, 2006
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Hi,

My mortgage is coming up for renewal on May 25, 2018. I called CIBC and they quoted me 3.16% for 3 years, 3.26% for 4 years and 3.36% for 5 years (all fixed). I have $250k mortgage left. Located in Ontario. The rep said the government will most likely raise interest rate again in March and that 3.16% is the best he can offer for 3 years.

Is 3.16% for 3 years a good rate? From what I read so far it doesn't seem ideal.

I would appreciate if brokers on here can provide me with some insight or PM me to discuss.
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SuperRed95 wrote: Hi,

My mortgage is coming up for renewal on May 25, 2018. I called CIBC and they quoted me 3.16% for 3 years, 3.26% for 4 years and 3.36% for 5 years (all fixed). I have $250k mortgage left. Located in Ontario. The rep said the government will most likely raise interest rate again in March and that 3.16% is the best he can offer for 3 years.

Is 3.16% for 3 years a good rate? From what I read so far it doesn't seem ideal.

I would appreciate if brokers on here can provide me with some insight or PM me to discuss.
You can go as low as 2.99% 5-year fixed for a transfer, so no, 3.16% for a 3-year isn’t that great.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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SuperRed95 wrote: Hi,

My mortgage is coming up for renewal on May 25, 2018. I called CIBC and they quoted me 3.16% for 3 years, 3.26% for 4 years and 3.36% for 5 years (all fixed). I have $250k mortgage left. Located in Ontario. The rep said the government will most likely raise interest rate again in March and that 3.16% is the best he can offer for 3 years.

Is 3.16% for 3 years a good rate? From what I read so far it doesn't seem ideal.

I would appreciate if brokers on here can provide me with some insight or PM me to discuss.
It really depends on how far back you have been reading as rates have been on the steady increase. If a 3 year fixed is what you are looking for, then 3.16% is actually a great rate right now. It's possible that a 3 year fixed could potentially be available for a couple points lower, it would not make sense to switch for such a small difference.
As mentioned, there are still 5 year fixed rates available for as low as 2.99%.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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rainbowpig wrote: Hello there,

what is the possible best fixed rates for a 1.2m property in GTA in 2 to 5 years terms? current own a house in Toronto and have a mortgage on it. will rent the current house out when deal is closed. can put down 35% down payment. thanks for any help and advice.
Hi there,

For a purchase of a property valued over $1m, the best 5 year fixed rate available is 3.39%. 4 Year fixed would be about 3.34%. 3 Year fixed would be about 3.14%, and 2 year about 3.09%. The best variable rate available for purchases over $1m would be about prime minus 0.70% to prime minus 0.80%.

Best,

Connor
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Connor Green
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Concierge Mortgage Group
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May 11, 2007
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GreenMortgages wrote: Hi there,

The best rate right now for a purchase price over $1m is 3.39% for a full featured product. The mortgage would have excellent pre-payment privileges along with portability. For a variable rate mortgage, you would be looking at p-0.70% to p-0.80% for 5 years.

Best,

Connor
How about a mortgage that doesn’t have excellent prepayment and portability?
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Andernut wrote: How about a mortgage that doesn’t have excellent prepayment and portability?
Hi there,

It's the same - the 3.39% for over $1m is the best in the market, and it has full pre-payment. This product doesn't have a limited feature alternative.

Best,

Connor
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Connor Green
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Hi
We are looking to place an offer for a house. Buying around $900k with downpayment of 20% ~180K.
We (me and my wife) are both on work permit for the past year; our PR application is pending.
What would be our choices for mortgages in terms of interest rates etc? We were talking to an agent - who told us that we will need to get mortgage insurance even with 20% down payment? And we can't get a pre-approval as we don't have our PR yet.
Would highly appreciate any comments/input/information.

Thanks
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palp75 wrote: Hi
We are looking to place an offer for a house. Buying around $900k with downpayment of 20% ~180K.
We (me and my wife) are both on work permit for the past year; our PR application is pending.
What would be our choices for mortgages in terms of interest rates etc? We were talking to an agent - who told us that we will need to get mortgage insurance even with 20% down payment? And we can't get a pre-approval as we don't have our PR yet.
Would highly appreciate any comments/input/information.

Thanks
Hi there,

You would have some excellent options available to you, as many lenders have New to Canada programs for exactly this situation. There are some criteria that must be met in order for you to qualify, but you're fairly likely to qualify.

Assuming that you qualify for the New to Canada programs then you could have some great options available (standard 20% down rates).

We would need a bit more information about your personal circumstances and income/employment in order to quote rates accurately, though. You should have approximately 3.39% 5 years fixed and p-0.95% variable available to you - again, can't be certain without more info. The rates available may be even more competitive.

Also, depending on which lender is best for you, you may not need to pay a mortgage default premium.

Best,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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SuperRed95 wrote: Hi,

My mortgage is coming up for renewal on May 25, 2018. I called CIBC and they quoted me 3.16% for 3 years, 3.26% for 4 years and 3.36% for 5 years (all fixed). I have $250k mortgage left. Located in Ontario. The rep said the government will most likely raise interest rate again in March and that 3.16% is the best he can offer for 3 years.

Is 3.16% for 3 years a good rate? From what I read so far it doesn't seem ideal.

I would appreciate if brokers on here can provide me with some insight or PM me to discuss.
I got the exact same thing for 250K Mortgage with CIBC as well. They called me and gave the rates
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palp75 wrote: Hi
We are looking to place an offer for a house. Buying around $900k with downpayment of 20% ~180K.
We (me and my wife) are both on work permit for the past year; our PR application is pending.
What would be our choices for mortgages in terms of interest rates etc? We were talking to an agent - who told us that we will need to get mortgage insurance even with 20% down payment? And we can't get a pre-approval as we don't have our PR yet.
Would highly appreciate any comments/input/information.

Thanks
With 20% down, you will have to get insurance. Best rate is 3.09% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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