Real Estate

The Official Mortgage Rates Thread

Deal Expert
User avatar
Apr 21, 2004
54412 posts
19260 upvotes
With CMHC and 80% LTV, I think the banks are fine.

They need to make more profit when other pillars like Capital Markets and Retail Banking may show lackluster performance.
Deal Addict
Feb 27, 2008
1359 posts
530 upvotes
Hello,

I was adviced that CMLS is offering variable at prime - 1% (1.95%) right now. Has anyone dealt with them and can provide a quick review?

Some questions:

1) I was told that their mortgage is a closed, means I can't switch away to a better rate during the term. What does this mean if I decide to sell my house in 3 years? Does that mean the mortgage is not portable to a new mortgage/home with the same company and that I must pay the 3 months interest fee? If it is portable, what does this mean to the remaining term and interest rate for the "new" mortgage?

2) Does this mean I can't fix it to a fixed mortgage?
Newbie
May 18, 2010
14 posts
7 upvotes
Just got off the phone with RFA Bank/Street Capital. They will adjust their prime rate to 2.95% effective April 1, 2020. RFA adjust their rates monthly at the beginning of each month.

I've also received my mortgage renewal offer with RFA today. I was a former Street Capital client. They offered 5 yr fixed variable at Prime minus 1%. Pretty good...
Sr. Member
May 20, 2017
799 posts
582 upvotes
ON
This is from MCAP's website:

MCAP Prime Rate Update:

MCAP intends to change its Prime Rate to 2.95% effective April 1, 2020. This is consistent with other major Canadian Financial Institutions. MCAP is mindful that market conditions are rapidly evolving and we reserve the right to change our position at our sole discretion.
Jr. Member
Oct 14, 2010
192 posts
109 upvotes
Toronto
MooseEdm wrote: I switched my mortgage to Think at Prime-1.2% a few days ago, but I still have a HELOC with Manulife One that I would like to move someplace else. The reason is that it has a monthly fee and since I am not taking my mortgage to them, the intrest on the HEOC will go up by 1%. Think can give me a HELOC at Prime+0.5, with about $1K in set up costs. What are the best deals when it comes to a HELOC? Do sometimes lenders cover some of the costs if you want to have a HELOC but the mortgage on the property is not with them?
You can get Simplii at p+0.5 with only $300 for set up.
Jr. Member
May 15, 2019
136 posts
137 upvotes
SaskCanesFan wrote: Well 2 phone calls later and both went *exactly* as expected. We're sorry but rates have changed (gone down) so we've of course put our rates up, and you are no longer eligible for the previous rate discounts. No, it doesn't matter that you started your application with us when rates are better, we don't care, but we'd love to be able to help and assist you.

Bunch of criminals, all of them. Meanwhile I did an online pre approval Friday night at 730pm with Tangerine and had an email locking in my 2.19/3 year fixed rate within less than 12 hours, no hassle and no problems. That makes it pretty easy to narrow down who I want to deal with anyways, even if the rates of Simplii and HSBC go back down.
Geez- does this mean lenders wouldn’t honour their pre-approval locked-in rates? I got one from Scotiabank and RBC.
Newbie
May 17, 2010
45 posts
20 upvotes
Toronto
Elec2016 wrote: ...and we reserve the right to change our position at our sole discretion.
Thank you for the update! That being said, this really irks me...How is it their right to move their Prime at their own discretion, especially for existing customers that signed up for a variable rate mortgage? The government should fix this!
Deal Addict
User avatar
Sep 29, 2007
2139 posts
229 upvotes
Mississauga
I don’t see that new notice on the MCAP website.
Sr. Member
May 20, 2017
799 posts
582 upvotes
ON
madara wrote: I don’t see that new notice on the MCAP website.
Put your glasses on! It's right on their homepage :)
Deal Addict
User avatar
Sep 29, 2007
2139 posts
229 upvotes
Mississauga
I was looking at the client portal instead of the main website. 🤪
Sr. Member
User avatar
Nov 1, 2008
640 posts
434 upvotes
Canada
madara wrote: I don’t see that new notice on the MCAP website.
Just click HERE
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Member
User avatar
Aug 9, 2017
204 posts
742 upvotes
GTA
karina_duong wrote: Just got off the phone with RFA Bank/Street Capital. They will adjust their prime rate to 2.95% effective April 1, 2020. RFA adjust their rates monthly at the beginning of each month.

I've also received my mortgage renewal offer with RFA today. I was a former Street Capital client. They offered 5 yr fixed variable at Prime minus 1%. Pretty good...
How long were you placed on hold. Been trying to reach them but I been holding for the last 4hrs.
Deal Addict
Oct 23, 2006
1133 posts
160 upvotes
do we know what's the prime discount MCAP is currently offering?
Heatware : Chuckdeg
Member
Nov 24, 2019
299 posts
406 upvotes
Saskatoon
MooseEdm wrote: I switched my mortgage to Think at Prime-1.2% a few days ago, but I still have a HELOC with Manulife One that I would like to move someplace else. The reason is that it has a monthly fee and since I am not taking my mortgage to them, the intrest on the HEOC will go up by 1%. Think can give me a HELOC at Prime+0.5, with about $1K in set up costs. What are the best deals when it comes to a HELOC? Do sometimes lenders cover some of the costs if you want to have a HELOC but the mortgage on the property is not with them?
budwizestest wrote: You can get Simplii at p+0.5 with only $300 for set up.
Tangerine shows their HELOC at p-0.1%, doesn't mention anything about setup costs or monthly fees. I don't know if there is fees or you need your mortgage to be with them, maybe someone on here has a HELOC with them and can advise?
Deal Fanatic
Feb 4, 2015
6305 posts
2743 upvotes
Canada, Eh!!
Elec2016 wrote: This is from MCAP's website:

MCAP Prime Rate Update:

MCAP intends to change its Prime Rate to 2.95% effective April 1, 2020. This is consistent with other major Canadian Financial Institutions. MCAP is mindful that market conditions are rapidly evolving and we reserve the right to change our position at our sole discretion.
Took them long enough. Yet rate increases are communicated much faster.

Thanks to all who asked MCAP by calling or posting on social media.

*******************************************************************************

Big lenders that don't have prime at 2.95% are:
MCAP [confirmed they will change on April 1 per their website]
RMG ??
RFA/Street Capital [confirmed by user @karina_duong calling them, thanks]
.......
July 13, 2017 to October 25, 2018: BOC raised rates 5 times and MCAP raised its prime rate next day each time.

2020: BOC dropped rates 3 times and MCAP waited and waited to drop its prime rate to include all 3 drops.
Member
Nov 24, 2019
299 posts
406 upvotes
Saskatoon
JacobV91325 wrote: Geez- does this mean lenders wouldn’t honour their pre-approval locked-in rates? I got one from Scotiabank and RBC.
If you've got something on paper with a rate then you'd hopefully be ok. Though a couple pages back people were saying they had agreed to a certain rate with RBC by email, only to be told afterwards that sorry, we can't actually do that. Banks seem to really be using the right to change their mind at any time lately, so may not hurt to double check.
Deal Addict
Mar 22, 2010
2945 posts
845 upvotes
SaskCanesFan wrote: Tangerine shows their HELOC at p-0.1%, doesn't mention anything about setup costs or monthly fees. I don't know if there is fees or you need your mortgage to be with them, maybe someone on here has a HELOC with them and can advise?
their rate is most competitive but unfortunately you have to have mortgage with them.
Banned
Sep 19, 2012
1253 posts
1865 upvotes
Calgary
SaskCanesFan wrote: Tangerine shows their HELOC at p-0.1%, doesn't mention anything about setup costs or monthly fees. I don't know if there is fees or you need your mortgage to be with them, maybe someone on here has a HELOC with them and can advise?
Sadly they won’t go in 2nd positon (ie: you need your “mortgage” with them). Try Motusbank as they have a good rate (prime) and will go in 2nd. YMMV on negotiating away their setup fees (similar to Think so ~$1k).
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Member
Nov 24, 2019
299 posts
406 upvotes
Saskatoon
^Thanks guys, I wasn't sure but that makes sense. If you do have your mortgage with them, is there also setup fees that you know of for their HELOC, or do they waive that because they aren't in 2nd position?

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