Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 24th, 2019 12:04 am
Deal Addict
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Sep 13, 2011
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yugsekwaf wrote:
Feb 11th, 2019 12:06 pm
Hi, I'm in the market for a condo. Moved to Canada just a year back (PR). Do I need to show proof of tax returns in Canada to purchase a property? I haven't filed any to date since I moved last year only and yet to file for 2018. Income is >150K credit score is ~695. Will I be able to buy property based on my situation currently?

TIA
Providing that you are full time employed, with guaranteed income and not on contract, then having your taxes filed should not be required for mortgage approval purposes.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 14, 2014
23 posts
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Can I just throw a request for quote in here?

Renewal in April.

Mortgage balance will be ~$920,000. Property value in the $1.5MM range.

Income in the $800,000 per year range between wife and I.

Credit scores are each ~800.

Located in Calgary.

Right now we don't have a HELOC, but would consider it if available - I can't recall the new rules.
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mobility1 wrote:
Feb 11th, 2019 1:22 pm
Can I just throw a request for quote in here?

Renewal in April.

Mortgage balance will be ~$920,000. Property value in the $1.5MM range.

Income in the $800,000 per year range between wife and I.

Credit scores are each ~800.

Located in Calgary.

Right now we don't have a HELOC, but would consider it if available - I can't recall the new rules.
What was your original purchase date?
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 14, 2014
23 posts
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PaulMeredith wrote:
Feb 11th, 2019 1:26 pm
What was your original purchase date?
April 2016.

I didn't know that was an important piece of info, otherwise I would have included it.
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mobility1 wrote:
Feb 11th, 2019 1:52 pm
April 2016.

I didn't know that was an important piece of info, otherwise I would have included it.
No problem! It's not something that you would think would matter, but it does when we are dealing with properties valued at over $1 million. Lowest rates in your case would be a 5 year fixed at 3.29% or 5 year variable at prime -1.15% (2.80%). There are shorter term rates available as well, however they are higher.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Feb 10, 2019
1 posts
Hi,

Looking for best rates on the following:

Mortgage amount owing at maturity (or current mortgage amount if unknown): 485k
Approximate market value: 975k
Original purchase date (month and year): May 2016
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): No
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: No
Do you have a second component such as a HELOC attached to your mortgage?: No
Current lender: Industrial Alliance
Is this your primary residence or a rental property?: Primary residence
Location: Toronto
Maturity date: May 2019


Thanks!
Sr. Member
Nov 17, 2014
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Are you guys recommending to pick the 5 yr fixed mortgage rate (3.29%), because there is only a small difference from the 5 yr variable mortgage rate (2.80%)?
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Feb 2, 2014
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Griff0n121 wrote:
Feb 10th, 2019 10:55 pm
Hoping to try and buy a house sooner than I had originally planned.

Price 260-275k
Income 65k
Down 5%
Property type : House
Province: Mb
Credit :730
2.75% 5-year variable and 3.24% 5-year fixed are the best rates.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Newbie
Feb 10, 2019
1 posts
Need an answer asap...have an accepted offer, week to clear conditions (financing included)

First time home buyer...

Purchase Price 545k
DP: 25%
Income 80k + 60k (spouse and I)
Property type : House
Province: AB
Credit :800

Looking for 5 year variable closed, 20+20, semi-annual compounding, 20 year ammortization

And go!
Jr. Member
Dec 28, 2010
140 posts
28 upvotes
Toronto
Just curious and wanted to ask very knowledgeable people here.
- Does my banks (big Canadian bank) mortgage specialist provide me the best rate offered at their own discretion or is it software calculated.
As in- if i go to another branch say close to work, will I get the same offering? or any one else having similar property gets same BEST offer for renewal.

Reason I ask is am having hard time my bank specialist budge. Who is very polite to say I will forward the file for adjustment but in 30 mins I receive a reply that it can't be done.
- How does one negotiate with the banks? I shared what Ratehub etc. show for other lenders, but no love.
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Jun 29, 2007
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Karma2000 wrote:
Feb 11th, 2019 6:39 pm
Just curious and wanted to ask very knowledgeable people here.
- Does my banks (big Canadian bank) mortgage specialist provide me the best rate offered at their own discretion or is it software calculated.
As in- if i go to another branch say close to work, will I get the same offering? or any one else having similar property gets same BEST offer for renewal.

Reason I ask is am having hard time my bank specialist budge. Who is very polite to say I will forward the file for adjustment but in 30 mins I receive a reply that it can't be done.
- How does one negotiate with the banks? I shared what Ratehub etc. show for other lenders, but no love.
From my experience with major banks (RBC and CIBC), there is some discretion at branch level. If you ask for a rate lower than what the branch can offer at their discretion, the request is sent to mtg head office for their review. Usually reply comes back within 24 hrs. Thus if one branch has sent request into head office, it is unlikely going to a different branch will get better result.

I am surprised lenders are still keeping 5 yr fixed rate high considering 5 yr bond yield is at a ~1 yr low right now. Lowest since early 2018.
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Jan 31, 2018
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Karma2000 wrote:
Feb 11th, 2019 6:39 pm
Just curious and wanted to ask very knowledgeable people here.
- Does my banks (big Canadian bank) mortgage specialist provide me the best rate offered at their own discretion or is it software calculated.
As in- if i go to another branch say close to work, will I get the same offering? or any one else having similar property gets same BEST offer for renewal.

Reason I ask is am having hard time my bank specialist budge. Who is very polite to say I will forward the file for adjustment but in 30 mins I receive a reply that it can't be done.
- How does one negotiate with the banks? I shared what Ratehub etc. show for other lenders, but no love.
Then why stick with a bank that doesn't reward your loyalty

Better rates through the broker channel

Phil
Phil Cragg
Rateconnect
Broker License #12626
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Mar 9, 2012
650 posts
245 upvotes
Karma2000 wrote:
Feb 11th, 2019 6:39 pm
Just curious and wanted to ask very knowledgeable people here.
- Does my banks (big Canadian bank) mortgage specialist provide me the best rate offered at their own discretion or is it software calculated.
As in- if i go to another branch say close to work, will I get the same offering? or any one else having similar property gets same BEST offer for renewal.

Reason I ask is am having hard time my bank specialist budge. Who is very polite to say I will forward the file for adjustment but in 30 mins I receive a reply that it can't be done.
- How does one negotiate with the banks? I shared what Ratehub etc. show for other lenders, but no love.
Usually you want to have a written approval from the competition or broker and provide it to the big bank to have them try to match it with their national office. Without that, you may need manager approval and regional vice -president approval to get a better rate approved by national office but you will need a strong portfolio for the second option. Just like the brokers here, any additional rate reductions would affect the mortgage broker compensation at a big bank so they usually wouldn't want to work for peanuts either.
Last edited by skunkyjosh on Feb 12th, 2019 12:27 am, edited 1 time in total.
Newbie
Jan 23, 2017
56 posts
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GTA
Karma2000 wrote:
Feb 11th, 2019 6:39 pm
Just curious and wanted to ask very knowledgeable people here.
- Does my banks (big Canadian bank) mortgage specialist provide me the best rate offered at their own discretion or is it software calculated.
As in- if i go to another branch say close to work, will I get the same offering? or any one else having similar property gets same BEST offer for renewal.

Reason I ask is am having hard time my bank specialist budge. Who is very polite to say I will forward the file for adjustment but in 30 mins I receive a reply that it can't be done.
- How does one negotiate with the banks? I shared what Ratehub etc. show for other lenders, but no love.
I have had similar experience where my big Canadian bank would not budge and come no where near what a mortgage broker could offer. Tried at my branch and she put in an exception request and they came back with just a 0.10% lower rate than their published rates.

I also called their mortgage caĺl centre where the agent I got at said a lot of customers have been calling for rate matches and he escalated every time and got rejected. He said he doesn't even bother escalating anymore, seems the bank is fine to let customers walk. So far the RFD brokers on here have the lowest rates I've seen.
Newbie
Dec 24, 2017
1 posts
Hi Phil,

Please can you pm me? I'm looking for a mortgage renewal quote but don't wish to post publicly my financial details.

Thanks

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