Real Estate

The Official Mortgage Rates Thread

Member
Nov 30, 2009
422 posts
47 upvotes
rateconnect wrote: Are you currently in a fixed or variable rate

When is the end of term date

Lender ?

Just need a bit more info - being conservative (465k value ) you could refi to 372k

Phil
Looking to have a fixed rate with the end of term date coming up on July 18, 2019 with early renewal option 120 days earlier with current lender, RBC.
Newbie
Sep 28, 2012
6 posts
Looking for a quote on best rates available :

First time home buyer
Home value: $ 650 K
Down payment: 12%
household income: $ 157 K
credit score: excellent
debt: $0
location: GTA - North York
Purposal: personal, not renting it out
Last edited by chrischoi on Mar 8th, 2019 4:15 pm, edited 1 time in total.
Jr. Member
Nov 14, 2018
107 posts
17 upvotes
Looking to buy a house. I was thinking of getting a pre-approval. Does it help in current market situation?

What's the best rate I can get at this time for variable?


First time home buyer
Home value: $ 900K
Down payment: 10%
household income: $ 200k
credit score: excellent
debt: $0
location: gta
Purposal: first home
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
chrischoi wrote: Looking for a quote on best rates available :

First time home buyer
Home value: $ 650 K
Down payment: 12%
household income: $ 157 K
credit score: excellent
debt: $0
location: GTA - North York
Purposal: personal, not renting it out
You would be eligible for very best rates

3.24% 5 yr fixed

2.75% 5 yr variable

Both come with great prepayments 20/20

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 28, 2012
6 posts
Sorry just a bit new here, so how could I proceed with the said rate?

And also what would be the rate for 2 year fixed?

Thank you!


rateconnect wrote: You would be eligible for very best rates

3.24% 5 yr fixed

2.75% 5 yr variable

Both come with great prepayments 20/20

Phil
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User avatar
Jan 31, 2018
1668 posts
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DRGN89 wrote: Looking to have a fixed rate with the end of term date coming up on July 18, 2019 with early renewal option 120 days earlier with current lender, RBC.
Don't early renew the fixed rates are coming down

Refinance rates are slightly higher than some of the rates you see myself and other brokers posting in the forum see below:

3.44% 5 yr fixed

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
1668 posts
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chrischoi wrote: Sorry just a bit new here, so how could I proceed with the said rate?

And also what would be the rate for 2 year fixed?

Thank you!
2yr 3.24% fixed not much upside !
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
pradstoronto wrote: Looking to buy a house. I was thinking of getting a pre-approval. Does it help in current market situation?

What's the best rate I can get at this time for variable?


First time home buyer
Home value: $ 900K
Down payment: 10%
household income: $ 200k
credit score: excellent
debt: $0
location: gta
Purposal: first home
The best rates you see myself and other brokers posting are only on live/firm deals

You would be eligible for the very best given your situation at 2.75% or prime -1.20%

Always best to get preapproved

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 28, 2012
6 posts
Is this a rate that I have to look around for or is there any directions that can be provided? Not quite sure what I can do with this number thank you!
rateconnect wrote: 2yr 3.24% fixed not much upside !
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Dec 1, 2015
1966 posts
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Etobicoke, ON
As you can see, the 5y is so competitive now that the gap between 5y and 2y is often non existent. Contact a mortgage agent and discuss your needs and options.
chrischoi wrote: Is this a rate that I have to look around for or is there any directions that can be provided? Not quite sure what I can do with this number thank you!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Feb 2, 2014
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Toronto
chrischoi wrote: Is this a rate that I have to look around for or is there any directions that can be provided? Not quite sure what I can do with this number thank you!
There’s a special right now for 3.14% 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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Dec 1, 2015
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Etobicoke, ON
Although this has been answered already, just want to add a bit. While some lenders do offer pre approvals at decent rates, the absolute majority of the lenders (at least the ones with the most competitive rates) either do not offer pre approvals or will issue one, with an inflated rate. Part of the issue is that in the process of making a credit decision, the quality and marketability of the property itself is considered, and some lenders will hedge the funds once they pre approve a client, without knowing if the deal will proceed or not. As a result, some lenders will inflate the rate on a pre approval (sometimes by 0.50% more) or not issue any pre approval at all (particularly with variable rate mortgages).
Having said that - regardless the rate you get on the pre approval you can still convert it to a discounted rate, with the same lender or another lender, once the deal becomes firm and the lender com do a full underwriting on your application.

Getting pre approved helps you understand the process in more details, allows you to determine the amount you can qualify for, and often identify/address potential issues (if there are any).
pradstoronto wrote: Looking to buy a house. I was thinking of getting a pre-approval. Does it help in current market situation?

What's the best rate I can get at this time for variable?


First time home buyer
Home value: $ 900K
Down payment: 10%
household income: $ 200k
credit score: excellent
debt: $0
location: gta
Purposal: first home
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
3.14% 5-year fixed is now available for insured mortgages and non-insured mortgages up to 65% LTV!
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Mar 16, 2017
5 posts
CdnRealEstateGuy wrote: 3.14% 5-year fixed is now available for insured mortgages and non-insured mortgages up to 65% LTV!
Is this 5 year fixed rate for a 25 year or 30 year ammortization? Are you allowed to disclose which lender is giving this?
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Dec 1, 2015
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Etobicoke, ON
It is only available for 25y amortization. There are at least 2-3 lenders now with that rate.
Dreamz81 wrote: Is this 5 year fixed rate for a 25 year or 30 year ammortization? Are you allowed to disclose which lender is giving this?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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