Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
User avatar
Feb 2, 2014
7768 posts
2153 upvotes
Toronto
luckydeeds66 wrote: Is 3.29% 5 year fixed with a big 5 bank (TD in my case) a competitive rate for 5 year fixed?

House price: $300K
Down payment: $60K
Close: May
Great credit score

Prefer to be with a big 5 bank.
It's a good rate from a Big Bank, but keep in mind their mortgages collateral. Try to avoid TD, Tangerine and National Bank.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Mar 17, 2019
16 posts
4 upvotes
First mortgage
House price: $400,000
Down payment: 20%
Closing date: May 1st
Primary resident: Yes
Household income: 61,000
Good credit score

-->Student loans of $50k which can be paid off immediately if necessary/will impact my ability. Hoping for some insight
Jr. Member
User avatar
Sep 17, 2002
130 posts
70 upvotes
Vancouver
luckydeeds66 wrote: Is 3.29% 5 year fixed with a big 5 bank (TD in my case) a competitive rate for 5 year fixed?

House price: $300K
Down payment: $60K
Close: May
Great credit score

Prefer to be with a big 5 bank.
If you are ok with 4yrs rbc just posted 3.24%
Penalty Box
Jun 15, 2012
2539 posts
807 upvotes
Saskatoon
Polydectes wrote: If you are ok with 4yrs rbc just posted 3.24%

If RBC can offer 3% on 1 year GIC in USD(negotiable) they are not making much out of 3.24% mortgages.
“Because gold is honest money it is disliked by dishonest men.” – Ron Paul
'The rich get richer and the poor get - children.'
Newbie
Apr 13, 2018
1 posts
Can I get some feedback please? Bought an assignment last year off someone (brand new condo move in ready for this May 2019).

Just got my rates and I'm a little confused as to why my variable rate is the same as my fixed rate?

House Price: 465,000
Down Payment: 100,000
Close: May
Income: 175,000
800+ Credit Score

5 year fixed: 3.45%
5 year variable: 3.45%

Scotiabank

?
Newbie
Apr 1, 2015
18 posts
3 upvotes
Sherwood Park, AB
Looking for a best Variable rate,
First mortgage
House price: 900 K
Down payment: 20%
Closing date: Just started looking
Primary resident: yes
Household income: combined 165k
No other debt
Credit score almost : 850- Both
Location: Surrey, BC

Thanks
Deal Fanatic
User avatar
Feb 2, 2014
7768 posts
2153 upvotes
Toronto
alexbai94 wrote: Can I get some feedback please? Bought an assignment last year off someone (brand new condo move in ready for this May 2019).

Just got my rates and I'm a little confused as to why my variable rate is the same as my fixed rate?

House Price: 465,000
Down Payment: 100,000
Close: May
Income: 175,000
800+ Credit Score

5 year fixed: 3.45%
5 year variable: 3.45%

Scotiabank

?
Is May the occupancy date or the closing date? Any idea when the closing date is?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7768 posts
2153 upvotes
Toronto
Mahetha wrote: Looking for a best Variable rate,
First mortgage
House price: 900 K
Down payment: 20%
Closing date: Just started looking
Primary resident: yes
Household income: combined 165k
No other debt
Credit score almost : 850- Both
Location: Surrey, BC

Thanks
3.00% 5-year variable is the best rate with 20% down, but it's for approvals only (after you have an accepted offer).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Jan 31, 2018
1766 posts
336 upvotes
moochaoranges wrote: First mortgage
House price: $400,000
Down payment: 20%
Closing date: May 1st
Primary resident: Yes
Household income: 61,000
Good credit score

-->Student loans of $50k which can be paid off immediately if necessary/will impact my ability. Hoping for some insight
This will be tight to qualify even at a 30 yr amortization - assuming 3k in property taxes you are at 41% GDS and it needs to be below 39%

Do you have higher income using a 2yr average or more downpayment ?

Reach out to any of the brokers on the forum to assist

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1766 posts
336 upvotes
alexbai94 wrote: Can I get some feedback please? Bought an assignment last year off someone (brand new condo move in ready for this May 2019).

Just got my rates and I'm a little confused as to why my variable rate is the same as my fixed rate?

House Price: 465,000
Down Payment: 100,000
Close: May
Income: 175,000
800+ Credit Score

5 year fixed: 3.45%
5 year variable: 3.45%

Scotiabank

?
Scotias variable rate is not competitive at the moment and you have better options available to you

3% 5yr variable

3.24% 5 yr fixed

Huge savings over the 5 yr term

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1766 posts
336 upvotes
Mahetha wrote: Looking for a best Variable rate,
First mortgage
House price: 900 K
Down payment: 20%
Closing date: Just started looking
Primary resident: yes
Household income: combined 165k
No other debt
Credit score almost : 850- Both
Location: Surrey, BC

Thanks
Many of the rates you see myself and the other brokers post are only for live deals meaning when you have a firm deal in place.

If you had one today you could expect the below rates

3% 5 yr variable

3.24% 5 yr fixed

Based on the information there will be no issues with approval !

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
May 15, 2017
5 posts
1 upvote
We are (wife and myself) thinking of buying additional property in Toronto and evaluating our mortgage options. Breakdown is below.


House price range: $1.1-1.2Mil
Down payment: 20% + flexible
Closing date: under 120 days
Primary resident: yes
Household income: combined $250K (excluding rental income)
Other debt: ($855K outstanding mortgage on another property -> fixed rate, 3.5 years remaining, monthly payments ~$3,500 (property is rented on long term lease, it is cash neutral, carries itself)
No other debt.
Credit score : 800+ for both
Location: Toronto, ON

WE've been getting offers from Tangerine recently, for 3.34% 5Y fixed plus $1500 cash bonus. Considering where we are in economic cycle, I'd expect rates to move higher eventually, thus would prefer fixed rate for the next 3-5 years. Would appreciate your input.
Thank you
Deal Addict
User avatar
Jan 31, 2018
1766 posts
336 upvotes
AnnonNim17 wrote: We are (wife and myself) thinking of buying additional property in Toronto and evaluating our mortgage options. Breakdown is below.


House price range: $1.1-1.2Mil
Down payment: 20% + flexible
Closing date: under 120 days
Primary resident: yes
Household income: combined $250K (excluding rental income)
Other debt: ($855K outstanding mortgage on another property -> fixed rate, 3.5 years remaining, monthly payments ~$3,500 (property is rented on long term lease, it is cash neutral, carries itself)
No other debt.
Credit score : 800+ for both
Location: Toronto, ON

WE've been getting offers from Tangerine recently, for 3.34% 5Y fixed plus $1500 cash bonus. Considering where we are in economic cycle, I'd expect rates to move higher eventually, thus would prefer fixed rate for the next 3-5 years. Would appreciate your input.
Thank you
Below are current best rates for your situation once you have a firm deal in place

3.24% 5 yr fixed

Comes with 20/20 prepayment options and rate is good for 90 days

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
7768 posts
2153 upvotes
Toronto
AnnonNim17 wrote: We are (wife and myself) thinking of buying additional property in Toronto and evaluating our mortgage options. Breakdown is below.


House price range: $1.1-1.2Mil
Down payment: 20% + flexible
Closing date: under 120 days
Primary resident: yes
Household income: combined $250K (excluding rental income)
Other debt: ($855K outstanding mortgage on another property -> fixed rate, 3.5 years remaining, monthly payments ~$3,500 (property is rented on long term lease, it is cash neutral, carries itself)
No other debt.
Credit score : 800+ for both
Location: Toronto, ON

WE've been getting offers from Tangerine recently, for 3.34% 5Y fixed plus $1500 cash bonus. Considering where we are in economic cycle, I'd expect rates to move higher eventually, thus would prefer fixed rate for the next 3-5 years. Would appreciate your input.
Thank you
Just to add to Phil's quote...these rates are for owner-occupied properties only.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Oct 14, 2013
10 posts
1 upvote
Montreal
Hello.
I would like to know what affects the rate I could get.

Assuming I have good credit and can afford to pay the mortgage.
not interested in high ratio mortgage
Quebec resident

Is the rate the same whether I put 20% down vs 50% vs 80% down?
Does the home value affect the rate. whether the house purchase price is 600K, 900k, 1.2M?
Thanks

Top

Thread Information

There are currently 14 users viewing this thread. (10 members and 4 guests)

Bleys007, jeblers, eded123, St-Dorothee, ilikekku, alreadyInUseIsAlreadyInUse, tortugachu, martydxb, PaulMeredith, djrobi