Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 19th, 2019 10:55 pm
Deal Addict
Jun 15, 2012
1544 posts
215 upvotes
MB
Polydectes wrote:
Mar 18th, 2019 4:15 pm
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.
Sig removed due to rule violations
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
17 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
Penalty Box
User avatar
Feb 2, 2014
6170 posts
1392 upvotes
Toronto
alexbai94 wrote:
Mar 18th, 2019 4:46 pm
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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Penalty Box
User avatar
Feb 2, 2014
6170 posts
1392 upvotes
Toronto
Mahetha wrote:
Mar 18th, 2019 5:04 pm
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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Sr. Member
User avatar
Jan 31, 2018
753 posts
102 upvotes
moochaoranges wrote:
Mar 18th, 2019 3:33 pm
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
Rateconnect
Broker License #12626
Sr. Member
User avatar
Jan 31, 2018
753 posts
102 upvotes
alexbai94 wrote:
Mar 18th, 2019 4:46 pm
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
Rateconnect
Broker License #12626
Sr. Member
User avatar
Jan 31, 2018
753 posts
102 upvotes
Mahetha wrote:
Mar 18th, 2019 5:04 pm
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
Rateconnect
Broker License #12626
Newbie
May 15, 2017
3 posts
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
Sr. Member
User avatar
Jan 31, 2018
753 posts
102 upvotes
AnnonNim17 wrote:
Mar 18th, 2019 8:40 pm
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
Rateconnect
Broker License #12626
Penalty Box
User avatar
Feb 2, 2014
6170 posts
1392 upvotes
Toronto
AnnonNim17 wrote:
Mar 18th, 2019 8:40 pm
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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
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
Sr. Member
User avatar
Jan 31, 2018
753 posts
102 upvotes
iacowhat wrote:
Mar 19th, 2019 12:13 am
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
For properties priced under a million value will not change rate


Typically best rates are avaiable from lenders that price out in increments of 5%.

If you put 20% down this comes with the highest rate decreasing as you put more
down with best available at 35%+ down

Limited to 25 yr amortization on the above pricing criteria you can get a 30yr amortization with 20%+ down but the
below would apply

For properties over a million

Rates are generally higher increasing downpayment will not get you a better rate

You can get a 30 yr amortization vs 25yr max on the above
Phil Cragg
Rateconnect
Broker License #12626
Newbie
Mar 4, 2019
4 posts
Property use: Owner occupied
Amortization: 20-25 years
Term: 5 Year Fixed OR 3 year Variable
Downpayment: 20%-25%
Property type: Detached House
Property location: Ottawa
Purchase price: 487,475
Income: 145k+
First time home buyer, Canadian Citizen
Closing: May 16, 2019
No Debt
Excellent Credit

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