Real Estate

The Official Mortgage Rates Thread

Newbie
Apr 9, 2019
2 posts
1 upvote
PaulMeredith wrote: That is a high ratio mortgage only, meaning less than 20% down payment and therefore you are paying an insurance premium. I'm not sure they still have the promo on. Their rate for 20% or greater down payment is higher than you can get through the brokers on this board. Also, before choosing anything from HSBC, you may want to read their reviews:

https://www.consumeraffairs.com/finance ... tgage.html
https://www.yelp.ca/biz/hsbc-bank-canada-vancouver-16
https://www.yelp.ca/biz/hsbc-bank-canada-toronto-6
http://forums.redflagdeals.com/official ... #p28285811
http://forums.redflagdeals.com/official ... #p27276205
http://forums.redflagdeals.com/official ... #p29726654
http://forums.redflagdeals.com/official ... #p30703004
You got me worried with those reviews. At the same time, I tried looking at reviews from other banks and they are all as terrible. I feel like the only people reviewing banks online are the ones who received bad service from them.
Deal Fanatic
User avatar
Sep 13, 2011
5142 posts
1936 upvotes
Toronto
karlsberg wrote: Location: Scarborough, ON
Renewal Date: July 1st
Mortgage Balance: 410,xxx
Property Value: 650,000 (estimated)
Purchase Date: 2014
Original Lender: RMG Low rate basic
CMHC Insured: (Unsure, we sold our condo and purchased home)
Owner Occupied: Yes
Current rate: 2.89% for 5 years

Agent at RMG came back with
Traditional Fixed Closed
1 year – 3.84%
2 year – 3.84%
3 year – 3.84%
4 year – 3.84%
5 year – 3.09%

Traditional Variable (5 year) Closed
Prime (3.95%) minus .90% (equals 3.05%)

Can definitely do better elsewhere, but is it worth negotiating with him to get the rate down?

Also, from what I've read here, going with say TD bank may not be the best option. I am in the process of moving my finances over there and she said they would cover $300.00 towards the discharge fee and pay the legal paperwork to transfer and the appraisal. is it worth me exploring that option?

Finally, due to lowering rates, are people going variable, or locking in for 5 years?

Appreciate any help here
Karl
You can always ask your RMG if they will go any lower on the rate for you. The worst they can say is no, right?

If you are moving the mortgage to TD, the legal and appraisal fee would be covered for you regardless of which lender you switch to. Most lenders do not cover your discharge fee, however the extra cost from the higher rate you would get by switching to TD would likely be much greater than the $300.

Fixed or variable really depends on the person, and there is no right or wrong answer here. Right now, the spread between fixed and variable is thinner than it has been in years. I wrote a new blog on this very subject that will be up on my website around noon today, EST.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Nov 20, 2007
27 posts
3 upvotes
I have about 180k left on mortgage
Uninsured
Owner
Expires on April 30.
20/20, relatively straight forward mortgage
I could have sworn my amortization was 25 years however my bank letter stated 30 yr. with Scotia

Can someone please message me their best 2,3,5 year fixed

Thank you!
Newbie
Jan 11, 2019
56 posts
9 upvotes
House purchase, owner-occupied, closing date is May 1st, 318K mortgage, uninsured (20% downpayment), 30-year amortization, 5-year fixed...
Was offered 3.09% with 1000$ cashback - is that a competitive offer right now?
Last edited by xqcftwx on Apr 10th, 2019 1:22 pm, edited 2 times in total.
Member
Oct 8, 2008
337 posts
72 upvotes
I have a question for the experts-

If switching mortgages between two institutions and the last one was a bank with a collateral charge-what are the fees and documents that need to be prepared for that? How long does all that process take?

Are the 5 year fixed rates still expected to drop in the next couple of months?

Thanks so much.
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
domino-s wrote: I have about 180k left on mortgage
Uninsured
Owner
Expires on April 30.
20/20, relatively straight forward mortgage
I could have sworn my amortization was 25 years however my bank letter stated 30 yr. with Scotia

Can someone please message me their best 2,3,5 year fixed

Thank you!
Rates start at 2.94% 5-year fixed and 2.75% 5-year variable. Assuming you don't have the STEP product, legal and appraisal fees will be covered.
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
7569 posts
2022 upvotes
Toronto
user007 wrote: I have a question for the experts-

If switching mortgages between two institutions and the last one was a bank with a collateral charge-what are the fees and documents that need to be prepared for that? How long does all that process take?

Are the 5 year fixed rates still expected to drop in the next couple of months?

Thanks so much.
You have to pay legal fees. The cost of the legal fees differ from province to province.

Not 100% certain if fixed rates will drop further. But if they do, most lenders will allow you to float down the rate, so there is no point in waiting to secure an approval.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Apr 9, 2019
1 posts
Hi! Looking for some input to my current situation. Currently have a mortgage with BMO and looking to refinance.

Location: Vaughan
Renewal Date: July 1st, 2019
Mortgage Balance: 299 K at the time of refinance
Property Value: 450 K to 460 K
Purchase Date: June 2017
Original Lender: BMO
CMHC Insured: No
Owner Occupied: Yes

I am looking to refinance to pay off a credit line I have with TD. So will be needing a mortgage for 335 K (quick story, I feel sick last year and had to take many many months off and had to use my credit line to cover a lot of my costs). My main concern is to pay off the credit line at TD and keep it open. BMO tells me that they have to close it, looking for another alternative. Looking for best rates for a 2, 3, 4, 5 fixed and variable. And also appraisal, legal and discharge fees to be waived.

Looking forward to the suggestion and advice. Thank you.
Deal Fanatic
User avatar
Sep 13, 2011
5142 posts
1936 upvotes
Toronto
user007 wrote: I have a question for the experts-

If switching mortgages between two institutions and the last one was a bank with a collateral charge-what are the fees and documents that need to be prepared for that? How long does all that process take?

Are the 5 year fixed rates still expected to drop in the next couple of months?

Thanks so much.
The legal fees for a collateral switch in Ontario are around $800. Note that there are some lenders who will cover this fee for you. Switches take around 30 days to complete.

I would still expect rates to drop further over the next couple of months. As of right now, lowest 5 year fixed rates range for 2.84% to 2.99% for insurable mortgages, depending on several factors. For an quote on rate rate might be applicable to you, the following info would be required:

If you have a renewal coming up:

Mortgage amount owing at maturity (or current mortgage amount if unknown)
Approximate market value
Original purchase date (month and year)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment)
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?
Do you have a second component such as a HELOC attached to your mortgage?
Current lender
Is this your primary residence or a rental property?
Province
Maturity date

If purchasing, not quite as much info is required: 

Purchase price
Down payment amount (or percentage)
Primary residence or rental property
Province
Closing date
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
Oct 3, 2005
1051 posts
31 upvotes
moonjo wrote: Glad I found this thread. My mortgage is up for renewal end of June.

Location: London
Renewal Date: June 25
Mortgage Balance: 171K
Property Value: 380K (estimated)
Purchase Date: 2014
Original Lender: RBC Bank - Homeline Plan
CMHC Insured: No
Owner Occupied: Yes

I've had a meeting with RBC mortgage specialist and offered me these rates:
2yr fixed closed 3.03%
3yr fixed closed 3.08%
5yr variable closed 3.28%

She was hinting that she could go 0.05% lower than these. She also 'warned' me that I would have to pay lots of fees to switch.
I got offered the same from RBC yesterday but did not hear about an extra 0.05%? I also have a homeline plan so its kind of a headache to switch banks.
Newbie
Apr 9, 2019
4 posts
Hello,

I'm looking to refinance my mortgage.

Current mortgage amount: ~287K
Approximate market value: ~500K
Original purchase date (month and year): April 2009
Did you pay an insurance premium such as CMHC when you purchased the home?: No
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: Yes, Nov 2015
Do you have a second component such as a HELOC attached to your mortgage?: Yes, 60K
Current lender: TD Bank
Is this your primary residence or a rental property?: Primary Residence
Province: Montreal (QC)
Maturity date: Nov 2019
Newbie
Aug 19, 2011
17 posts
1 upvote
Calgary
Hi guys,

My renewal is coming up in October and Scotia decided to offer me an early renewal @ 3.29.
Mortgage amount owing at maturity - ~$445K
Approximate market value - ~$580
Original purchase date - Oct 2014
Did you pay an insurance premium such as CMHC when you purchased the home? Yes
Did you refinance your mortgage since you owned your home? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender - Scotiabank
Is this your primary residence or a rental property? Primary
Province - AB
Maturity date - Oct 1
Newbie
Feb 25, 2014
5 posts
Mississauga
That’s interesting I was told by HSBC 2.99% fixed for 5 years for mortgage renewal. We have to pay about for the legal paperwork (roughly $1500) and appraisal fees ($300). The cashback is based on the mortgage amount $1000 for less than $500k and $2000 for mortgage above $500k
Newbie
Apr 9, 2019
2 posts
Hi,

I'm coming up for renewal next month and I hope some of the brokers in this thread can help me out. Please PM me on how I can take advantage of some of the rates posted in this thread.

Mortgage amount owing at maturity: $136,000
Approximate market value: $800,000
Original purchase date (month and year): May 2011
Did you pay an insurance premium such as CMHC when you purchased the home? Yes
Did you refinance your mortgage since you owned your home? No
Do you have a second component such as a HELOC attached to your mortgage? Yes RBC Homeline
Current lender: RBC
Is this your primary residence or a rental property? Primary
Province: ON
Maturity date: May 15, 2019

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