Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
5y fixed at 2.89% or 5y variable at 2.75%.
pvesa16 wrote: Thanks for the info.
Yes I'll have to give them a call to find out if i'm able to break early.

But just for curiousity, what rates would be available in my situation?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Sr. Member
Oct 2, 2013
634 posts
108 upvotes
Mississauga
Hi,

Whats the best rate for 750k High ratio mortgage with around 8% or 10% down. And i am seeing rates of 2.84/2.89. Is that from a big 5 bank or credit union like First National etc

First time home buyer, Almost on border of GDS & TDS ratios.

house price : $750,000
Original purchase date (month and year): Apr 2019
Did you pay an insurance premium such as CMHC when you purchased the home? YES
Is this your primary residence or a rental property? Primary Residence
Location: Halton Region
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
Monoline lender at 2.84%, there is one at 2.89%, etc. Banks would be around 3.09% or so.

With a decent mortgage amount such as this, it does pay to go with a monoline lender as you will save a small fortune in interest.
asgr815 wrote: Hi,

Whats the best rate for 750k High ratio mortgage with around 8% or 10% down. And i am seeing rates of 2.84/2.89. Is that from a big 5 bank or credit union like First National etc

First time home buyer, Almost on border of GDS & TDS ratios.

house price : $750,000
Original purchase date (month and year): Apr 2019
Did you pay an insurance premium such as CMHC when you purchased the home? YES
Is this your primary residence or a rental property? Primary Residence
Location: Halton Region
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Apr 11, 2019
2 posts
St. John's
Hello, have a question about the best mortgage rates available in St. John's, NL. Have a new purchase closing on June 4th, we are lucky and able to put a larger % down due to a gift of money from a family member. Hoping to get the best rate possible on a 5-yr fixed ideally. Anyone familiar with the east coast market?

Info:
Mortgage amount - $180,000
Purchase price - $310,000
Downpayment - 40%
Primary Residence - yes
Attached home on one side


First time buyer (my partner), I own another house
Location: St. John's, NL
Closing date: June 4th, 2019
Financing needed by: April 23, 2019
Pre-approval from RBC (partner's bank)
Haven't have our credit scores checked yet

Any info would be very appreciated. We've been hearing great things about HSBC's rates but haven't met anyone in person yet to field offers.
Deal Fanatic
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Feb 2, 2014
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Toronto
asgr815 wrote: Hi,

Whats the best rate for 750k High ratio mortgage with around 8% or 10% down. And i am seeing rates of 2.84/2.89. Is that from a big 5 bank or credit union like First National etc

First time home buyer, Almost on border of GDS & TDS ratios.

house price : $750,000
Original purchase date (month and year): Apr 2019
Did you pay an insurance premium such as CMHC when you purchased the home? YES
Is this your primary residence or a rental property? Primary Residence
Location: Halton Region
As mentioned, 2.84% 5-year fixed is the best rate.

HOWEVER, you need to hurry. You said the closing date is this month. It takes about 2 weeks minimum to get a mortgage in-place. Furthermore, you lawyer will want mortgage instructions about a week before closing.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Sr. Member
Oct 2, 2013
634 posts
108 upvotes
Mississauga
CdnRealEstateGuy wrote: As mentioned, 2.84% 5-year fixed is the best rate.

HOWEVER, you need to hurry. You said the closing date is this month. It takes about 2 weeks minimum to get a mortgage in-place. Furthermore, you lawyer will want mortgage instructions about a week before closing.
Sorry i bought the property this month but closing is in less than 1.5 months.
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Feb 2, 2014
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asgr815 wrote: Sorry i bought the property this month but closing is in less than 1.5 months.
No need to apologize, you wrote it correctly. I assumed you meant closing date, but your terminology was correct.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
May 12, 2018
42 posts
15 upvotes
YYZ
Domlal wrote: 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.
Yeah - seems like the brokers here can get 2.84% on an insured mortgage, vs HSBC 2.74%. Guess it depends how much you are willing to weigh your odds on the experience with HSBC on 10 basis points savings vs a broker here.
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
The 2.84% is available for deals that are NOT insured as well.

The real issue with HSBC (and it has happened last year, the year before that, etc) is that the process moves incredibly slowly, and sometimes the deal wont even close. Last year a client of mine was dealing with HSBC for weeks, and getting different answers.. often a "let me see what we can do.." which would take weeks to get a follow up. Then about 5-6 days before closing (yes - 5 to 6 days) HSBC came back to the client and drastically reduced the mortgage amount they could approve her for. Something like asking for an extra $50k or 70k in downpayment, money that was not available.
We had to rush the deal elsewhere, and the client got a decent rate but not the best.. simply because with just a few days until closing it was not a matter of rate anymore - what we needed was a lender that could do a complete deal in a few days.
Now, before someone says "its brokers versus banks" - not true. There are lenders on the broker channel that after repetitive failures or other issues, I simply wont send them a single deal. I know a lender that I would not do business with, even if they had a 1% rate on a 10y fixed term.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Sep 13, 2010
1 posts
Hi,

I live in Toronto and have a heloc and variable mortgage which I would like to combine and have a single mortgage.

The home value is $1,400,000 and the mortgage amount would be $1,080,000 what sort of rates would I be eligible for? I would like to stay variable but am open minded.

So far Scotia is offering 3.30% and they will take care of any appraisal/legal fees.

Is this the best I can go?

Thanks!!
Deal Fanatic
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Feb 2, 2014
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scampifryer wrote: Hi,

I live in Toronto and have a heloc and variable mortgage which I would like to combine and have a single mortgage.

The home value is $1,400,000 and the mortgage amount would be $1,080,000 what sort of rates would I be eligible for? I would like to stay variable but am open minded.

So far Scotia is offering 3.30% and they will take care of any appraisal/legal fees.

Is this the best I can go?

Thanks!!
You can do much better on the rate for sure. Rate would start at 2.89% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
7352 posts
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Toronto
Hey guys, I can't stress how important it is to answer the questions below to get an accurate quote.

I know these questions get buried in previous pages, but if you see it, please answer them so a correct quote on rates and fees can be given.

For a mortgage transfer/renewal:

-How much is the mortgage owing?
-Roughly, what is the current market value of the property?
-Which city is the property located in?
-Is the property owner-occupied or a rental?
-Who is your current lender?
-Do you have a HELOC tied to the mortgage?
-Is the mortgage CMHC insured?
-When did you buy the property?
-When is your renewal date?

For a purchase of a property:

-What is the purchase price?
-How much is the down payment?
-Where it the property located?
-When is the closing date?
-Will the property be owner-occupied or a rental?

For a mortgage refinance:

-Roughly, what is the current market value of the property?
-What is the current mortgage owing?
-How much do you want to borrow (refinance)?
-Is the property owner-occupied or a rental?
-Where is the property located?
-When do you want to close on the refinance?

Whenever you are borrowing MORE money than currently owing or INCREASING the remaining amortization period, it is a refinance.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
2.89% on a mortgage over 1 million?

CdnRealEstateGuy wrote: You can do much better on the rate for sure. Rate would start at 2.89% 5-year fixed.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Fanatic
User avatar
Feb 2, 2014
7352 posts
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Toronto
Yes.

RFA is not the only lender doing that rate anymore.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
Oct 9, 2005
10 posts
Hi all. The best my current lender is offering is 3.19% 5 year fixed, or prime minus 1.1% 3 year variable, but it seems like there are better options. Would love to know how much better. Thank you so much!

-How much is the mortgage owing? $238,000
-Roughly, what is the current market value of the property? $400,000
-Which city is the property located in? London, ON
-Is the property owner-occupied or a rental? Owner occupied
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? We put less than 20% down when purchasing 5 years ago, so I think so.
-When is your renewal date? July, 2019.

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