Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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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
Sr. Member
Oct 2, 2013
656 posts
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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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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
Newbie
May 12, 2018
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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.
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Dec 1, 2015
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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
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Sep 13, 2010
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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!!
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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
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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
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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
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Feb 2, 2014
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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
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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Jan 31, 2018
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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!!
Best rates are 3.09% on a 5 yr fixed & 3.20% on the variable side


2.89% is only available on mortgages under a million

Phil
Last edited by rateconnect on Apr 12th, 2019 7:06 pm, edited 2 times in total.
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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Phronk wrote: 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.
Best rates below for previously insured mortgages

2.84% 5 yr fixed & 2.70% 5 yr variable restrictive product or 2.75% regular product

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1810 posts
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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

Best rates below for previously insured mortgages

2.84% 5 yr fixed & 2.70% 5 yr variable restrictive product or 2.75% regular product

As Andre mentioned huge savings over major banks

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Dec 1, 2015
1966 posts
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Etobicoke, ON
I know that rates dropped... I just did not see any option to get a collateral switch for a total mortgage over 1 million dollars, at 2.89%. Can you share the lender?
CdnRealEstateGuy wrote: Yes.

RFA is not the only lender doing that rate anymore.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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