Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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CdnRealEstateGuy wrote:
Apr 23rd, 2019 5:47 pm
Same rate. If you can do 35% down, rate will drop to 2.94% 5-year fixed.
Sorry @derdev, I have one lender in QC that will do 2.94% 5-year fixed at 30% down.

My apologies.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
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d3van wrote:
Apr 23rd, 2019 5:34 pm
Hi there,

Revisiting this as we just are in the process of firming up a sale and new purchase.

I have $186k left @2.34% on mortgage with CIBC over the next 23 or so months. Bank says it will be about $1800 to break that mortgage. Bank is trying to convince me to blend that with new purchase instead, but I am not sure as they say they are looking at about 3% for the rest of mortgage (say $750k or so)... I'm wonder if its best to go elsewhere.

Amortization: 25 years
Downpayment: ~30%
Property use: Primary residence
Property type: Townhouse
Property location: Coquitlam BC
Purchase price: 1.120000 after taxes
Closing date: June 4th
Income: 209k combined
Credit scores: excellent

I was thinking 5 yr since we plan to stay in this place for a while.

Thanks
For a million dollar purchase, around 3% 5-year fixed would be the best rate that you will get.
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
Feb 26, 2012
11 posts
TORONTO
Hello Experts,

Located in Toronto, ON and looking to buy our first home- a freehold/condo townhouse/ semis in Toronto. Looking for a price range $900K-1.1m. Our gross annual income is 245k (130k/ 115k). Planning for 20% down payment. We have no other debts.

We want to know what’re our options with A lenders, rates and etc with 5 yr fixed closed, 5yrs variable open and 5 yr variable fixed. I am newbie and appreciate your responses.

Cheers
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akabadi wrote:
Apr 24th, 2019 12:04 am
Hello Experts,

Located in Toronto, ON and looking to buy our first home- a freehold/condo townhouse/ semis in Toronto. Looking for a price range $900K-1.1m. Our gross annual income is 245k (130k/ 115k). Planning for 20% down payment. We have no other debts.

We want to know what’re our options with A lenders, rates and etc with 5 yr fixed closed, 5yrs variable open and 5 yr variable fixed. I am newbie and appreciate your responses.

Cheers
Great, definitely an exciting time for you! Let's see what we can do to help you out! :) There will be a difference in rates depending on whether your purchase price is over or under $1 million (regardless of the mortgage amount). If it's under one million, then the lowest 5 year fixed would be 2.89% or lowest 5 year variable would be prime -1.10% (2.85%).

If your purchase price is over $1 million, then the lowest 5 year fixed rate is 3.02% - 3.09%, depending on your closing date. Lowest variable is actually higher at prime -0.75% (3.20%).

Note that these are all closed mortgages, which is the case with pretty much all the low mortgage rates. This just means there is a penalty if you need to break the mortgage early.

I'm assuming that when you say '5 year variable fixed', you are referring a variable rate mortgage with a fixed payment? Options here are extremely limited, as there are few variable products with fixed payments available. The lowest rate is prime -0.75% (3.20%), regardless of whether your purchase price is over or under $1 million.

Hope this helps! Let us know if there is anything we can clarify for you. :)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Nov 6, 2006
186 posts
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Coquitlam
CdnRealEstateGuy wrote:
Apr 23rd, 2019 6:06 pm
For a million dollar purchase, around 3% 5-year fixed would be the best rate that you will get.
Sorry, the 3% from CIBC was just for remainder of my existing mortgage (blended), so only for about 23 months or so.
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Sep 16, 2009
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CdnRealEstateGuy wrote:
Apr 23rd, 2019 12:18 pm
I'm interested as well. I don't know any of the Big 5 doing 2.89% 5-year fixed.
We brought in significant assets from another institution and has always been offered really good rates, ie. asking this big 5 bank to match rates I see on ratesupermarket in previous renewal. The friend we have referred to the same adviser was not able to get this rate. I didnt mean to distract RFDers with unproven rate information, just wanted to get a sense how good this rate is and whether or not its worth fixing it for 5 years.
Newbie
Feb 26, 2012
11 posts
TORONTO
Thanks Paul- I believe this would be between 1-1.1m, so it'd be above 1m line. For variable rates, I meant to say open vs. close terms- are these A lenders?
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akabadi wrote:
Apr 24th, 2019 1:13 pm
Thanks Paul- I believe this would be between 1-1.1m, so it'd be above 1m line. For variable rates, I meant to say open vs. close terms- are these A lenders?
Pretty much all mortgages are closed. For an open mortgage, the rate would be significantly higher.

Same with the lender...it's an "A" lender. If it was a B or private lender, the rate would be significantly higher and there would be fees.

There is a misunderstanding of what an "A" lender is. An "A" lender is not just a big bank. An "A" lender is a financial institution that lends to "A" clients (good credit, income...) at "A" rates.
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
Nov 8, 2008
2 posts
montreal
Hi guys,

1st time buyer, alone. Also wondering our thoughts about this (new incentive for 1st time buyers)...Worth waiting 6-8 months while paying the rent?

- Montreal, QC
- Purchase price: ~$300,000 condo
- Downpayment: 5% -> can do up to 20% combining cash and RRSP but I believe in minimzing it.
- Primary residence
- 25 years
- excellent credit, about 100k/year
- when: really pondering wether to go now or wait for the new incentive (5% free loan by CMHC).

Any thoughts welcomed
Newbie
Jan 17, 2019
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Posting to give a great review for Paul Meredith. Paul offered invaluable advice and info for a first time home-buyer and was very patient throughout the whole process. Paul was very quick to respond to emails and get our approval done fast. Not only that, but Paul would reach out to us to inform of lower rates and work with us to get the best possible rate, which is something he didn't have to do.

Would not hesitate to deal with Paul again in the future and would recommend his services to anyone with mortgage needs.
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Dec 20, 2009
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Just transferred from BMO to RBC at 3.14 , 5 years with fees covered and $750 WestJet card. Also dropping $16 monthly fees in my savings account.

My comment is not about rate but about how little BMO cared about retaining my business after 15 years. Unreturned or perfunctory emails and phone calls from rep, and then when head office called the rep just said, “yeah, that’s pretty good,” before offering 3.54.
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Aug 20, 2006
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My mortgage is up for renewal on July 1 and I am shopping around for rates. Can some of the brokers on here provide me with details of current rates?

Mortgage owing - approx $330,000
Home value - approx $725,000
City - Richmond Hill
Owner-occupied or rental - Owner
Current Lender - TD
HELOC tied to mortgage? No
CMHC insured? No

Thanks!
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dooly wrote:
Apr 25th, 2019 10:02 am
My mortgage is up for renewal on July 1 and I am shopping around for rates. Can some of the brokers on here provide me with details of current rates?

Mortgage owing - approx $330,000
Home value - approx $725,000
City - Richmond Hill
Owner-occupied or rental - Owner
Current Lender - TD
HELOC tied to mortgage? No
CMHC insured? No

Thanks!
Thanks for the info! Lowest 5 year fixed in your situation would be 2.84% or 5 year variable at prime -1.20% (2.75%). There are shorter terms available as well, however rates are a bit higher.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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You should qualify for a 5y fixed at 2.84%, or a 5y variable at P-1.20% (so, 2.75% in today's numbers). Both options would have excellent pre payment features.
dooly wrote:
Apr 25th, 2019 10:02 am
My mortgage is up for renewal on July 1 and I am shopping around for rates. Can some of the brokers on here provide me with details of current rates?

Mortgage owing - approx $330,000
Home value - approx $725,000
City - Richmond Hill
Owner-occupied or rental - Owner
Current Lender - TD
HELOC tied to mortgage? No
CMHC insured? No

Thanks!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Philbert wrote:
Apr 25th, 2019 8:43 am
Just transferred from BMO to RBC at 3.14 , 5 years with fees covered and $750 WestJet card. Also dropping $16 monthly fees in my savings account.

My comment is not about rate but about how little BMO cared about retaining my business after 15 years. Unreturned or perfunctory emails and phone calls from rep, and then when head office called the rep just said, “yeah, that’s pretty good,” before offering 3.54.
Not uncommon unfortunately. When dealing with banks, you're dealing with employees. Some of them just don't care unfortunately. You likely could have got a much better deal if you had shifted away from the big banks.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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