Real Estate

The Official Mortgage Rates Thread

Newbie
Jan 17, 2019
62 posts
47 upvotes
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.
Deal Addict
Dec 20, 2009
1083 posts
232 upvotes
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.
Jr. Member
Aug 20, 2006
193 posts
6 upvotes
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!
Deal Addict
User avatar
Sep 13, 2011
4983 posts
1774 upvotes
Toronto
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)
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
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
Deal Addict
User avatar
Sep 13, 2011
4983 posts
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Toronto
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)
Deal Addict
User avatar
Sep 13, 2011
4983 posts
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Toronto
Rocket899 wrote:
Apr 24th, 2019 9:12 pm
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.
Thanks so much for the comments! It was my pleasure to help you out! :)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
Oct 19, 2007
2028 posts
731 upvotes
Renewal up Jun 1.

How complicated is the process of transferring my mortgage loan from my existing lender to another?
Deal Addict
User avatar
Sep 13, 2011
4983 posts
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Toronto
Seks wrote:
Apr 25th, 2019 11:20 am
Renewal up Jun 1.

How complicated is the process of transferring my mortgage loan from my existing lender to another?
Not complicated at all. Process takes about 30 days to complete approximately, so you'll want to get started fairly soon.

The general documents required for employed applicants are as follows:

o Job letter showing position, start date and annual income
o recent pay stub
o Mortgage statement
o Recent property tax bill
o Home fire insurance policy
o Copy of two pieces of ID (only one piece needs to be photo ID. The other can be a credit card, SIN card, etc. Health card not accepted).

If there is a commission or bonus component to your employment, or if you are hourly with fluctuating hours or hours that are not guaranteed, then last two years T4s, OR NOAs and T1s (tax returns) for the last two years will also be required (if you have been two or more years at your job).



If you are self-employed:

o Last two years T1 Generals (tax returns) (easily obtained from your accountant)
o Last two years NOA (Notice of Assessment) (obtained from your account page on the CRA website, or if you don’t have one we can get them for you within 24 hours for only $30)
o If incorporated, business financial statements for the past two years may also be required
o Mortgage statement
o Recent property tax bill
o Business license or articles of incorporation (if applicable)
o Home fire insurance policy
o Copy of two pieces of ID (only one piece needs to be photo ID. The other can be a credit card, SIN card, etc. Health card not accepted).

You would simply complete an application and credit check through the broker of your choice. Once you have chosen a rate and lender to proceed with, your application is submitted to that lender. Usually a commitment is received back from the lender within 24-48 hours. Once you sign the documents and send them back to your broker, and you have fulfilled all conditions (documents listed above, etc), the file would then be complete from the brokers side.

The transfer of money from one lender to another would be handled by a title insurance company ( you do not need to pay for title insurance) such as FCT or FNF. They will then request a payout statement from your current lender. There is no need to speak to your current lender or notify them that you are leaving. The request for the payout from FCT or FNF will be their notification.

The mortgage amount would then get adjusted to the amount on the payout statement. FCT (or FNF) would then contact you to sign the final documents and verify your identity which can be done in the comfort of your own home at a time that is convenient for you. Evening and weekend appointments are typically available, if needed. Once the final signing has been completed, the funds will then transfer over to the new lender on the closing date (which is typically your maturity date).

Hope this gives you a good idea of what can be expected. Let us know if you have any questions! :)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Apr 24, 2019
2 posts
Hi,

Looking for some mortgage options for a first time home buyer in Edmonton.

Purchase price: $750k
Down payment: 60%
Primary residence
Location: Edmonton, AB
Amortization: 25 years
Income: ~115k
Credit: Excellent
Newbie
Apr 7, 2019
1 posts
Hello, My mortgage is up for renewal in July and i would like to re-finance, I am located in Maple Ridge BC. I understand that the brokers here are from Ontario. My question is how does it exactly work if i choose to work with a broker in Ontario. Is there any issues with not dealing with a broker face to face? I have never used a broker before, only major Banks so this is new to me. I would like to get the best rate possible. Thank-you.
Deal Addict
Oct 19, 2007
2028 posts
731 upvotes
PaulMeredith wrote:
Apr 25th, 2019 11:47 am
Not complicated at all. Process takes about 30 days to complete approximately, so you'll want to get started fairly soon.
I just talked to EQ and the renewal specialist indicated that for a 2.84% 5 yr closed from a broker, there are some fees that I may get charged to make up for the low rate. Is that true?

If so, what are the fees associated with moving my mortgage to a different lender?

Tnx.
Deal Addict
User avatar
Sep 13, 2011
4983 posts
1774 upvotes
Toronto
0il3rsFan wrote:
Apr 25th, 2019 12:55 pm
Hi,

Looking for some mortgage options for a first time home buyer in Edmonton.

Purchase price: $750k
Down payment: 60%
Primary residence
Location: Edmonton, AB
Amortization: 25 years
Income: ~115k
Credit: Excellent
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)
Deal Addict
User avatar
Sep 13, 2011
4983 posts
1774 upvotes
Toronto
lunarwild wrote:
Apr 25th, 2019 1:50 pm
Hello, My mortgage is up for renewal in July and i would like to re-finance, I am located in Maple Ridge BC. I understand that the brokers here are from Ontario. My question is how does it exactly work if i choose to work with a broker in Ontario. Is there any issues with not dealing with a broker face to face? I have never used a broker before, only major Banks so this is new to me. I would like to get the best rate possible. Thank-you.
Great question! Everything is done by phone and by email, so no need to meet in person. It's a super convenient process from that standpoint as you don't have to get off your couch. Myself, as well as the other brokers on this board do mortgages in BC regularly (as with the rest of the provinces).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Sep 13, 2011
4983 posts
1774 upvotes
Toronto
Seks wrote:
Apr 25th, 2019 3:32 pm
I just talked to EQ and the renewal specialist indicated that for a 2.84% 5 yr closed from a broker, there are some fees that I may get charged to make up for the low rate. Is that true?

If so, what are the fees associated with moving my mortgage to a different lender?

Tnx.
Not true at all! Providing you are not in a collateral charge mortgage. As you are with EQ Bank, I don't believe you are. The only fee you would need to pay is the discharge fee from your current lender, which is usually between $300-$400.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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