Real Estate

The Official Mortgage Rates Thread

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Dec 1, 2015
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Etobicoke, ON
Yes and no. I say yes because some lenders are doing it, but sometimes with a discounted rate and sometimes with a little less discount. Also, it depends on the lender, and the mortgage amount,. Some require a 150k, some 250k, etc.
Keep in mind the overall cost and savings of a transfer, not just the transfer costs. For instance, sometimes even if a lender does not cover all costs, the savings in interest could be much more than the fees to transfer.



anthonyvl7101084 wrote: I spoke to a broker (outside of this forum) and he said that nowadays lenders are competitive that they are absorbing costs of transferring collateral mortgages? How realistic is this?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
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Feb 6, 2019
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So, I've made the mistake of letting myself be convinced to use a family friend to broker my mortgage renewal. It's been a bit of a headache (should have used Kevin from this board as I originally intended - live and learn!) Question - we signed the Commitment on May 3rd with a closing date of May 23 (my old mortgage is actually up on the 17th), now I'm told it's going to close on the 30th or later. Is this normal? Is there any way to speed it up? This is costing a lot of money in additional interest with the delays.
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pointpixie wrote: So, I've made the mistake of letting myself be convinced to use a family friend to broker my mortgage renewal. It's been a bit of a headache (should have used Kevin from this board as I originally intended - live and learn!) Question - we signed the Commitment on May 3rd with a closing date of May 23 (my old mortgage is actually up on the 17th), now I'm told it's going to close on the 30th or later. Is this normal? Is there any way to speed it up? This is costing a lot of money in additional interest with the delays.
Typically though a switch can take 3 weeks

You have to get all the documents to the broker to satisfy conditions
The 3rd party closing company is then instructed (FCT or FNF)
Payout statement is then requested from current lender (which can take time)
They have to then set a signing date with you etc etc
Its a process

In defence of the broker you are dealing with from the 3rd to the 23rd is a rush to do a switch

Good luck

Phil
Phil Cragg
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pace wrote: Looking for 5 year variable. Message me if you want my business.
Sent PM
Phil Cragg
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muppetslayer wrote: Hello, I posted this on a separate thread but the replies say i will get better luck posting here:

I have a house that's worth about 1 million with 350k in mortgage. My wife wants to move to a better school district as our kids are growing up. I do not wish to sell or rent out my existing house. We make 200k a year combined with no debt other than the mortgage. Both our credit scores are 800+ and we have about 400k cash or equivalent which can be used for the down payment of the second home.
Can i get approximately 800k mortgage for the second home? Thank you
Would need more information :

Mortgage payment on current home
property taxes

800k at the stress test 25 yr am would be 4433 / month so lots of room to play with for debt servicing given 200k in income

Total obligations for new home & current cannot exceed 44% of your total income or 88k

You should be ok but a few variables

Reach out to any of the brokers on the forum to assist

Phil
Phil Cragg
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CandiceW36909 wrote: Hey all,

Our mortgage is up for renewal and I could really use some help. We are pretty clueless on this process and appreciate any advise on what is a fair rate. Here is our information:

-How much is the mortgage owing? $430,000
-Roughly, what is the current market value of the property? $500,000
-Which city is the property located in? Calgary, AB
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes, but we don't use it at all.
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2017
-When is your renewal date? Maturity date is September 30, 2019
It is a very easy process through any of the brokers on the forum

Reach out 120 days prior to September 30th to be eligible to lock in rates

If you were within that period today 2.79% on previously insured file for 5 years

Phil
Phil Cragg
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Nov 9, 2017
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Anyone who was able to catch the ride with Meridian 1.98% can tell me if they had to pay any admin or transfer fees when they switched from another bank (pre-maturely or at end of their terms)?

I am assuming anyone purchasing a new property didn't have to pay any fees.

Meridian is telling me I have to pay them some administration fees plus the the discharge fee and admin fees and penalty interest that I am paying to other lender (I am switching mortgage from another lender before term end).
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Feb 6, 2019
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rateconnect wrote: Typically though a switch can take 3 weeks

You have to get all the documents to the broker to satisfy conditions
The 3rd party closing company is then instructed (FCT or FNF)
Payout statement is then requested from current lender (which can take time)
They have to then set a signing date with you etc etc
Its a process

In defence of the broker you are dealing with from the 3rd to the 23rd is a rush to do a switch

Good luck

Phil
Hi Phil - thanks for the info! Yes, I knew that there was some lead time required but this was 'broker complete' on May 3 and the Commitment (sent by the lender and dated May 2) stated it would close on the 23rd. I guess I'm frustrated that the date is a moving target and that the person I'm working with failed to mention it would take over a month to do (we submitted the application, complete with all documents, in April). If this is just standard then it is what it is. I don't really have any leverage to do anything about it. Disappointed Face
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Dec 8, 2009
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What’s the best rate going on for big banks
For fixed and variable?
Currently with BMO for 2 yr fixed and renewal in Jun.
I prefer to deal with big banks.
When I got mine , 2 yr fixed was best rate from all banks , is it same this yr too?
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echo_jey wrote: What’s the best rate going on for big banks
For fixed and variable?
Currently with BMO for 2 yr fixed and renewal in Jun.
I prefer to deal with big banks.
When I got mine , 2 yr fixed was best rate from all banks , is it same this yr too?
Best rates below

2 yr fixed 2.94%
3 yr fixed 2.86%
5 yr fixed 3.14%

5 yr variable not much upside 3.15%

Phil
Phil Cragg
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Jan 31, 2018
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pointpixie wrote: Hi Phil - thanks for the info! Yes, I knew that there was some lead time required but this was 'broker complete' on May 3 and the Commitment (sent by the lender and dated May 2) stated it would close on the 23rd. I guess I'm frustrated that the date is a moving target and that the person I'm working with failed to mention it would take over a month to do (we submitted the application, complete with all documents, in April). If this is just standard then it is what it is. I don't really have any leverage to do anything about it. Disappointed Face
Has FNF or FCT called to set an appt date yet ?
Phil Cragg
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Apr 26, 2016
146 posts
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Vancouver, BC
Dear RFD experts
Last edited by Deveno on Jun 15th, 2019 3:50 am, edited 1 time in total.
“Questions you cannot answer are usually far better for you than answers you cannot question.”
― Yuval Noah Harari,
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Jan 31, 2018
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Deveno wrote: Dear RFD experts, we just received our notice of completion for a new townhouse. We would love to know the best rates you guys are able to offer us for a fixed / variable mortgage.

Property Details:

Price: $658k
Down Payment: 20%
Location: Surrey, BC
Closing Date: June 10, 2019
Occupants: Owners (may add 1 student renter later on, but not sure yet)


Personal Details:
First time home owners: Yes
Household income: $108k
Household debt: none (no car payments, no loans, just regular living expenses such a groceries and rent)
Credit Scores: 792 and 814

Other details:
We wish to add a LOC / HELOC to the mortgage (we don't need any money now, but have been advised to get one for the future and save money on application / evaluation fees later on). Would be amazing to know the mortgage rates with or without this option.
Congratulations on your first home

Best rates without LOC

2.84% 5 yr fixed

2.95% 5 yr variable

Product with LOC

3.04% 5 yr fixed

3.05% 5 yr variable

Hope this helps

Phil
Phil Cragg
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Dec 31, 2016
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My house is conditionally sold and the buyers wanted a possession date for June 13th. Is it possible to buy a house and take possession by June 6th with interim financing or is that not enough time to get mortgage approval?

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