Real Estate

The Official Mortgage Rates Thread

Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
yl89123 wrote: May I know which lender is offering these crazy low 1.3-1.4ish rates? The best rate I can get from big 5 banks is 1.65+....
None of the brokers will post the lenders' name on a public forum. The rates we post are promos and bought down. Most of the rates we post you won't get from the lender directly, so we can get a bit of hot water if we post the lenders name publicly.

The last thing we want is to get cut off by a certain lender for publically posting "unpublished promos". This thread receives a TON of traffic. Hope readers understand.

PM one of the brokers here.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 21, 2021
1 posts
Hi everyone,



Looking to buy my first house and i wanted to find good mortgage brokers.

Any ideas which are the best?



Thanks all!
Member
Jul 23, 2020
290 posts
240 upvotes
yl89123 wrote: May I know which lender is offering these crazy low 1.3-1.4ish rates? The best rate I can get from big 5 banks is 1.65+....
HSBC is advertising 1.34 right now
Deal Addict
Oct 27, 2012
3063 posts
4997 upvotes
Toronto
yl89123 wrote: May I know which lender is offering these crazy low 1.3-1.4ish rates? The best rate I can get from big 5 banks is 1.65+....
HSBC is advertising its rates openly, and branches have a further discount of 0.05% from what you see on the website. Their rates for variable appear to be beating some of the quotes being provided here.

For 5 year fixed, it's likely from one of the "monolines" which are a much better product than the big banks/HSBC.
Newbie
Jan 18, 2021
2 posts
For many brokers, it's not just our job. It's a career. And it's even more than just that. For many of us, it's our calling. It's what we are passionate about, and this passion will not go unnoticed by you. This is why so many of us can be reached evenings and weekends and we're usually pretty quick to answer your questions.

Paul, my apologies for taking so long to acknowledge your response and thank you very much for the in-depth details and thought provoking insights you provided. You certainly live up to your comment about 'it not just being a job but a career and a calling!'
,
I've read the reply over quickly but will need to take a little more time to absorb; dealing with renewals once every 5 years does not make one an overnight expert, it has to be dragged back out from wherever I've pushed it to the back of my brain 5 years ago! I can say that while reviewing your response my eyes did roll back a little and I was heard to mutter, 'no wonder it's just easier to sign the bank's renewal offer...'. Winking Face I'm now concerned about having to meet a new lender's criteria and the stress of filling out and submitting applications all with a timeline looming and the bank following up asking if I'm ready to sign yet.

I'll spend this evening going over your comments and see where to go from there.

With much appreciation!
Deal Expert
Feb 29, 2008
21738 posts
21353 upvotes
Tarrana & The Ri…
Have a lender question that I'd rather not post here can someone PM me?
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
Hatsukei wrote: Hi everyone,



Looking to buy my first house and i wanted to find good mortgage brokers.

Any ideas which are the best?



Thanks all!
Myself, @PaulMeredith, @rateconnect or @TazZaide can all assist.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 22, 2021
6 posts
25 upvotes
For a purchase of a property:

-What is the purchase price? $450,000
-How much is the down payment? $130,000 or 28.9%
-Where is the property located? St.Albert, Alberta
-When is the closing date? March 20,2021
-Will the property be owner-occupied or a rental? owner occupied

With accelerated bi-weekly payments and ability to pay some extra once per year, what would be the best rate and with whom?
Newbie
Mar 9, 2013
76 posts
88 upvotes
Winnipeg, MB
For refinancing:

-Roughly, what is the current market value of the property? $233k
-What is the current mortgage owing? $149k
-How much do you want to borrow (refinance)? $34k
-Is the property owner-occupied or a rental? Owner-occupied
-Where is the property located? Winnipeg
-When do you want to close on the refinance? ASAP

Ideally I would want a readvanceable mortgage + extending the amortization.
Newbie
Nov 6, 2020
5 posts
Not sure if this is the right thread.

I am planning to get mortgage from a B Lender, could someone suggest any leads here, or DM me. Albeit having a decent family household income, excellent credit score, 20% down, we are in a bit of a situation with the A lenders, have not done any hard checks as of now, evaluating our options.

If someone could please provide some references for good B Lending options, would be very helpful.

TIA
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
Jguana wrote: For a purchase of a property:

-What is the purchase price? $450,000
-How much is the down payment? $130,000 or 28.9%
-Where is the property located? St.Albert, Alberta
-When is the closing date? March 20,2021
-Will the property be owner-occupied or a rental? owner occupied

With accelerated bi-weekly payments and ability to pay some extra once per year, what would be the best rate and with whom?
1.39% 5-year fixed with excellent prepayment terms is the best rate available.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
aysan3121 wrote: Not sure if this is the right thread.

I am planning to get mortgage from a B Lender, could someone suggest any leads here, or DM me. Albeit having a decent family household income, excellent credit score, 20% down, we are in a bit of a situation with the A lenders, have not done any hard checks as of now, evaluating our options.

If someone could please provide some references for good B Lending options, would be very helpful.

TIA
Most of the brokers here have access to quite a few B lenders
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 22, 2021
1 posts
Hi folks, I'm looking for a great rate (as per everyone), posting in case a broker sees this and reaches out. Our situation:

Household income: $226K
Downpayment will be: $252K approx.
Mortgage we're looking for: $1.008M
Property:
  • Proceeds property A as part of downpayment: Need to break the mortgage from a Big 5 bank, $13K penalty
  • Proceeds property B as part of downpayment: This is not owned by me; however, I will receive a portion of the proceeds and plan to put it towards a lump sum payment once we get the mortgage (later in 2021).
Please DM me if you have any good leads (or if you are one!). Low rate + good customer service is important.
Newbie
User avatar
Jul 31, 2004
94 posts
61 upvotes
Considering if a refinance is a viable option:

-How much is the mortgage owing? $109.5K
-Current Interest rate: 3.92%
-Roughly, what is the current market value of the property? $300K
-Which city is the property located in? Dugald, MB
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2013
-When is your renewal date? Dec 2023

-Still need to go through my mortgage and find out what my cost will be to break out.

Thanks in advance for any replies.
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
xar256 wrote: Considering if a refinance is a viable option:

-How much is the mortgage owing? $109.5K
-Current Interest rate: 3.92%
-Roughly, what is the current market value of the property? $300K
-Which city is the property located in? Dugald, MB
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2013
-When is your renewal date? Dec 2023

-Still need to go through my mortgage and find out what my cost will be to break out.

Thanks in advance for any replies.
Are you looking to take equity out or simply switch for a better rate ?
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
aysan3121 wrote: Not sure if this is the right thread.

I am planning to get mortgage from a B Lender, could someone suggest any leads here, or DM me. Albeit having a decent family household income, excellent credit score, 20% down, we are in a bit of a situation with the A lenders, have not done any hard checks as of now, evaluating our options.

If someone could please provide some references for good B Lending options, would be very helpful.

TIA
The B lender rates are extremely competitive right now just above mid 2's

Ratios can be stretched

Any of us can assist

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
Jguana wrote: For a purchase of a property:

-What is the purchase price? $450,000
-How much is the down payment? $130,000 or 28.9%
-Where is the property located? St.Albert, Alberta
-When is the closing date? March 20,2021
-Will the property be owner-occupied or a rental? owner occupied

With accelerated bi-weekly payments and ability to pay some extra once per year, what would be the best rate and with whom?
You can get 1.39% full featured
20/20 prepayment
Fair penalty lender
5 yr fixed term

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
rogernizzle wrote: For refinancing:

-Roughly, what is the current market value of the property? $233k
-What is the current mortgage owing? $149k
-How much do you want to borrow (refinance)? $34k
-Is the property owner-occupied or a rental? Owner-occupied
-Where is the property located? Winnipeg
-When do you want to close on the refinance? ASAP

Ideally I would want a readvanceable mortgage + extending the amortization.
5 yr fixed 1.79% with the LOC option attached and yes up to 30yrs on the am

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
Hatsukei wrote: Hi everyone,



Looking to buy my first house and i wanted to find good mortgage brokers.

Any ideas which are the best?



Thanks all!
Any of the mortgage pros on here can help you out simply reach out

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

Top

Thread Information

There are currently 8 users viewing this thread. (5 members and 3 guests)

rateconnect, Thriftypete, TazZaide, savingsomemoney, PaulMeredith