Real Estate

The Official Mortgage Rates Thread

Member
Nov 24, 2019
356 posts
455 upvotes
Saskatoon
CdnRealEstateGuy wrote: Yes, TD had a very small increase on their 5-year fixed today (5bps).
Interesting. Have any other lenders been following suit so far to your knowledge, or is this just TD for now?
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User avatar
Jun 24, 2020
1278 posts
230 upvotes
ifree24 wrote: Hello Folks.

I've been offered an Early Renewal at my current lender @ 1.84% fixed for 5 years. Is this a solid deal?
I'm currently paying 3.69% (I know stupid high...) that I signed up 2 years ago.

For mortgage renewal:

-How much is the mortgage owing? $300K
-Roughly, what is the current market value of the property? $419K
-Which city is the property located in? Surrey, BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Coast Capital
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? May 2021 (looking for early renewal)

Thanks
You definitely have much lower available at 1.54% five year fixed
Member
Sep 30, 2013
444 posts
323 upvotes
North Vancouver
SaskCanesFan wrote: They've got it listed at 1.34% on their site so you did well getting them to go a little lower. I tried to go through HSBC with a mortgage last summer, but they were just impossible to deal with, including lying and going back on rates they had promised me. Their rates can definitely be low but I wasted a lot of time and I'd recommend anyone to go with someone competent instead like the brokers on this thread.
That sucks dude, I guess it's YMMV, it's been great for me so far, I guess we won't know until signing, but I'll keep everyone posted.
Newbie
Jun 13, 2007
71 posts
31 upvotes
Looking for a 2nd opinion for a first-time mortgage

-What is the purchase price? $1,100,000
-How much is the down payment? 20%
-Where it the property located? GVR, BC (Coquitlam)
-When is the closing date? March, but it's a new build, so I wouldn't be surprised if it got delayed a bit
-Will the property be owner-occupied or a rental? Owner occupied

Got quoted 1.40% variable from a big bank. Looking to see what my options are for fixed. Thanks in advance!
Deal Fanatic
User avatar
Feb 2, 2014
8586 posts
2453 upvotes
Toronto
adrojono wrote: Hey CdnRealEstateGuy

The bank recently got back to me and said as of now it would cost ~ $1688 for a penalty to get out early.
They also offered me a rate of 1.92% if I want to renew now with no penalty for 5 years. If I pay the penalty, they will give me a rate of 1.74%

Some quick back of the napkin math of my current rate of ~$895 bi weekly payments = $1790 per month = $12,530 paid at the renewal date( 7 months).

If I use the rate of payment from ratehub and maybe round up a bit more just in case ( they don't show 18 year remaining so i set it to 20...) I get about $550.
So then if I do $550 bi weekly = $1100 per month = $7700 at renewal date. Add the penalty of $1688 and it looks like I'll pay about $9,388.

If my math is correct, it looks like by paying the penalty, I save about $3142 over the next 7 months. Would you agree?
Also has there maybe been any better rates come to the market that would change the calculations?

Thanks again for your help.
Taking the 1.92% 5-year fixed is a horrendous offer. You can get 1.44% 5-year right now, so why pay 1.92% for another 5 years. The interest savings (1.44% vs 1.92%) is about $1k per year, so that more than offsets the penalty they are covering now.

If your current rate is 3% or higher, it does make financial sense to break and take the 1.44% 5-year fixed (or 1.30% 5-year variable).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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User avatar
Feb 2, 2014
8586 posts
2453 upvotes
Toronto
ifree24 wrote: Hello Folks.

I've been offered an Early Renewal at my current lender @ 1.84% fixed for 5 years. Is this a solid deal?
I'm currently paying 3.69% (I know stupid high...) that I signed up 2 years ago.

For mortgage renewal:

-How much is the mortgage owing? $300K
-Roughly, what is the current market value of the property? $419K
-Which city is the property located in? Surrey, BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Coast Capital
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? May 2021 (looking for early renewal)

Thanks
Don't take the early renewal. Your renewal date is only 3-4 months away.

1.54% 5-year fixed and 1.40% 5-year variable are the best rates. I would highly recommend variable, but it depends on your risk profile.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
8586 posts
2453 upvotes
Toronto
maowkaroo wrote: Looking for a 2nd opinion for a first-time mortgage

-What is the purchase price? $1,100,000
-How much is the down payment? 20%
-Where it the property located? GVR, BC (Coquitlam)
-When is the closing date? March, but it's a new build, so I wouldn't be surprised if it got delayed a bit
-Will the property be owner-occupied or a rental? Owner occupied

Got quoted 1.40% variable from a big bank. Looking to see what my options are for fixed. Thanks in advance!
1.54% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
8586 posts
2453 upvotes
Toronto
SaskCanesFan wrote: Interesting. Have any other lenders been following suit so far to your knowledge, or is this just TD for now?
TD had some pretty aggressive rates, so a 5bps increase from them doesn't really effect the market.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 9, 2017
36 posts
14 upvotes
Hi beautiful people, looking for best rate available either for fixed or variable. I have a purchase offer, closing in a month and have been approved by one of the big 5 banks today..
Here is my details
- rate: 1.75%
- term: 5 years fixed over 30 years amortization
- purchase price: 550k
- down pay: 20%

I would like to know if this is usually as good as it gets for low monthly payment wise, or there is better deal I should strive for. Thanks in advance!
Sr. Member
User avatar
Aug 20, 2020
586 posts
103 upvotes
Scarborough
KindGrapes wrote: Hi beautiful people, looking for best rate available either for fixed or variable. I have a purchase offer, closing in a month and have been approved by one of the big 5 banks today..
Here is my details
- rate: 1.75%
- term: 5 years fixed over 30 years amortization
- purchase price: 550k
- down pay: 20%

I would like to know if this is usually as good as it gets for low monthly payment wise, or there is better deal I should strive for. Thanks in advance!
You can possibly get 1.54% ~ 1.59% fixed 5-year / 1.45% ~ 1.50% variable 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Nov 9, 2017
36 posts
14 upvotes
NeilJoseph wrote: You can possibly get 1.54% ~ 1.59% fixed 5-year / 1.45% ~ 1.50% variable 5-year
Thanks for the response. Do you think the HSBC variable rate at 1.34 today is competitive? Also any good indication on the prime getting even lower?

Also I saw their ads on 0.99 variable for high ratio. Maybe it wont apply to my use case as I heard usually they are very particular about high ratio approval...But I wonder whether in this case using high-ratio + insurance but lower interest rate come out ahead eventually
Deal Addict
Jan 17, 2010
3964 posts
960 upvotes
Toronto, ON
CdnRealEstateGuy wrote: Don't take the early renewal. Your renewal date is only 3-4 months away.

1.54% 5-year fixed and 1.40% 5-year variable are the best rates. I would highly recommend variable, but it depends on your risk profile.
Just curious, could he not negotiate a better rate and take the early renewal? There wouldn't be any penalty right since it's an early renewal from same bank providing the mortgage.

Or are you saying don't take that 'specific' early renewal offer of 1.84%? <- If so I understand and that's clearer.
Sr. Member
User avatar
Aug 20, 2020
586 posts
103 upvotes
Scarborough
KindGrapes wrote: Thanks for the response. Do you think the HSBC variable rate at 1.34 today is competitive? Also any good indication on the prime getting even lower?

Also I saw their ads on 0.99 variable for high ratio. Maybe it wont apply to my use case as I heard usually they are very particular about high ratio approval...But I wonder whether in this case using high-ratio + insurance but lower interest rate come out ahead eventually
You would be better off not paying the mortgage insurance premium. BoC seems pretty firm on not dropping the overnight rate and so Prime rate might not come down; atleast before the next BoC meeting on March 10th.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
User avatar
Sep 8, 2008
238 posts
64 upvotes
Vancouver, Canada
Looking for a opinion for a Mortgage move or take more?

Current Property balance: 2,50,000 @ 3.29 Fixed (3 years term remaining) with a credit Union bank (BC)
Market value: 5,50,000. Less than 7 year old property though

New Property
-What is the purchase price? $900000 (exlc GST + PTT)
-How much is the down payment? 20%
-Where it the property located? GVR, BC
-When is the closing date? April or earlier
-Will the new property be owner-occupied or a rental? Owner occupied
- Strata or HOA: $0
- Self managed

Personal finance: Employed FT and spouse (employed in essential industry) and going on mat leave in 3 months.

Current lender are quoting variable 1.75 - 1.9 (as it will be mortgage port).

Options I am considering
A. Shall I rent my existing property and take HELOC to pay for 20%? (Pros: Rental income with potential to earn income (assuming 80% tenancy) in 0% GVR vacancy rate, Cons: Strata and Strata insurance in BC is hell these days with maintenance fee increasing averaging 10-15% year over year all across province. Higher mortgage payment for new property)
B. Sell existing property and put all money towards new property and so monthly payment is manageable incase of job loss, COVID-20/21/22.
If this topic seems to benefit RFDers then Upvote the original post by clicking on Upvote button located next to the topic title on top section of the post.
Newbie
Oct 22, 2006
72 posts
6 upvotes
First time home buyer in Ottawa wondering what sort of rates I should be looking at for a 5 year fixed 30 year ammortization.

-What is the purchase price? - $625,000
-How much is the down payment? - 20% - $125,000
-Where it the property located? Ottawa
-When is the closing date? End of April
-Will the property be owner-occupied or a rental? Owner occupied

Thanks.
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Jun 24, 2020
1278 posts
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MoxMonkey wrote: First time home buyer in Ottawa wondering what sort of rates I should be looking at for a 5 year fixed 30 year ammortization.

-What is the purchase price? - $625,000
-How much is the down payment? - 20% - $125,000
-Where it the property located? Ottawa
-When is the closing date? End of April
-Will the property be owner-occupied or a rental? Owner occupied

Thanks.
1.54% five year fixed available
Last edited by TazZaide on Jan 21st, 2021 8:57 pm, edited 1 time in total.
Deal Addict
User avatar
Jun 24, 2020
1278 posts
230 upvotes
KindGrapes wrote: Hi beautiful people, looking for best rate available either for fixed or variable. I have a purchase offer, closing in a month and have been approved by one of the big 5 banks today..
Here is my details
- rate: 1.75%
- term: 5 years fixed over 30 years amortization
- purchase price: 550k
- down pay: 20%

I would like to know if this is usually as good as it gets for low monthly payment wise, or there is better deal I should strive for. Thanks in advance!
You definitely have much better available at 1.54% five year fixed or 1.40%-1.45% five year variable.
Newbie
Jun 24, 2016
2 posts
Hi everyone,

I am a first time home buyer looking for the best 5 year fixed rate with 25 years amortization.

- What is the purchase price? 531k
- How much is the down payment? 20%
- Where it the property located? Downtown Toronto
- When is the closing date? Mid March
- Will the property be owner-occupied or a rental? Owner occupied

Thank you!
Deal Addict
User avatar
Jun 24, 2020
1278 posts
230 upvotes
Krissy107 wrote: Hi everyone,

I am a first time home buyer looking for the best 5 year fixed rate with 25 years amortization.

- What is the purchase price? 531k
- How much is the down payment? 20%
- Where it the property located? Downtown Toronto
- When is the closing date? Mid March
- Will the property be owner-occupied or a rental? Owner occupied

Thank you!
1.54% five year fixed available

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