Real Estate

The Official Mortgage Rates Thread

Member
Jan 22, 2009
366 posts
36 upvotes
I have a 180,000 mortgage on a condo (used as rental).
What's the lowest 5 year rate (fixed and variable) I can expect from a big bank? Thanks so much.
Are most ppl going with variable now because rates are likely to drop more?
Newbie
May 24, 2018
31 posts
18 upvotes
2.29% 30yr amort 20% down from ScotiaBank eHome - currently waiting on HSBC to attempt to match AND have reached out to my ScotiaBank Advisor as well re. the rate to see if he can beat it.
Newbie
Aug 10, 2011
25 posts
22 upvotes
EDMONTON
mikarukim wrote: 2.29% 30yr amort 20% down from ScotiaBank eHome - currently waiting on HSBC to attempt to match AND have reached out to my ScotiaBank Advisor as well re. the rate to see if he can beat it.
Is that for a renewal? A new mortgage? As far as you know, does it make a difference?
Newbie
Apr 22, 2019
28 posts
57 upvotes
Scotiabank (ehome portal) still offering (for insured, high-ratio mortgage, ~$650k):

  • 2.19% 5-yr, fixed, closed (same rate for 3 and 4-yr also)
  • P-0.97% (2.48%) 5-yr, variable, closed

While I do typically favor variable, I'm thinking that unless they improve their discount into the -1.15 range or greater, the fixed rate at 2.19% is the slam-dunk winner here. Even if BOC rates do drop another 25 or 50 points, there is no guarantee the banks will pass them on, as they'll be getting the squeeze now. Heck, many were not even holding their breath for them to pass on the rate drop this past week, which they did to the surprise of some.

So again, I will wait another week or two or three (closing is 1-May), to see if either discount improves, or fixed rate offering also improves. But if both figures remain unchanged from today's offering above, I'll be choosing the 2.19% fixed. Never thought I'd say that.
Member
May 16, 2005
216 posts
4 upvotes
Does the Scotia eHome allow existing Scotia mortgage clients to renew there. My advisor is not helpful at all and I have a renewal in a few weeks.
Newbie
Aug 10, 2011
25 posts
22 upvotes
EDMONTON
savvacon wrote: Does the Scotia eHome allow existing Scotia mortgage clients to renew there. My advisor is not helpful at all and I have a renewal in a few weeks.
I looked at the eHome and to me it seems is setup for new purchases only.
Jr. Member
Apr 26, 2019
184 posts
172 upvotes
MooseEdm wrote: I looked at the eHome and to me it seems is setup for new purchases only.
Can anyone confirm if they have done a renewal through Scotia eHome? Also, can you do a HELOC through eHome?
Member
Jul 1, 2008
301 posts
67 upvotes
Brampton, ON
Hi Mortgage experts,

Dad house is due for a mortgage renewal:

-How much is the mortgage owing? $80000
-Roughly, what is the current market value of the property? 1.0 M
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-Is the mortgage CMHC insured? No gave 20%
-When did you buy the property? April 2010
-When is your renewal date? 14 April 2020

RBC has offered Prime-0.77. Looking for the best possible rate. We are also looking to refinance and withdraw about 300k-400k from the house later in the year.
Any recommendation are welcome
Newbie
Apr 22, 2019
28 posts
57 upvotes
GordonGartrelle wrote: Can anyone confirm if they have done a renewal through Scotia eHome? Also, can you do a HELOC through eHome?

I cannot confirm this, as I haven't gone that far yet, but Scotiabank has what they call STEP - Scotia Total Equity Plan, which is a re-advanceable HELOC product. That is, as you make mortgage payments, whatever frequency they are, your HELOC limit will automatically increase (by an amount equivalent to the principal portion of your mortgage payment, of course). Excellent choice if you are interested in implementing the Smith Manoeuvre. BMO's ReadiLine is another popular mortgage / heloc combo for the SM.

I don't see why their STEP product wouldn't be an option that you can get once approved through eHOME.

Ray
Jr. Member
Nov 23, 2018
122 posts
85 upvotes
First time home buyers in Calgary....looking for variable rates with 15 years amortization.

-How much is the mortgage owing? $238,000
-Roughly, what is the current market value of the property? $340,000
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Looking for it
-Is the mortgage CMHC insured? No 30% down payment
-When did you buy the property? March 2020
-When is your renewal date? N/A

Any suggestion would be highly appreciated. Thanks.
Newbie
Mar 7, 2020
4 posts
2 upvotes
CdnRealEstateGuy wrote: HOT OFF THE PRESSES!

2.29% 5-year fixed for insured deals available tomorrow and as low as 2.34% for non-insured!

Prime officially down to 3.45%, so 2.20% 5-year variable available for insured and non-insured deals.
CdnRealEstateGuy wrote: 2.44% 5-year fixed would be the best rate with 20% down, 25-year AM. Add an extra 5-10bps for the 30-year AM.
CdnRealEstateGuy wrote: You can go as low as 2.20% 5-year variable or 2.24% 5-year fixed right now. Might consider switching if that's the best they will offer.
PaulMeredith wrote: Lowest 5 year fixed right now would be 2.44%. However, I would check back again next week. Rates are falling fast. Anyone who got a rate quote yesterday can be completely disregarded. Lower rates may be available by the end of the day today.
I understand the rates are being updated to reflect the current market rates. What exactly are the latest best 5-yr variable and 5-yr fixed rates for standard non-collateral, non high-ratio, uninsured mortgage?
Deal Fanatic
User avatar
Sep 13, 2011
5279 posts
2268 upvotes
Toronto
ank2pa wrote: I understand the rates are being updated to reflect the current market rates. What exactly are the latest best 5-yr variable and 5-yr fixed rates for standard non-collateral, non high-ratio, uninsured mortgage?
Thanks for the question, and welcome to RFD! We need a bit more info in order to accurately quote you a rate. Please provide the following info and we can let you know the best rates that will be available to you:

If you have a renewal coming up:

Mortgage amount owing at maturity (or current mortgage amount if unknown)
Approximate market value
Original purchase date (month and year)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment)
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?
Do you have a second component such as a HELOC attached to your mortgage?
Current lender
Is this your primary residence or a rental property?
Location
Maturity date


If purchasing, not quite as much info is required: 

Purchase price
Down payment amount (or percentage)
Primary residence or rental property
Location
Closing date


Let us know and we'll further advise. :)

Paul
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Mar 4, 2020
14 posts
9 upvotes
I am in same situation. I got 2.78% from RBC with 2000 cash back and he says no changed in fixed rate, my closing is in two weeks. Did anyone get better fixed rate from RBC?
Newbie
Mar 4, 2020
14 posts
9 upvotes
Did anyone got approved their mortgage application through ehome Scotia?. How long does the process take?
Newbie
Nov 18, 2005
38 posts
1 upvote
Vancouver
Just following up on this question: Has anyone gone through eHome tool successfully for a *refinance* ?

Thanks
~s
RayJ50907 wrote: I cannot confirm this, as I haven't gone that far yet, but Scotiabank has what they call STEP - Scotia Total Equity Plan, which is a re-advanceable HELOC product. That is, as you make mortgage payments, whatever frequency they are, your HELOC limit will automatically increase (by an amount equivalent to the principal portion of your mortgage payment, of course). Excellent choice if you are interested in implementing the Smith Manoeuvre. BMO's ReadiLine is another popular mortgage / heloc combo for the SM.

I don't see why their STEP product wouldn't be an option that you can get once approved through eHOME.

Ray

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