Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 2, 2013
7 posts
3 upvotes
CdnRealEstateGuy wrote: Please ask RBC what the penalty would be if you break. The bank's have a harsh IRD penalty, so the penalty may kill any savings.
CdnRealEstateGuy wrote:
Please ask RBC what the penalty would be if you break. The bank's have a harsh IRD penalty, so the penalty may kill any savings.
albinolobster2018 wrote: Hello, I'm currently with RBC with 5 year fixed at 3.24% at 30 year, signed May 1, 2019. I am very interested in breaking it for the much lower rates now. Please let me know what this the best I can get for fixed and variable closed.

Mortgage amount owing at maturity (or current mortgage amount if unknown) - current 455k
Approximate market value - 670k
Original purchase date (month and year) - may 1, 2019
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment) - no. It was 20 percent.
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? - no.
Do you have a second component such as a HELOC attached to your mortgage? - no.
Current lender - rbc
Is this your primary residence or a rental property? - primary
Location - milton
Maturity date - may 1, 2024.

A few more info:
Property: freehold townhome
Income: 99k plus 15k bonus
Please quote me with 25 year amortization fixed/variable and add how many bps for 30 year on 5 year term


Thanks!
Hello, according to RBC's penalty calculator, the IRD penalty is approximately 7k , plus returning prorated portion of my cash bonus, around 1.5k. appreciate if you can share what the best rate I can get. Thanks,
Newbie
User avatar
Nov 19, 2018
19 posts
21 upvotes
What is the latest 5 yr fixed rate from First National? I went through a broker and was approved and we signed 2 weeks back @ 2.74%. Our closing is on March 25.
First Nationals website shows 2.79%. Looking at other banks reducing the rates, am just getting anxious as to when or if my rates would be reduced. If not is it too late to switch?
Deal Addict
User avatar
Jun 15, 2005
1035 posts
255 upvotes
We could see the fixed mortgage rates drop even further than anticipated this week. The crude oil price has plummeted and we rely so heavily on these prices. Canadian bond yields should feel some additional downward pressure (which usually directly affects fixed mortgage rates).
Deal Fanatic
Feb 22, 2011
6697 posts
6782 upvotes
Toronto
Realistically how low can rates get, 10 year treasury has tanked to less than .5% and predictions are now for a 75-100 point rate cut. Are we going to start seeing sub 2%?
Banned
Sep 19, 2012
1253 posts
1859 upvotes
Calgary
Arkaine wrote: We could see the fixed mortgage rates drop even further than anticipated this week. The crude oil price has plummeted and we rely so heavily on these prices. Canadian bond yields should feel some additional downward pressure (which usually directly affects fixed mortgage rates).
WTI at $30 as we speak. Tomorrow morning should bring absolute carnage. This could be 2015 on coronavirus induced steroids. Recall back then we had an overnight rate of 0.5% (ie 0.75% lower than now). I know I’m a crotchety Albertan but I’ve lived through $15 WCS ... it wasn’t pretty. It dragged the entire country into a technical recession.
mazerbeaner wrote: Realistically how low can rates get, 10 year treasury has tanked to less than .5% and predictions are now for a 75-100 point rate cut. Are we going to start seeing sub 2%?
Five year fixed is already doable at 1.99% with some lenders. It’s madness!!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Feb 14, 2020
7 posts
4 upvotes
Looking for a mortgage on a property:

Purchase price: 825,000
Down payment amount (or percentage): 45%
Will the property be owner-occupied or a rental: Owner occupied
Location: Mississauga, ON
Closing date: March 17

Looking for a fixed rate. 30-year amort.
Newbie
Mar 4, 2020
7 posts
6 upvotes
ahlaker wrote: Five year fixed is already doable at 1.99% with some lenders. It’s madness!!
Can you please elaborate how and where do we get this deal? Don't see it on ratespy, eHome, etc. Have closing soon and hence looking for the best rates.
Deal Fanatic
User avatar
Feb 2, 2014
7768 posts
2153 upvotes
Toronto
albinolobster2018 wrote: According to RBC's penalty calculator, I expect about 7k penalty, plus returning on prorated basis the mortgage cash bonus that I received, probably around 1.5k
Looks like your penalty is more than the simple 3 months interest, but I expected it to be higher. Please call tomorrow and ask RBC for the exact number.

But the rate you can get now will be at least 1% lower, so it would make sense if the online calculation is correct.
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
7768 posts
2153 upvotes
Toronto
~sboardgurl~ wrote: Thank you, I guess what I’m not understanding is how to take advantage of the fair penalty when you are bolted to the lender for the term via the bonafide sales clause. So even if there is a fair penalty you could never switch till the term is over?
Because the reason a lot of people break, is because they are selling the underlying property. You can break the mortgage in this case and penalty can be significantly cheaper with a fair penalty lender.

If you go thru the last handful of pages on this thread, you will see a few posts about people who will be selling mid term. You can try to port penalty free, but there a number of reasons why porting may not be possible (depending on your circumstance).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Nov 7, 2012
191 posts
227 upvotes
Toronto
Looking for a mortgage on property:

Purchase price: $735,000
Down payment amount (or percentage): 20%
Primary residence or rental property: Primary residence
Location: Richmond Hill, Ontario
Closing date: March 19
Deal Addict
Dec 31, 2013
1619 posts
918 upvotes
condo
annieann wrote: Is tangerine 2.39 fixed 5 year uninsured or insured?
it's insurable, but it's not a high ratio loan. anything less than 1M in terms of a loan and above 20% can/is still insured by the lender but not thru CMHC (gov't crown Corp), that's the only diff... plus no mortgage insurance premium required.
Newbie
Apr 6, 2009
20 posts
5 upvotes
Ottawa
annieann wrote: Is tangerine 2.39 fixed 5 year uninsured or insured?
Both, also for renewal as well, and apparently rental property is also the same rate if you can get approval.

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