Real Estate

The Official Mortgage Rates Thread

Newbie
Nov 17, 2019
46 posts
22 upvotes
If I go with a 5 year variable rate, and want to lock in a fixed rate (possibly with a different lender if they offer better rates) is it just 3 month interest penalty + legal fees?
Newbie
Sep 27, 2017
35 posts
21 upvotes
Toronto
nicefin wrote: For Scotia eHome, Tangerine, etc., do they make you pay for the appraisal yourself?

Also, are there any fair penalty lenders currently offering similarly low rates (~2.29% range)?
I applied to Tangerine for their 3 yr 2.19 fixed rate. Their penalty is a fair penalty in the fact they don’t have discount rates vs. posted rates like the big 5. They just have 1 rate which is what is advertised.

I asked for 28 Yr amortization and reimbursement of transfer fees. They offered the 28 years, and they offered to cover the $250 appraisal and $750 for discharge and legal fees. I’ve written back asking for a couple hundred more as total discharge and legal fees will be a bit more than the $750. I’m switching from Scotia btw.
Newbie
Mar 4, 2020
7 posts
6 upvotes
Request brokers to share their best quotes via PM. I have seen dropping rates posted by Intellimortgage and hence want to see the better quotes if somebody can offer here.

New purchase, insured high-ratio mortgage
$800,000 purchase price, with 10% d/p
Mortgage price including CMHC- ~$744,000
Owner occupied, Ontario
First time home owner
Closing: 30-April

Looking for mortgage options-
  • 5 yr fixed
  • Variable- so that rates improve if BOC cuts further and can convert to fixed later.
No preference of bank, lender-bonafide sale clause is fine. Not collateral is preferred- for easy switching after 5 years.

Also, want to know that how easy/ difficult is it to convert variable rate to fixed- does lender convert it to best fixed they are offering to new loans? What would be their incentive to negotiate since you are already a customer tied with them? Anybody having experience of converting from variable to fixed, please share your inputs.
Sr. Member
Mar 10, 2008
641 posts
72 upvotes
What's the best variable rate right now in market?
Member
Apr 11, 2004
213 posts
3 upvotes
Question about owner occupied mortgages:
I am living in the home, owner occupied, can I rent out my spare room(s)?
Does the lender allow this?

Thanks.
Member
Oct 13, 2008
408 posts
92 upvotes
Got quoted for 2.6% 5 year variable? I could probably push for more, right?
Deal Addict
Nov 13, 2013
2056 posts
932 upvotes
Ottawa
Skrish wrote: Request brokers to share their best quotes via PM. I have seen dropping rates posted by Intellimortgage and hence want to see the better quotes if somebody can offer here.

New purchase, insured high-ratio mortgage
$800,000 purchase price, with 10% d/p
Mortgage price including CMHC- ~$744,000
Owner occupied, Ontario
First time home owner
Closing: 30-April

Looking for mortgage options-
  • 5 yr fixed
  • Variable- so that rates improve if BOC cuts further and can convert to fixed later.
No preference of bank, lender-bonafide sale clause is fine. Not collateral is preferred- for easy switching after 5 years.

Also, want to know that how easy/ difficult is it to convert variable rate to fixed- does lender convert it to best fixed they are offering to new loans? What would be their incentive to negotiate since you are already a customer tied with them? Anybody having experience of converting from variable to fixed, please share your inputs.
On Converting. There are a lot of variables. Different mortgages have different rules. Sometimes the best rates don't allow you to break unless you sell so can only convert to their product. Of course this locks you in.
Generally why do you think you will be able to beat the system? The banks know what they are doing when they price their products. Historically variable rates have performed better in Canada. Of course in the future who knows.
A year ago a lot of people paid penalties to get out of their variable mortgages into a only slightly higher fixed product. That certainly didn't pay off. Last year the spreads were narrow and all the brokers here were saying you might want to go with fixed. This was good advice but now looks wrong. For ten years basically people have said these are the best rates ever why not take this fixed product. Who knows we might end up with fixed products close to zero if we join the negative interest club. Unlikely but not impossible.
Deal Addict
Nov 13, 2013
2056 posts
932 upvotes
Ottawa
yellowlight18 wrote: Closing in a few days.

RBC offered me today:

5 Year Fixed Rate Closed = 2.54%

3 Year Fixed Rate Closed 2.39%

True North Mortage offered me today:


5 year Variable Rate Closed = 2.25%

5 year Fixed Rate Closed = 2.29%

I am thinking of going with the TNM for the 5 year Variable Rate Closed = 2.25% for now and then waiting until next month rate cut to see what happens. Is this a good strategy?
I am pretty sure TMN will make you commit and sign off and charge you a fee if you cancel. (they might change you to another one of their products for free but I would ask them explicitly about this) They are cheap for a reason they don't have any patience for dithering around or asking questions.
Newbie
Mar 4, 2020
14 posts
9 upvotes
Is there a penalty if i sign the mortgage documents with RBC now then switch to another bank before closing for a new mortgage.
Member
Oct 12, 2014
475 posts
61 upvotes
North York, ON
yellowlight18 wrote: Closing in a few days.

RBC offered me today:

5 Year Fixed Rate Closed = 2.54%

3 Year Fixed Rate Closed 2.39%

True North Mortage offered me today:


5 year Variable Rate Closed = 2.25%

5 year Fixed Rate Closed = 2.29%

I am thinking of going with the TNM for the 5 year Variable Rate Closed = 2.25% for now and then waiting until next month rate cut to see what happens. Is this a good strategy?
Any help?
Member
Jun 7, 2010
276 posts
63 upvotes
CdnRealEstateGuy wrote: Released now Dana!
Hello Both:

Curious as to what is the rate drop with TD ? I have not seen them come even close to what other lenders are offering :)

TIA!
Newbie
Jan 31, 2018
41 posts
15 upvotes
rateconnect wrote: Thanks for the info

2.29% on a collateral switch legals would apply

Phil
this rate if full feature, fare penalty ?

how much increase payment and lump sum ?

who is lender ?

this rate apply to my case ?

How much is the mortgage owing?95k
-Roughly, what is the current market value of the property?222k
-Which city is the property located in? chateauguay
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? I have collateral charge on it
-Is the mortgage CMHC insured? yes
-When did you buy the property? 2010
-When is your renewal date? april first 2020

the transfer fee there are cover ?

thanks

sebastien
Member
Feb 16, 2013
450 posts
60 upvotes
Looking for fixed 5 year rates with 25 years amortization.

-How much is the mortgage owing? $300000
-Roughly, what is the current market value of the property? $400000
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? N/A
-Is the mortgage CMHC insured? No 20% down payment
-When did you buy the property? June 2020
-When is your renewal date? N/A
- New construction

Thanks in advance
Deal Fanatic
User avatar
Feb 2, 2014
7768 posts
2152 upvotes
Toronto
SriP41018 wrote: Is there a penalty if i sign the mortgage documents with RBC now then switch to another bank before closing for a new mortgage.
No, as long as the mortgage hasn't closed, no penalty.
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
2152 upvotes
Toronto
zetx wrote: Got quoted for 2.6% 5 year variable? I could probably push for more, right?
You can go as low as Prime -1.25% 5-year fixed right now.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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