Real Estate

What's the best 5-yr variable rate from 5 Big banks in ON now?

  • Last Updated:
  • May 5th, 2021 10:23 pm
[OP]
Jr. Member
Jan 24, 2017
106 posts
35 upvotes

What's the best 5-yr variable rate from 5 Big banks in ON now?

TD give me @1.43% for 5yr variable.
16 replies
[OP]
Jr. Member
Jan 24, 2017
106 posts
35 upvotes
bonojzk2005 wrote: 0.99% HSBC
There is no mortgage on my current rental house. I would like to refinance 200k from it in Ontario.
Member
Apr 15, 2009
258 posts
263 upvotes
toronto
I signed 1.22 fir 5 years at 30 years just a week ago with Simplii.
They started with 1.54 at first
Deal Addict
Jan 15, 2010
1256 posts
1478 upvotes
Toronto
mstefa wrote: I signed 1.22 fir 5 years at 30 years just a week ago with Simplii.
They started with 1.54 at first
Through a broker or directly with bank?
Member
Apr 15, 2009
258 posts
263 upvotes
toronto
DaMan12 wrote: Through a broker or directly with bank?
Directly with simplii and I was pitching them against Scotia bank.
Went like this:
Scotia 1.91
Simplii 1.54
Scotia we match 1.54 and pay all the fees
Simpli: we give you 1.22 and 900 cash back if you also bank with simpli but you pay discharge 400 plus 580 legal fee
Scotia: we can’t match that.
Sr. Member
Feb 11, 2013
854 posts
136 upvotes
BC
mstefa wrote: Directly with simplii and I was pitching them against Scotia bank.
Went like this:
Scotia 1.91
Simplii 1.54
Scotia we match 1.54 and pay all the fees
Simpli: we give you 1.22 and 900 cash back if you also bank with simpli but you pay discharge 400 plus 580 legal fee
Scotia: we can’t match that.
How much was your mortgage amount? Also were you refinancing? I didn't know banks covered discharge fees.
Newbie
Aug 28, 2017
46 posts
40 upvotes
1.38 for 5 yr variable from bmo for purchase 20% down
Member
Apr 15, 2009
258 posts
263 upvotes
toronto
Pursuit2013 wrote: How much was your mortgage amount? Also were you refinancing? I didn't know banks covered discharge fees.
It was refinance and total was 350k for a property worth over a million and heloc on top as well for prime +0.5%
Deal Expert
Feb 29, 2008
15114 posts
11598 upvotes
Tarrana
mstefa wrote: Directly with simplii and I was pitching them against Scotia bank.
Went like this:
Scotia 1.91
Simplii 1.54
Scotia we match 1.54 and pay all the fees
Simpli: we give you 1.22 and 900 cash back if you also bank with simpli but you pay discharge 400 plus 580 legal fee
Scotia: we can’t match that.
Isn’t Scotia giving cash back?
[OP]
Jr. Member
Jan 24, 2017
106 posts
35 upvotes
Does anyone use Tangerine? The 5yr variable is @2.45%, THe HELOC @2.35%.
Is it negotiable?
Deal Addict
Oct 27, 2012
2519 posts
4103 upvotes
Toronto
JayLove06 wrote: Isn’t Scotia giving cash back?
Not necessarily. One of my friends who just bought applied with Scotia and got 1.22 for CMHC insured, no cash back.

He got approved with HSBC for 0.99% and cash back, but is still choosing to go with Scotia for the name brand. I tried changing his mind, but he won't listen.
Banned
Apr 29, 2021
91 posts
85 upvotes
ozzie16 wrote: Not necessarily. One of my friends who just bought applied with Scotia and got 1.22 for CMHC insured, no cash back.

He got approved with HSBC for 0.99% and cash back, but is still choosing to go with Scotia for the name brand. I tried changing his mind, but he won't listen.
Astonished FaceAstonished Face
Deal Expert
Feb 29, 2008
15114 posts
11598 upvotes
Tarrana
ozzie16 wrote: Not necessarily. One of my friends who just bought applied with Scotia and got 1.22 for CMHC insured, no cash back.

He got approved with HSBC for 0.99% and cash back, but is still choosing to go with Scotia for the name brand. I tried changing his mind, but he won't listen.
That’s how banks are able to get clients despite not having the best deals. That’s wild. Most of the big 5 we’re giving cash back but I wonder if it was due to CMHC
Newbie
Dec 12, 2019
6 posts
5 upvotes
Just got approved with CIBC for 1.33% and 1.2k cashback

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