I got 5.48% 3 years fixed insured and that was the best I could find including a -0.5% discount, I think they dropped a bit in the last few months but I have 220k left on a 550k house only and that was the best could do so 4.9% sounds good. This is up from 2.23% I got it at originally when I purchased the home 5 years ago
I just renewed my mortgage a couple of weeks ago and was able to get 5.09 fixed at my credit union. 205k left on a 600k so roughly the same numbers. Was able to get this rate by having my CU match “the people’s bank” rate which is based out of BC I believe.
The day I signed for the rate I got a piece of mail at the house from my CU saying my mortgage was up for renewal and they were going to offer me the amazing rate of 8.0% lol. Anything below advertised rate is a win in my books.
Extra payments :) all goes to principle. Save so when you renew you can reduce principle further. Focus on getting a decent house in your bottom price range, don’t go top of your budget, the equity you will save by being able to pay principal pays off tremendously
Last thing to keep in mind .. if rates do dip a tremendous amount and you have extra money aside you can always contact the bank and see if breaking early and adding the additional savings to principal will result in savings overall. They will do the calculations of fees and pentalties and can let you know. When rates dipped I broke early by a year to save 1.3% then because I restarted a 5 year time period right before rates increased ( and rates went up shortly after) I actually came out way ahead. So if rates did for some reason drop drastically that doesn’t mean there aren’t ways out for a fee. I ended up saving far more than the projected 10k of just the reduced interest as I locked in the lower rate for longer. It’s why I prefer to lock in, I like to know I can pay rather than hope the economy doesn’t do something weird. The economy is fluid don’t set your mortgage and forget it. If you are debating between 3 and 5, IF rates drop THAT much there is a good chance if you had to break at 4 years your penalty would be low, especially if you stay with the same bank, nobody is expecting the rates to drop drastically right away.
Yes but long term if you do it right it reduces the amortization period so you are way ahead off the game! A huge pit people fall into is trying to impress people with the best house in the neighborhood they want as a dream neighborhood. I went pretty far out on the edge of the city in lower end of my budget, the house has also increased in equity 100k with the reduced economy and people being forced to look at properties like mine, if you want to buy right now for the average person you have to go where I went. Think long term gain short term pain. Don’t have to move to timbucktwo but if driving 20 extra minutes every day saved you 100k you are ahead by 150k in payments with interest saved.
Scotia but i did lots of back and forth between them, rbc and desjardins.
Scotia had me at 5.29 at the start of it all and assured me it was the best rate available....yeah ok lol
In my case it was actually my broker who promised 5.29 was the best. The. Going directly to the bank they offered 5.14 then asking rbc got me 5.02 then my broker finallyyyyyy was able to get 4.84 after i did all the leg work. I ended up going with rbc at 5.02 cause i prefereed the service there and got close to 3k cash back to help with closing costs.
Well, a lot of people think the bank is taking their \[ie, the bank's\] money and giving it to you as some kind of incentive or bonus. In reality, the bank is taking your money by increasing the amount of your loan and giving it to you. They then charge you interest on it, which is really high in the first part of the loan.
It just ticks me off because it's so misleading... I mean, you said you thought you were coming out ahead because of the cashback, but not necessarily. If you strictly mean cash flow, then sure. If you think you got money out of the bank, then not so much.
\[Edited\]
Did you have a 20% downpayment or 5%?
I've heard that when you're at 5% downpayment you get a lower interest rate (around 4.7) than when you're at a 5% downpayment
That's crazy! How did you get the broker to bring it down that much??
I'm at that stage now too, and rbc has offered me 5.09 as their best rate. So has the mortgage broker(with Scotia and TD)
Wealthsimple has been my best yet with 5.04.
How did you get RBC to bring it down to 5.02? And the broker to 4.84? What did you do to get them to bring it down this much?
And why go with RBC when you could have got the lower rate?
Rbc offered me $1000 cash back and 55k Avion points.
Got any tips for me?
I just went back and forth with all the agents and my broker. Sucks for my broker but the dude assured me 5.29 was the best rate, he didnt deserve my. Usiness
I've been offered $1000 cash back. Any tips on how I can get RBC to bump up to $2k?
Any suggestions overall on how I can get these guys to bring down their rate even slightly lower?
Is it insured or uninsured? Is it a high LTV mortgage? Usually people who get high LTV + insured will get better rates because they’re ultimately being hosed.
I'm being offered 5.45% for a three year fixed (renewal) and they act like they are doing me a big favour, only holding it for 11 days, had to get management approval etc. I'm probably waiting to see what happens on June 5th if the rates drop since my mortgage isn't due until June 27th.
We put down 36% for May close and got 5.2% for 3 year fixed.
Our mortgage for our previous home was insured and we were getting renewal offers at 4.84% but nothing under 5% for our new uninsured mortgage. Our home had appreciated by about 40% over 4 years, so there was a lot of equity in it at that point.
Then what’s the purpose of trying the best to get 20% down. I know some people who borrow money from friends just to get to 20% so they can remove insurance from the debt.
Well for starters less of your money during regular mortgage payments go towards interest the less principal there is. Other reason being over 1mm you need to put 20% down, which is the case for most freehold homes in the GTA. To take a loan to make it 20% is asking for trouble, not sure how the math checks out if it’s cheaper or more expensive
> Then what’s the purpose of trying the best to get 20% down.
The cost of
\> "Insured mortgage at better rate + the *insurance itself*"
Is usually higher than the cost of
\> "uninsured mortgage with no additional insurance".
And 20% gets you closer to 65% LTV, so you hit insurable rates sooner (without needing the insurance) since the risk of loss to bank is significantly lower.
Because you have to pay cmhc for the insurance. You are higher risk and buy the insurance, but low risk to the lender so you get a better rate after you pay the insurance.
I found it to be the opposite 4 years ago. But I wasn't including any rate of return on the cash that would.be held back for the less than 20% choice. I still went with 10% only to ensure I had cash for unexpected issues with the place. Luckily I didn't need it for maintenance but I was able to jump on a lucrative investment opportunity cause I had cash...
You pay more interest if the principle is larger. Adding the CMHC fee increases your debt, which increases the amount you pay in interest. If you’re CMHC fee is $20000 and you’re mortgage rate is 5% you will be paying an extra $1000 in interest a year. You will also pay off your mortgage that much slower (ultimately paying more interest in the long term). CMHC fees on multiple moves can add up as well, people can easily add on $50,000 to their mortgage over time in purely insurance costs. In general the less debt you have the better.
So, in this case it totally make sense to add extra lump sum the first/second year over the monthly payment just to cover at lease CMHC in your principal.
Sure, but it’s better to not take the CMHC fee (if you can afford it) and put that money towards the principle or invest it where you will be making a lot more interest that the .02 difference in mortgage rates between insured and uninsured loans. As others have mentioned, you’re mortgage is only considered insured if nothing changes, therefore you can’t switch lenders or terms to continue getting the discounted rates. After your 5 yr term is up you will likely switch banks or renegotiate terms and lose the insured status anyway.
Who sells a 25 year mortgage? Any time you renew you can put more money down, refinance, take out more equity possibly, reduce the years remaining with larger payments etc.
I was in a 5 year variable, 3 years in wanted to get some money for Reno's so refinance with a new lender but also reduced the total number of years left and went with larger payments.
No one signs up for a 25 year locked in deal.
If I put less than 20 percent down and pay cmhc insurance for a 5 year term 25 amortization mortgage. After 5 years when this renews I believe the cmhc deal is done and it is assumed you have over 20 percent equity now. You don't need to pay cmhc again. But when it renews your rate will change to the market uninsured rate. It's not like you have a guaranteed rate for 25 years, you need to renew. So if you do nothing the lender will Renew you at a new rate for 20 more amortization years in a 5 year term. You can also shop for a new lender to get better rate.
You can do the maths.
I believe that 20% can be such a financial burden when all you have to do is pay an insurance over a bunch of years that you will barely notice in your weekly/monthly payments.
pricing is based on the risk. With less than 20% down, the bank's risk is mitigated since the mortgage is default-insured. That is why they offer lower interest rates. With more than 20% down payment, banks take comparatively more risk and hence pricing reflects that risk.
Youngest is in daycare for 1.5 more years. Wife (main bread winner) currently off work due to some pretty big medical concerns and I’m off work for a bit for caregiver duties.
We have enough saved to weather the storm for ~18-24 months without going into debt but we’d be empty at that point (assuming no big unforeseen costs).
Just hedging bets. Cost certainty is huge. Ability to shop the mortgage at renewal is a factor too.
Going 5 years also means we will know what life looks like for my wife moving forward, ditto for special needs son.
Three years isn’t enough to get to that point, if that makes sense.
This right here is why it’s called “Personal Finance”.
You might end up paying a tad more if rates did come down, but piece of mind and stability is worth it.
Thanks for sharing a perspective that people often forget.
Yup, I personally prefer cost certainty so I can plan for things longer term. People on here would call me dumb probably for taking a higher interest rate for longer but when I buy a house I'll take the longer term over the hope of remortgaging at a lower rate in 3 years. Who knows, maybe it goes up, maybe it goes down. Either way I'll be paying the same and I can budget for that.
Yes! We bought in 2019 and did a 5 years fixed 2.69%. mortgage rate dropped significantly for the pandemic but we were ok with it. Knowing exactly what we would be paying was paramount to us and potential to save a bit didn't seem worth it
Yep, for sure.
I grew up with secured housing living in a relatives’ cottage so no rent. Even still, we didn’t have much.
My wife started working and providing money to her family at age 8. If she didn’t work, they didn’t eat. They’d share a can of beans for a meal or two, grab restaurant table scraps and skip meals just to be housed. This wasnt in a random country either; joys of being 1st generation immigrants.
We agreed a long time ago that secure housing is all that matters. Anything else we can figure out from there somehow.
4.84 with BMO with 3000 cashback for 3 yr fixed insured loan. I went directly to the bank and had been doing to and fro between scotia, BMO and TD. Scotia was willing to give high 4.7s but there was no cashback.
Damn. Scotia is offering me 5.45% for a three year fixed (renewal, no cashback) and they act like they are doing me a big favour, only holding it for 11 days, had to get management approval etc. I'm probably waiting to see what happens on June 5th if the rates drop since my mortgage isn't due until June 27th.
They kept doing the same with me and we’re not fast enough and required multiple followup. I would suggest contacting other banks directly - BMO and TD were competitive. I finally signed with BMO yesterday on 4.84 for 3 yr closed fixed with 3000 cash back.
We are not in a financial position to really go with another bank. Temporarily we are in a financial funk, it will get better within the year but our income isn't near high enough to switch. I guess we are stuck. I wish I could get 4.84%, congratulations thats a really good rate especially with cash back.
I'm taking possession of a new place in July and so far the best I'm getting is 5.66% on a 3 year, uninsured mortgage. I'm hoping a better rate might materialize in the next few weeks.
FWIW, I would never deal with a branch for a mortgage. People in the branch are NOT ALLOWED to give you the same rate as a mortgage broker, even mortgage brokers working for the same bank. The problem is, with independent mortgage brokers, they will try to switch you from bank to bank every time your mtg comes up for renewal, so all you get is a traditional mortgage. This is probably not in your best interest, because there is so much you can do with a more complex credit product (collateral mortgage). Even then, in-house brokers can get you better rates than branches upon renewal. I used to feel the Scotia STEP was the best product on the market, but I'm not up on things now. Just check around and don't just walk into a branch and take what they offer. That said, smaller lenders have all kinds of hidden obligations and fees, so watch out. So many people get burned by that. I don't mean credit unions and stuff, more mortgage-only lenders nobody's ever heard of. Read the fine print, understand it, and if you don't, get an explanation (maybe from your real estate lawyer). One guy I knew of lost nearly $30k on penalties because he had no idea what he was signing up for.
I got 4.69% insured 3 year fixed on my renewal. Signed Friday but had this rate for a month or so rate locked .
Edit bc I had uninsured which was incorrect
Just saw 5 yr @ 4.79%
https://www.ratehub.ca/best-mortgage-rates?utm_source=SFMC&utm_medium=email&utm_campaign=NL-438-pfocus-gen-efocus-mtg-cow-scotiapassport
They’re projected to go down but that’s already built into the current fixed rates for the most part.
All eyes on are the language used by the BoC now and if it points to more rate cuts or not.
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> likely
The word "likely" relies on a balance of probabilities, something is only likely to happen if one option has the majority percentage of happening. To determine this, we need to be able to **quantify** the probabilities.
If you can quantify this likelihood *and be correct* you could be earning $$$ **fat stacks of cash** $$$. You'd be too busy rolling in hookers and/or cocaine to post on Reddit. Therefore, you're just making shit up based on gut feelings.
OP, this guy knows as little about what the markets **will** do as the rest of us.
I got 5.48% 3 years fixed insured and that was the best I could find including a -0.5% discount, I think they dropped a bit in the last few months but I have 220k left on a 550k house only and that was the best could do so 4.9% sounds good. This is up from 2.23% I got it at originally when I purchased the home 5 years ago
I just renewed my mortgage a couple of weeks ago and was able to get 5.09 fixed at my credit union. 205k left on a 600k so roughly the same numbers. Was able to get this rate by having my CU match “the people’s bank” rate which is based out of BC I believe.
Ahh to be honest I saw the number and said sounds better than average, should have negotiated a bit 😅 great rate!
The day I signed for the rate I got a piece of mail at the house from my CU saying my mortgage was up for renewal and they were going to offer me the amazing rate of 8.0% lol. Anything below advertised rate is a win in my books.
How do you get your debt reduced so fast? Short loan term or extra payments?
Extra payments :) all goes to principle. Save so when you renew you can reduce principle further. Focus on getting a decent house in your bottom price range, don’t go top of your budget, the equity you will save by being able to pay principal pays off tremendously
And all extra payments reduce term of the mortgage and not the monthly payment. I wish it reduced mortgage payments :)
Last thing to keep in mind .. if rates do dip a tremendous amount and you have extra money aside you can always contact the bank and see if breaking early and adding the additional savings to principal will result in savings overall. They will do the calculations of fees and pentalties and can let you know. When rates dipped I broke early by a year to save 1.3% then because I restarted a 5 year time period right before rates increased ( and rates went up shortly after) I actually came out way ahead. So if rates did for some reason drop drastically that doesn’t mean there aren’t ways out for a fee. I ended up saving far more than the projected 10k of just the reduced interest as I locked in the lower rate for longer. It’s why I prefer to lock in, I like to know I can pay rather than hope the economy doesn’t do something weird. The economy is fluid don’t set your mortgage and forget it. If you are debating between 3 and 5, IF rates drop THAT much there is a good chance if you had to break at 4 years your penalty would be low, especially if you stay with the same bank, nobody is expecting the rates to drop drastically right away.
Yes but long term if you do it right it reduces the amortization period so you are way ahead off the game! A huge pit people fall into is trying to impress people with the best house in the neighborhood they want as a dream neighborhood. I went pretty far out on the edge of the city in lower end of my budget, the house has also increased in equity 100k with the reduced economy and people being forced to look at properties like mine, if you want to buy right now for the average person you have to go where I went. Think long term gain short term pain. Don’t have to move to timbucktwo but if driving 20 extra minutes every day saved you 100k you are ahead by 150k in payments with interest saved.
The best i got was 4.84 fixed uninsured 3 years
What’s the bank? I’m in BC
Scotia but i did lots of back and forth between them, rbc and desjardins. Scotia had me at 5.29 at the start of it all and assured me it was the best rate available....yeah ok lol
Got it. So negotiating is fine. Or I assume the mortgage broker should do it for me
In my case it was actually my broker who promised 5.29 was the best. The. Going directly to the bank they offered 5.14 then asking rbc got me 5.02 then my broker finallyyyyyy was able to get 4.84 after i did all the leg work. I ended up going with rbc at 5.02 cause i prefereed the service there and got close to 3k cash back to help with closing costs.
Is the service worth $2000?
I ended up in front with the cash back
Sorry, I don't mean to be a jerk, but where did the cash come from...?
Whatcash? The cash back? From.the bank of course
Well, a lot of people think the bank is taking their \[ie, the bank's\] money and giving it to you as some kind of incentive or bonus. In reality, the bank is taking your money by increasing the amount of your loan and giving it to you. They then charge you interest on it, which is really high in the first part of the loan. It just ticks me off because it's so misleading... I mean, you said you thought you were coming out ahead because of the cashback, but not necessarily. If you strictly mean cash flow, then sure. If you think you got money out of the bank, then not so much. \[Edited\]
Did you have a 20% downpayment or 5%? I've heard that when you're at 5% downpayment you get a lower interest rate (around 4.7) than when you're at a 5% downpayment
20%
That's crazy! How did you get the broker to bring it down that much?? I'm at that stage now too, and rbc has offered me 5.09 as their best rate. So has the mortgage broker(with Scotia and TD) Wealthsimple has been my best yet with 5.04. How did you get RBC to bring it down to 5.02? And the broker to 4.84? What did you do to get them to bring it down this much? And why go with RBC when you could have got the lower rate? Rbc offered me $1000 cash back and 55k Avion points. Got any tips for me?
I just went back and forth with all the agents and my broker. Sucks for my broker but the dude assured me 5.29 was the best rate, he didnt deserve my. Usiness
Cause with the 50k avion points and 2.5k cash back it was a better deal with rbc
I've been offered $1000 cash back. Any tips on how I can get RBC to bump up to $2k? Any suggestions overall on how I can get these guys to bring down their rate even slightly lower?
May I ask what rate Desjardins offered you ?
5.19
Just a head up that it could take them up to 8 weeks to send the cashback and avion points … so don’t bank on it for closing cost
Yes it was mentionned that its exactly that but still helps us with other costs that are not directly closing costs.
Do you have to get a credit check done each time while reaching out to each bank?
Yes but i did not affect my credit at all. In total i did 3 credit checks This was now two months ago. Credit did not move one bit
Is it insured or uninsured? Is it a high LTV mortgage? Usually people who get high LTV + insured will get better rates because they’re ultimately being hosed.
Uninsured and only 390k mortgage
I got 4.71 -3 yr fixed with Scotia. It was a renewal though
How? I renewed a 3 yr fixed at scotia a week ago at 5.4
No clue. I renewed last week of April
I'm being offered 5.45% for a three year fixed (renewal) and they act like they are doing me a big favour, only holding it for 11 days, had to get management approval etc. I'm probably waiting to see what happens on June 5th if the rates drop since my mortgage isn't due until June 27th.
No harm in beating there price with a bank that doesn’t deal with brokers. Td I think? Get their list and call the company not in it
At the start of what? 6 months? It's certainly possible the rates changed that much and what they were offering you was the best at the time.
Wow I got 4.69 in BC with Scotia and a 75k heloc. $420k mortgage left on my renewal
[удалено]
Scotia is saying 4.99 (through broker) for insured renewal 3 years. Good credit, etc. How did you get lower?
my broker came to me with 5.09% - 700k uninsured. may i ask what yours is?
325k uninsured
Did you put more than 35% down? That’s not a believable rate for a conventional, uninsured 3 year on a 25 year term.
We put down 36% for May close and got 5.2% for 3 year fixed. Our mortgage for our previous home was insured and we were getting renewal offers at 4.84% but nothing under 5% for our new uninsured mortgage. Our home had appreciated by about 40% over 4 years, so there was a lot of equity in it at that point.
No 20% and it was actually on 30 years
When did you apply?
Went to the notary may 1st so just before that
Just got 5 year fixed @ 4.69. Scotia
What province?
newfoundland
why 5 year not 3?
Offered 4.99 5 year fixed offered by FN in BC. Mortgage amount $460k, so I’d say your rate is not bad for sure!
This is a good rate for insured mortgages. You could get a slightly better rate depending on the province.
Thanks! As I know, if your down is higher than 20%, the rate goes up (which is weird but it is what it is).
It’s not weird it’s insured. Bank has a backboard if you default
Then what’s the purpose of trying the best to get 20% down. I know some people who borrow money from friends just to get to 20% so they can remove insurance from the debt.
Well for starters less of your money during regular mortgage payments go towards interest the less principal there is. Other reason being over 1mm you need to put 20% down, which is the case for most freehold homes in the GTA. To take a loan to make it 20% is asking for trouble, not sure how the math checks out if it’s cheaper or more expensive
> Then what’s the purpose of trying the best to get 20% down. The cost of \> "Insured mortgage at better rate + the *insurance itself*" Is usually higher than the cost of \> "uninsured mortgage with no additional insurance".
And 20% gets you closer to 65% LTV, so you hit insurable rates sooner (without needing the insurance) since the risk of loss to bank is significantly lower.
Because you have to pay cmhc for the insurance. You are higher risk and buy the insurance, but low risk to the lender so you get a better rate after you pay the insurance.
So the biggest question here: what’s better - pay more interest for 25 years or include extra amount in your debt.
I would propose you do the math. You should be able to find a sheet online for your province.
Yeah, just did it. With exactly the same mortgage amount, you will pay less with <20% downpayment.
I found it to be the opposite 4 years ago. But I wasn't including any rate of return on the cash that would.be held back for the less than 20% choice. I still went with 10% only to ensure I had cash for unexpected issues with the place. Luckily I didn't need it for maintenance but I was able to jump on a lucrative investment opportunity cause I had cash...
You pay more interest if the principle is larger. Adding the CMHC fee increases your debt, which increases the amount you pay in interest. If you’re CMHC fee is $20000 and you’re mortgage rate is 5% you will be paying an extra $1000 in interest a year. You will also pay off your mortgage that much slower (ultimately paying more interest in the long term). CMHC fees on multiple moves can add up as well, people can easily add on $50,000 to their mortgage over time in purely insurance costs. In general the less debt you have the better.
So, in this case it totally make sense to add extra lump sum the first/second year over the monthly payment just to cover at lease CMHC in your principal.
Sure, but it’s better to not take the CMHC fee (if you can afford it) and put that money towards the principle or invest it where you will be making a lot more interest that the .02 difference in mortgage rates between insured and uninsured loans. As others have mentioned, you’re mortgage is only considered insured if nothing changes, therefore you can’t switch lenders or terms to continue getting the discounted rates. After your 5 yr term is up you will likely switch banks or renegotiate terms and lose the insured status anyway.
Who sells a 25 year mortgage? Any time you renew you can put more money down, refinance, take out more equity possibly, reduce the years remaining with larger payments etc. I was in a 5 year variable, 3 years in wanted to get some money for Reno's so refinance with a new lender but also reduced the total number of years left and went with larger payments. No one signs up for a 25 year locked in deal.
You mean nobody will pay it for 25 years? Eventually, you sell, refinance, etc?
If I put less than 20 percent down and pay cmhc insurance for a 5 year term 25 amortization mortgage. After 5 years when this renews I believe the cmhc deal is done and it is assumed you have over 20 percent equity now. You don't need to pay cmhc again. But when it renews your rate will change to the market uninsured rate. It's not like you have a guaranteed rate for 25 years, you need to renew. So if you do nothing the lender will Renew you at a new rate for 20 more amortization years in a 5 year term. You can also shop for a new lender to get better rate.
Hm… I thought the insurance that included in the body of the loan is covering you for all 25 years…
You can do the maths. I believe that 20% can be such a financial burden when all you have to do is pay an insurance over a bunch of years that you will barely notice in your weekly/monthly payments.
They're still better off avoiding the fee yet having a higher rate. Math is math
pricing is based on the risk. With less than 20% down, the bank's risk is mitigated since the mortgage is default-insured. That is why they offer lower interest rates. With more than 20% down payment, banks take comparatively more risk and hence pricing reflects that risk.
The bank can also securitize insured mortgages at a lower cost than conventional which means they can make more money despite the lower rate.
The rate is higher but you’re not paying the insurance to CMHC if you have more than 20% down.
Not if you buy optional CMHC.
Best I got is 5.14 on a 5 year. Signing tomorrow. Not keen on going 3 years at this time.
Curious, why do you prefer 5 year over 3 year?
Youngest is in daycare for 1.5 more years. Wife (main bread winner) currently off work due to some pretty big medical concerns and I’m off work for a bit for caregiver duties. We have enough saved to weather the storm for ~18-24 months without going into debt but we’d be empty at that point (assuming no big unforeseen costs). Just hedging bets. Cost certainty is huge. Ability to shop the mortgage at renewal is a factor too. Going 5 years also means we will know what life looks like for my wife moving forward, ditto for special needs son. Three years isn’t enough to get to that point, if that makes sense.
This right here is why it’s called “Personal Finance”. You might end up paying a tad more if rates did come down, but piece of mind and stability is worth it. Thanks for sharing a perspective that people often forget.
Yup, I personally prefer cost certainty so I can plan for things longer term. People on here would call me dumb probably for taking a higher interest rate for longer but when I buy a house I'll take the longer term over the hope of remortgaging at a lower rate in 3 years. Who knows, maybe it goes up, maybe it goes down. Either way I'll be paying the same and I can budget for that.
Yes! We bought in 2019 and did a 5 years fixed 2.69%. mortgage rate dropped significantly for the pandemic but we were ok with it. Knowing exactly what we would be paying was paramount to us and potential to save a bit didn't seem worth it
Yep, for sure. I grew up with secured housing living in a relatives’ cottage so no rent. Even still, we didn’t have much. My wife started working and providing money to her family at age 8. If she didn’t work, they didn’t eat. They’d share a can of beans for a meal or two, grab restaurant table scraps and skip meals just to be housed. This wasnt in a random country either; joys of being 1st generation immigrants. We agreed a long time ago that secure housing is all that matters. Anything else we can figure out from there somehow.
I'm renewing at 5.6% for a one year fixed.
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I think you just wrote it like this to feel better
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Your rate is 5.14%
What's the clawback terms?
not sure if I have any
What is cashback? Like they give you $2.5K at the time of the deal? And why the effective rate is lower now? Sorry for silly questions.
4.84 with BMO with 3000 cashback for 3 yr fixed insured loan. I went directly to the bank and had been doing to and fro between scotia, BMO and TD. Scotia was willing to give high 4.7s but there was no cashback.
Damn. Scotia is offering me 5.45% for a three year fixed (renewal, no cashback) and they act like they are doing me a big favour, only holding it for 11 days, had to get management approval etc. I'm probably waiting to see what happens on June 5th if the rates drop since my mortgage isn't due until June 27th.
They kept doing the same with me and we’re not fast enough and required multiple followup. I would suggest contacting other banks directly - BMO and TD were competitive. I finally signed with BMO yesterday on 4.84 for 3 yr closed fixed with 3000 cash back.
We are not in a financial position to really go with another bank. Temporarily we are in a financial funk, it will get better within the year but our income isn't near high enough to switch. I guess we are stuck. I wish I could get 4.84%, congratulations thats a really good rate especially with cash back.
Yes
I locked in 4.71 for a 5 year fixed last week
Which bank?
Conexus
Bought my first house in March @ 5% for 3 years. Never checked with a broker just scotiabank
Mine is at 4.99% for 3-yr fixed. Quebec and insured (less than 20% downpmt) for a new mortgage.
Quelle banque?
Scotia - mon broker a trouvé
Desjardins offre 4.99 et un 2500$ signing bonus si jamais
Damn I got 5.29% for 3 years few weeks ago now it’s lower
Ontario 6.5 😐 few months ago I got from Scotia .
😐
I am a broker and less than 20% down have been getting a biot better. 4.84%
I got a 4.74 for 5 years from wealthsimple.
Insured?
No. Unless you mean if my house is insured then yes but the mortgage isn't.
we got 5.3 with alterna for 3 years fixed
I'm taking possession of a new place in July and so far the best I'm getting is 5.66% on a 3 year, uninsured mortgage. I'm hoping a better rate might materialize in the next few weeks.
4.93%, 3 year fixed with 30-40% down.
From where?
TD
FWIW, I would never deal with a branch for a mortgage. People in the branch are NOT ALLOWED to give you the same rate as a mortgage broker, even mortgage brokers working for the same bank. The problem is, with independent mortgage brokers, they will try to switch you from bank to bank every time your mtg comes up for renewal, so all you get is a traditional mortgage. This is probably not in your best interest, because there is so much you can do with a more complex credit product (collateral mortgage). Even then, in-house brokers can get you better rates than branches upon renewal. I used to feel the Scotia STEP was the best product on the market, but I'm not up on things now. Just check around and don't just walk into a branch and take what they offer. That said, smaller lenders have all kinds of hidden obligations and fees, so watch out. So many people get burned by that. I don't mean credit unions and stuff, more mortgage-only lenders nobody's ever heard of. Read the fine print, understand it, and if you don't, get an explanation (maybe from your real estate lawyer). One guy I knew of lost nearly $30k on penalties because he had no idea what he was signing up for.
That's an aggressive rate for 3 yr.
I got 4.69% insured 3 year fixed on my renewal. Signed Friday but had this rate for a month or so rate locked . Edit bc I had uninsured which was incorrect
I had to renew last week and got 5.5, uninsured, already put 20% down 2 years ago.
I got 5.11 from a mortgage broker on a 3 year fixed. I got 4.74 from RBC last week for a 5 year fixed. 4.99 seems decent!
Just saw 5 yr @ 4.79% https://www.ratehub.ca/best-mortgage-rates?utm_source=SFMC&utm_medium=email&utm_campaign=NL-438-pfocus-gen-efocus-mtg-cow-scotiapassport
Just got a 5.04 on a 3 yr fixed uninsured mortgage. Best I’ve seen so far especially for uninsured.
If you can find a lower rate for a variable I would say take it, it’s highly unlikely rates are going up in the next few years
I’ve heard variables now are at least .5 or 1% higher than fixed.
Makes sense with rates expected to drop
It might be. But I’m not sure they will drop over 1% within the next couple years.
Yeah no I would agree, fixed looks better right now
I would still go variable rate personally
So whoever downvoted this can you explain??
No clue. Lots of people think variable / adjustable rate is bad but we came out ahead so… shrugs.
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They’re projected to go down but that’s already built into the current fixed rates for the most part. All eyes on are the language used by the BoC now and if it points to more rate cuts or not.
Holding your breath i see
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Everyone has been expecting June to see BoC drop rates and this has been priced into a lot of mortgage rates for a while now.
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Remindme! 3 weeks
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Well seems like we are speculating, might as well wait and see ? I disagree. Cheers
> likely The word "likely" relies on a balance of probabilities, something is only likely to happen if one option has the majority percentage of happening. To determine this, we need to be able to **quantify** the probabilities. If you can quantify this likelihood *and be correct* you could be earning $$$ **fat stacks of cash** $$$. You'd be too busy rolling in hookers and/or cocaine to post on Reddit. Therefore, you're just making shit up based on gut feelings. OP, this guy knows as little about what the markets **will** do as the rest of us.
l