What is your mortgage rate?

[spolumbomalumbo]

What are you in at?

[spolumbomalumbo]

No one going to reveal what they are at?

[bmeier]

right now its at 1.5%

variable prime - .75 is awesome!

also, give it some time man you posted 3 hours ago...

[300rwhp]

i just got 2.95% which is depressing

[bmeier]

Originally posted by 300rwhp
i just got 2.95% which is depressing

is that locked in or variable? its still pretty damn good?

[Toma]

Originally posted by bmeier
right now its at 1.5%

variable prime - .75 is awesome!

also, give it some time man you posted 3 hours ago...
Yep, mine too...

Prime Minus rules... too bad the crooks ..., er I mean banks, took that option away for renewals.

[bmeier]

Originally posted by Toma

Yep, mine too...

Prime Minus rules... too bad the crooks ..., er I mean banks, took that option away for renewals.

Ya that blows... I still have 3.5 years before i go up for renewal so i am good for now.

[Beerking]

3.9% fixed:poosie:

[spike98]

Fixed 5.65% bout 1.5 years ago locked in

[core_upt]

Originally posted by Beerking
3.9% fixed:poosie:

Wow!

Prime -.6; four years left at this rate

[Bisklimpkit]

HELOC so it's variable rate. Prime +1 (though I have an option of locking in as much or as little as I want for a 2-year term at 2.85%, which I'm considering doing).

[blownz]

100k HELOC at prime
200k HELOC at prime +1

I only have about 60k out on the 200k LOC. So my average rate is about prime +.3%

[Sal0]

5.015% fixed, locked in for another 2.5 years :(

I wish I picked variable at the time, could have save thousands!!

[drtoohotty1]

3.89% 5 year fixed

[Sugarphreak]

....

[Sailz]

Originally posted by bmeier
right now its at 1.5%

variable prime - .75 is awesome!

also, give it some time man you posted 3 hours ago...


+2

[GTi-RS]

3.5% - for 5 year fixed

[thetransporter]

1.5

[ExtraSlow]

4.05 Fixed.

[300rwhp]

have recieved offers now of prime -.25 and prime, so the 2.95% is going to go

[KrisYYC]

Variable 1.85%

Accelerated weekly payments based on a 4.70% rate to pay down principal quickly while rates are low. The instant I smell a rate hike I'm locking in (currently being quoted around 3.7% for 5 years).

[djayz]

Originally posted by 300rwhp
have recieved offers now of prime -.25 and prime, so the 2.95% is going to go

Where and how?

[calgarys_finest]

Originally posted by drtoohotty1
3.89% 5 year fixed

I just got this on my house too.

[mekeni]

prime -.65, I think It's around 1.65% right now, we got it a year ago.

[JordanLotoski]

4.0 5 year fixxed

[canadian_hustla]

3.39% 5 year fixed ;)

[oring]

3.15% 3 years fixed

[djayz]

I think it would help everyone out a little more to post WHERE you're getting your rate from whether it be a broker or a bank directly.

Currently I'm at 3.05% (Prime + .08) Variable from TD

[Iqoair]

Been at prime minus 1.5% for about a year now. Our mortgage rate is currently .75 %.

[Tik-Tok]

Got 3.7% @ 5 year fixed, plus 2% cash back last June.

[Weapon_R]

Prime +0.4

[banned3x]

3.75 5 yr fixed w/scotia

[canadian_hustla]

Originally posted by Iqoair
Been at prime minus 1.5% for about a year now. Our mortgage rate is currently .75 %.

haha your lucky. I had the same option but chickened out. I know where you got that ;)

[ckangarloo]

Anyone read this (http://www.theglobeandmail.com/globe-investor/easy-credit-soaring-prices-raise-new-housing-fears/article1346308/) article?

[Khyron]

Prime -.75 with 3 more years before renew, on accel bi-weekly. Used a broker and got maple trust (now scotia)

Just good timing among all the other bad losses. :P

[Supa Dexta]

Hoping to get into something after the new yr, I'll only need around 200k, hoping rates are decent then. Wish I hadn't blown so much $ the last few yrs, but hey, thats the alberta way. :rofl:

[Supa Dexta]

Bump for any recent rates you've gotten....

[no_joke]

Any cases of getting a different rate based on principal or amount borrowed? e.g. Getting a lower rate because you were borrowing $250K instead of $100K.

[Smartiepants]

Not that I'm aware of, I was given the same rate from 100k to 400k. Might be some more outside of that. 3.89% 5 year fixed for me. BMO.

[mekeni]

3.35% fixed, 5 years for our second home, BMO

[bg_27]

3% fixed 3 years on primary home.
2.25% HELOC variable on rentals

[CRXguy]

Prime - 0.6% variable

PC Financial

[300rwhp]

saying what your rate is without saying if you 5yr fixed variable open etc.... doesnt really help

[blownz]

Originally posted by blownz
100k HELOC at prime
200k HELOC at prime +1

I only have about 60k out on the 200k LOC. So my average rate is about prime +.3%

On Monday I had my 200k HELOC changed to prime +.5% which will save me a bit. :thumbsup:

[1andonly]

4.25% 5 year fixed

[KLCC]

1.4 % variable with RBC

[Supa Dexta]

As mentioned this should be recent to be of any use for anyone.. Put an approx date on when you obtained it. ex sept 09..

[300rwhp]

klccc how/when did you get that rate?

[Supa Dexta]

rate cuts

http://thechronicleherald.ca/Business/1153484.html

[freshprince1]

5 year Variable. Prime minus 0.6%. First National. My monthly payment has gone down by $400 from when I signed. Loving it. We've set it up to pay an extra $200 per month, and the other $200 goes into RRSP's.

I've been staring to wonder what the general consensus is on variable rates though, do you think interest rates will start going back up now that there is a supposed light at the end of the tunnel, economy-wise?

[Mar]

4.09% locked for 3 years, started in July.

[KLCC]

Originally posted by 300rwhp
klccc how/when did you get that rate?

I got it about a year ago along with the new home purchase deal with the builder. It was prime - 0.85.

[HuMz]

Buying pretty quick, looking at locking in for 10 years at 5.5% through PC.

[Weapon_R]

My buddy Nolan's FB page says that he is getting Prime -0.25% right now. Anyone interested should give him a call.

http://asknolan.com/

[Tik-Tok]

Originally posted by HuMz
Buying pretty quick, looking at locking in for 10 years at 5.5% through PC.

Only problem with a 10 year, is it'll be a pretty hefty charge to get out if you decide to sell your place

[ExtraSlow]

Originally posted by Tik-Tok


Only problem with a 10 year, is it'll be a pretty hefty charge to get out if you decide to sell your place
I got burned huge on this for my last mortgage. It was only a five year, but it was still a really big penalty.

[sputnik]

Originally posted by Tik-Tok


Only problem with a 10 year, is it'll be a pretty hefty charge to get out if you decide to sell your place

It's generally 3 months of interest for the penalty.

However if he was to sell his house, he should be able to port the mortgage over to the new house without any penalty.

[bg_27]

Originally posted by sputnik


It's generally 3 months of interest for the penalty.

However if he was to sell his house, he should be able to port the mortgage over to the new house without any penalty.

yah you can port your mortgage over to your new house.

But its not 3 mth interest, thats only on variable rates.

Given that his rate is 5.5% its a fixed rate, so the penalty would be interest rate differential, which could be 10's of thousands of dollars. If you rate is higher than the rate you are signing up at the time.

[HuMz]

Thats something im definitely going to have to keep in mind, a 5 year might be a little better unless im sure I will be living here long term.

[djayz]

Originally posted by bg_27
3% fixed 3 years on primary home.
2.25% HELOC variable on rentals

Who's still giving you your HELOC's at prime?

[blownz]

^ likely one he had from before. I have 100k at prime, but my newer 200k on is at prime plus .5%

I don't think anyone is doing HELOC's at prime right now, but it will hopefully come back to that soon.

[djayz]

Even if he had one from before, unless it's locked in all of the big 5 have increased their rates from prime to prime + something.

I just made the switch from TD to RBC for this reason since TD upped the rates to Prime + 1 on an existing HELOC and RBC was willing to give it to us for Prime + .5.

TD wouldn't even match the rates so we gave up on them.

[blownz]

^ No they haven't. I have had my HELOC for over 5 years and there has been no change in the rate and my account manager said the Royal Bank didn't increase the rates of any existing HELOC's.

I can't increase that old HELOC which is why I had to take out a second one when I wanted to pay off my mortgage with it, but they won't increase the rate.

CIBC and TD are the only ones I have heard that for with respect to HELOC's.

[Bisklimpkit]

Just booked a rate of 3.89% on a 4-year term with TD as I'm debating locking in a portion of my HELOC. I'm at prime +1 right now (got the HELOC in November of '08). The booked rate is good for 3 months and I'll re-evaluate then to decide if I should lock in or, if rates have come down and prime hasn't moved, I'll book another rate for another 3 month period.

[300zx_007]

3.4% locked for 4 years and im 19 so its pretty good :D

[djayz]

Originally posted by blownz
^ No they haven't. I have had my HELOC for over 5 years and there has been no change in the rate and my account manager said the Royal Bank didn't increase the rates of any existing HELOC's.

I can't increase that old HELOC which is why I had to take out a second one when I wanted to pay off my mortgage with it, but they won't increase the rate.

CIBC and TD are the only ones I have heard that for with respect to HELOC's.

Hmm perhaps I was told the wrong info. I do remember the RBC agent saying something about existing rates increasing, can't remember if they were already increased or they will be soon.

In either case RBC is the only bank that is offering that low of a HELOC then.

[blownz]

^ well hopefully they don't increase them in the future. My account manager said they wouldn't but that typically doesn't mean much...

[bg_27]

If you have a certain amount of money (cash/investments >$500k) with TD or are a Private Banking Client you can still get HELOC's at Prime.

[blownz]

Originally posted by djayz


Hmm perhaps I was told the wrong info. I do remember the RBC agent saying something about existing rates increasing, can't remember if they were already increased or they will be soon.

In either case RBC is the only bank that is offering that low of a HELOC then.

So it turns out RBC is increasing rates effective Jan 5, 2010. lol

But it is only on secured loc's and not home loc's.

So for me, I have a 100k secured loc that I have had for over 5 years at prime and then a 200k home loc at prime plus .5%.

The 100k secured loc is going up to prime plus 1 in January but the other one isn't changing. And they are still giving out new home loc's at prime plus .5 but that is only if you have no mortgage. With a mortgage you get the secured loc at prime plus 1. I didn't realize they had two different types of HELOC's but apparently they do. I thought both of my lines were the same just one with a lower rate since it was signed years ago but I guess that is not the case.

So it looks like Jan 5th I will have to pay off my 100k line with the spare room on the other one (I was just paying interest before and no principal since it was cheaper) so my entire house will be at prime plus .5 :(

[lint]

Originally posted by blownz
The 100k secured loc is going up to prime plus 1 in January but the other one isn't changing. And they are still giving out new home loc's at prime plus .5 but that is only if you have no mortgage. With a mortgage you get the secured loc at prime plus 1. I didn't realize they had two different types of HELOC's but apparently they do. I thought both of my lines were the same just one with a lower rate since it was signed years ago but I guess that is not the case.

First position vs second position. If you already have a mortgage in first position, the HELOC will be in second position and I don't think any lenders will give those at less than P+1.

[Jry_79]

Fixed Mortgage Rate of 5.03% in 2006, locked in for 5 Year Term. Should of went the Variable Route

[djayz]

Originally posted by blownz


So it turns out RBC is increasing rates effective Jan 5, 2010. lol

But it is only on secured loc's and not home loc's.

So for me, I have a 100k secured loc that I have had for over 5 years at prime and then a 200k home loc at prime plus .5%.

The 100k secured loc is going up to prime plus 1 in January but the other one isn't changing. And they are still giving out new home loc's at prime plus .5 but that is only if you have no mortgage. With a mortgage you get the secured loc at prime plus 1. I didn't realize they had two different types of HELOC's but apparently they do. I thought both of my lines were the same just one with a lower rate since it was signed years ago but I guess that is not the case.

So it looks like Jan 5th I will have to pay off my 100k line with the spare room on the other one (I was just paying interest before and no principal since it was cheaper) so my entire house will be at prime plus .5 :(



Originally posted by lint


First position vs second position. If you already have a mortgage in first position, the HELOC will be in second position and I don't think any lenders will give those at less than P+1.


I just switched from TD to RBC (in the process rather) and they are offering me a HELOC with a mortgage at prime + .5. I hope they don't mess it up and tell me later they can't do it...

[blownz]

I was told as of Jan 5 it would only be if you had no mortgage. Since it was just announced I may not have had it explained perfectly to me by the account manage (or I may not have relayed it here properly)...

I would try to get clarification though if I were you.

[in*10*se]

prime less .85 = 1.4% right now... scotia bank had the mortage for about 3 years

[bimmere92]

u guys think its a good time to lock in the variable rates?

[Smartiepants]

Personally I would think so, in my opinion the rates can't drop that much lower, and only have up to go.

Then again historically variable interest rates have performed better for the consumer. It depends on how well you can handle the swings.

[bmeier]

Originally posted by Smartiepants
Personally I would think so, in my opinion the rates can't drop that much lower, and only have up to go.

Then again historically variable interest rates have performed better for the consumer. It depends on how well you can handle the swings.

i am not convinced its a good time yet. I am paying .75 below prime which is 1.5 %
Current 5 year locked rates are around 3.8- 4 percent so, they would have to raise interest rates more than 2 percent till i would be equal with the current offers.

[eglove]

Mine's locked at prime for 5 years.

[whodiman]

Originally posted by bmeier


i am not convinced its a good time yet. I am paying .75 below prime which is 1.5 %
Current 5 year locked rates are around 3.8- 4 percent so, they would have to raise interest rates more than 2 percent till i would be equal with the current offers.

Of course when rates go up 2 more % the lockin rate will be close to 6%. People that have gotten their mortgages in the last year or less will not have prime less .75% either.

[Lagerstatten.ca]

3.89% 5-year fixed with TD. Signed Dec 15, 2009.

[desmond]

I don't know if this is feasible. If the mortgage rate is 2.5%, then put your cash in time deposit (term deposit) or other bank investments in other countries at 3% to 5%. (yes, banks of some countries give that much interest). Then, you still earn.

[Tripz]

My mortgage is up for renewal and I'm shopping around for mortgage rates. Now I've heard that Bank of Canada will increase their rates at around spring, this is coming from a couple financial reps in the banking institution. I mean rates can't go any lower than this - can it? I just would like to know what everyone is paying for their 5 year fixed and with which institution. Or should I renew it at variable and lock it in when the rates goes up?

[Kloubek]

3.4% fixed 3 year term. RBC. Signing day after tomorrow.

[grizz]

Just signed my mortgage papers in Mid December. 3.85% 5 year fixed through TD Canada Trust.

PM me if you want this brokers contact info.

[Supa Dexta]

BOC said no raise in rates until june or something I believe. Should be safe for a couple of months yet. Banks know this though, so they don't have any interest in going any lower, if they can hold here just waiting to raise with the BOC.

[kkhakh]

For all that are above 4.5% on 5yr fixed products, it's most likely a good option to renew early and get a better rate (3.89 5yr Fixed currently).

For the folks with open variable products. Your prime rates are very safe for the next 5-6 months, then we'll see what happens.

Be careful though!! Watch the fixed rates very carefully, currently there is a trend happening of people not being able to afford there mortgage if the rate is fixed on them. Make sure you lock in when fixed rates are cheap and secure your next five years with cheap consistent payments.

Fixed rates will go up before prime rises!

[bigbadboss101]

Sounds like some of you have a mortgage AND a HELOC?
Lady at the bank told me they try to make sure one does not have more than 40% of their net income as debt. So if one makes $90k, it's about $3,000/month of debt repayment.

[codetrap]

Prime -1.

[Supa Dexta]

RBC offered 4.09 5 yr fixed

TD offered 3.95 5 yr, and 2.95 2 yr fixed.

today. TD has also told me they will beat anyone, I don't know why I even deal with RBC, they won't budge and I've been with them for years.

[bigbadboss101]

They will beat anyone even the smaller lenders? I heard Firstline offer a prime minus on a variable closed.

[black_2.5RS]

3.79% - 5 yr fixed.

[Supa Dexta]

Dates people, that info is useless without a date attached. ^


Originally posted by bigbadboss101
They will beat anyone even the smaller lenders

I'll believe it when I see it.

[codetrap]

Originally posted by Supa Dexta
Dates people, that info is useless without a date attached. ^



I'll believe it when I see it.

Last week. Firstline is the lender. 5 year open mortgage.

[yoda124]

Originally posted by Supa Dexta
RBC offered 4.09 5 yr fixed

TD offered 3.95 5 yr, and 2.95 2 yr fixed.

today. TD has also told me they will beat anyone, I don't know why I even deal with RBC, they won't budge and I've been with them for years.

:werd:

If your mortgage is new,TD also pays for the home appraisal.RBC and all the other banks do not.

[Toma]

Originally posted by codetrap
Prime -1.
With Firstline??

My broker told me it was prime minus 0.1

Did you use a broker or go direct?

Are you sure you got that right?

[kkhakh]

Just a quick insight for all wondering how/why rates work the way they do.

Your Bank (TD, RBC, BMO, etc) - In our wonderful country we have a handful of banks which control the industry very closely. Great news when we think about what happened in the US! There is another side to this though... our banks are very comfortable with the fact that MOST people will simply walk into their bank and take whatever rate they are told is the best.

As a mortgage broker who's license is with a super broker I can tell you that if you were to say "Scotia gave me X%, can you do better?" With out even checking I can say YES because when I check the rate as a Mortgage Broker they know that they now have to compete for the business. Remember the people who you are dealing with work for the lender and NOT you. However a broker will only be looking for the most favorable rates and terms for their client(YOU).

Q: Why don't they offer a true lost rate??
A: Because they dont have to in order to get the business.

[toronto1980]

I just got my mortgage done with a broker.. he was amazing! his rates were super low... 5yr at 3.69% and variable at 1.85% with 120 days rate hold....his name is Jack Pazuki and I was referred to him by my agent.... anyone looking for the best rate should contact him.... [email protected]

[urban.one]

Good first post!


Originally posted by toronto1980
I just got my mortgage done with a broker.. he was amazing! his rates were super low... 5yr at 3.69% and variable at 1.85% with 120 days rate hold....his name is Jack Pazuki and I was referred to him by my agent.... anyone looking for the best rate should contact him.... [email protected]

[B_Tran]

Renewed in Feb. Open variable at Prime +0.55 @ BMO

[Serria1]

Originally posted by Supa Dexta
RBC offered 4.09 5 yr fixed

TD offered 3.95 5 yr, and 2.95 2 yr fixed.

today. TD has also told me they will beat anyone, I don't know why I even deal with RBC, they won't budge and I've been with them for years.

At RBC it is who you talk to we just Renewed ours and did not use the Mortgage Specialist but a Senior Manager and were able to get 5 years @3.85% closed a little lower that the 3.99% that was offered.