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Thread: Latest Best Mortgage rates
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Fri, Jan 30th, 2015, 04:34 PM #1
There has been lots of discussion both recently and in the past about mortgages, rates, and all that is involved.
I thought I'd post what are the "cheapest" rates out there and open it up for discussion. Reason being, is a lot of the "cheapest" rates come with conditions attached. . .usually not good ones.
That said, many of these rates are also genuinely good products. Perhaps we can all contribute with what we all find on the market out there (including credit unions) and discuss what's good and what's not.
I will try to keep the rates updated as they can change very quickly at times. MQ
So. . . at present: 30/15
$500 cash back- 5 yr. Fixed - 2.84% (Temporary Special) ***Expired Feb 5/15
5 Year Fixed Rate - 2.59% Adjusted Feb.3rd
4 " " 2.54% Added March 12
3 " " " 2.39% Adjusted March 6th
2 " " 2.24% Adjusted/Dropped Feb. 6th Adjusted/dropped again March 12
1 " 2.89%
Home Equity LINE OF CREDIT ***2.95%*** dropped July/2015
VARIABLE 5 Year 1.95%
" 3 Year 2.05%
RENTAL Properties 2.84%
*CASH BACK 5 Year mortgages (High ratio mortgages only)
1% cash back 3.24%
1.5% " 3.29%
2% " 3.54%
3% " 3.84%
LONG TERM Mortgages
6 year 3.99
7 year 4.09
10 yr. 4.49
This thread is currently associated with: N/ALast edited by MortgageQueen; Tue, Aug 18th, 2015 at 11:45 AM.
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Fri, Jan 30th, 2015, 04:47 PM #2
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very helpful
here's hoping people who get a cheaper rate will concentrate on paying off the mortgage rather than getting more debt, by buying more real estate (bigger house or more houses that they many not be able to afford)
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Fri, Jan 30th, 2015, 04:54 PM #3
Yes. I 100% agree. Financial experts ( at least realistic ones) are concerned about these rashes of lay-offs, the dollar, and oil market. Button down the hatches and play it safe if you can!!
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Fri, Jan 30th, 2015, 05:15 PM #4
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lay offs --you are right
Target, Tim Hortons, CIBC and who knows what is next
People who have mortgages can pay down and stay safe, but some will try to keep up with The Jones' and gamble with their mortgage.
We have our rate already, so won't go lower, but we are trying not to be greedy. Who knows who's job is next, for layoffs?!?!
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Mon, Feb 2nd, 2015, 09:13 PM #5
For deals closing within a short timeframe (30 days), there is a lender with a 5y fixed at 2.54%, and limited pre payment terms. Ideal for those looking for rock bottom rates but not very interested in pre-paying the mortgage too much.
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Mon, Feb 2nd, 2015, 09:56 PM #6
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I'm shopping for a renewal for later this year....the rate they were offering us at CIBC was 2.99 with 1% cash back which we will use to prepay the mortgage. Its a 4 year term though which I am less thrilled about but so far its the best offer from a bank that guarantee the rate for 6 months.
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Mon, Feb 2nd, 2015, 10:46 PM #7
This is just a thought mandolina, but wouldn't you be better off getting a variable rate at 2%, thus saving paying an extra 1% for 5 years in a row?
Also to consider, if you get any type of cash back mortgage and then (potentially) break your mortgage at some point you have to give a portion of it back.
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Mon, Feb 2nd, 2015, 10:49 PM #8
That is a very good rate valuemortgage, but please exercise caution entering a "basic" mortgage like this. In some cases the only way you can exit a mortgage like that is to sell. . .nothing else. No refinancing possible. If you do pursue this mortgage, you should have hefty savings to back you up in case anything untoward happens in your life.
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Tue, Feb 3rd, 2015, 10:11 AM #9
Hello Queen. Im a broker too... and the deal I mentioned (2.54%) is with Industrial Alliance, so not a closed term or any other unusual condition. As per my previous post, only real drawback is the limited pre-payment allowance being 5%+5%. However, I have seen several clients put too much emphasis on pre-payments, only to never utilize them. In any case, different products cater to different needs, and the Ind Alliance "no frills" mortgage has it place in the sun.
Cheers!
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Tue, Feb 3rd, 2015, 10:44 PM #10
I understand where you're coming from VM, but there's reasons for why I don't use Industrial Alliance.
1st, I've heard lots of complaints about them. 2nd, they have IRD penalties that rival the costliness of the Big Banks (yuck) 3rd, they don't offer bridge financing if you're sale and purchase closings don't match. Big problem/issue, 4th. I've heard complaints about customer service
I realize that none of this is apparent on the onset or by reading the commitment, so on the surface it does look good. Just my experience tells me otherwise.
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Wed, Feb 4th, 2015, 10:39 AM #11
Points taken. Just want to share my own experience and opinion regarding this:
1 - Im pretty sure we can find complaints about any major lender in Canada. Just google "problems with XYZ bank/lender" and it comes up. I do quite a bit of business with IA, and my clients report great experiences (at least so far).
2 - IRD penalties are not what they were before. Early (April I think) last year IA changed their formula and no longer use bonds in their calculation. Currently, you can see the re-investment rates posted on their website, and the formula is much more friendly now.
3 - Indeed no bridge financing. Something that may or may not be needed in the future.
4 - Back to point #1. What clients are reporting now is quite the opposite. I had a client last year going through a divorce, and when he called IA they offered him a "spousal" buyout, waived the penalty, and the rate offered on the new term was lower than what a broker could get.
But indeed there are several considerations to be made. I often say that mortgages dont come in a "one size fits all", as features are added or stripped from products to cater the needs of different people. For instance, I know a lot of people who would sure pick a slightly higher rate in order to get 20% lumpsum privileges, however will never utilize that. When I quantify it (explaining that 20% of their 400k mortgage means 80k each year), they realize it is (sometimes) completely unrealistic that they will ever exercise that option.
I agree with you : clients need to be informed of features and characteristics of each option, so that they can make an informed decision.
Cheers!
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Fri, Feb 6th, 2015, 12:25 PM #12
A few changes in rates have been edited last few days on POST #1
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Sat, Feb 7th, 2015, 08:43 PM #13
For daily rates from lenders visit www.ratespy.com. For example today a 5 year fixed can be had for 2.47%, a 4 year at 2.34%, 2 year at 2.15%. These are updated several times a day so they are current.
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Sat, Feb 7th, 2015, 11:20 PM #14
No doubt your right DB. I just post the ones I trust. DO you know who it is that is offering these rates?
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Sun, Feb 8th, 2015, 09:35 PM #15
MQ: They look to be broker buydown rates.
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