r/AskMortgageCanada

I was just offered to renew my mortgages at 4.3% fixed for 5 year, is that good?? My husband and I started a business a few years ago so our income is not as great as when we worked full time for someone else 5 years ago. Meaning I’d rather not pull our credit (btw it’s amazing just our credit cards and car loan is on the high side) but we have paid all our bills on time every month just wrote a lot of stuff off for our taxes. I’m wondering if any other banks are lower than 4.3 or if it’s worth asking to go lower? They said if we found a lower interest rate to take a scream shot and they will try to match it.

Scotiabank is offering 3.99% for 3 year fixed. I am 20 year amortization. Their offer is written up for 20 year. Would it be possible or too much of an ask to change to 30 year amortization? This is for a primary home in Ontario. Balance about $310,000.

Are there pros or cons with reamortization. The goal is to make pre-payments to aggressively pay off the mortgage but it feels like reducing the required monthly mortgage payment would give some relief.

TD is offering me 3.65% on renewal for 5 year variable, is it good? Seems like some are getting 3.35 as well? Are these insured? Can anyone suggest? My mortgage is renewal is on 1st of OCt, I tried online today on pine and entered details and it says 3.85% for 5 year variable .. that’s insane, I thought there rates were better, may be there agents would offer better? Anyone recently received renewal from TD?

Im trying to see if i could be approved for a mortgage on a house in Alberta.

My credit score is 737, no debt but i work 2 part time jobs... (one is newer but im past the 3 month probation) and with both, i average about 48hrs at $15.25 an hour. I can put a downpayment of 130,000.

Apparently thats horrible haha. I would love it if my dad didnt have to cosign with me because the goal is independence right.

How does this situation look for me? Horrible?

I have a renewal coming this Oct 1st, and TD is offering me 3.69% for 5 year uninsured variable . I am currently at 3.43% with TD uninsured. I also bank with Wealthsimple, I was curious if it’s worth checking with them or it’s better to directly reach out to line? Do I have enough time ? Any promotions people stack? Is it too much hassle? Anyone knows what they are offering , it seems like 3.40%? It’s for variable mortgage

We recently had an offer accepted on a condo and included a financing condition. In hindsight, we probably should have obtained a fully underwritten pre-approval first, but we had strong incomes, good credit, significant savings and only wanted a roughly $275,000 mortgage we putting 180k down , so we didn’t expect the process to be this difficult.
We applied through a mortgage broker, but communication has been frustrating. We wanted a fixed-rate mortgage, yet the broker initially focused on getting us approved for a variable mortgage so we could remove the condition and then potentially shop for a fixed mortgage afterward.
Conditions are due tomorrow at 1pm.
We thought we could get approved last week, but
The lender then came back with several questions about our documents, including an employer-name discrepancy on a T4, how rental income and ownership of another property were reported, an old missed-payment issue from 2021, and some bank-account information. We answered everything, but we still haven’t received a firm written commitment.
Again, we make over 180k own multiple properties , no debt and will have over 200k savings even after this place .
We approached a bank directly BMO over the weekend to try and push this.
Our realtor says the bank or mortgage agent should be able to tell us “with certainty” that we’ll be approved and seems to expect us to waive the condition based on that reassurance. However, we still don’t have a written commitment confirming the approved amount, fixed rate and any outstanding lender conditions.
Is this amount of back-and-forth normal for a mortgage application? Would you waive the financing condition based on verbal reassurance from the broker/bank, or insist on a written commitment or request an extension? At what point is an approval actually firm enough to safely remove the condition?

I don’t trust the verbal commitments anymore.

We just sold and bought a new place essentially doubling our mortgage. New balance is approx 900k. Being offered 3.95 scotiabank 5 yr variable closed. Am I mad to think there is better out there. My broker claims she checked other places bt they also do a lot of business with Scotia so I'm feeling uneasy here. We have not been given other options. Not even our own current lender who has a port option.

We are coming off 3.55 variable. I dont understand? Mortgage is uninsured.

Has anyone recently done this and can you share your numbers. Realizing this changes.

Should I be contacting our current lender myself. Closing in a month.

Canadian living in US. We bought our first home in 2021 and then moved shortly after due to work transfer. Our mortgage is coming up for renewal in 100 days.

I still have PTSD from the first mortgage application. My mortgage provider grilled me for every single transaction that was more than $50. So I am a bit nervous about the renewal process.

• Should I wait for offer from current provider or start shopping around?
• How does the process work if you are based in US and have no Canadian income, but renewing your mortgage?

Any advice on which companies have streamlined such renewals?

Hello,

I'm 7 months away from renewing, so I'm about to start shopping. It's going to be the first time I renew and I'm trying to understand what to expect/what impacts your rate, as I see such big variations.

For context, we have 500k left on a 650k mortgage (I believe the value of the house has stayed the same). Our mortgage was insured (10% downpayment). Our HHI went from 145k when we bought it, almost 5 years ago, to 260k now. We have no other debt, no lease, no finance, nothing. My credit score is 871 and my SO's 865. Our combined investiments (TFSA, RRSP, RESP) is about 300k. We're early 30s.

My question is: does any of these information help reduce (or increase) our rates? What DOES come into play when getting a rate? Why does some people get 3.99% and others 5% for the same length and type of rate?

My mortgage (not primary residence) is coming to renewal next month. I am interested in 5-year variable.

My current lender (CIBC) gave me an awful / insulating rate, prime less 0.65.

I reached out to RBC and they are offering prime less 0.85, $1000 cashback and will cover most if not all the fees. Similar quotes from other major lenders (BMO, TD)

I took this offer back to CIBC and got them to budge to prime less 0.80.

So the options are:

1. Stay with current lender at 3.65% (prime less 0.80).

2. Switch to new lender at 3.60% (prime less 0.85) plus $1000 cashback.

The difference is $1000 less interest over 5 years and $1000 cashback = $2000 extra.

My initial thought is that it is not enough or worth it to go through the whole process of switching lenders, and the potential risks that may have. The cashback can also be eaten away a little bit if not all fees are fully covered as anticipated. I would also have to create a chequings account at the new back to get the cashback, etc.. just seems like a lot of hassle.

What would you lean towards?

What purchase price is being used to qualify? I have a new build where the builder has confirmed all rebates will be applied on the SOA at closing.

Are we being approved on original price or rebated price?

If so, how does down payment % work, is it still 20% based off original purchase price as the builder will credit HST before closing and that will lower the price. Or is 20% based off price without HST?

Is it possible to transfer an insured mortgage and apply for a HELOC after a while? Does the insured rate remain the same?

Hi,
I am trying to renew with my current lender CIBC and selected 3 year variable rate. I asked them if I can extend my amortization to 25 years and they said No, I can’t without refinancing. I was under the impression that if I stay with my current lender they will let me increase the amortization to help with the monthly payment. Most people in this sub said it’s possible so I am not sure if they are lying.

Hey, we have to renew our mortgage by the end of the year.

Currently variable with TD. 571K @ Prime -1.05%.

We put 20% down when we purchased 5 years ago.

So from TD Prime 4.60% we're at 3.55%.

My credit score is over 800 when I use my mobile banking app credit score checker. We live in Kelowna BC.

Currently theres about 80K on our LOC as we did some home upgrades in the last 2 years. Solar Panels, Heat Pump, Sewer Connection, HWT, electrical service, EV Charger, Radon Midigation.

We have another 70K EV car loan with 7 years left.

No other debt.

I do banking with CIBC, TD and RBC. I want to either renew, or change banks or consolidate LOC balance into the mortgage, this should still keep us below 80% of the home equity.

My personal income is about 125-135K and my houshold income is 200-210K. We're both on the mortgage.

We entered the early renewal period so TD called me and offered me Prime -0.55% variable for 5 years. Or fixed 3 years for 4.90.

Is this a good rate? How come I see people posting here and in firsttimehomebuyer/ about getting sub 2.85-3.55% mortgage rates in calgary, saskatoon and toronto?

How do i negotiate a better rate?

I just started a new job, and want to wait until the end of my probation period before reaplying or trying to switch banks.

In BC

I'm a student who acquired a mortgage through a "mortgage assumption." I have sick and aging parents and as a result, "bought" the house from them by taking over their mortgage. Essentially inheriting it while they are alive.

I am up for renewal in March and to my knowledge, I can start shopping for rates starting September. But I do not know where to start.

With RBC, there's about $150k at 3.1% fixed on it.

Truthfully, since I am a student/will be a new grad my income is weak ($36k net) and my credit is poor. Selling the place would not be ideal, value is about $500k.

Do I start with RBC immediately for their rates or shop around and see if RBC can match those rates if they're lower? What about re-financing the mortgage? The payments are tolerable right now but I have no safety net. Since I'm young I wouldn't mind extending it to drop the payments a bit.

On the side I was also considering a HELOC to consolidate my credit card debt and bring it to a more manageable interest rate. How would this affect my renewal chances, should I wait before or after the renewal?

TIA, I appreciate the patience

Hey all,

My broker just reached out to me with a prime - .90 rate for 5y variable (3.55%). From the looks of it, this is a pretty good rate. Coming off a 1.69 fixed. :(

We have $217k left and are thinking of moving in a few years hence the variable. That said, we also may be in a position to fully pay off the mortgage in the next year or so.

Does sharing this info (paying off mortgage) with the broker change the outcome at all?

Any other questions lemme know.

I'm renewing my mortgage for the first time and have two offers on the table, RBC and Scotia. Both are variable at 3.5% and both come with a $37K HELOC. Trying to figure out which way to go and would appreciate some perspective.

my wife and I are self employed, coming off a B lender, and we've already done everything needed to qualify with an A lender. Because of that, we're planning to stick with whichever bank we pick for the foreseeable future.

The Condo is currently in my name only, but as of the renewal we're adding my wife to the mortgage.

RBC offer:

• Waives legal fees (by adding my wife as a guarantor)
• Gives cash back, about $1,100, plus Avion points
• I keep the $37K HELOC

Scotia offer:

• Can also waive legal fees by adding my wife as guarantor, but only if I give up the HELOC
• If I want to keep the HELOC, I pay legal fees (around $1,200 + HST) and get no cash back

So with Scotia it's basically pick one: keep the HELOC and pay legal fees with no cash back, or waive the fees and lose the HELOC. RBC lets me keep the HELOC, waives the fees, and still gives me cash back and points.

Since this is my first renewal, I want to make sure I'm not missing anything obvious that would make Scotia the better long-term move despite RBC looking like the clear winner on paper. \

I'm in my 30's and own a house with a few family members that we bought during covid. We went variable, and had to endure all the interest hikes and it was very tough on us. Now we have to renew and are offered 3.55% variable on 3 years or 4.04% fixed, also on 3 years. There is 1 million left on the mortgage. We are unsure what to do as we did not have a good experience with variable the last time around, but may want to sell if the market picks up enough to get our initial down-payment.

We are about to close on our new construction home, and we have the following rates and don’t quite know which one to go ahead with.

House -714k

RbC- 20% down fixed 3 year rate at 3.99%.

Scotia-3.89% fixed for 15% down and 4.11% fixed for 20% down. Variable rate of 3.4% for 15% down and 3.65 for 20% down.

MCAN-3.5% variable - 10% down deposit.

CIbc-3.89% fixed - 15% down deposit.

Family income is 200k at the moment but will exponentially increase in 2 years time once partner is done with Residency training

Looking to get one, and I'm just doing research now.

I wondering if anyone here has one. How was the process? Are the rate same as for regular T4 income mortgages? Schedule 1 bank or monoline lender? Any advice?