Getting mortgage approval needs to pull my credit score and that action reduce my credit score. So should I avoid going to all the banks to find out what rates they are offering? Reddit usually has rbc as the lowest, do i only go to rbc or maybe also td to compare?
Hey, everyone needs some expert advise over here. I appreciate all the help. so I have my early renewal. After negotiating two times CIBC is now offering me 4.19% three years fixed and 3.7 for 3 year variable, the advisor also suggested that I can go with the variable right now and convert it to fixed later, but I need some advice. What should I do?
Currently with CIBC at 5.99% fixed renewing on Nov 24. First renewal and uninsured
Amortization remaining: 21 yrs 6 months out of 25 years initial
Mortagage balance : 569K
Owner occupied property in Clarington, ON
CIBC is offering me early renewal rates as below which if I accept would be applicable for 4 monthly payments
3.99% : 3 year fixed
Prime -1 :3 yr variable
Prime - 1 : 5 yr variable
Are these good rates to early renew or should I wait near end of my current term and then start looking for rates. If I renew early now I will save atleast around $2800. I am more leaning towards 3 yr variable as we may upgrade (not sure yet) within next 3 years and this will reduce the penalty if I break.
Please let me know if these are good rates to renew now
Hey 👋,
Shopping around for rates. I would like to know what others are getting this time around. Details:
- Property: $815K - rural, septic, drilled well in North Algona Wilberforce. Primary residence (all year-round). Close to Eganville.
- 20% downpayment (uninsured)
Quotes I have received:
TD:
- 3-year fixed @ 4.19%
- 5-year fixed @ 4.39%
- 5-year variable @ 3.79%
BMO: $2100 cashback
- 3-year fixed @ 4.09%
- 5-year fixed @ 4.34%
- 5-year variable @ 3.60%
Think Financial:
- 3-year fixed @ 4.29%
- 5-year fixed @ 4.19%
- 5-year variable @ 3.68%
Most of them: 20% increase in regular payments and 20% annual lump sum.
Uninsured mortgage. First renewal.
20 years remaining, original term was 25 years.
Renewal amount is 600k.
Property price 1.1M
Owner occupied property in GTA.
Renewal end of August.
Currently with TD and their early renewal offer sucks, something like 3.9% variable for 5 years.
Interested in this group’s perspective on what you’re seeing in the market and how I should approach given this is the first renewal.
We have an uninsured mortgage. Current rate is 2.35%.
We need to renew by Aug 1st and our current lender is offering 4.39% for a three-year fixed or 4.59% for five-year fixed. Our renewal is around $355,000.
We used a broker originally when we first purchased but she doesn’t seem very helpful now. Just telling us to take the 4.39 because it’s the best she can see. I see lots of posts here of way better offers and i’m not sure how to proceed? We are pretty risk intolerant so variable doesn’t really suit is.
Help please ☺️
current lender: FirstOntarioCreditUnion(FOCU)
current rate: 5.09% 3Y Fixed
Renewal offers were initially getting 3.55% 5Y Variable, checked with brokers & FOCU, now negotiated to 3.45% with current lender. PINE is offering the same on their website, haven't got a quote yet but i feel i might get this as my credit score is good around 850-860 and I am premium customer with WealthSimple.
What will you suggest - should i stay with current lender or switching to PINE makes more sense, as they could be giving cashback.
P.S. I have plans to sell my condo in coming 1-2 years, so looking for Variable rate now and also want to lessen my monthly payments. Any advice is appreciated.
I have a 3 yr fixed mortgage on my condo with TD. It’s coming up for renewal in Dec 1. But I can renew as early as Aug 1 without penalty. TD is offering 3.6% 5 yr variable or 4.11% 3 yr fixed. These rates will be effective Aug 1 if I sign now.
They told me if I go with the variable I can switch to a fixed rate without penalty as long as the term of the fixed is 3 yrs or more. What are your thoughts and which should I go with considering world events?
What do you think of 2.2% promotional rate of True North? Anyone had experience with them? And with this kind of promotional offer rate? How was renewal after 6 months?
I was informed too that there will be 1% penalty if you choose to not renew with them.
Currently with Scotia and looking to renew on a 3 or 5 year variable as house will likely be sold in the next year or two, and don't want to get hit with the higher penalty that comes with fixed.
Renewal is end of July, and Scotia is offering 3.64% for 5 year variable.
Detached in the GTA, bought in 2021.
Question- I am a first time home buyer. Looking to buy a home around 515000 mark. Have $30k saved up and due to income will qualify for a mortgage so I was thinking late winter so I will have around $42k saved. One - when should I go for the mortgage pre approval? Two - is $42k in cash realistic for down payment and closing costs? Only planning on putting the minimum down.
Compare choosing 20 vs 25 years amortization for a fixed rate (4.04%) mortgage of about $260,000. Is it better to select 20 or 25 with focus on double payments/etc.
Hey everyone,
I have concrete evidence that a private citizen committed mortgage fraud to secure a conventional loan (20% down payment) with CIBC a few years ago. The individual explicitly told me face-to-face that they completely falsified their income to qualify for the house.
Based on the federal stress-test math from that time period, they needed a verified six-figure income to get approved. Since they recently completed a straight term renewal, the fraud has carried over because banks don't automatically re-verify income on standard renewals. Because it’s a conventional loan, CIBC carries 100% of the risk.
I want to report this, but CIBC’s public fraud lines seem to just be for phishing scams/stolen credit cards and their Whistleblower portal explicitly states it is only for reporting internal employees/wrongdoing by CIBC staff.
Does anyone know the direct pipeline, department email or corporate security fax number to get a forensic audit tip package directly into the hands of CIBC Corporate Security / Financial Crimes Investigations?
I want to make sure this actually lands on an investigator's desk and doesn't just get filtered out by frontline customer service.
Thanks.
Hi everyone,
Looking for some perspective on whether I am being paranoid or if my mortgage specialist is trying to play me to increase their loan volume.
We are purchasing a property for $865K. From day one, I was explicit that we have a $550K down payment and want a mortgage around $315K. I provided all investment statements upfront to prove the funds. We also wanted a HELOC attached to the file.
Today was our subject removal date. When I asked for the final numbers, the specialist told me we were approved for a $540K mortgage. When I pushed for specifics, they told me that the underwriter had only verified $330K of our down payment due to "capacity issues" over the last 4 weeks. Because a $540K loan + $330K verified cash covers the purchase price, they just pushed the maximum loan approval through to hit the subject deadline.
They also sent this in an email:
"We’ve, according to the previous approval letter, approved you $540,000. You can choose to adjust the amount as to how much exactly a mortgage and a HELOC limit you want as long as they’re together within $540,000. But please make sure you can finalize this on or before July 10th."
They are offering a 3-year fixed at 3.99% and saying I can choose to split the $540K global limit however I want before July 10th (e.g., a $315K term mortgage and a $225K revolving HELOC at Prime + 0.5%)
My question to the community: Is this normal behavior for a big bank?
It feels like a bait-and-switch tactic to get me to accept a massive mortgage at closing because they haven't actually done the work to verify the remaining $220K of my down payment. If I don't force them to verify that cash before July 10th, I don't see how they can actually fund a lower $315K mortgage on closing day.
Has anyone else dealt with an advisor pushing a "global limit" approval while refusing to do the legwork on the down payment verification until the last minute? Am I dealing with institutional laziness or a pushy sales tactic?
Thanks.
My mortgage is up for renewal with td and i got offered 4.05 3 year fixed uninsured. What you guys getting? Thanks
I'm still contemplating between two mortgage options:
Mortgage amount: $630,000
Which one would you choose? Thanks in advance for your help!
Hello mortgage experts! What is the best 5 yr variable rate I can get now? What about for refinance? I spoke to a mortgage agent, he told me the best he can do is 3.75%. What are you seeing this these? I am in Ontario. I would appreciate any tips you can provide or what I should look out for. Thanks!
My primary residence (uninsured mortgage) is up for renewal on September 8, 2026. My current 5-year fixed rate is 1.74%, which is obviously ending.
My current lender, Tangerine, has offered me the following renewal options:
2-year fixed: 3.57% (blended rate)
3-year fixed: 3.77%
Variable: Prime - 0.90%
I’m trying to decide which option makes the most sense given the current interest rate outlook. I’m leaning more towards fixed.
If I get a 3 year variable rate and want to convert to fixed, will it have to be more than 3 year fixed (3,4,5year) or less than 3 year fixed (2,1year)?
