Curious for recent home purchasers - what kind of variable rates have you been able to get lately? Best offer I have at the moment is 1.55% on an uninsured mortgage. I'm working through applications at a few other banks, but was hoping to get an idea of how that stacks up.
Posted May 13, 2021, 12:01 PM UTC
Just got approved for 0.99 insured with HSBC. Would have been 1.24 uninsured. Comes with $1200 to $3000 cash back depending on mortgage size.
Just got approved at HSBC well. HSBC was the best deal for variable. In addition to what was stated above, you can get another 0.05% off if you have a professional designation (PEng, Dr, CPA, etc), the mortgage becomes fully open after 3 years, and you can get a HELOC at prime. They did the application from start to finish in 5 days too which was awesome.
I have been offered the following for 5 yr variable 30 year uninsured
1.19 - Simplii.
1.21 + 3k and lawyer fee reimbursement - CIBC (currently bank with CIBC)
1.25 - TD
1.35 +5k - True North Mortgage
1.35 - Scotia
1.24 - HSBS + 3k
I have prime minus 1.2 uninsured (started in April).
1.6% here.. uninsured
1.40 uninsured
I see 1.25% (Prime -1.2%) on ratehub.
1.45 with RMC Mortgages. Uninsured.
1.06 uninsured
Hi, which bank offered you this rate?
BMO, 5 year variable. I’m with the Canadian forces so not sure if I get a deeper discount but they like our job security.
Just applied three weeks ago… got the following quotes (all 5-year variable with 30yr amortization, non-restrictive products, uninsured):
1.21% - small monoline lender
1.33% - Scotiabank eHome
1.33% - CIBC (exception rate) + $1-3k cash back
1.34% - HSBC + $1-3k cash back
1.40% - TD (exception rate) + $1-1.5k cash back
1.40% - MCAP
1.55% - RBC + $1.5k cash back
1.60% - BMO + $1-2.5k cash back
Did a mortgage broker get you those rates?
Yes for the small monoline, TD and MCAP. No for the others - went direct to BMO, CIBC, Scotia and HSBC.
Note: I didn’t do applications at each; I just explained my situation to mortgage specialist and asked what the best is they can offer. An application may net even better results.
Thanks! Are these for mortgage amounts >1 million?
No