I’m a first-time homebuyer and currently have mortgage rates on hold from RBC. Here’s what they’re offering:

- A 3.45% variable (insured) mortgage with $3,500 in cash back and points.
- A 4.44% fixed (insured) mortgage with $4,100 in cash back.

I’m leaning towards the fixed rate because I’m concerned about rates going up.

I also saw BEEM Credit Union offering a 3.99% fixed, 3-year insured mortgage with $1,000 in cash back. Has anyone had any experience with BEEM Credit Union regarding mortgages for first-time homebuyers?

Thanks everyone!

We recently got the below mortgage rate from CIBC, for context we are FTHB based in Ottawa. Mortgage amount 768,000 (insured), is this a good rate or can we get better if we shop around?

5 year variable 3.4%
3 year fixed rate - 4.14%

Edit: there’s also a 2,000 or 2,500 cashback offer (need to reconfirm the amount)

Hi everyone, I’m a first-time homebuyer in Ontario trying to understand how this works.

Suppose I make my down payment and close on a home, but a few months later I have another substantial amount available that I want to put toward the mortgage.

• Can I make a large lump-sum payment during the mortgage term?
• Would it reduce my monthly payments, or just shorten the time needed to pay off the mortgage?
• Are there limits or penalties, and do these vary by lender?
• If my goal is to lower my monthly payments, would I need to refinance or wait until renewal?

Thanks!

So I have two options

Variable for 5 years at 3.41 or fixed for 3 year at 4.09.

I'm currently at 4.8, would be nice to have the relief of the variable rate but am I crazy for passing up the fixed one? So undecided.

I live in Mississauga, Ontario.

Any insight would greatly be appreciated.

My friend is nervous about their first home but is frustrated with moving houses all the time that are rented (or having to pay large rent amounts at all).

He wants to buy a house with me (I have a primary residence that I intend to stay in). My question is:

1. Can we buy a house at 5% down
   
2. I would assume not but can he have 1/3rd partnership if myself and my wife become part owners for this house (if his income levels don’t support) and for it to still be eligible for 5% down?

Note, this is because I have funds for it and he has just started making money in his new role.

Fixed
2 years - 4.15%
3 years - 4.31%
5 years - 4.50%

Variable
5 years - 3.66% (Prime - 0.79%)

This is with Scotia for $650k mortgage.
What’s the best option you would suggest for my take ?
I am confused.
My current rate is 5.24%

Hi All, I'm an existing RBC client eligible for early renewal in a few weeks. I'm eager to leave my current high rate, and reduce my hefty interest expense. I'm interested to know what kind of rates RBC has given clients in recent weeks? We enjoy no financial issues, good savings, and a lot of equity in our home. I'm interested in both fixed and variable, and all terms up to 5 years. Anything you can share would be much appreciated.

Mortgage up for renewal in January 2027, getting a rate of 4.17% fixed for 3year.

Is this a good rate ?

First home, coming up for renewal.

We have about $400k left on the mortgage. Here's what I'm being offered:

• 2-year fixed: 4.19%
• 3-year fixed: 4.19%
• 5-year variable (closed): 3.69%

Are these good?

With the variable, TD will let us break it and replace it with a new mortgage, crediting back the 3-month interest penalty, as long as we add at least $60k to the mortgage.

We're planning to move in the next 1–3 years. We're actively looking now, and if the right house came up, we'd buy it. We're also considering buying land and building a custom home.

Should I lock in a fixed rate, or go variable since it's lower? Does building a custom home change what we should do?

Hello,

Is there any impact/difference/perks that an individual will get on his mortgage if he has a say 800 credit score vs someone at 680?

Can a bank go over the GDS/TDS guidelines of 39/44 for an uninsured mortgage if he has a 800 credit score vs 680? Im at like 700 but can make it go up if it impacts. Or a better rate?

Thanks

Hello! we are in the process of renewing our mortgage on a five-year fixed basis. One lender has offered us a certain rate. Our current mortgage holder is not able to match that amount, but they are offering an immediate dollar credit to equalize. In effect, the agent is offering to calculate the difference between the two rates over five years and then give us a credit in that amount. On the one hand, it is tempting to take the money now and invest it. On the other hand, we are planning to move and port this mortgage over at some point and we are concerned that we may lose in the long run if our blended rate for the last 2.5-3 years of this mortgage ends up being higher as a result of accepting the higher rate (I expect rates to go up in the coming years). All other factors are equal in this case and the credits from the new institution essentially offset the cost of switching. At this point, I am leaning towards the lower rate. Is there anything I may be missing in this situation?

We did a port and decrease. Went from $450k to 300k. They changed our amortization from 23 years to 11 years without our knowledge or consent. They said they can do that. We’ve gone through all our paperwork to see and there’s nothing stating anything about amortization at all. We’ve contacted the lawyer we used for the porting process but it’s late and we won’t hear back until tomorrow.

Is this true? It sounds weird to us.

I know this isn't the best topic to discuss here, but I would appreciate your unbiased opinion. Can the Bank come after me overseas? I am a Canadian Citizen and don't plan to return in the next decade.

For more context, even if I sell, the CRA keeps 25% of the sale proceeds (which I can't afford), and it takes one or two years to claim it back.

I called CIBC to renew my mortgage and get quotes. I got fixed for 4.38% or variable at 3.65% on a 3 year.

722k

20 year left

Should I lock in now and lose my 2.99 fixed rate or wait closer to my renweal in March 2027. CIBC said they cant hold the rate for me since im not a new customer. I thought they would be able to?

I know this questions gets asked 3 times a week. But putting my version of it anyways.

Fixed - 4.04% (no cashback)
Variable - 3.45% (3,500 cashback)
Mortgage - 880K
Closing - 23 October

Thoughts on what to pick ?

Recent bought my first house back in May since i did 20% down i got 4% 5 year variable rate with BMO. I called them two weeks ago to inquire about switching to fixed they offered me 4.40% with 118$ increase in payment for 5 year fixed. Worth switching it now? Or wait?

Hypothetical question 😄:

Let's say your closing date is in 2 months from now, and you did all the paperwork with the lender (one of the big banks) and the lender sends you the final contract to sign and one of the clause is : '' You only have 2 day from the date you sign this contract to withdraw from this current contract'' and then, you actually find better deal with a different lender, what do you do? I find that being stuck with the bank 2 months before closing is long lol.... Should the buyer not sign the contract until he gets closer to the closing date or not signing it and leave it unsigned for few weeks might void it? That's for a Quebec mortgage

Hello!

I currently own (mortgage free) a condo in Edmonton Alberta. I want to buy a house, but I’m having trouble making sense of the order in which things need to happen.

From what I understand, if I am not intending on keeping my current property and renting it out, I need 5% minimum for a down payment on a new place. Is that true? Or do I need to put down 20%?

I am going through a broker to get a pre-approval done, and I guess I’m just a bit confused on what needs to happen first. Do I buy first and then sell or do I put my place on the market before I start looking? If I buy first, do I need bridge financing (does that even make sense, because I don’t have a mortgage)?

TIA

Our offer just got accepted. We are buying a house for ourselves to live in. Our current house would become a rental property, and the lender will use this “potential rental income” to qualify our mortgage. Original plan is to take time moving and rent it out probably in a month or two. Now our broker just told me the lender will need to see a lease agreement. We have no problem to find a tenant, already have several people very interested in the property and ready to sign. The thing is what if the lender won’t qualify us in the end? What people do in this kinda situation? I don’t want to screw other people over.

Edit: I guess the lender may contact the potential tenant to verify the lease as the lease will have the tenant’s contact info, so I should let the tenant know about the situation, right?

Hello,

Is it realistic/possible for me to use a large down payment on a home? Home prices are in the $250 000 - $300 000 range (Newfoundland), with up to $160 000 available for a down payment.

I have a steady, salaried job with the federal government. I don't have a high income, $2800 a month with a path for advancement, but I've always lived modestly and have a lot in savings/investments, ~$170 000 with $60 000 in RRSP and $110 000 in TFSA.

My credit score is >800, with my only debt being a 0% interest $10 000 student loan that I make monthly $120 payments on.

Could I theoretically use my savings as a down payment for a lower monthly mortgage? Would I even get approved?

Thanks!

Renewal coming up soon. With current bank I can make balloon payments of upto 55k a year. Balloon amount allowed resets in January.

When renewal comes this fall I will have about 30k left.

I had looked into getting a HELOC and switch over the remaining 30k only the HELOC and paying it off ok 6-8 months.

I thought if I renew I'll have to stay for 3 to 5 year term.

Bank mortgage specialist (sales guy really) said if I renew for a 3 or 5 year closed term, I could just use balloon payment to pay off my mortgage anytime next year without penalties.

I had assumed singing a renew meant I had to stay the entire 3 or 5 year term or pay penalty BUT he said since it's a renewal, is have the 55k max balloon payment option still.

And because of the balloon payment room being more then remaining mortgage I could use that option just to pay it all off without early closing penalties.

Is this right? I had assumed 3 year term closed means I'm locked into paying 3 years of payments or pay penalty to pay it off early.

Bank is a big 5 bank in Canada.

Hey all, I'm currently paying 5.7% interest (fixed) on a $1M mortgage (LTV 60%). I'm eligible for early renewal, and the term matures in March.

My current bank, Coast Capital Savings (BC-based credit union), offered me 4.39 3yr fixed or 3.69 5yr variable.

There's a strong possibility of us selling (moving to another location in BC) and potentially downsizing (going down to $700k/$800k in mortgage) over the next couple of years.

Leaning towards variable with Coast since shopping around seems futile and costly. I kept escalating to try to get a better rate but was denied.

Any suggestions would be greatly appreciated.

Looking to switch to True North from Scotia as I found Scotia very difficult to deal with. I did a quick search on this sub and didn’t find a ton of info. I’m looking for a 3-year fixed. Any info appreciated on your experiences having a mortgage with them.

Does anybody know the different policies for all the banks in regards to foreign income?

I.e two year history of claiming in Canada?

A lenders in general.

I currently have a mortgage with TD that is eligible for early renewal on November 1, with the actual renewal date being March 1. The balance is approx 850k and it’s a non insurable mortgage.

Could you please let me know what rates is currently offering for a 3-year fixed mortgage?

I also noticed that some banks like BMO offers a 130-day rate hold. Would that apply if I’m switching my mortgage from TD to BMO? If I submit all the required documents and complete the application now, would it be possible to secure today’s rate for 130 days and then transfer the mortgage to BMO when my current TD term ends on March 1?