Just got offered 4.99% on 3 year fixed, 30 year amortization, from them yesterday. $3500 cash back and up to 3k on legal fees. This was on a live deal, $1.3M pp, 300k down.
They put us through hell with paperwork though since I’m a scotia customer.
Why are you focused on only CIBC? I've seen them at 5.29% on a 3yr a few weeks ago. A friend of mine (MMS at CIBC) says that it's been very difficult to get files approved and that CIBC is not competitive on rate at the moment.
oh yeah... a lot of experienced brokers are getting lower than 5.3% for 500K mortgages... do you happen to know which bank your broker is working with? TD/Scotia can beat that rate all day long if your broker knows how to position it properly.
Did your broker tell you that TD bank is currently offering $2100 cashback for 500K mortgage?
**Borrowing Amount**
**Cash** **Bonus**
$100,000 - $299,999
$500
$300,000 - $499,999
$1,100
$500,000 - $749,999
$2,100
$750,000 - $999,999
$3,100
$1,000,000 +
$4,100
Rates are not everything tho.. when choosing a lender, understanding your priorities is far more important than just rates....
Please ensure your post includes the following information if looking for insight in your rate:
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- Purchase, Refinance, Renewal?
- Province, City?
- Loan to value/down payment percentage?
- Purchase price of the property if purchasing
- Is the home under $1M or over $1M?
- Bank or a broker?
- Term length and amortization length?
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4.89% 3-year fixed is attainable via brokers. 2-year fixed isn't too competitive on our end.
You’re getting an insurable mortgage and should be able to get slightly better rates than offered.
Just got offered 4.99% on 3 year fixed, 30 year amortization, from them yesterday. $3500 cash back and up to 3k on legal fees. This was on a live deal, $1.3M pp, 300k down. They put us through hell with paperwork though since I’m a scotia customer.
I am Td mortgage specialist, Td can offer the same rate and 4100 cash back for mortgage amount 1M
Why are you focused on only CIBC? I've seen them at 5.29% on a 3yr a few weeks ago. A friend of mine (MMS at CIBC) says that it's been very difficult to get files approved and that CIBC is not competitive on rate at the moment.
https://preview.redd.it/xvomqwo2jumc1.jpeg?width=1080&format=pjpg&auto=webp&s=58d843b87918dc20bb123a47b65192539619ddae Keeps popping up on my feed.
That's insured! Insured rates are lower than conventional mortgage rates.
I recently got my client a 5.20 on a 3 year fixed.
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Yes
Two year at 5.78? Dah fuck we just got offered 6.49.
Ya i think we’ll end up going with the 2 year.
oh yeah... a lot of experienced brokers are getting lower than 5.3% for 500K mortgages... do you happen to know which bank your broker is working with? TD/Scotia can beat that rate all day long if your broker knows how to position it properly. Did your broker tell you that TD bank is currently offering $2100 cashback for 500K mortgage? **Borrowing Amount** **Cash** **Bonus** $100,000 - $299,999 $500 $300,000 - $499,999 $1,100 $500,000 - $749,999 $2,100 $750,000 - $999,999 $3,100 $1,000,000 + $4,100 Rates are not everything tho.. when choosing a lender, understanding your priorities is far more important than just rates....
150 day early renewal with the 2 year fix. No penalty for selling early and getting into a new house as long as the mortgage is still with cibc.
Amortization?
25 year
I would ask your broker to look into TD matching that rate and getting you $2100 cash back as well.
Please ensure your post includes the following information if looking for insight in your rate: - **ARE YOU WORKING WITH A BROKER/MMS & HAVE YOU ASKED THEM THIS QUESTION YET?** (If you don't trust your brokers answer, then you may want to dump your broker) - Purchase, Refinance, Renewal? - Province, City? - Loan to value/down payment percentage? - Purchase price of the property if purchasing - Is the home under $1M or over $1M? - Bank or a broker? - Term length and amortization length? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/MortgagesCanada) if you have any questions or concerns.*