Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Jun 24th, 2017 6:23 am
Sr. Member
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Dec 1, 2015
982 posts
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Etobicoke, ON
Thanks for you kind words. It was a pleasure being able to assist you regarding your mortgage needs.
Minimalist22 wrote:
Mar 20th, 2017 10:57 am
Wanted to post a quick review of my experience dealing with Andre Oliveira (valuemortgage here on the RFD forums). I had been reading this thread for a few months knowing that we were looking for a house. At first we went through our bank and were quoted a rate that seemed very high compared to rates posted here and that's when I thought it might be worth connecting with a broker on RFD.

We had a really great experience dealing with him from first contact through to the closing of our deal. He was very organized and quick to respond to emails. He had everything streamlined and we just completed the paperwork, sent it back to him and he followed-up on anything that we were missing. If I had not sent him something in a couple days, he would follow-up with him. As he obtained the approvals of the conditions from the lender, he let us know what was left to do. Overall, a very positive experience and would definitely use him again.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Newbie
Jan 20, 2016
23 posts
4 upvotes
Toronto, ON
Question regarding standard vs collateral mortgages.

If I had a standard mortgage and wanted to add a HELOC either with the same bank or another lender, what would the costs be to add this HELOC?

Sounds like with a collateral mortgage, I will already have the ability to borrow more with a HELOC right away, however I need to pay legal fees (~$1k) to discharge at the end of the term if i leave.

Trying to determine if the total costs are the same if the intent is to get a HELOC down the road.
Member
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Jul 1, 2005
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Hello, what's the best fixed-rate (2,3,4,5 yrs) out there right now for renewal in July, (> 1mil purchase price), 30 yr amortization, w/ >60% equity ?
Sr. Member
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Dec 1, 2015
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Etobicoke, ON
If you add a Heloc with the same lender, they may discharge the current charge and register a collateral one to cover the mortgage and Heloc together. At the end of the term, you will have to pay legal fees + discharge + appraisal to move the mortgage (and the Heloc has to be discharged as well) to the new lender. As this is treated as a refinance, on top of the costs mentioned above, you would also incur higher mortgage rates with the new lender, in the majority of the cases.

If you add a Heloc with a different lender, only the Heloc gets attached to a collateral charge. So, when the mortgage matures you can still move the mortgage alone without legal fees, while keeping the Heloc. In most cases, you pay a fee now (around $500.00 or so) to have that Heloc setup. Sometimes, depending who you talk to at the new lender with the Heloc (likely a major bank) they may or may not waive those costs.
ShyGuy69 wrote:
Mar 20th, 2017 2:05 pm
Question regarding standard vs collateral mortgages.

If I had a standard mortgage and wanted to add a HELOC either with the same bank or another lender, what would the costs be to add this HELOC?

Sounds like with a collateral mortgage, I will already have the ability to borrow more with a HELOC right away, however I need to pay legal fees (~$1k) to discharge at the end of the term if i leave.

Trying to determine if the total costs are the same if the intent is to get a HELOC down the road.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Deal Addict
Sep 13, 2011
3023 posts
887 upvotes
Toronto
napoleonz wrote:
Mar 20th, 2017 2:17 pm
Hello, what's the best fixed-rate (2,3,4,5 yrs) out there right now for renewal in July, (> 1mil purchase price), 30 yr amortization, w/ >60% equity ?
You're still too far away to be able to quote rates as the maximum rate hold for switches is 90 days. If you were within 90 days now, with a value greater than $1 million, the lowest 2 year fixed is 2.29%, lowest 3 year is 2.59% and lowest 5 year is 2.69%.
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
Newbie
Jan 20, 2016
23 posts
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Toronto, ON
Thanks for the response valuemortgage.

Does it make sense to register the full amount of the home on a collateral mortgage?
Seems like I have the option to register an amount between the mortgage loan and the appraised cost of the home.

Trying to determine the pitfalls of doing this.
Newbie
Mar 19, 2017
1 posts
valuemortgage wrote:
Mar 20th, 2017 12:51 pm
High ratio still gets P-90 (1.80%) with excellent terms.
Are p-90 and 5 year fixed @ 2.39 still available nation-wide? Or only in specific provinces/markets?
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Dec 1, 2015
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Etobicoke, ON
Registering the full amount or not will have no impact on the product itself... it will be a collateral charge either way. If you understand you will loose the ability to switch out to other lenders at no cost and likely be subject t higher interest rates later on, and still want a collateral charge, I guess it would make sense to register it at the max amount allowed, so that at least you have access to a large Heloc.
ShyGuy69 wrote:
Mar 20th, 2017 2:37 pm
Thanks for the response valuemortgage.

Does it make sense to register the full amount of the home on a collateral mortgage?
Seems like I have the option to register an amount between the mortgage loan and the appraised cost of the home.

Trying to determine the pitfalls of doing this.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.
Deal Addict
Apr 26, 2004
1808 posts
43 upvotes
GTA
napoleonz wrote:
Mar 20th, 2017 2:17 pm
Hello, what's the best fixed-rate (2,3,4,5 yrs) out there right now for renewal in July, (> 1mil purchase price), 30 yr amortization, w/ >60% equity ?
You could get 2.55% on a 5 year fixed and transfer costs paid for if your closing was within 30 days.

Your better bet might be variable, you can get 2.2% with transfer fees paid for as well.

Both scenarios are on 30 year amortization, you should probably start looking within 60 days prior to your renewal date.
Deal Addict
Feb 2, 2014
3392 posts
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Toronto
wilyam wrote:
Mar 19th, 2017 12:47 pm
Is it common for a seller to ask a buyer to sign an agreement of purchase before a lot is severed? Seller wants to make sure he has a buyer committed before spending the money to have a waterfront lot severed.
That's not really a mortgage questions, but yes, it is common. Make sure there is a condition in the offer that addresses the severe and protects you.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
3392 posts
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Toronto
SamS2016 wrote:
Mar 19th, 2017 8:48 pm
Hi Guys, I am looking for some advice on mortgage with 35% down payment. Read somewhere that there is no income verification with 35% down for self employed. Is that correct? If there is a solution what kind of rate and where?

Thanks for your advice.
With no proof of income, you're looking at 50% down for the most part.

If you can prove income via non-traditional means (ie bank statements...), you're looking at possibly 20% down.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
3392 posts
547 upvotes
Toronto
spdewan wrote:
Mar 20th, 2017 12:20 am
Paul, I spoke to you while ago. Looks like 1.80% rate is gone now? I am putting more than 35% down
1.90% is now the best rate with 35%+ down.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 2, 2014
3392 posts
547 upvotes
Toronto
martydxb wrote:
Mar 20th, 2017 12:43 pm
Is it still possible to get 1.8% or 1.9% 5 yr variable rate mortgages for principal homes (I will live in it)? Are there some restrictions in exchange for getting these rates? E.g. No 20% per year down payment of the mortgage amount, its a collateral mortgage (so cant easily switch), etc... Bit of a beginner and need help :)

EDIT: It would be 5% to 10% down only. (High Ratio)
1.80% 5-year variable and 2.39% 5-year fixed are the best rates for high ratio mortgages. NOT a collateral charge.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Member
Sep 9, 2008
379 posts
30 upvotes
Mississauga
CdnRealEstateGuy wrote:
Mar 20th, 2017 3:57 pm
1.80% 5-year variable and 2.39% 5-year fixed are the best rates for high ratio mortgages. NOT a collateral charge.
I originally purchased with less than 20% down, upon next renewal is it still considered high ratio? House value increased and my equity is ~ 40-45%.
Sr. Member
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Dec 1, 2015
982 posts
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Etobicoke, ON
If the original purchase was insured and you have not refinanced yet, the insurance certificate can be transferred and you get the same rate as a new insured purchase (high ratio rates).
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
.
BTW = I'm the former "Laptop-tech" member here. Just changed the username.

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