Real Estate

The Official Mortgage Rates Thread

Newbie
Apr 24, 2019
7 posts
5 upvotes
Hi,

Looking for some mortgage options for a first time home buyer in Edmonton.

Purchase price: $750k
Down payment: 60%
Primary residence
Location: Edmonton, AB
Amortization: 25 years
Income: ~115k
Credit: Excellent
Newbie
Apr 7, 2019
1 posts
Hello, My mortgage is up for renewal in July and i would like to re-finance, I am located in Maple Ridge BC. I understand that the brokers here are from Ontario. My question is how does it exactly work if i choose to work with a broker in Ontario. Is there any issues with not dealing with a broker face to face? I have never used a broker before, only major Banks so this is new to me. I would like to get the best rate possible. Thank-you.
Deal Addict
Oct 19, 2007
2558 posts
1026 upvotes
PaulMeredith wrote: Not complicated at all. Process takes about 30 days to complete approximately, so you'll want to get started fairly soon.
I just talked to EQ and the renewal specialist indicated that for a 2.84% 5 yr closed from a broker, there are some fees that I may get charged to make up for the low rate. Is that true?

If so, what are the fees associated with moving my mortgage to a different lender?

Tnx.
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
3615 upvotes
Toronto
0il3rsFan wrote: Hi,

Looking for some mortgage options for a first time home buyer in Edmonton.

Purchase price: $750k
Down payment: 60%
Primary residence
Location: Edmonton, AB
Amortization: 25 years
Income: ~115k
Credit: Excellent
Lowest 5 year fixed in your situation would be 2.84% or 5 year variable at prime -1.20% (2.75%). There are shorter terms available as well, however rates are a bit higher.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
3615 upvotes
Toronto
lunarwild wrote: Hello, My mortgage is up for renewal in July and i would like to re-finance, I am located in Maple Ridge BC. I understand that the brokers here are from Ontario. My question is how does it exactly work if i choose to work with a broker in Ontario. Is there any issues with not dealing with a broker face to face? I have never used a broker before, only major Banks so this is new to me. I would like to get the best rate possible. Thank-you.
Great question! Everything is done by phone and by email, so no need to meet in person. It's a super convenient process from that standpoint as you don't have to get off your couch. Myself, as well as the other brokers on this board do mortgages in BC regularly (as with the rest of the provinces).
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
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Toronto
Seks wrote: I just talked to EQ and the renewal specialist indicated that for a 2.84% 5 yr closed from a broker, there are some fees that I may get charged to make up for the low rate. Is that true?

If so, what are the fees associated with moving my mortgage to a different lender?

Tnx.
Not true at all! Providing you are not in a collateral charge mortgage. As you are with EQ Bank, I don't believe you are. The only fee you would need to pay is the discharge fee from your current lender, which is usually between $300-$400.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Newbie
Dec 9, 2009
51 posts
29 upvotes
Also in need of a new mortgage. I sold my house and bought a new one, and will need a bigger mortgage.

New home Purchase price: $1.20M
Down payment: 26%
Primary residence
Location: Richmond Hill, Ontario
Amortization: 25 years
Income: 180k
Credit: Excellent

Currently mortgage with BMO is about 450k, will need about 880k for the new home. Is this realistic? What are the best rates?
TIA!
Newbie
Feb 12, 2019
5 posts
When a broker offers to cover certain fees (appraisal for example) or offers some cash back, where does this money come from and does the client end up paying for it in the end in some way?
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
3615 upvotes
Toronto
ooomos wrote: Also in need of a new mortgage. I sold my house and bought a new one, and will need a bigger mortgage.

New home Purchase price: $1.20M
Down payment: 26%
Primary residence
Location: Richmond Hill, Ontario
Amortization: 25 years
Income: 180k
Credit: Excellent

Currently mortgage with BMO is about 450k, will need about 880k for the new home. Is this realistic? What are the best rates?
TIA!
It really depends on how much debt you have, however $880,000 is definitely doable for someone with your income. Assuming all qualifies, lowest 5 year fixed would be 3.02%. Variable would be higher at prime -0.75% (3.20%).
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
3615 upvotes
Toronto
elronF wrote: When a broker offers to cover certain fees (appraisal for example) or offers some cash back, where does this money come from and does the client end up paying for it in the end in some way?
Great question! The client does not end up paying for this at all. It's purely out of the brokers pocket.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Newbie
Apr 15, 2013
35 posts
5 upvotes
Which financial institution is the 2.84% and 2.7% with?
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
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Toronto
Ffries wrote: Which financial institution is the 2.84% and 2.7% with?
These are available with a couple of different lenders. You can access them through any regular posting broker on this board who can then assess your situation and let you know your options.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Guru
User avatar
Feb 2, 2014
11203 posts
3334 upvotes
Toronto
elronF wrote: When a broker offers to cover certain fees (appraisal for example) or offers some cash back, where does this money come from and does the client end up paying for it in the end in some way?
It depends. Sometimes the appraisal is covered by the lender. If not, then the broker is paying out of pocket to reimburse you.

Unless you're getting a cash back product with the lender (which usually comes at a higher rate), the cash back is from the broker.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Apr 24, 2019
2 posts
Hello Experts,

New home buyer here looking for best mortgage options, I have an accepted offer:

Purchase price: $660k
Down payment: 20%
Location: Comox Valley, BC
Amortization: 25 years
Income: 110k
Credit: Excellent
Newbie
Apr 24, 2019
36 posts
30 upvotes
Hi all,

Going to start shopping for a mortgage in the near future. As a self-employed, how much mortgage can I qualify for and at what rate?

Personal income: ~70-80k
Business revenue: ~130-150k
Down payment: ~250k
Location: Vancouver BC
Amortization: 25 years
Credit score: never checked; should be very good
First-time buyer
No debt

Would like to purchase a place for 700k but not sure if it's realistic.
Last edited by sunnyplaya on Apr 26th, 2019 2:44 pm, edited 2 times in total.
Member
Feb 13, 2007
208 posts
4 upvotes
In the initial stages of planning a move to a bigger home in Toronto.
What are the best rates (both variable/fixed) currently available for the following profile?

Amortization: 25 years
Downpayment: ~20%+
Property use: Primary residence
Property type: Condo
Property location: Toronto
Purchase price: ~900K
Closing date: ~June-Aug
Income: 230k combined
Credit scores: Excellent
Deal Addict
User avatar
Dec 1, 2015
1968 posts
927 upvotes
Etobicoke, ON
Best rate with 20% downpayment would be 2.89%.
mygu wrote: In the initial stages of planning a move to a bigger home in Toronto.
What are the best rates (both variable/fixed) currently available for the following profile?

Amortization: 25 years
Downpayment: ~20%+
Property use: Primary residence
Property type: Condo
Property location: Toronto
Purchase price: ~900K
Closing date: ~June-Aug
Income: 230k combined
Credit scores: Excellent
Life can be good
Member
Feb 13, 2007
208 posts
4 upvotes
valuemortgage wrote: Best rate with 20% downpayment would be 2.89%.
How much of a downpayment is needed to qualify for a lower rate?
It's flexible, could go up to ~50%.
Newbie
Apr 24, 2019
2 posts
Hello Experts, first time home buyer here looking for a competitive mortgage rate. Interested in fixed and variable options.

Location: Comox Valley, BC
Price: accepted offer 660k
Use: primary residence with mortgage helper worth $2000/month
Closing date: May 31st
Income: 110k plus the mortgage helper
Credit score: excellent
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
3615 upvotes
Toronto
mygu wrote: How much of a downpayment is needed to qualify for a lower rate?
It's flexible, could go up to ~50%.
35% down will get you lowest rates in most cases, providing that the purchase price is under $1 million. If it's over $1 million, then any additional down payment over and above 20% will not get you any additional rate discount. If under a million, and you have greater than 35% down, you will not get any additional rate discount. 35% is the magic number.

Also, anyone with LESS than 20% down and therefore requiring mortgage default insurance such as CMHC, will also get lowest rates.

Keep in mind that you'll need to have an accepted offer in place before lowest rates would become available to you.
Last edited by PaulMeredith on Apr 26th, 2019 7:04 am, edited 1 time in total.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)

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