Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Sep 13, 2011
7035 posts
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Toronto
MaxPower19 wrote: How many prime rate cuts are the markets pricing in? Variable sure looks less appealing with 2.69 as the fixed option.
Cuts to prime rate are not a key factor in determining fixed rates. VERY few people are considering variable rates right now. They don't really make a lot of sense considering the spread is now essentially zero. Variable rates are now higher than fixed in many cases.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Addict
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Jul 6, 2010
3781 posts
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Edmonton
1. Purchase price 445k
2. Down payment 100k
3. Property Location Downtown Toronto
4. Mortgage Renewal, end of June
5. Owner occupied
6. Current Term 2.29% at 3 year fixed expiring end of June. Was 30 year amortization paying monthly, switched to accelerated biweekly (I think it's 24 years now?)

What's the best I can do on my renewal?
Deal Fanatic
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Sep 13, 2011
7035 posts
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Toronto
LucidDreamer wrote: Hi, looking for mortgage. Any help will be appreciated.

1. Purchase price: $550k
2. Down payment: $50k
3. Property location: Niagara Falls
4. Closing date: Jan 29, 2020
5. Owner occupied or rental: Owner occupied
Thanks for providing all the info! As mentioned, you're still a little too early to start mortgage shopping as the maximum rate hold for competitive rates is 120 days. In some cases you can get lower rates within 90 days or even 60 days.

As of right now, your lowest 5 year fixed rate would be 2.69%. That at least gives you an idea of what you would be looking at today if we were within the maximum rate hold period. Rates will likely drop a bit further as we get into the summer. With a little luck, you could potentially be eligible for even lower rates once you are within 120 days of closing.

I would suggest posting your again late September, and we can then let you know your best options! In the meantime, we're always happy to answer any questions. :)
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
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Sep 13, 2011
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Toronto
mapleleafs89 wrote: 1. Purchase price 445k
2. Down payment 100k
3. Property Location Downtown Toronto
4. Mortgage Renewal, end of June
5. Owner occupied
6. Current Term 2.29% at 3 year fixed expiring end of June. Was 30 year amortization paying monthly, switched to accelerated biweekly (I think it's 24 years now?)

What's the best I can do on my renewal?
Thanks for the info! Can you confirm which lender you are with right now, and also if you have second component such as a HELOC attached to your mortgage? Also, what is the approximate market value of your property? This information will be required to accurately quote you rates.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Jr. Member
Mar 31, 2013
165 posts
49 upvotes
Toronto
I'm with RBC now...would like to go for 1-2 yr fixed or variable. The remaining mortgage is about 120k...Location Ottawa. Can someone advise the current best rate (prefer 1 of the big banks)?

Thanks.
Deal Addict
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Jul 6, 2010
3781 posts
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Edmonton
PaulMeredith wrote: Thanks for the info! Can you confirm which lender you are with right now, and also if you have second component such as a HELOC attached to your mortgage? Also, what is the approximate market value of your property? This information will be required to accurately quote you rates.
RBC. No heloc that I'm aware of. Estimated value 665k.
Newbie
Sep 10, 2011
9 posts
1 upvote
Edmonton
Hi, looking for a better rate:
Mortgage: $550k
20% down
Good credit
Edmonton, AB
Current lender (simplii) offering 2.99%
Anything better than 2.84%?
Jr. Member
Sep 30, 2013
189 posts
180 upvotes
Looking for renewal options
How much is the mortgage owing? 480,000$
-Roughly, what is the current market value of the property? 960,000
-Which city is the property located in? Port Coquitlam, bc
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender?RMG
-Do you have a HELOC tied to the mortgage? No, but I'd prefer a lender that has that option in case I want to add it later (rmg doesn't)
-Is the mortgage CMHC insured? Yes, genworth
-When did you buy the property? 2014
-When is your renewal date? August 27
Newbie
Jun 3, 2019
1 posts
Thanks for this fabulous thread, which I just found.

Renewal coming up on July 1, have been inclined to stay with TD based on research so far. Although just learned about collateral mortgages and have some questions for them.

- How much is the mortgage owing? $537k
- Roughly, what is the current market value of the property? $825k
- Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner-occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? July 2016
-When is your renewal date? July 2019

Considering 3 year or 5 year. Assuming we still have time to switch lenders, although would need to get on this quickly.
Sr. Member
Mar 12, 2017
832 posts
798 upvotes
I don't know if I'm at the right place for that question.

But 8 days ago I signed a mortgage loan commitment at 2.89 with MCAP. Today, Scotia (I was with them) called me and tell me they're offering 2.79 (4 years though)... I still didn't meet with the notary. My old mortage is closing June 14th. Is it possible to deal the interest rate until the notary makes it official? Do lenders generally lower the rate when the market goes down like right now? I went trough a broker and last time we talked he told me his part was done and I would get news from a notary, but if I wanted to try to get a better rate, I'm guessing I would need to contact him again?

I'm guessing at some point you just have to get a rate and stop looking at the downward trend to not feel too bad about it. :)
Member
Mar 28, 2010
309 posts
527 upvotes
vancouver
Looking to refi. Mtg obtained sep2018, non stress test, 25% down, 100% rental income
Current rate p-. 45 at coast capital, Surrey BC.
Mtg balance 720k. 30 yr mtg. One person on title, one person on mtg. Owner occupied. Penalty worth it for me if I get sub3%.
Will require gds/tds exceptions.
Rebate of appraisal/in house solicitor?
Member
Feb 15, 2018
449 posts
558 upvotes
Edmonton
consultinginternations wrote: Hi, looking for a better rate:
Mortgage: $550k
20% down
Good credit
Edmonton, AB
Current lender (simplii) offering 2.99%
Anything better than 2.84%?
Brokers are now offering 2.79% for a 5 year fixed in Alberta
Edmonton area Realtor
Sr. Member
Mar 31, 2017
653 posts
636 upvotes
Hi
I am looking for rate of 5 year fixed with CMHC insurance.

1. Purchase price: $525 to 560k
2. Down payment: $60k or little more
3. Property location: Etobicoke
4. Closing date:
5. Owner occupied or rental: Owner occupied

I am planning to give offer today so I might have 4-5 day to get confirmation.


Thanks in advance for help.
Deal Fanatic
User avatar
Sep 13, 2011
7035 posts
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Toronto
Capindy wrote: Hi
I am looking for rate of 5 year fixed with CMHC insurance.

1. Purchase price: $525 to 560k
2. Down payment: $60k or little more
3. Property location: Etobicoke
4. Closing date:
5. Owner occupied or rental: Owner occupied

I am planning to give offer today so I might have 4-5 day to get confirmation.


Thanks in advance for help.
Lowest 5 year fixed in your situation would be 2.69%.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
7035 posts
3628 upvotes
Toronto
leolozon wrote: I don't know if I'm at the right place for that question.

But 8 days ago I signed a mortgage loan commitment at 2.89 with MCAP. Today, Scotia (I was with them) called me and tell me they're offering 2.79 (4 years though)... I still didn't meet with the notary. My old mortage is closing June 14th. Is it possible to deal the interest rate until the notary makes it official? Do lenders generally lower the rate when the market goes down like right now? I went trough a broker and last time we talked he told me his part was done and I would get news from a notary, but if I wanted to try to get a better rate, I'm guessing I would need to contact him again?

I'm guessing at some point you just have to get a rate and stop looking at the downward trend to not feel too bad about it. :)
If your closing date is June 14th, then its too late to switch lenders at this point. MCAPs rates have dropped, so contact your current broker and them them request a rate float down for you. While MCAP has a no rate float down policy, meaning they will not drop your rate if their rates drop, they will make exceptions here. They have been making exceptions on this all year and I have not had them deny the float down once. Your broker has to request it though, so make sure you get in touch with him. Make sure you contact him right away to request the drop. MCAPs rates dropped last night.

Good luck! :)
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Sr. Member
May 5, 2006
819 posts
529 upvotes
Toronto
First time homebuyer - if my closing is in/around November time frame, when should I start looking at getting pre-approvals, etc?
Deal Fanatic
Jun 3, 2009
5735 posts
1585 upvotes
Montreal
Hi, there,

I am looking for rate of 5 year fixed or variable for a new mortgage + clause to pay it off before term:

1. Purchase price: $570k
2. Down payment: $370k
3. Property location: La Prairie, QC
4. Closing date: Aug 1st or Sept 1st
5. Owner occupied
6. No debt / good credit

Thanks a lot!
Deal Addict
Nov 19, 2010
2627 posts
1427 upvotes
burlington, on
CdnRealEstateGuy wrote: Minimum 35% down.
Is this also for renewable?if it is not,what is best option for renewal in Burlington ON? I bought my house 5 years ago with 20%down payment at 2.99 fix rate. I got a preapproval for renew with HSBC at 2.84 and 1000 dollars back but deal with them isnt great, I would switch with no dubt :)
Jr. Member
Jun 9, 2004
124 posts
1 upvote
Reposting as it was buried.

Existing Property (renewal)
1. Original loan amount: 384K (no CHMC insurance)
2. Original amortization period: 30 years
3. Loan balance: $236K
4. Property location: Montreal
5. Market value of property: $550K
6. Will the property be owner-occupied or a rental: Owner occupied
7. Current Lender: National Bank
8. No HELOC
9. Purchased property in September 2014, renewal date is Oct. 1, 2019
I'm looking for 5yr variable rate as I'm looking to sell in the near future. National Bank offered me 3.05% 5yr variable if I renew now.

Also:
1. My variable rate is currently at 3.38% with a monthly payment of $1,639. In November, rate was at 3.13% and monthly payment was $1,606. National Bank employee told me my monthly payment with the 3.05% renewal would be $1,608. What could explain there is only $1 difference between monthly payment at 3.13% vs 3.05%? I asked him and he had no clue.
2. I made yearly anticipated payments to lower my loan balance, hence bringing it from 384K to 236K in 5 years. Estimated amortization due to anticipated payments is now 185 months. I understand increasing amortization period is viewed as a refinance, however which starting point are we using? I.e. Original amortization period was 30 years and I completed a term of 5 years, hence 25 years remaining. Upon renewal, can I increase amortization to 25 years from the 185 months they are indicating without being characterized as a refinance?

Thanks
Newbie
Jun 4, 2019
3 posts
Vancouver
My mortgage is up for renewal. Maturity date is July 8. I'm starting to look around (I know I should have started earlier!) and wondering brokers can offer me some good rates?

Current assessment $1,4820,000
Mortgage with: Think Financial
Principal balance at maturity: $343,660.59
Current rate: 1.99% (3 years fixed)

Think Financial offered me the following rate for renewal.
5 years fixed: 3.09%
5 years variable; 3% (prime -0.95)

Owner occupied
Vancouver

Thanks in advance!

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