Real Estate

The Official Mortgage Rates Thread

Sr. Member
Nov 11, 2006
586 posts
108 upvotes
Please contact me with the renewal options:

How much is the mortgage owing? 199k
-Roughly, what is the current market value of the property? 300k
-Which city is the property located in? Montreal, QC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD
-What's your corrent reate? 2.16% 2 year fixed
-Do you have a HELOC tied to the mortgage? NO
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Jun 2017
-When is your renewal date? 1 July 2019
Newbie
Apr 3, 2008
24 posts
7 upvotes
Toronto
New lower Scotia rates
I am a brand new Scotia STEP mortgage & HELOC customer, wondering if I can still appeal for a lower rate.
Originally signed a deal to close at the end of May, but after a week delay to clear an old title notation, I just had the funds advanced on Friday, June 8th. No new agreement, interest just starts that many days later. Now I see they have lowered their rates to offer a 2.79% rate for four year fixed closed.
My deal is 2 year fixed, closed term at 3.04% & HELOC at “Scotiabank prime” + .35% (3.95% currently)
Since I’m a new Scotia customer I am still in the process of waiting for an access card, etc. And will bump up the mortgage payments to be closer to a 25 year amortization payment.
The first payment is scheduled to come out on June 28th.
Is it too late to expect the bank to match the lower rate, or would I need to perhaps dangle a longer commitment to get them to match the rate?
I went through a great mortgage broker, so I’ll ask him tomorrow, but I’m not sure there is anything in it for him to redo the deal. Perhaps a slightly larger commission if I amend to a four year deal?
Last edited by Cleanhead on Jun 10th, 2019 12:16 am, edited 1 time in total.
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
Gmax wrote: Please contact me with the renewal options:

How much is the mortgage owing? 199k
-Roughly, what is the current market value of the property? 300k
-Which city is the property located in? Montreal, QC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD
-What's your corrent reate? 2.16% 2 year fixed
-Do you have a HELOC tied to the mortgage? NO
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Jun 2017
-When is your renewal date? 1 July 2019
On a previously insured file you would be eligible for a rate of 2.64% for a 5 yr fixed term

Legals would apply due to the TD collateral charge

Reach out soon with a July 1st renewal

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
cn_habs wrote: With 300k down, I've been offered 3.15% for a new mortgage at 5 yr fixed for up to 300k for an owner-occupied property in La Prairie, QC.
Is it better to go with a Trust Company or a known entity like BMO? Will there be any hidden fees with a small broker and will I have the ability to pay it off before term?
Thanks.
With 50% down you would be eligible for rates as low as 2.64% on a 5 yr term

Any of the regularly posting brokers on the forum deal with the largest banks and monolines there are no fees to arrange your mortgage we are compensated by the lenders


3.15% is not a competitive rate

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
takitoes wrote: Hey, i've been reading through the thread for a bit and there is some great advise and it looks like my wife and I are a little lucky with the current rates. Looking for any advise and a rough idea of what to expect in our current situation.

Wife is military and we will be moving to Cold Lake, AB sometime in the next 2 - 3 months. Her posting is for 3 year minimum and we want to try and buy our first home. I currently work as a server and report an income of ~$35,000 and she earns ~$60,000 but this should go up quickly in the next year or so.
Being with the military is meant to have some perks regarding mortgage rates with TD and BMO and they have some guarantees regarding house value going down given the relatively short period we may end up in Cold Lake but we arn't really up to date about what the may actually work out to.

For a purchase of a property:

-What is the purchase price? Looking between $200,000 - $300,000
-How much is the down payment? 20% - can get more money from parents if it will make a significant difference
-Where it the property located? Cold Lake, AB
-When is the closing date? None yet, before the end of August
-Will the property be owner-occupied or a rental? Ownder-occupied

Mainly just looking for a rough idea of what and where we should be shopping for mortgages and any other useful advise.

Thanks!
You are in the best place for great advice and current rates

Current rates for 20% would be 2.74% for a 5 yr term - this would be available once you have a firm deal in place

Keep following the forum!

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
Vanilla88 wrote: -How much is the mortgage owing? 378,000
-Roughly, what is the current market value of the property? 725,000
-Which city is the property located in? Toronto, On
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? October 2015
-When is your renewal date? Nov 01, 2022

Called TD recently and was offered 2.90% fixed 5-yr (currently at 3.57%).
2.90 is a competitive rate but you could get 2.64% given your situation

You will however have a penalty with TD have they told you how much ?

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Jun 4, 2013
21 posts
3 upvotes
Edmonton
Purchase of a property:

-What is the purchase price?
415000
-How much is the down payment? $20750
-Where it the property located?
Edmonton
-When is the closing date?
Not sure? Lets say next month
-Will the property be owner-occupied or a rental?
Owner-occupied
Newbie
Feb 17, 2019
3 posts
Hi.

I'm in my first mortgage renewal period now. (My actual renewal date is Aug/2019).
I started my mortgage since Aug/2017 and I did fixed 2 years (2.46%).

Scotiabank (my mortgage bank) contacted me and gave me some options for the renewal last Saturday.
1. Fixed 2 year closed: 3.07%
2. Fixed 4 year closed: 2.79%
3. Variable 5 year: 3.25% (Prime: 3.95%)

Is this good deal?

I'm thinking 4 year fixed (with some flexible options such as re-financial etc) now because I may move to another place. But not sure.

This is some information.
1. Mortgage amount (now): 307K
2. Amortization period: 23 yr 3 months
3. Down-payment: 250K (~43%)
4. Location: Ottawa

Any information would be appreciated!
Thank you very much.
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
lokko23214 wrote: Purchase of a property:

-What is the purchase price?
415000
-How much is the down payment? $20750
-Where it the property located?
Edmonton
-When is the closing date?
Not sure? Lets say next month
-Will the property be owner-occupied or a rental?
Owner-occupied
You would have 2.64% available to you on a insured deal
20/20 prepayments

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Jr. Member
Dec 4, 2011
105 posts
4 upvotes
Toronto
Looking for early renewal and refinance options:

Mortgage Outstanding: $200K
Bank: National Bank
Rate: Variable 3.5%
Term: Expires 2020 June

Property Value: $500K condo in GTA
Insured: No

Are there any National Bank folks here that can offer a early renewal and refinance to 80% of value with reduced rates and fees? Would be interested in the All in One product.
Member
Oct 30, 2012
432 posts
795 upvotes
What is the purchase price? $560k
How much is the down payment? 20%
Where it the property located? Toronto, ON
When is the closing date? July 31
Will the property be owner-occupied or a rental? owner-occupied

What are my options for 3/4/5 year mortgages
Deal Fanatic
User avatar
Sep 13, 2011
7037 posts
3631 upvotes
Toronto
mrkdwd wrote: What is the purchase price? $560k
How much is the down payment? 20%
Where it the property located? Toronto, ON
When is the closing date? July 31
Will the property be owner-occupied or a rental? owner-occupied

What are my options for 3/4/5 year mortgages
Thanks for the info! Lowest rates are with 5 year fixed mortgages these days. Lowest 5 year fixed for your situation is 2.79%. Lowest 3 year fixed is 2.86%.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Newbie
Jun 9, 2019
1 posts
For a new mortgage on an investment property.

What is the purchase price? $570k
How much is the down payment? 20%
Where it the property located? Quebec City, QC
Will the property be owner-occupied or a rental? rental

We own a house already (250k mortgage left to pay) , this is an investment.

First time investing in a property, any recommendation are appreciated!
Newbie
May 29, 2017
17 posts
5 upvotes
-What is the purchase price? 184,900, but will likely get it for 170,000
-How much is the down payment? 20%
-Where it the property located? Fort McMurray, Alberta
-When is the closing date? None so far - looking to make offer this week
-Will the property be owner-occupied or a rental? Owner-occupied

Looking for the best 5 year fixed rate, was offered 2.89%. Where this is a relatively cheap condo, I would ideally like to aggressively pay the mortgage down fast over the first few years. Is 20/20 the highest prepayment option? Is there an option for a cashback incentive?

Not very versed in this, thanks in advance!
Last edited by halifaks on Jun 10th, 2019 2:11 pm, edited 1 time in total.
Deal Addict
User avatar
Nov 14, 2007
1304 posts
562 upvotes
the 6ix
rateconnect wrote: 2.90 is a competitive rate but you could get 2.64% given your situation

You will however have a penalty with TD have they told you how much ?

Phil
Yes - I was told $3.2k. I know I'll still benefit by breaking my current mortgage. I've asked them if they can match the $1k cashback at HSBC. Thoughts?
Newbie
Jun 9, 2019
2 posts
Hi,

Currently looking for our first house. Would appreciate advice and rates.

For a purchase of a property:

-What is the purchase price? Looking in the 600K - 700K range. Ideally would like to be within 650K
-How much is the down payment? Currently have ~100k. Hoping to add ~40k to that figure before closing once some other property sells.
-Where it the property located? Mississauga
-When is the closing date? Aiming for mid August
-Will the property be owner-occupied or a rental? Owner

Income: ~134K combined
Credit: greater than 700 for both of us last I checked (about 3 years ago, probably higher now)
Debt: ~5k in car loan, ~28K OSAP for me, ~30k OSAP for co-applicant

I would like to get an idea of what is feasible in my situation. Would I be able to get a mortgage in the range indicated above without a 20% down? I will likely have the 140K by time of closing to make the 20% but still want to know all my options. What sort of rates am I looking at? Ideally want a 30 year amortization with the 20%.

Can provide further details as needed in PM.

Thank you
Last edited by lookingForMortgage on Jun 11th, 2019 12:45 am, edited 1 time in total.
Jr. Member
Feb 23, 2007
133 posts
6 upvotes
Do lenders offer interest only mortgages? How about an open mortgages? What are the rates like for these options if available (fixed or variable)?

Thanks in advance.
Member
User avatar
Nov 30, 2010
206 posts
15 upvotes
Toronto
For a mortgage transfer/renewal:

-How much is the mortgage owing?
344k
-Roughly, what is the current market value of the property?
426k
-Which city is the property located in?
Mississauga
-Is the property owner-occupied or a rental?
Owner-occupied
-Who is your current lender?
First national
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
May 2017 closed August 2017
-When is your renewal date
2022

Looking for the best rate out there to transfer to another property. Or a brand new mortgage and close my existing one. My penalty to break my existing mortgage right now is $2.2k. Thanks!

For a purchase of a property:

-What is the purchase price?
625k
-How much is the down payment?
20%
-Where it the property located?
Alliston
-When is the closing date?
Tbd
-Will the property be owner-occupied or a rental?
Owner-occupied
Newbie
Jun 4, 2019
26 posts
25 upvotes
For a new mortgage

Price: $815k
Down Payment: 10%
Location: Mississauga,ON
Closing Date: Aug 31 (pending offer acceptance)
Intended as primary residence
Income (gross): $195k
Debt: None (no car payments, credit card debt, student debt, etc)
Credit Score: Both over 800 (buying with my wife)

Thank you in advance!
Deal Fanatic
Jun 3, 2009
5735 posts
1585 upvotes
Montreal
rateconnect wrote: With 50% down you would be eligible for rates as low as 2.64% on a 5 yr term

Any of the regularly posting brokers on the forum deal with the largest banks and monolines there are no fees to arrange your mortgage we are compensated by the lenders


3.15% is not a competitive rate

Phil
Thanks Phil.
Is 2.64% for 5 yr fixed uninsured? What type of 5 yr variable could I possibly get? My credit is excellent with zero liability. Thanks again.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)