Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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goro wrote: Hi,

I’m looking to renew my mortgage pretty soon and I’m looking for rates. I already have 2.96/3Y fixed with CIBC. Please see basic info below. Can I have some brokers contact to further discuss? Thanks!

How much is the mortgage owing? $345K
-Roughly, what is the current market value of the property? $950K
-Which city is the property located in? Milton-ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes, $150K, but nothing owned
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Aug 2012
-When is your renewal date? Aug 2019
You would have 2.59% available to you on a 5 yr fixed term

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
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canucksfan92 wrote: Hey Guys,

We are a few months into our 5 year variable mortgage at 2.95% which was signed in Feb of this year. Seeing a lot of low rates especially for CMHC insured mortgages. What is the lowest high ratio rate for 5 year variable available? Our 3 months interest penalty would likely be around $4,000. Is it even worth it to shop around given that? Do some lenders absorb some of that cost to get you to switch?

Thanks
You can get 2.70% 5-year variable.

You will have to do the math to see if the interest savings offsets penalties and transfer fees.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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mapleleafs89 wrote: Reposting to see if I qualify for a new lower rate.

----

Looking for renewal options. Thank you!

How much is the mortgage owing? $316,883
-Roughly, what is the current market value of the property? $665,000
-Which city is the property located in? Downtown Toronto
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2016
-When is your renewal date? June 28, 2019 (What's the latest I can start a transfer??)
2.59% 5-year fixed is the lowest rate. You will have to renew your current mortgage as an open rate, as you're not going to close in 2 weeks. Process usually takes about 1 month.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Teletran wrote: Hi our situation is as follows and we are wondering what potential 5 year fixed rates would be for an early renewal:

Mortgage amount: 494.5k
Market Value: ~800k
Location: Toronto
Owner-occupied
Current Lender: True North Mortgage
HELOC: No
CMHC insured - No
Initial Down payment: 20%
Purchased in Dec 2015

Thanks,
True North is a brokerage, but they own Think Financial. Is Think your lender?
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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CdnRealEstateGuy wrote: True North is a brokerage, but they own Think Financial. Is Think your lender?
Yes they are our current lender. Wondering if the 2.59 Product would still be available to us considering we are with them currently and we are trying for an early renewal. Currently they are only offering us 2.74.
Newbie
Nov 28, 2012
55 posts
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Starting to look for a mortgage.

What is the purchase price? 675-700k
How much is the down payment? 20% to 35%
Where it the property located? Calgary
Will the property be owner-occupied or a rental? Owner-occupied.

Is there’s a big difference between 20% vs 35% down?

What are the rates for:

20% down, 5 yr fixed?
20% down, 5 yr variable?
35% down, 5 yr fixed?
35% down, 5 yr variable?

Thanks!
Deal Fanatic
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Jan 31, 2018
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Teletran wrote: Yes they are our current lender. Wondering if the 2.59 Product would still be available to us considering we are with them currently and we are trying for an early renewal. Currently they are only offering us 2.74.
2.59 is available through a different lender cant speak to whether Think Financial would offer you that rate

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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ShrewdSpender wrote: Starting to look for a mortgage.

What is the purchase price? 675-700k
How much is the down payment? 20% to 35%
Where it the property located? Calgary
Will the property be owner-occupied or a rental? Owner-occupied.

Is there’s a big difference between 20% vs 35% down?

What are the rates for:

20% down, 5 yr fixed?
20% down, 5 yr variable?
35% down, 5 yr fixed?
35% down, 5 yr variable?

Thanks!
see below the break down based on increments

20% down, 5 yr fixed? 2.74%
20% down, 5 yr variable? 2.85% prim - 1.10%
35% down, 5 yr fixed? 2.59%
35% down, 5 yr variable? 2.70% prime-1.25%

25% down 5 yr fixed 2.67% is available

Hope this helps

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Oct 1, 2013
288 posts
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EDMONTON
Starting to look for a mortgage.

What is the purchase price? 315k
How much is the down payment? $115000, greater than 35%
Where it the property located? Calgary
Will the property be owner-occupied or a rental? Owner-occupied.
Possession Date: Mid July

PM me with options. e.g. Variable or fixed
Deal Addict
Jun 28, 2017
2089 posts
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Looking to renew my mortgage.

Purchase price: $285K
Mortgage outstanding: $200K
Fair value: $350K
City: London, Ontario

What is the interest rate available on a 3 or 4 year fixed closed mortgage? And what broker or bank is it?

Thanks!
Newbie
Jun 5, 2019
7 posts
1 upvote
illest23 wrote: Got 2.69% 4yr with CIBC, is this the best rate with 20% down? Mortgage is for 672k
Really need more information. Which CIBC branch and contact person? Could you please PM me? Thank you so much!
Newbie
May 25, 2019
7 posts
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Hello brokers, my mortgage is up for renewal on September 30th and am looking for a 5 year fixed rate. Thanks in advance!

-How much is the mortgage owing? $323,500 as of renewal date
-Roughly, what is the current market value of the property? Estimated $440,000 (Purchased for $454,000 in 2016)
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? Think Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? September 2016
-When is your renewal date? September 30, 2019
Deal Guru
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Feb 2, 2014
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shayne85 wrote: Looking to renew my mortgage.

Purchase price: $285K
Mortgage outstanding: $200K
Fair value: $350K
City: London, Ontario

What is the interest rate available on a 3 or 4 year fixed closed mortgage? And what broker or bank is it?

Thanks!
The best rate is on a 5-year term. You can get 2.59% 5-year fixed with legal and appraisal fees covered.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jun 25, 2018
1 posts
Looking or a mortgage for a place we just purchased.

Purchase price: $884,000
House type: House
Down payment: 20%
City: Delta, BC
Status: Owner occupied
Possession: Mid July

We've gotten a quote of 2.89% for 5 years fixed. I also know of HSBC $2k + 2.84%. Anything better than that out there?

Thanks.
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Sep 13, 2011
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With a 30 year amortization, that is about the lowest rate right now. If you are okay with 25 years, the lowest 5 year fixed rate is currently 2.74%.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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VannaT33909 wrote: Looking or a mortgage for a place we just purchased.

Purchase price: $884,000
House type: House
Down payment: 20%
City: Delta, BC
Status: Owner occupied
Possession: Mid July

We've gotten a quote of 2.89% for 5 years fixed. I also know of HSBC $2k + 2.84%. Anything better than that out there?

Thanks.
Thanks for the info! Yes, lowest 5 year fixed with 20% down payment right now is 2.74%.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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SammyH65146 wrote: ^ lol how do you guys make money if your paying off a customers legal and appraisal fees? Especially if your buying down the rate already?

What’s the lowest private first mortgage rate available for 25% down?
The lenders pay the legal and appraisal fees on all mortgage switches. This is nothing special. If its a collateral charge mortgage you are switching out of, then there are legal and appraisal costs that are not typically covered. There are some lenders who will pay for some or even all of these costs. However, if all costs are being paid then there is often a 0.05% rate premium. That's only for collateral mortgages though. If you just have a standard charge mortgage, your legal and appraisal fees are always covered by the lender.

Lowest private mortgage rate? If I were to answer that question as written, I would tell you about 7.00%, however it depends on the situation. I don't think that is what you are asking though. I think you're asking about the lowest rate with a non-bank lender? If that's the case, than the lowest 5 year fixed rate on a purchase with 25% down payment would be 2.67%.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Member
May 25, 2010
252 posts
133 upvotes
Wild Rose Country
How much is the mortgage owing? $265K
-Roughly, what is the current market value of the property? $350K
-Which city is the property located in? Calgary, AB
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Oct 2013
-When is your renewal date? Nov 2019
-Income? 82K
-Score? 700(eq) 780(TU)
can you please provide refinance, renewal and HELOC rates? pref 5 year fixed
Last edited by goodbabbu on Jun 13th, 2019 8:48 am, edited 1 time in total.
Telus $45/25GB x 2 lines
Sr. Member
Mar 23, 2015
537 posts
232 upvotes
Westmount, QC
Hi,

Renewal due September 1st !

Looking to to refinance and add 50 000$ to my leftover mortgage balance

Looking for best variable rate or fixed 2 or 3 years

* Original purchase price: $462 000 in December 2014 (15% down payment)
* Renewal date: September1st, 2019
* Mortgage amount owing: $331 000
* Municipal Assessed value $450,000
* Amortization left: 20 yrs
* Primary residence: Yes
* Current lender: First National
* Location - Montreal, QC
* Do you have a second component such as a HELOC attached to your mortgage? No.
* Household income: combined 200k
* Credit score : 850- Both

Thanks for your help
Last edited by blackCold on
Deal Addict
Jul 8, 2013
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Somewhere in AB
Why are some folks getting 2.59% on a 5-year fixed whereas others are offered 2.64% and yet others are at 2.79%?

I reached out to my broker, and he said the best he can give me is 2.79%.

My mortgage balance is about half of the appraised value of the home, with a 35% down payment and it's owner occupied. I'm looking into re-financing.
"You don’t need to sacrifice stability, common sense, and comfort if a 1% bond still lets you achieve your financial goals." M. Housel

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