Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Apr 21, 2009
4193 posts
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Niagara
Looking at a few options to renew my mortgage - I was offered 2.79% fixed for either 4 or 5 years.

I feel like with a good rate it would be better to lock in for a longer term if possible. Would there be any scenario where 4 years would be ideal instead of 5?
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Jan 31, 2018
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Jeff146 wrote: Was wondering if someone would be able to help me get the best possible rate, are rates wildly different depending on the province that your in? Seems I can get better rates in Ontario compared to Newfoundland.

I'm building a house, and looking to get a turnkey completion mortgage. Looking at fixed but very flexible depending on the rates and prepayment options.

-What is the purchase price? $720K
-How much is the down payment? 40% (unless high ratio is better...)
-Where it the property located? St. John's, Newfoundland
-When is the closing date? End of Sept
-Will the property be owner-occupied or a rental? Owner

Thanks in advance
2.54% available with a 90 day hold & 20/20 prepayments

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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joey003 wrote: Looking at a few options to renew my mortgage - I was offered 2.79% fixed for either 4 or 5 years.

I feel like with a good rate it would be better to lock in for a longer term if possible. Would there be any scenario where 4 years would be ideal instead of 5?
Would need the following :

Mortgage amount owing
Property value
Current lender
Was it previously insured by CMHC
Renewal date

You will have better rates available to you through the brokers on the forum

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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c229chen wrote: I'm looking to purchase my 1st home with my fiance this year. Could someone provide me an estimated mortgage rate based on the info below?

-What is the purchase price? Between 950k -- 1.050mil
-How much is the down payment? 550k
-Where it the property located? GTA most likely Markham, Ontario
-When is the closing date? Maybe in 2-3 months
-Will the property be owner-occupied or a rental? Owner-occupied

Don't know if this makes a difference, the combined household income is 140k/year.
Purchase price will make a slight difference on rates +/- million purchase price - lower rates if purchase is under a mill

rates under a mill - 2.54% available

2.69% if over a million

The above are 5 yr terms fixed

Reach out to any of the brokers on the forum to assist - note the rates are only available on live deals when you have an agreement in place

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Sep 11, 2009
14 posts
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looking for a renewal, currently offered 2.69 for 5year fixed from big 5 bank. Is this the best rate out there or could i do better

Mortgage amount owing at maturity 950k
Approximate market value 1.4
Original purchase date (month and year) 2 years ago
Did you pay an insurance premium such as CMHC when you purchased the home? no
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? no
Do you have a second component such as a HELOC attached to your mortgage? no
Current lender scotiabank
Is this your primary residence or a rental property? primary
Location vancouver, bc
Maturity date oct 31,2019
Newbie
Dec 22, 2018
29 posts
25 upvotes
Looking for a mortgage on a new home, what would be the best rate I can get with the info below:

-What is the purchase price? $330K
-How much is the down payment? 27%
-Where it the property located? Calgary, AB
-When is the closing date? End of Aug.
-Will the property be owner-occupied or a rental? Owner
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Jan 31, 2018
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Ridiculous wrote: looking for a renewal, currently offered 2.69 for 5year fixed from big 5 bank. Is this the best rate out there or could i do better

Mortgage amount owing at maturity 950k
Approximate market value 1.4
Original purchase date (month and year) 2 years ago
Did you pay an insurance premium such as CMHC when you purchased the home? no
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? no
Do you have a second component such as a HELOC attached to your mortgage? no
Current lender scotiabank
Is this your primary residence or a rental property? primary
Location vancouver, bc
Maturity date oct 31,2019
2.69% would be your best rate on a property over a million purchased after late 2016
5 yr fixed term with an LOC

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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phonesandgoats wrote: Looking for a mortgage on a new home, what would be the best rate I can get with the info below:

-What is the purchase price? $330K
-How much is the down payment? 27%
-Where it the property located? Calgary, AB
-When is the closing date? End of Aug.
-Will the property be owner-occupied or a rental? Owner
Best rates 2.59% 120 day hold 20/20 prepayments in AB

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 22, 2018
29 posts
25 upvotes
rateconnect wrote: Best rates 2.59% 120 day hold 20/20 prepayments in AB

Phil
Thanks, are there any special clauses with the 2.59%?

I was just quoted 2.64% by one of the staff through your website's chat. Any reason for the discrepancy?
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Jan 31, 2018
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phonesandgoats wrote: Thanks, are there any special clauses with the 2.59%?

I was just quoted 2.64% by one of the staff through your website's chat. Any reason for the discrepancy?
Full featured mortgages

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Member
Jun 7, 2010
317 posts
97 upvotes
Hello:

Looking for a quote on a switch upon maturity:

Mortgage amount owing at maturity $95K
Current Ledger:
Approximate market value $1M
Original purchase date (month and year) 12 years ago
Did you pay an insurance premium such as CMHC when you purchased the home? Yes
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender: CMLS @ 2.85% ARM
Is this your primary residence or a rental property? Primary
Location: Ontario
Maturity date Nov 15, 2019
Newbie
Sep 23, 2007
55 posts
32 upvotes
Mortgage renewal quote please

I would like a quote on a 3 - 5 year fixed mortgage with 15 year amortization bi weekly payments

-How much is the mortgage owing? $448k
-Roughly, what is the current market value of the property? $1.4
-Which city is the property located in? Surrey
-Is the property owner-occupied or a rental? Owner occupied
-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? 2010
-When is your renewal date? Aug 1, 2019
Banned
Sep 19, 2012
1253 posts
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Calgary
CdnLake wrote: -Is there any issue with the 2 year fixed high ratio mortgage (1.99%) with DUCA?
-Will it be possible to get competitive rate 2 years from now? Are there reasons to believe rates go no way but up in the future?
-The insurance they offer is with Genworth (and not CMHC). Is it going to be a problem later when it comes to renew the mortgage? Do other lenders recognize the loan as insured then?
-The early prepayment (breaking) charges sound high. It is the greater of (1) a penalty of three months' interest of existing rate being charged; and (2) the interest differential between the Chargor's existing rate being charges and the Chargee's current posted mortgage rate for a term equal to the remaining term on this Charge.
- No issues with Duca. Great institution. They're not as "famous" as those places with the Lion or the Penguin, but they're great nonetheless!
- I think anyone who knows where rates are going to be in 2 years won't be posting on an online forum. Smiling Face With Open Mouth Think of a 2-year product as a "quasi" variable rate mortgage (with a bit higher penalty).
- Genworth insurance is the same as CMHC. No issues.
- If Duca is using posted rates that's harsher than many of the non-bank lenders who use "best" rate or "discounted" rate when calculating the IRD. I don't deal with them but maybe the other guys can chime in as to whether they use posted or discounted rates.
c229chen wrote: I'm looking to purchase my 1st home with my fiance this year. Could someone provide me an estimated mortgage rate based on the info below?

-What is the purchase price? Between 950k -- 1.050mil
-How much is the down payment? 550k
-Where it the property located? GTA most likely Markham, Ontario
-When is the closing date? Maybe in 2-3 months
-Will the property be owner-occupied or a rental? Owner-occupied
Don't know if this makes a difference, the combined household income is 140k/year.
Just to echo what Phil said - you'll need a firm deal to get access to the best rates. Come back once you've got that and you'll get more solid numbers. Rates you can expect to see are in a 2.49% to 2.69% band (depending on when you close and the value of your house). Good luck!
phonesandgoats wrote: Looking for a mortgage on a new home, what would be the best rate I can get with the info below:

-What is the purchase price? $330K
-How much is the down payment? 27%
-Where it the property located? Calgary, AB
-When is the closing date? End of Aug.
-Will the property be owner-occupied or a rental? Owner
If you add $10k to the DP (make it 30% even) you can get 2.49%. Stampede (or 3 days after) special!! Full frills mortgage, nothing funky about it except you won't see commercials featuring this lender on TV! Otherwise Phil is right, it's 2.59%.
Dhil wrote: Mortgage renewal quote please

I would like a quote on a 3 - 5 year fixed mortgage with 15 year amortization bi weekly payments

-How much is the mortgage owing? $448k
-Roughly, what is the current market value of the property? $1.4
-Which city is the property located in? Surrey
-Is the property owner-occupied or a rental? Owner occupied
-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? 2010
-When is your renewal date? Aug 1, 2019
2.59% on a switch. All costs to switch out of TD's (likely) collateral charge covered.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Sep 13, 2011
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ahlaker wrote: - No issues with Duca. Great institution. They're not as "famous" as those places with the Lion or the Penguin, but they're great nonetheless!
- I think anyone who knows where rates are going to be in 2 years won't be posting on an online forum. Smiling Face With Open Mouth Think of a 2-year product as a "quasi" variable rate mortgage (with a bit higher penalty).
- Genworth insurance is the same as CMHC. No issues.
- If Duca is using posted rates that's harsher than many of the non-bank lenders who use "best" rate or "discounted" rate when calculating the IRD. I don't deal with them but maybe the other guys can chime in as to whether they use posted or discounted rates.



Just to echo what Phil said - you'll need a firm deal to get access to the best rates. Come back once you've got that and you'll get more solid numbers. Rates you can expect to see are in a 2.49% to 2.69% band (depending on when you close and the value of your house). Good luck!



If you add $10k to the DP (make it 30% even) you can get 2.49%. Stampede (or 3 days after) special!! Full frills mortgage, nothing funky about it except you won't see commercials featuring this lender on TV! Otherwise Phil is right, it's 2.59%.



2.59% on a switch. All costs to switch out of TD's (likely) collateral charge covered.
I haven't had a chance to post here much lately, but I see you've been quoting rates. I'm assuming you are a new mortgage agent now? Congratulations on the new career! I figured you would join us one of these days :)
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Newbie
Jun 17, 2019
16 posts
7 upvotes
Renewal is coming in a month. Looking for 5 years fixed rate for 25 or 30 years amortization. 30 years is preferred.

-How much is the mortgage owing? $433K
-Roughly, what is the current market value of the property? $673
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2017
-When is your renewal date? Aug 13, 2019
Banned
Sep 19, 2012
1253 posts
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Calgary
PaulMeredith wrote: I haven't had a chance to post here much lately, but I see you've been quoting rates. I'm assuming you are a new mortgage agent now? Congratulations on the new career! I figured you would join us one of these days :)

I see you are also quoting 2.49% for a 45 day close. If you are referring to the MCAP promo, you may not be aware, but this promotion ended as of Friday evening.
You betcha! Figured since I’m in this thread anyway may as well try to get paid a buck or two. It’s been a lot of fun so far. Shooting the breeze with people and getting to know them, it’s awesome!!

I’m not referring to MCAP! And I’m happy to share the lender name: Marathon Mortgage. Oh no - I’m giving away competitive information, I’m gonna lose out. Unlike some folks (nameless) I’m in here to save people some money not to line my own pockets!

Good luck to everyone out there shopping rates! Let’s save some money!!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Deal Addict
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Apr 21, 2009
4193 posts
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Niagara
rateconnect wrote: Would need the following :

Mortgage amount owing
Property value
Current lender
Was it previously insured by CMHC
Renewal date

You will have better rates available to you through the brokers on the forum

Phil
Thank you.

-How much is the mortgage owing? $250K
-Roughly, what is the current market value of the property? $850K
-Who is your current lender? TD (with variable rate)
-Do you have a HELOC tied to the mortgage? Yes
-Was it previously insured by CMHC? No
-When is your renewal date? November 2020
Jr. Member
Mar 19, 2009
145 posts
37 upvotes
Mortgage Brokers,

Please get back to me.

For a purchase of a property:

-What is the purchase price? $470k
-How much is the down payment? $200k
-Where it the property located? Edmonton, AB
-When is the closing date? possession end of August 2019
-Will the property be owner-occupied or a rental? owner-occupied

Thank you
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Jan 31, 2018
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tavioyi wrote: Mortgage Brokers,

Please get back to me.

For a purchase of a property:

-What is the purchase price? $470k
-How much is the down payment? $200k
-Where it the property located? Edmonton, AB
-When is the closing date? possession end of August 2019
-Will the property be owner-occupied or a rental? owner-occupied

Thank you
2.54% available to you 20/20 prepayments

Full featured mortgage

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
joey003 wrote: -How much is the mortgage owing? $250K
-Roughly, what is the current market value of the property? $850K
-Who is your current lender? TD (with variable rate)
-Do you have a HELOC tied to the mortgage? Yes
-Was it previously insured by CMHC? No
-When is your renewal date? November 2020
I could do 2.59%. Maybe down to 2.54% (no guarantee). Perhaps the other gents could do a touch better.
tavioyi wrote: Mortgage Brokers,

Please get back to me.

For a purchase of a property:

-What is the purchase price? $470k
-How much is the down payment? $200k
-Where it the property located? Edmonton, AB
-When is the closing date? possession end of August 2019
-Will the property be owner-occupied or a rental? owner-occupied

Thank you
2.49% 5-year fixed (assuming that you want fixed and a 5-year term). If you’re after a variable rate you can get p-1.15% on a 5-year term (or p-1.25% with a bonafide sales clause).

Happy shopping folks!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages

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