Real Estate

The Official Mortgage Rates Thread

Jr. Member
Sep 10, 2017
178 posts
34 upvotes
The bond rates are taking swings at the moment , didnt know that BONDS are so unstable as well . They are in the red again for 4 straight days .
Member
User avatar
Dec 15, 2015
312 posts
639 upvotes
Toronto, ON
I'm looking for a pre-approval. We don't have anything lined up. We have a house to sell as well.
We're currently in Markham. Current mortgage is with First National. 5 year variable. Around $220k remaining with term ending May 2022.

-What is the purchase price? Targeting between $700k-900k
-How much is the down payment? Assuming selling our house for $750k, potentially up to $622k (after mortgage is paid + cash/investments, $722k if we accept a gift from the in-laws)
-Where it the property located? Toronto
-When is the closing date? Unknown (haven't started yet).
-Will the property be owner-occupied or a rental? Owner-occupied.

We may also need bridge financing. Not sure if this is the right place for that as well. Depends on our timeline.
Deal Guru
User avatar
Feb 2, 2014
11202 posts
3334 upvotes
Toronto
Eaglyeye wrote: The bond rates are taking swings at the moment , didnt know that BONDS are so unstable as well . They are in the red again for 4 straight days .
Yes, they are beginning to dip again @EagleEye
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
Mikliloo wrote: I'm looking for a pre-approval. We don't have anything lined up. We have a house to sell as well.
We're currently in Markham. Current mortgage is with First National. 5 year variable. Around $220k remaining with term ending May 2022.

-What is the purchase price? Targeting between $700k-900k
-How much is the down payment? Assuming selling our house for $750k, potentially up to $622k (after mortgage is paid + cash/investments, $722k if we accept a gift from the in-laws)
-Where it the property located? Toronto
-When is the closing date? Unknown (haven't started yet).
-Will the property be owner-occupied or a rental? Owner-occupied.

We may also need bridge financing. Not sure if this is the right place for that as well. Depends on our timeline.
Preapproval rates won’t be as good as ones where you’ve got a live deal. 5-year fixed rates start at 2.49% and variable rates at p-1.25%. These of course assume a ton of stuff that may or may not be applicable. If you’re looking for numbers to ballpark payments etc I’d say use 2.65% as a guide. Of course to figure out how much you qualify for you’ll need to use the BOC rate (5.34%).
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Jul 16, 2019
4 posts
1 upvote
I am looking for pre-approval. We have nothing lined up at the moment, but want to buy in the next 3-5 months.

- What is the purchase price? ~$500k

- How much is the down payment? $30,000

- Where is the property located? GTA

- when is the closing date? Unknown, hopefully in the next 3-5 months.

- will the property be owner-occupied or a rental? -it will be a rental
Deal Guru
User avatar
Feb 2, 2014
11202 posts
3334 upvotes
Toronto
mnmjk28 wrote: I am looking for pre-approval. We have nothing lined up at the moment, but want to buy in the next 3-5 months.

- What is the purchase price? ~$500k

- How much is the down payment? $30,000

- Where is the property located? GTA

- when is the closing date? Unknown, hopefully in the next 3-5 months.

- will the property be owner-occupied or a rental? -it will be a rental
For a rental property, you have to put at least 20% down. $30k won't cut it.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Dec 17, 2004
245 posts
74 upvotes
Vancouver
Looking at a renewal. CIBC offered me 2.94% for a 5-year fixed but I figured I'd see what's out there.

-How much is the mortgage owing? $415K
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Vancouver, BC
-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? No
-When did you buy the property? 2016
-When is your renewal date? September 26, 2019
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
Dailow wrote: Looking at a renewal. CIBC offered me 2.94% for a 5-year fixed but I figured I'd see what's out there
...
2.59% 5-year fixed to switch over to a new lender. Happy rate hunting!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Dec 23, 2007
10 posts
9 upvotes
Toronto
Hi, I'm looking for 5 year fixed rate mortgage for a purchase of a property:
-What is the purchase price? $1,057k
-How much is the down payment? $423k
-Where it the property located? Toronto, ON
-When is the closing date? September 17, 2019
-Will the property be owner-occupied or a rental? owner-occupied

Please let me know what rate I could get or if there are any other questions. Thanks!
Newbie
Nov 30, 2011
15 posts
4 upvotes
MISSISSAUGA
Just want to leave a feedback on Paul Meredith and his team. They were amazing to work with. This is my second time completing a mortgage transaction with him and he made the process very seamless. Highly recommend him and his team.
Member
Feb 7, 2015
365 posts
236 upvotes
ahlaker wrote: 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 is awesome! He's working with my mortgage switch right now. @ahlaker is very honest and works for your best interest and will try to save you some money.
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
narut0 wrote: Nikola is awesome! He's working with my mortgage switch right now. @ahlaker is very honest and works for your best interest and will try to save you some money.
Too kind, too kind! It’s been my pleasure helping you out!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
tigers wrote: Hi, I'm looking for 5 year fixed rate mortgage for a purchase of a property:
-What is the purchase price? $1,057k
-How much is the down payment? $423k
-Where it the property located? Toronto, ON
-When is the closing date? September 17, 2019
-Will the property be owner-occupied or a rental? owner-occupied

Please let me know what rate I could get or if there are any other questions. Thanks!
Purchase price over a million makes your loan uninsurable which (sadly) means you can’t get the absolute best rates. For your situation I’d say 2.69% is the best we could do. Also have a look at HSBC and their 5-year product with cash back. Maybe you can negotiate them down a bit?

Uninsurable loan means lenders can’t portfolio insure (ie: buy insurance on the back end and pay it themselves). When they can’t insure the loan becomes less marketable so they get less cash when they securitize (sell) it. So less cash to them means less discount to borrowers which means higher rates.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Apr 14, 2019
5 posts
Need help as a first time home buyer.

Purchase price is approximately 820-850k. We’re looking at two separate houses

Downpayment is 220k

Properties are in Markham/Richmond Hill

We are flexible on closing date but are looking for August or September ideally. Property will be occupied by us and not rented
Deal Fanatic
User avatar
Jan 31, 2018
6523 posts
1235 upvotes
Dailow wrote: Looking at a renewal. CIBC offered me 2.94% for a 5-year fixed but I figured I'd see what's out there.

-How much is the mortgage owing? $415K
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Vancouver, BC
-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? No
-When did you buy the property? 2016
-When is your renewal date? September 26, 2019
You would have 2.54% available to you 5 yr fixed term

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Guru
User avatar
Feb 2, 2014
11202 posts
3334 upvotes
Toronto
tigers wrote: Hi, I'm looking for 5 year fixed rate mortgage for a purchase of a property:
-What is the purchase price? $1,057k
-How much is the down payment? $423k
-Where it the property located? Toronto, ON
-When is the closing date? September 17, 2019
-Will the property be owner-occupied or a rental? owner-occupied

Please let me know what rate I could get or if there are any other questions. Thanks!
2.69% 5-year fixed is the best rate out there for a million dollar purchase.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Sep 13, 2011
6996 posts
3615 upvotes
Toronto
pmart983 wrote: Just want to leave a feedback on Paul Meredith and his team. They were amazing to work with. This is my second time completing a mortgage transaction with him and he made the process very seamless. Highly recommend him and his team.
Thanks so much for your kind words. It was great working with you as well! Enjoy your new home. :)
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Addict
Feb 3, 2008
1967 posts
556 upvotes
Winnipeg
looking for pre-approval. Looking to buy a second property- 4 season cottage in the next 1-2 months

- What is the purchase price? ~$235k

- How much is the down payment? $60,000

- Where is the property located? Manitoba

- when is the closing date? next 1-2 months.

Variable or 5 year fixed
Banned
Sep 19, 2012
1253 posts
1867 upvotes
Calgary
deadsea wrote: 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
Looks like this got missed. You're about 120 days out so you could probably get one of the best rates. Are you looking for another variable rate or do you want fixed? Has CMLS reached out yet (presumably no, they are buried under a pile of business - or so I hear!).
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Member
Dec 5, 2016
274 posts
56 upvotes
Wondering if its worth renewing my mortgage because of the lower rates out there. Currently on the 3rd year of a 4 yr fixed mortgage with CIBC @ 2.99%.
Would there be penalties involved?


Details:

-How much is the mortgage owing? $710K
-Roughly, what is the current market value of the property? $950K
-Which city is the property located in? Stouffville, 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? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? May 14, 2022

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