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 .
The Official Mortgage Rates Thread
- Last Updated:
- Mar 18th, 2024 8:18 pm
Tags:
- SCORE+488
- Eaglyeye
- Jr. Member
- Sep 10, 2017
- 178 posts
- 34 upvotes
- Mikliloo
- Member
- 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.
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.
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11202 posts
- 3334 upvotes
- Toronto
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
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- ahlaker
- Banned
- Sep 19, 2012
- 1253 posts
- 1867 upvotes
- Calgary
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%).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.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
- mnmjk28
- 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
- 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
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11202 posts
- 3334 upvotes
- Toronto
For a rental property, you have to put at least 20% down. $30k won't cut it.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
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- Dailow
- 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
-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
- ahlaker
- Banned
- Sep 19, 2012
- 1253 posts
- 1867 upvotes
- Calgary
- tigers
- 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!
-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!
- pmart983
- 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.
- narut0
- Member
- Feb 7, 2015
- 365 posts
- 236 upvotes
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.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!!
- ahlaker
- Banned
- Sep 19, 2012
- 1253 posts
- 1867 upvotes
- Calgary
- ahlaker
- Banned
- Sep 19, 2012
- 1253 posts
- 1867 upvotes
- Calgary
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?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!
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
- kishenvisani201
- 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
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
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6523 posts
- 1235 upvotes
You would have 2.54% available to you 5 yr fixed termDailow 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
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11202 posts
- 3334 upvotes
- Toronto
2.69% 5-year fixed is the best rate out there for a million dollar purchase.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!
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- PaulMeredith
- Deal Fanatic
- Sep 13, 2011
- 6996 posts
- 3615 upvotes
- Toronto
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)
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
- bryan35
- 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
- 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
- ahlaker
- Banned
- Sep 19, 2012
- 1253 posts
- 1867 upvotes
- Calgary
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!).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
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
- alucky17
- 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
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