Real Estate

The Official Mortgage Rates Thread

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Sep 13, 2011
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alucky17 wrote: 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
Yes, there would definitely be a penalty involved if you wanted to switch out early, and its unlikely you would be able to make that up with only one year to go. I would suggest contacting CIBC to find out what your penalty will be to break the mortgage and then re-post. We can always do the math for you, but I would expect us to tell you to stay put for now.
When in 2016 did you purchase the property?
Just wondering also, how did you come up with the $950,000 valuation?
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
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Dec 5, 2016
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PaulMeredith wrote: Yes, there would definitely be a penalty involved if you wanted to switch out early, and its unlikely you would be able to make that up with only one year to go. I would suggest contacting CIBC to find out what your penalty will be to break the mortgage and then re-post. We can always do the math for you, but I would expect us to tell you to stay put for now.
When in 2016 did you purchase the property?
Just wondering also, how did you come up with the $950,000 valuation?
Thank you for the reply. Yes I will definitely ask CIBC the penalties involved.

Sorry I am into the 2nd year of the 4 year fixed mortgage.
It was a pre-construction purchased in Sept 2016. Occupied in May 2018.
Valuation I took from an appraisal. It was appraised for $956K by CIBC in Apr 2018 when we applied for the mortgage.
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Jun 7, 2010
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Thanks @ahlaker . I have always stayed with variable but would like to get a quote on both variable and fixed (5 year).
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Feb 2, 2014
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bryan35 wrote: 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
2.69% 5-year fixed or 2.85% 5-year variable.

You need to have an accepted offer before any of the brokers here get you that rate.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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deadsea wrote: Thanks @ahlaker . I have always stayed with variable but would like to get a quote on both variable and fixed (5 year).
I would say 2.54% for a 5-year fixed. For a variable p-1.2%. There are no funky terms with either of these products. If you want additional information let me know.

Good luck!

Nikola
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Jul 17, 2019
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Looking at options to renew my mortgage. Have an offer from RBC for 2.89% 4 yrs Fixed 30 year amortization.
-How much is the mortgage owing? $625K
-Roughly, what is the current market value of the property? $820K
-Which city is the property located in? North York, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Equitable Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-When is your renewal date? Sep, 2019
Newbie
Jul 17, 2019
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Exploring mortgage options to renew my mortgage. Got an offer from RBC - 4% 4 yr Fixed 30 Yr Amortization.
-How much is the mortgage owing? $625K
-Roughly, what is the current market value of the property? $820K
-Which city is the property located in? North York, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Equitable Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-When is your renewal date? Sep 11, 2019
Newbie
Jul 17, 2019
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Correction on rate: Got an offer from RBC - 2.89% 4 yr Fixed 30 Yr Amortization.
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kkoothan wrote: Correction on rate: Got an offer from RBC - 2.89% 4 yr Fixed 30 Yr Amortization.
You’re looking at 2.69% for a 5-year fixed (which is also doable on a new 30 year amortization).

Good luck!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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kkoothan wrote: Exploring mortgage options to renew my mortgage. Got an offer from RBC - 4% 4 yr Fixed 30 Yr Amortization.
-How much is the mortgage owing? $625K
-Roughly, what is the current market value of the property? $820K
-Which city is the property located in? North York, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Equitable Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-When is your renewal date? Sep 11, 2019
Keep in mind, if you extending the amortization, it will be deemed a refinance and you may have to pay extra fees (legal and appraisal 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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ahlaker wrote: You’re looking at 2.69% for a 5-year fixed (which is also doable on a new 30 year amortization).

Good luck!
Which lender do you have that will do a refinance at 2.69% 5-year fixed for this deal?
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Dec 22, 2018
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ahlaker wrote:
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%.
ahlaker - is the 2.49% fully featured mortgage still applicable today? Is it 20/20?

If so, can you please PM me your information and which broker you work for?
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CdnRealEstateGuy wrote: Which lender do you have that will do a refinance at 2.69% 5-year fixed for this deal?
You win this round @CdnRealEstateGuy!!

MCAP can't do a 30 year amortization on the Fusion! That said, they would've done it with a 25 year amortization. @kkoothan could also give HSBC a bash. They're offering 2.79% with up to $2700 cash back (depending on the products you pick up). Math on that works out to be about 2.69% effective depending on the amount of cash back.

But you win because I can't originate that mortgage Winking Face

EDIT: Stress test qualifying rate is dropping right away. Everyone can qualify for a little bit more mortgage now. https://www.ratespy.com/canadas-stress- ... -071810107
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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kkoothan wrote: Exploring mortgage options to renew my mortgage. Got an offer from RBC - 4% 4 yr Fixed 30 Yr Amortization.
-How much is the mortgage owing? $625K
-Roughly, what is the current market value of the property? $820K
-Which city is the property located in? North York, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Equitable Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-When is your renewal date? Sep 11, 2019
5 yr fixed 2.69% available on 25 yr am 2.79% on a 30 yr product

Many thanks

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Jul 18, 2016
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Looking to convert an existing HELOC of 190K to a Fixed or Variable rate mortgage with a 3 year term. No current mortgage on property, just the Heloc. What are the best available rates and what fees, if any, would be covered?
-How much is the mortgage owing? $190K
-Roughly, what is the current market value of the property? $865K
-Which city is the property located in? Mississauga, ON
-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? Yes
-Is the mortgage CMHC insured? N/A
-When did you buy the property? 1998
-When is your renewal date? N/A
Deal Guru
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ahlaker wrote: You win this round @CdnRealEstateGuy!!

MCAP can't do a 30 year amortization on the Fusion! That said, they would've done it with a 25 year amortization. @kkoothan could also give HSBC a bash. They're offering 2.79% with up to $2700 cash back (depending on the products you pick up). Math on that works out to be about 2.69% effective depending on the amount of cash back.

But you win because I can't originate that mortgage Winking Face

EDIT: Stress test qualifying rate is dropping right away. Everyone can qualify for a little bit more mortgage now. https://www.ratespy.com/canadas-stress- ... -071810107
Also, keep in mind it’s max 70% ltv on the amortized portion for the Fusion on a refinance. Poster is over 70% as well. Fusion would not work for him for a couple of reasons.

2.79% 5-year fixed would be the best rate as Phil pointed out.
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: Also, keep in mind it’s max 70% ltv on the amortized portion for the Fusion on a refinance. Poster is over 70% as well. Fusion would not work for him for a couple of reasons.
MCAPs Western BDM confirmed to me that they’d do it at 25 years. Only reason MCAP wouldn’t do it is because of 30 years. I’m only going based on what I was told. It goes against what the rate sheet says so who knows ...
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Jun 20, 2019
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Hey, have a question.
The offer says the rate is 2.54%, but with the Annual Percentage Interest that is compounded semi annualy it's 2.61% (its in the fine print)
Why is it no advertised as 2.61% in the first place then?
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Aug 3, 2006
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My parents are converting a construction mortgage to a proper mortgage now that the house is finished. Mortgage needed is 900K and house is appraised at 2.0M. What are the best rates they can get for 3yr variable, 3yr fixed and 5 yr fixed on 25 yr amortization. Feel free to PM.
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datoprookie wrote: My parents are converting a construction mortgage to a proper mortgage now that the house is finished. Mortgage needed is 900K and house is appraised at 2.0M. What are the best rates they can get for 3yr variable, 3yr fixed and 5 yr fixed on 25 yr amortization. Feel free to PM.
Best rate on a 25 yr amortization would be 2.69% 5 yr fixed & 2.95% prime -1% on the variable side

Sent details as per request

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

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