Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jun 22, 2004
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ahlaker wrote: Most good rates are only available for up to 120 days so you have to wait a week or two. Also - if you are increasing the loan amount you’ll have a “refinance” and the rates will be larger. Last point: some lenders have minimum amortizations but I think generally 10 years should be OK.

That said rates (5-year fixed) would be 2.59% for a switch and 2.69% for a refinance. You could also add a HELOC separately after the switch (goto motusbank and you can get p+0.05% ish on your HELOC).

Good luck!
Thanks. The need for the increase to be a refinance, and at a higher rate, would be a reason to stay with RBC. With my last renewal that was not the case, likely because it is set up under their Homeline product.

I should note that I may be using the term amortization wrong. I have ~10 years left on my mortgage and I want it to stay the same (retirement goals).
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Jun 22, 2004
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PaulMeredith wrote: You're still quite early to be shopping as the maximum rate hold for switches is typically 90 days (with the odd exception at 120, however 120 days is typically just for purchases).

As you are in a collateral charge mortgage, the additional costs such as legal fee of around $800, plus appraisal fee of around $300. This is in addition to your lender's discharge fee of around $300. These costs can vary from province to province. There are some lenders who will cover ALL of the costs for you, however sometimes there is a rate premium of 0.05% in that case. One way or another, you pay the costs.

As of right now, the lowest 5 year fixed for your situation would be 2.59%. I would NOT early renew with RBC. Banks love to try to offer people early renewals, and may even make it sound like they're getting a great deal. They usually set a deadline where you have to agree within a few days. Over the past few weeks, there was some upward pressure on fixed mortgage rates. As bond yields have now started to trend back down (fixed mortgage rates are based on bond yields), upward pressure on mortgage rates has been relieved.

I would sit tight for now and stay tuned to this board for updates. 90 days from December 4th is September 5th. That is when you'll want to start shopping (assuming we don't see any major upward pressure on fixed rates over that period. Again, stay tuned to this board).
Thanks, particularly with respect to the estimated additional costs. This is what I need to compare apples to apples when I see the early renewal offers and see if there is any wiggle room. That way I can look at total costs over 4-5 years for my options. I understand your perspective on not rushing renewal, but if I am going to renew I am slightly better earlier than later as my rate will be going down - another number to put in the comparison.
Newbie
Jan 24, 2010
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Toronto
Hi,

I was just wondering what would be the best rate I can get for a 5 year variable and fixed. I have $210,000 remaining 16 year amortization and no mortgage insurance. Property value around $700,000. Also how do you know if a lender will also give you cash back? You can PM me or reply to this. Thanks!
Deal Guru
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Feb 2, 2014
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Angela1985 wrote: Hi,

I was just wondering what would be the best rate I can get for a 5 year variable and fixed. I have $210,000 remaining 16 year amortization and no mortgage insurance. Property value around $700,000. Also how do you know if a lender will also give you cash back? You can PM me or reply to this. Thanks!
2.70% 5-year variable.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Nov 16, 2013
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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.
I have to echo this. I was looking to cancel my mortgage to get a lower rate and Paul was incredibly helpful, honest and generous with his time. I would not hesitate to go back to him or send anyone else I know to him.

In general I really appreciate all the brokers in this thread. It's so helpful for us customers to have access to this information in an industry where so many providers are trying to rip us off.
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Sep 19, 2012
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Calgary
PaulMeredith wrote: As you are in a collateral charge mortgage, the additional costs such as legal fee of around $800, plus appraisal fee of around $300. This is in addition to your lender's discharge fee of around $300. These costs can vary from province to province. There are some lenders who will cover ALL of the costs for you, however sometimes there is a rate premium of 0.05% in that case. One way or another, you pay the costs.
Is this true? There are several lenders that offer the best rates and cover costs to switch out of a collateral charge, right?
Angela1985 wrote: Thanks can you provide a fixed rate as well?
2.59% 5-year fixed (2.54% in a more restrictive product - prepayment penalty is quite stiff).
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Mar 21, 2013
201 posts
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Edmonton
Looking for a renewal quote on my non-owner occupied, rental property mortgage please.

-How much is the mortgage owing? $132k @ renewal
-Roughly, what is the current market value of the property? $137k
-Which city is the property located in? Edmonton, AB
-Is the property owner-occupied or a rental? rental (non-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? March 2014
-When is your renewal date? Dec 21, 2019* (*CIBC is wanting to talk to me about early renewal now however, I likely will not renew with them this time though)
-Other details - Likely looking for a variable rate mortage, unless fixed happens to be very competitive. I am open to a wide range of term lengths, whatever gets me the lowest interest rate.
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Feb 2, 2014
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ahlaker wrote: Is this true? There are several lenders that offer the best rates and cover costs to switch out of a collateral charge, right?



2.59% 5-year fixed (2.54% in a more restrictive product - prepayment penalty is quite stiff).
Nothing is free. All the collateral transfer products out there have some sort of offset versus the standard transfer products.
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: Nothing is free. All the collateral transfer products out there have some sort of offset versus the standard transfer products.
So CMLS in particular - for 10bps of commission you can do a collateral charge for free. On say a 60% LTV 5-year fixed would be 2.59% for collateral switcher and for standard switcher with no fees, right? Am I missing something?
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Dec 23, 2006
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Vancouver
Need to renew my mortgage and looking for some advice,

-How much is the mortgage owing? ~198,000
-Roughly, what is the current market value of the property? ~700,000
-Which city is the property located in? Burnaby, BC
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? No line of credit used to purchase/pay
-Is the mortgage CMHC insured? No, 20% downpayment made
-When did you buy the property? 2011
-When is your renewal date? Aug 4th

So far the best option I've gotten is BMO offered to match HSBC. 2.69% 5 yr fixed on 25 yr amortization.

Any advice is much appreciated Smiling Face With Smiling Eyes
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Jan 31, 2018
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akheron wrote: Need to renew my mortgage and looking for some advice,

-How much is the mortgage owing? ~198,000
-Roughly, what is the current market value of the property? ~700,000
-Which city is the property located in? Burnaby, BC
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? No line of credit used to purchase/pay
-Is the mortgage CMHC insured? No, 20% downpayment made
-When did you buy the property? 2011
-When is your renewal date? Aug 4th

So far the best option I've gotten is BMO offered to match HSBC. 2.69% 5 yr fixed on 25 yr amortization.

Any advice is much appreciated Smiling Face With Smiling Eyes
5 yr fixed 2.54% carries a 2.75% penalty if you were to break midterm or 2.59% with the regular 3 months or the IRD

20/20 prepayments

Aug 4th would be tight you would need to reach out to one of us very quickly


Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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kkoothan wrote: Which lender has this offer Phil?
Sent you details
Phil Cragg
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Jul 18, 2019
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Need to get the rate for a new purchase home:

-What is the purchase price? $705k (3 year old detached home)
-How much is the down payment? $70K
-Where it the property located? Oshawa, ON
-When is the closing date? mid August
-Will the property be owner-occupied or a rental? Owner
-House hold salary is ~118K

Based on the above, what would be the 5 year fixed rate?
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Jan 31, 2018
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ccfraser wrote: Hi, I am a first time buyer looking for a 5 year fixed rate mortgage:
-What is the purchase price? $430k
-How much is the down payment? $43k
-Where it the property located? Calgary, AB
-When is the closing date? September 15, 2019
-Will the property be owner-occupied or a rental? owner-occupied

Please let me know what rates I can expect or if you know of any recommended brokers in Calgary.
2.54% available to you on a 120 day rate hold
20/20 prepayments non restrictive product

Phil
Phil Cragg
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stevester911 wrote: Looking for a renewal quote on my non-owner occupied, rental property mortgage please.

-How much is the mortgage owing? $132k @ renewal
-Roughly, what is the current market value of the property? $137k
-Which city is the property located in? Edmonton, AB
-Is the property owner-occupied or a rental? rental (non-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? March 2014
-When is your renewal date? Dec 21, 2019* (*CIBC is wanting to talk to me about early renewal now however, I likely will not renew with them this time though)
-Other details - Likely looking for a variable rate mortage, unless fixed happens to be very competitive. I am open to a wide range of term lengths, whatever gets me the lowest interest rate.
Unfortunately rental rates are not as competitive as owner occupied

2.99% will be your best rate 5 yr fixed or 3.10% on the variable side

Path of least resistance would be to aggressively negotiate with current lender

Do you live in any part of the property is it a 2 unit? This would be treated much differently if it were the case

Phil
Phil Cragg
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Sep 19, 2012
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rateconnect wrote: Sent you details
Care to share with the group?
rateconnect wrote: Unfortunately rental rates are not as competitive as owner occupied
2.99% will be your best rate 5 yr fixed or 3.10% on the variable side
Path of least resistance would be to aggressively negotiate with current lender
Do you live in any part of the property is it a 2 unit? This would be treated much differently if it were the case
Isn't @stevester911 in trouble given his LTV is > 95%? Who'll let him switch? I would suggest @stevester911 pays down the mortgage a wee bit (or hope that the appraisal comes in at ~$140k) and then he could switch into CLMS at 2.64%. Right?
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Mar 1, 2019
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rateconnect wrote: 2.54% available to you on a 120 day rate hold
20/20 prepayments non restrictive product

Phil
Is this available in Quebec?
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Jan 31, 2018
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ahlaker wrote: Care to share with the group?



Isn't @stevester911 in trouble given his LTV is > 95%? Who'll let him switch? I would suggest @stevester911 pays down the mortgage a wee bit (or hope that the appraisal comes in at ~$140k) and then he could switch into CLMS at 2.64%. Right?
Misread the value of the property - if its a rental how could you do CMLS 2.64% ?

Rental rates are not competitive vs owner occupied

Current lender will be the best option
Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Jul 18, 2019
1 posts
Looking for a quote on my owner occupied mortgage renewal.

-How much is the mortgage owing? $246K @ renewal
-Roughly, what is the current market value of the property? $600K
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? Simplii Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? July 2009
-When is your renewal date? July 26th, 2019 (I just thought of checking red flag deals to see if I am getting a good rate!)

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