Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 22nd, 2018 9:36 am
Sr. Member
May 1, 2017
815 posts
180 upvotes
ediasn wrote:
Oct 15th, 2017 7:29 pm
can anyone provide mortgage for an investment property? previously was recommended to go to big banks but wondering if a broker can give a good rate? also, what are rates for investment properties right now? 5 yr fixed.
Hi there,

For a rental property, you would be looking at 3.39% 5 years fixed. As I'm sure you're aware, mortgages for rental properties are not eligible for the best rates in the market as single unit rentals are no longer considered "insurable" by mortgage default insurers. The best rates are for those mortgages which are already insured, or are insurable in nature, which unfortunately, rental properties no longer are.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Sr. Member
May 1, 2017
815 posts
180 upvotes
k18chan wrote:
Oct 15th, 2017 3:55 pm
Mortgage renewal Feb 2018 for Rental Condo in GTA.
Current mortgage with BMO - 30 years amortization; 20% Down; Appraised at 334k (2 yrs ago); Principal Amount 253k (when due)
What types of rates could I expect to get for 3 or 5 years fixed/variables?
Thank you.

Hello,

Rental rates for 5 years are 3.39% fixed, and 2.75% variable. Rates for 3 years are 3.09% fixed, and 3.10% variable!

Cheers,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
Apr 26, 2004
1939 posts
54 upvotes
GTA
ediasn wrote:
Oct 15th, 2017 7:29 pm
can anyone provide mortgage for an investment property? previously was recommended to go to big banks but wondering if a broker can give a good rate? also, what are rates for investment properties right now? 5 yr fixed.
Depending on the closing date and amortization you can get 3.19%
Mortgage Specialist in the GTA here to answer all your questions.
Sr. Member
May 1, 2017
815 posts
180 upvotes
SyndicateLeader wrote:
Oct 14th, 2017 3:10 pm
Thanks, good points. Yes, it is definitely a collateral mortgage, which I don't really mind as long as the potential fees at the end are offset by the discount. Their rate for mortgage is 3.35, so 0.15 higher. So at -0.75, I'm looking at 2.6%
Hi there,

Yes that is currently the best offer from TD. Just remember that it's a collateral mortgage which will be fairly limiting to you in the future. You can achieve the same rate through a lender who offers standard charge mortgages!

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
May 26, 2007
3 posts
3 upvotes
Toronto
Hi there,

Need to refinance a modest mortgage ($150,000) in Toronto, on a property worth around $800,000. Need total mortgage/line around $250,000, for loan consolidation and future property improvements. Ready to proceed. Need to break current mortgage (closed variable with BMO). As such, am aware of the transaction costs & fees involved, which do add up due to refinance, and trying to minimize obviously. Good income, good credit. Wondering what rates I can get for 5-yr variable, or 5-yr fixed? Any good advice I could consider? Appreciate any reply or PM. Thanks a lot.
Member
Jan 9, 2007
222 posts
11 upvotes
Ontario
Hi Looking for some advice:

Current Mortgage: RBC - $350000, HELOC $35000. Looking to refinance. Renewal date is November 30th. Best RBC is offering is 3.24 and am looking for a good 5-year fixed rate or a lesser term if the rate is worth it. Will amortize over 20 or 25 years pending upon the payment. House is worth at least $500000. What is the equation for calculating if it worth it to switch mortgages also?
Thanks in advance
Last edited by B Prime on Oct 16th, 2017 12:12 pm, edited 1 time in total.
Member
Dec 21, 2009
236 posts
19 upvotes
Toronto
We are due for renewal in January. Bank called today saying we can renew 150 days prior and offered a 2 year fixed @ 2.89%.

I am looking for a longer fixed @ lower rates. / any good variable going on now?

Any recommendations would be appreciated thanks.
Member
Dec 14, 2001
400 posts
105 upvotes
Agents in the thread - I'm looking for a 5 year fixed rate on $600K, We will be putting $200K down (25%) = $800K property. We are a $250+K annual household. Mortgage payed off on current house. Have a pre-approval from my TD Bank for 2.56% until Nov 1, however, won't be able to close by then and TD says they won't extend for me? 30 year customers who had all our past mortgages with them and have substantial holdings with TD????

Thanks
BBucKK
Sr. Member
May 1, 2017
815 posts
180 upvotes
thegoodguy wrote:
Oct 16th, 2017 12:06 pm
Hi there,

Need to refinance a modest mortgage ($150,000) in Toronto, on a property worth around $800,000. Need total mortgage/line around $250,000, for loan consolidation and future property improvements. Ready to proceed. Need to break current mortgage (closed variable with BMO). As such, am aware of the transaction costs & fees involved, which do add up due to refinance, and trying to minimize obviously. Good income, good credit. Wondering what rates I can get for 5-yr variable, or 5-yr fixed? Any good advice I could consider? Appreciate any reply or PM. Thanks a lot.
Hi there,

for a refinance, the best rate for a 5 year fixed mortgage is 3.19% - 3.14%, and the best variable is around 2.6%-2.7%. You can also get 3.09% on a 3 year fixed term!

Regards,

Connor
Last edited by GreenMortgages on Oct 16th, 2017 12:26 pm, edited 1 time in total.
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Sr. Member
May 1, 2017
815 posts
180 upvotes
B Prime wrote:
Oct 16th, 2017 12:12 pm
Hi Looking for some advice:

Current Mortgage: RBC - $350000, HELOC $35000. Looking to refinance. Renewal date is November 30th. Best RBC is offering is 3.24 and am looking for a good 5-year fixed rate or a lesser term if the rate is worth it. Will amortize over 20 or 25 years pending upon the payment. House is worth at least $500000. What is the equation for calculating if it worth it to switch mortgages also?
Thanks in advance
Hi there,

The best refinance rates right now are in and around 3.19% for a 5 year fixed term. You can get a slightly better rate at a shorter term. The calculation to explore whether switching the mortgage will be worth it is a comparison of interest payable and remaining balance between the two terms in questions. It can be fairly long and a bit convoluted to do on your own - you should have a mortgage agent/broker run the comparisons for you!

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Sr. Member
May 1, 2017
815 posts
180 upvotes
wasape wrote:
Oct 16th, 2017 12:15 pm
We are due for renewal in January. Bank called today saying we can renew 150 days prior and offered a 2 year fixed @ 2.89%.

I am looking for a longer fixed @ lower rates. / any good variable going on now?

Any recommendations would be appreciated thanks.
Hi there,

You are within a 120 day window for closing, so you can lock in to many great products as of today. In order to see if there are better rates and products available to you, we need to know more about your specific situation since the mrotgages available today are highly dependant on a number of facts which differ between borrowers.

1. How much is your property worth?
2. What is the balance of the mortgage?
3. Was your mortgage ever insured i.e. did you have less than 20% as a down payment initially?
4. Who is your current mortgage with?
5. Where is the property located (approximately)?

The answers to the above will determine the products available to you!

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Member
Dec 21, 2009
236 posts
19 upvotes
Toronto
GreenMortgages wrote:
Oct 16th, 2017 12:35 pm
Hi there,

You are within a 120 day window for closing, so you can lock in to many great products as of today. In order to see if there are better rates and products available to you, we need to know more about your specific situation since the mrotgages available today are highly dependant on a number of facts which differ between borrowers.
.
.
.
The answers to the above will determine the products available to you!

Regards,

Connor
1. How much is your property worth? 400000 (when I bought it, not sure about now)
2. What is the balance of the mortgage? 270000
3. Was your mortgage ever insured i.e. did you have less than 20% as a down payment initially? yes
4. Who is your current mortgage with? RBC
5. Where is the property located (approximately)? Markham
Sr. Member
May 1, 2017
815 posts
180 upvotes
wasape wrote:
Oct 16th, 2017 1:06 pm
1. How much is your property worth? 400000 (when I bought it, not sure about now)
2. What is the balance of the mortgage? 270000
3. Was your mortgage ever insured i.e. did you have less than 20% as a down payment initially? yes
4. Who is your current mortgage with? RBC
5. Where is the property located (approximately)? Markham
Hello,

Since your mortgage was already insured, the best rates in the market will be available to you! As low as P-1.15% variable for 5 years, and 2.84% fixed.

Regards,

Connor
Last edited by GreenMortgages on Oct 16th, 2017 1:14 pm, edited 1 time in total.
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Oct 15, 2017
1 posts
St-hubert, Québec, C…
so what is the best variable rate people are getting right now? Is no one getting below prime any more? Unfortunately my per-approval for P-0.7 expired and I was stupid enough not keep track of time. Also, is it more difficult to get a mortgage these days?
Cedric Lajoie Your text to link here...is a real estate specialist from Saint-Hubert, Quebec, Canada. He is an owner at Goterreno and working as real estate expert.
Deal Addict
Feb 2, 2014
4639 posts
947 upvotes
Toronto
Those rates are typical from Big Banks, but nothing special.

When is your renewal date?

Rates START at 2.05% 5-year variable and 2.74% 5-year fixed. You can start shopping for an approval once you are within 90 -120 days of your renewal date.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative

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