Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 22nd, 2018 9:36 am
Deal Addict
Feb 2, 2014
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b2heaven wrote:
Oct 14th, 2017 11:32 pm
To any agents in this thread, I am looking to see if I can get an 700-800k mortgage with my current situation.

180k+bonus household income + 2 rental properties that are both positive cashflow. Please PM - thanks!
There's a lot of math to determine how much you can qualify for (given the rental properties you currently own). You're going to have to complete an application to get a correct answer on this.
Kevin Somnauth, CFA
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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
You can get 3.14% 5-year fixed, but keep in mind, you have to cover legal and possibly appraisal fees for a refinance (about $1000 - $1300).
Kevin Somnauth, CFA
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Dec 21, 2009
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GreenMortgages wrote:
Oct 16th, 2017 1:14 pm
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
Oh sorry I miss read one of the questions. I did pay 20% down. So I guess I am not insured. How will that differ. THanks.
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May 1, 2017
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wasape wrote:
Oct 16th, 2017 1:51 pm
Oh sorry I miss read one of the questions. I did pay 20% down. So I guess I am not insured. How will that differ. THanks.
Oh, no problem. The rates available in this case are a tad higher. You can get 2.94% to 2.99% 5 year fixed, and p-0.85% - p-0.90% variable!

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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the_norm wrote:
Oct 6th, 2017 11:44 am
I wanted to give a quick shout out to Paul Meredith and his team for handling my recent mortgage. I was able to get a great rate and my many questions were answered very quickly and professionally. The entire transaction went off smoothly without a hitch and I cannot thank Paul and his team enough for guiding me through the process and providing valuable advice.
Thanks for the kind words! It was a pleasure to serve you. :)
Paul Meredith
Mortgage Broker
CityCan Financial Corp (lic. 10532)
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GreenMortgages wrote:
Oct 16th, 2017 9:35 am
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
Glad I converted my variable rate mtg to a 5 yr fixed at 2.59% for one of my rental properties ~3 months ago. 30 yr amortization too.
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For those looking for variable rates, there is now a great P-90 available for conventional deals. Insured mortgages may get P-1.15% still.
Andre Oliveira - Mortgage Agent
FSCO # 10428 - Mortgage Intelligence
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need some guidance. details about current situation are in the 5 points below.
TD (collateral mortgage) recently suggested I can lock-in my rate at around 2.8% (could have been 2.9%) for the balance of the term (2 years left)....
Should I be seriously considering this? Or leave it as it is...
I'm ususally pretty risky with my investments and hence chose variable 3 years ago...

1. How much is your property worth? $480k when bought 3 years ago, likely $680-700k now.
2. What is the balance of the mortgage? $340k
3. Was your mortgage ever insured i.e. did you have less than 20% as a down payment initially? we did 20%
4. Who is your current mortgage with? TD - TD Mortgage Prime - 0.6% = Currently at 2.75% Variable with 2 years left in term
5. Where is the property located (approximately)? Mississauga
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Speedy1 wrote:
Oct 16th, 2017 4:32 pm
Glad I converted my variable rate mtg to a 5 yr fixed at 2.59% for one of my rental properties ~3 months ago. 30 yr amortization too.
For sure! That sort of rate has completely evaporated from the market in the last few months. You picked a good time to switch.

Regards,

Connor
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Connor Green
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Concierge Mortgage Group
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Jan 21, 2017
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Anyone knows if the new stressed test will be confirmed? If so, I assume it will put additional downward pressure on pricing?
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DPR2017 wrote:
Oct 16th, 2017 6:37 pm
Anyone knows if the new stressed test will be confirmed? If so, I assume it will put additional downward pressure on pricing?
Not yet, but possible something could be announced as soon as tomorrow. I would not count on it to have any downward pressure on pricing whatsoever.
Paul Meredith
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PaulMeredith wrote:
Oct 16th, 2017 6:45 pm
Not yet, but possible something could be announced as soon as tomorrow. I would not count on it to have any downward pressure on pricing whatsoever.
how come? doesn't that further reduce the buying power?
Newbie
Oct 15, 2017
1 posts
Hi all,

I'm currently purchasing my first house in northern BC (Prince George) and was wondering if I could get some advice on rates.

The house price is 312k and I'll be putting 20% down. I'm looking at 3 year fixed and variable, and 5 year variable. I've checked with multiple local brokers and their rates are quite a bit higher than anything I've seen on here. The best rates I've been given from 3 brokers are 3.04% 3-year fixed, 2.7% 3-year variable, and 2.7% 5 year variable. I've been told I could get a better rate with an insured mortgage but my understanding is it's always better to avoid paying CMHC.

I feel like I should be able to do better than those rates, but I'm not completely sure. I have a quick close of Nov 10th so I'm not sure what's possible at this point.

Any advice from the experts would be greatly appreciated.
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Not necessarily. Financing limitations only adversely affect those who need financing and/or that are trying to qualify for higher amounts. If I cannot get approved for a 800k purchase and need to purchase something up to 600k, I will look for a 600k property. It does not mean the person selling the 800k property will need to reduce the price now to 600k, as there will be someone who will qualify for that 800k purchase or simply buy it and pay cash.

1y ago, the government introduced the new mortgage rules currently in place, and those were some really tough new rules. Did that impact the markets as intended? The controversy is out there. I saw a marginal reduction is selling prices in the markets I monitor, and it already looks like they are moving up in some of those markets. There are days I see 2 different news articles, 1 reporting a decline in prices and the other reporting price increases. Some realtors are telling me of bidding wars already, although not as fierce as before.
DPR2017 wrote:
Oct 16th, 2017 9:00 pm
how come? doesn't that further reduce the buying power?
Andre Oliveira - Mortgage Agent
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My new condo will be built in a month and I need a morgage. Never had one before. I am looking for a potential 5 years, probably around 150k morgage out of 200k. I made a downpayment of 40k plus will do an extra 10k.

I can also pay the whole condo with cash, I have enough assets. But I prefer to use morgage.

What is my best option for a fixed? HSBC at 3.04%? Can I get Tangerine to match it (is Tangerine morgage even good?)? Can I negociate even lower than 3.04%?

And what is the CMHC? What is APR? Do I even need any of them for a newly built condo and will be delivered to me this December 2017?

Looking for fixed, conventional.
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