Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Mar 28, 2004
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rateconnect wrote: Much better rates available to you

If located in Ontario 2.34% 5 yr fixed or 2.39% outside ON

Phil
Who is giving 2.34? restricted?
Deal Guru
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Feb 2, 2014
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winner2000 wrote: This might be a bit off topic for this thread - but I have a mortgage with EQ currently, and would like to get a separate HELOC. What is the best way to do this, as someone informed me I would have to get my entire mortgage refinanced and get both of these (new mortgage + HELOC) at the same time? Is it not possible to get a separate HELOC with another financial institution? Are there any options available to me?
Yes, Manulife and TD are great for approving LOCs in 2nd position.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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freewheelin76 wrote: CMHC insured so I was told I need legal and title change
Very incorrect. You just need to cover the discharge fee.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Jun 1, 2015
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Paul and Nikola,

Could you please share what is the approximate mortgage amount that you and/or other brokers would consider to be small? I know you can't speak for all brokers out there and likely each broker determines what they consider small- just hoping for a rough idea.

My impression from reading some of the recent posts is that one is not likely to get the best rates available if they have a small mortgage.
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Nov 17, 2003
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CdnRealEstateGuy wrote: Very incorrect. You just need to cover the discharge fee.
So literally my only fee would have been w/e scotia's discharge fee would have been. I'm going to have to confirm if my original loan was in fact standard charge. I don't recall an amount higher than the value of the home originally but again this was 10 years ago and this is my second renewal.
R U PACKIN HEAT?
Newbie
Jun 18, 2016
7 posts
1 upvote
Hello!
I'm looking to a mortgage refinance:

-Roughly, what is the current market value of the property? $880,000
-What is the current mortgage owing? $26,000 + 80,000 HELOC
-How much do you want to borrow (refinance)? $140,000 mtg fixed + max possible HELOC (500-600K)
-Is the property owner-occupied or a rental? Owner (13y)
-Where is the property located? North Delta, BC
-When do you want to close on the refinance? Nov 2019
Both me and my husband have excellent credit score over 850 and our total income will be over 200,000/y (just starting my job now)
Member
May 30, 2008
274 posts
70 upvotes
Saskatchewan
Hello! Up for renewal in November.

-$400k left at maturity
-Located in Moose Jaw, SK
-When is the closing date? November
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
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Sep 19, 2012
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Ziggy007 wrote: What are the best rates available on the market for a 5 year fixed?
New home purchased with girlfriend closing end of October
Purchase price = 870k
Downpayment = 50%
Income = approx 220k combined
Credit scores = 800+ for both
Debts = none
Work for a big five bank and would prefer to go through them for simplicity but they are playing hardball and not budging even five basis points (quoted 2.89), even in the face of a slowing market and likely pending BoC rate drops
Depends on where you live! 2.34% on a 5-year fixed with Meridian if you're an hours drive from a Meridian branch (in Ontario). Best rates after that is 2.39% - depending on which province you're in it's either MCAP or RFA. MCAP would be restricted (bonafide sales clause), RFA would be unrestricted.
freewheelin76 wrote: Does anyone who has gone through the process have any estimate of actual costs to switch an insured mortgage? Looking like I'm going to have to go through this process as Scotia is not budging even after throwing them a rate hold at 2.49.
You're in Alberta no? Lenders can't charge a discharge, assignment or document prep fee here. The only costs you should face are appraisal and legal fees (often done with FCT, or if with a lawyer, done under the "Western Conveyancing Protocol"). Lots of lenders here will cover all of those costs. Some lenders will also cover the collateral charge switch costs too. You want a 2 year term though so you're probably in a bit of a pickle as the best 2-year term is with Motusbank and they won't cover legal and appraisal fees. Try Servus, Spark or ConnectFirst CUs - they might give you some love. Do you happen to work for TC Energy? They've got a CU that'll give you a good rate too!
winner2000 wrote: This might be a bit off topic for this thread - but I have a mortgage with EQ currently, and would like to get a separate HELOC. What is the best way to do this, as someone informed me I would have to get my entire mortgage refinanced and get both of these (new mortgage + HELOC) at the same time? Is it not possible to get a separate HELOC with another financial institution? Are there any options available to me?
Lots of lenders will go in 2nd position with a HELOC, but by far and away the best is Motusbank. They've confirmed they'd go in second position and their rate will be unbeatable (p+0.05%,roughly). Manulife and TD may go down that far but you have to haggle and you probably need a lot of leverage (ie: tons of assets with those guys!).
RigorMortis wrote: Could you please share what is the approximate mortgage amount that you and/or other brokers would consider to be small? I know you can't speak for all brokers out there and likely each broker determines what they consider small- just hoping for a rough idea.
My impression from reading some of the recent posts is that one is not likely to get the best rates available if they have a small mortgage.
Yes that is 100% correct. The answer is because of commission. For example, when I buy down the rate to the absolute bottom I get paid 0.2% of the mortgage balance as commission. On a $100k mortgage that's probably some $170 after my brokerage takes its cut. Peanuts right? I can personally do that kind of deal because my cost structure is super cheap. Other shops maybe can't (or won't) do that: they may need to pay admin staff, an office lease etc. I don't have those issues because I can offset my overhead costs with other lines of business.
IrinaI751476 wrote: Hello!
I'm looking to a mortgage refinance:
-Roughly, what is the current market value of the property? $880,000
-What is the current mortgage owing? $26,000 + 80,000 HELOC
-How much do you want to borrow (refinance)? $140,000 mtg fixed + max possible HELOC (500-600K)
-Is the property owner-occupied or a rental? Owner (13y)
-Where is the property located? North Delta, BC
-When do you want to close on the refinance? Nov 2019
Both me and my husband have excellent credit score over 850 and our total income will be over 200,000/y (just starting my job now)
Call up Motusbank and try and get the 2.49% (for any term you like). Their default position will be to add 0.1% to the rate for a rate of 2.59%. YMMV with negotiating that - and you'll probably have to pay legal costs. Next best option is probably HSBC at 2.59% with up to $3k cash back. Again, legal costs will probably be payable. Final option, if you really want a broker, is probably MCAP Fusion at 2.59%. Legal costs will be covered and some brokers may throw in cash back to try and match up with the HSBC option.
XcaliburZero wrote: Hello! Up for renewal in November.
-$400k left at maturity
-Located in Moose Jaw, SK
-When is the closing date? November
-Will the property be owner-occupied or a rental? Owner-occupied
Thanks!
How much is the house worth? Did you pay CMHC insurance when you bought it? Need that info to accurately get a rate.

Good luck everyone!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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lindmar wrote: Who is giving 2.34? restricted?
Meridian Credit union full featured

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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XcaliburZero wrote: Hello! Up for renewal in November.

-$400k left at maturity
-Located in Moose Jaw, SK
-When is the closing date? November
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
Need more info please

Was the file previously insured
What is the current value
Any lines of credit tied to the property
Current lender

Can quote once we have the above

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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IrinaI751476 wrote: Hello!
I'm looking to a mortgage refinance:

-Roughly, what is the current market value of the property? $880,000
-What is the current mortgage owing? $26,000 + 80,000 HELOC
-How much do you want to borrow (refinance)? $140,000 mtg fixed + max possible HELOC (500-600K)
-Is the property owner-occupied or a rental? Owner (13y)
-Where is the property located? North Delta, BC
-When do you want to close on the refinance? Nov 2019
Both me and my husband have excellent credit score over 850 and our total income will be over 200,000/y (just starting my job now)
Best rate through the broker channel would be 2.59% 5 yr fixed with an loc

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Apr 14, 2016
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Hello, wondering what would be the best rate please -

Purchase price = 300-500k
Downpayment = 20% (or significantly more if it makes rate more attractive)
Income = approx 200k combined
Credit scores = both good
Debts = none
Province of purchase - Nova Scotia
Looking for basic mortgage rate (sounds like only fixed makes sense right now) and heloc please, thank you !
Newbie
Sep 22, 2019
1 posts
Hello!

I'm looking to a mortgage refinance to hopefully take advantage of the current rates. I’m currently on a variable. 3.30% with 2 years left on the term.

-Roughly, what is the current market value of the property? $493,000
-What is the current mortgage owing? $191,033.48
-How much do you want to borrow (refinance)? $191,033.48
-Is the property owner-occupied or a rental? Owner (7 yr)
-Where is the property located? Richmond, BC
-When do you want to close on the refinance? Oct,2019
I have a good credit score. My total income will be over 90k/yr
-Debts = None
Member
May 30, 2008
274 posts
70 upvotes
Saskatchewan
ahlaker wrote:

How much is the house worth? Did you pay CMHC insurance when you bought it? Need that info to accurately get a rate.

Good luck everyone!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
$565,000, insured.
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XcaliburZero wrote: $565,000, insured.
Insured rates can get 2.39% in SK but application needs to be put in right now (as in, in the next 3 hours because rates are increasing tonight). That would be MCAP Value Flex (bonafide sales clause). You can do a 2.39% with RMG but that comes with a very steep prepayment penalty (3% of the mortgage balance if you prepay before the 5-year term is up).

You could also get into a Manulife mortgage at 2.64% with a boatload of cash back - say $3500 or so. After accounting for the cash back the effective rate is something like 2.39% (assuming you put the cash back right onto the mortgage and assuming you can pay the extra $50/month for the higher rate).

Other options include HSBC at 2.59% with up to $2k in cash back or Motusbank at 2.49% (but you have to pay fees, unless you're a spectacular negotiator). Lots of options!
lindmar wrote: 5 year? Meridian offered me 2.49%
You betcha. Branches offer it at 2.49% but we get to "buy down" (ie: sacrifice some of our commission) to get it down to 2.34%. Same as the 2.39% insured deal, that we can get down to 2.24%. The drawback is that turnaround times at the branch are quick whereas we brokers get tossed into a queue and it'll take 5 business days (minimum) to get the file looked at.
MrRoboto69 wrote: Purchase price = 300-500k
Downpayment = 20% (or significantly more if it makes rate more attractive)
Income = approx 200k combined
Credit scores = both good
Debts = none
Province of purchase - Nova Scotia
Looking for basic mortgage rate (sounds like only fixed makes sense right now) and heloc please, thank you !
Get the down payment up to 35% and you can get 2.39% unrestricted from RFA. As of right now the best deal in NS, as far as I can tell Smiling Face With Open Mouth. Anything less than 35% down payment is probably best with Motusbank at 2.49%.
dnbcdeal wrote: I'm looking to a mortgage refinance to hopefully take advantage of the current rates. I’m currently on a variable. 3.30% with 2 years left on the term.
-Roughly, what is the current market value of the property? $493,000
-What is the current mortgage owing? $191,033.48
-How much do you want to borrow (refinance)? $191,033.48
-Is the property owner-occupied or a rental? Owner (7 yr)
-Where is the property located? Richmond, BC
-When do you want to close on the refinance? Oct,2019
I have a good credit score. My total income will be over 90k/yr
-Debts = None
Ask the current lender what they'll lock you in at. Probably your best bet is RFA at 2.44% 5-year fixed. Why? Your mortgage is too small so costs don't get covered unless broker (me!) pays for them from commission. To do 2.39% on your deal and pay for switch costs I'd be left with virtually no commission - that's why 2.44% is the rate (and not 2.39%!). That said, isn't everything negotiable? Winking Face

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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The only time I used a broker, it wasn't a great experience. I WOULD use a broker in this case for a great deal.

2.34% on a decent, low restriction mortgage sounds good. 35% down is doable.
Newbie
Sep 22, 2019
15 posts
4 upvotes
Hello,

Wife and I are looking to buy a new home as first time buyers. Would appreciate some inputs on possible mortgage rates.

One Q I have is the impact of a job switch on possible rates - wife will be back at work after Mat Leave and will likely look for a new job (better pay). I am interviewing with a well known company as well. Combined income is likely to go up by about 30k if we both switch.

Purchase price = 600-650k
Downpayment = 90-100k
Income = approx 160k combined
Credit scores = both 750+
Debts = Auto-Loan $25k
Province of purchase - Ontario (GTA)

Thanks!
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Feb 2, 2014
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freewheelin76 wrote: So literally my only fee would have been w/e scotia's discharge fee would have been. I'm going to have to confirm if my original loan was in fact standard charge. I don't recall an amount higher than the value of the home originally but again this was 10 years ago and this is my second renewal.
If you have the STEP product, then it’s a collateral charge. If not, you’re good, just the discharge.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Jan 31, 2018
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lindmar wrote: The only time I used a broker, it wasn't a great experience. I WOULD use a broker in this case for a great deal.

2.34% on a decent, low restriction mortgage sounds good. 35% down is doable.
You can do 2.34% with min 20% down

The brokers on this forum have years of experience and will get you the very best rates
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

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