Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Oct 23rd, 2018 1:05 am
Newbie
Jan 11, 2017
25 posts
7 upvotes
PaulMeredith wrote:
Dec 9th, 2017 11:56 am
Lowest 5 year fixed priced over a million would be 3.14% vs. the 2.69% - 2.94% if under a million.

2 year fixed products are not really competitive with non-bank lenders right now. Lowest 2 year would be 2.84%, which would be with a big bank and can be obtained through any regular posting broker on this board.
Thank you Paul !
Newbie
Dec 8, 2017
1 posts
Hello All!
I have a scotia STEP program with two mortgages on one property. The bank told us to do that when we ported a mortgage to our new house. one is $150 000 and due in March, other is $120 000 and due in June. First is 2.8% and second is 2.9%.
We are interested in refinancing to use the equity in our house. Worth approx. $450 000. Would like to take out max 80%.
Is it best to stay with scotia? If we refinance do we have to pay lawyer etc no matter if we stay at scotia or move?
Thank you for all the info you put on this forum, It has been GOLD!
Newbie
Jan 11, 2017
25 posts
7 upvotes
How long does it take the brokers here to do the mortgage approval, provided the applicants finances are in order.
Deal Addict
User avatar
Sep 13, 2011
3888 posts
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Toronto
Bigjaye47 wrote:
Dec 9th, 2017 3:23 pm
How long does it take the brokers here to do the mortgage approval, provided the applicants finances are in order.
It really depends on the lender. In many cases a commitment can be issued less than 24 hours, but some lenders take a bit longer. Can you give me bit more information about your situation? Do you have a renewal coming up or a closing date on a purchase?
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
Apr 26, 2004
2032 posts
62 upvotes
GTA
darshitm wrote:
Dec 9th, 2017 12:00 pm
My mortgage is coming up for renewal in April 2018. Would like to know what are the best rates available. Details below

House value 1 million
Renewal amount: $315,000
LOC: $350,000
Drawn $180k from LOC.

Current mortgage @2.69 fixed with TD.
Since your house value is at 1 million and you need a heloc. You should be able to get 3.05% on a 5 year fixed rate and have all your fees and expenses paid for in the transfer.
Mortgage Specialist in the GTA here to answer all your questions.
Deal Fanatic
User avatar
Feb 2, 2014
5407 posts
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Toronto
cheshire3 wrote:
Dec 9th, 2017 3:15 pm
Hello All!
I have a scotia STEP program with two mortgages on one property. The bank told us to do that when we ported a mortgage to our new house. one is $150 000 and due in March, other is $120 000 and due in June. First is 2.8% and second is 2.9%.
We are interested in refinancing to use the equity in our house. Worth approx. $450 000. Would like to take out max 80%.
Is it best to stay with scotia? If we refinance do we have to pay lawyer etc no matter if we stay at scotia or move?
Thank you for all the info you put on this forum, It has been GOLD!
It depends on how big the existing lien is on the property. You can PM me the address and I can look it up.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Sr. Member
Aug 14, 2006
749 posts
20 upvotes
Looking to get 3rd property as primary residence and want to know what i'd roughly qualify for rate wise. I've been told I will only qualify with very few lenders and rates of 3.39% will be the best fixed I can get.

PP is going to be between 450-500K down payment and closing will be 50K. Aiming for a minimum 10% down also have not purchased yet but will start looking and seeing homes this week.
My Current Situation:

Property 1 - Currently Rented out to a tenant, 410K value and balance of 203K left at prime - 0.9 due in Oct 2019
Property 2 - Currently My Primary residence, 440K value and a balance of 224K approximately also variable at 2.1 due Sept 2020 This one will be rented out and I already have a few prospects lined up
Property 3 will be what I purchase hopefully as per above with a value of 450-500K with 50K down payment and closing costs. I'm hoping if possible to take a LOC to get up to 20% if needed based on the property if I go to 500K.

If anyone can help or have some insight but need more info please PM me.

Thanks,
Newbie
Feb 13, 2017
5 posts
1 upvote
Are readvanceable mortgage available outside of the big banks? Looking to buy a primary residence for 700k, 30% down. Should I expect to pay higher rates in an readvanceable mortgage compared to a conventional fixed mortgage?

Thanks in advance.
Newbie
Dec 10, 2017
9 posts
So my wife and I are currently screwed...

Bought our house 6 years ago with a variable rate mortgage on a five year term, locked in a fixed rate 2 years in resetting our term to a new 5 year term. 3 years in (3 years ago) we sold our house due to a job transfer and ported our mortgage over to our new house. Last year I lost my job, I returned after taking 6 months off with my newborn and I was bought out after 20 years of service. I received a payout equal to 3/4 of a years wages. Was hit pretty hard and went into a steep depression. Finances suffered as I was the person in charge of all bills and we had many missed credit card payments. Our finances were tight for a year before my job loss because my wife and I each took 6 months off back to back for parental leave after our son was born. We use to pay extra on our mortgage but had to use up that extra on a 'payment vacation' after I lost my job. It was stupid but i digress. 6 months ago I found a new job but at a salary cut from my previous job. Onto our current situation.

Mortgage renewal is April of 2018 with TD
Property Value (using 10% below sales in the neighborhood on comps, not an appraisal value) $455,000
Amount remaining on our mortgage $321,000
Current rate 2.89%
Our mortgage is insured as we had 14% down when we bought our first house and 15% down when we ported.

Debt
2015 Jeep Grand Cherokee - owe $4976, paying $311 biweekly (16 payments left) TD AutoFinance
LOC @ Prime + 9% (recently went up to that after missing payments for 3 months straight) with TD - $9,000, limit of $10,000
TD Visa - $4700, Limit of $5000
Scene Visa - $700, Limit of $1000
Retailer MasterCard - $2100, Limit of $3500
Credit scores - Both my wife and I are in the 610 - 620 range
We have multiple 2 and 3 months late on the LOC & credit cards. We have never missed a payment on the vehicle or the mortgage.

Assets
$110,000 my RRSP account
$30,000 in my TFSA account
2011 Honda Odyssey

Income
We make $100,000 a year pre deductions. About $72,000 after all the sticky fingers get in there...

Monthly fixed Expenses
$1000 for Daycare
$200 for utilities (Natural Gas, Hydro, Internet)
$140 for Cell Phones (wife and mine)

So why am I posting? Well TD called me and offered an early renewal at 4.99% on a 5 year fixed, closed mortgage. I don't know that with our current financial situation if we can pass the new stress tests coming next year so an early renewal sounds great (I am assuming they are not even looking at our finances...) but there is no way I am willing to sign on for a 4.99% mortgage! I told TD to give me a few day to think about it. If I start negotiating I believe they will pull our reports, our assets are fine but our credit scores are terrible. The positive news is that we have not missed any payments in 5 months and are chipping down on our debt obligations. Once the vehicle is paid off in 4 months we can accelerate that.

Do I even have a position to negotiate from? If TD pulls our reports are we going to be forced to sell our house? At this point my plan was to cash out enough from my TFSA to eliminate our debt in February before renegotiating in April but if we can't pass the new stress tests it wont really matter...
Deal Addict
User avatar
Sep 13, 2011
3888 posts
1260 upvotes
Toronto
Houstonwehaveaproblem wrote:
Dec 11th, 2017 10:17 am
So my wife and I are currently screwed...

Bought our house 6 years ago with a variable rate mortgage on a five year term, locked in a fixed rate 2 years in resetting our term to a new 5 year term. 3 years in (3 years ago) we sold our house due to a job transfer and ported our mortgage over to our new house. Last year I lost my job, I returned after taking 6 months off with my newborn and I was bought out after 20 years of service. I received a payout equal to 3/4 of a years wages. Was hit pretty hard and went into a steep depression. Finances suffered as I was the person in charge of all bills and we had many missed credit card payments. Our finances were tight for a year before my job loss because my wife and I each took 6 months off back to back for parental leave after our son was born. We use to pay extra on our mortgage but had to use up that extra on a 'payment vacation' after I lost my job. It was stupid but i digress. 6 months ago I found a new job but at a salary cut from my previous job. Onto our current situation.

Mortgage renewal is April of 2018 with TD
Property Value (using 10% below sales in the neighborhood on comps, not an appraisal value) $455,000
Amount remaining on our mortgage $321,000
Current rate 2.89%
Our mortgage is insured as we had 14% down when we bought our first house and 15% down when we ported.

Debt
2015 Jeep Grand Cherokee - owe $4976, paying $311 biweekly (16 payments left) TD AutoFinance
LOC @ Prime + 9% (recently went up to that after missing payments for 3 months straight) with TD - $9,000, limit of $10,000
TD Visa - $4700, Limit of $5000
Scene Visa - $700, Limit of $1000
Retailer MasterCard - $2100, Limit of $3500
Credit scores - Both my wife and I are in the 610 - 620 range
We have multiple 2 and 3 months late on the LOC & credit cards. We have never missed a payment on the vehicle or the mortgage.

Assets
$110,000 my RRSP account
$30,000 in my TFSA account
2011 Honda Odyssey

Income
We make $100,000 a year pre deductions. About $72,000 after all the sticky fingers get in there...

Monthly fixed Expenses
$1000 for Daycare
$200 for utilities (Natural Gas, Hydro, Internet)
$140 for Cell Phones (wife and mine)

So why am I posting? Well TD called me and offered an early renewal at 4.99% on a 5 year fixed, closed mortgage. I don't know that with our current financial situation if we can pass the new stress tests coming next year so an early renewal sounds great (I am assuming they are not even looking at our finances...) but there is no way I am willing to sign on for a 4.99% mortgage! I told TD to give me a few day to think about it. If I start negotiating I believe they will pull our reports, our assets are fine but our credit scores are terrible. The positive news is that we have not missed any payments in 5 months and are chipping down on our debt obligations. Once the vehicle is paid off in 4 months we can accelerate that.

Do I even have a position to negotiate from? If TD pulls our reports are we going to be forced to sell our house? At this point my plan was to cash out enough from my TFSA to eliminate our debt in February before renegotiating in April but if we can't pass the new stress tests it wont really matter...
The numbers will likely work for you, but it's your credit that will likely be a problem if your scores really are where you say they are. I would suggest reaching out to a broker to check this for you. Whatever you do, DO NOT take a 5 year fixed! What you need here is a 1 year fixed, even if it's at a higher rate. Some of your debt could also be consolidated for you if need be.

Like I said, reach out to a broker to let them fully assess your situation and to find out the best solution for you.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Sr. Member
Sep 9, 2008
564 posts
106 upvotes
Mississauga
Houstonwehaveaproblem wrote:
Dec 11th, 2017 10:17 am
So my wife and I are currently screwed...

Bought our house 6 years ago with a variable rate mortgage on a five year term, locked in a fixed rate 2 years in resetting our term to a new 5 year term. 3 years in (3 years ago) we sold our house due to a job transfer and ported our mortgage over to our new house. Last year I lost my job, I returned after taking 6 months off with my newborn and I was bought out after 20 years of service. I received a payout equal to 3/4 of a years wages. Was hit pretty hard and went into a steep depression. Finances suffered as I was the person in charge of all bills and we had many missed credit card payments. Our finances were tight for a year before my job loss because my wife and I each took 6 months off back to back for parental leave after our son was born. We use to pay extra on our mortgage but had to use up that extra on a 'payment vacation' after I lost my job. It was stupid but i digress. 6 months ago I found a new job but at a salary cut from my previous job. Onto our current situation.

Mortgage renewal is April of 2018 with TD
Property Value (using 10% below sales in the neighborhood on comps, not an appraisal value) $455,000
Amount remaining on our mortgage $321,000
Current rate 2.89%
Our mortgage is insured as we had 14% down when we bought our first house and 15% down when we ported.

Debt
2015 Jeep Grand Cherokee - owe $4976, paying $311 biweekly (16 payments left) TD AutoFinance
LOC @ Prime + 9% (recently went up to that after missing payments for 3 months straight) with TD - $9,000, limit of $10,000
TD Visa - $4700, Limit of $5000
Scene Visa - $700, Limit of $1000
Retailer MasterCard - $2100, Limit of $3500
Credit scores - Both my wife and I are in the 610 - 620 range
We have multiple 2 and 3 months late on the LOC & credit cards. We have never missed a payment on the vehicle or the mortgage.

Assets
$110,000 my RRSP account
$30,000 in my TFSA account
2011 Honda Odyssey

Income
We make $100,000 a year pre deductions. About $72,000 after all the sticky fingers get in there...

Monthly fixed Expenses
$1000 for Daycare
$200 for utilities (Natural Gas, Hydro, Internet)
$140 for Cell Phones (wife and mine)

So why am I posting? Well TD called me and offered an early renewal at 4.99% on a 5 year fixed, closed mortgage. I don't know that with our current financial situation if we can pass the new stress tests coming next year so an early renewal sounds great (I am assuming they are not even looking at our finances...) but there is no way I am willing to sign on for a 4.99% mortgage! I told TD to give me a few day to think about it. If I start negotiating I believe they will pull our reports, our assets are fine but our credit scores are terrible. The positive news is that we have not missed any payments in 5 months and are chipping down on our debt obligations. Once the vehicle is paid off in 4 months we can accelerate that.

Do I even have a position to negotiate from? If TD pulls our reports are we going to be forced to sell our house? At this point my plan was to cash out enough from my TFSA to eliminate our debt in February before renegotiating in April but if we can't pass the new stress tests it wont really matter...
You have 7500 in CC debt and 9000 in LOC. I would use the TFSA immediately and kill that asap. You are most likely paying huge interest on the CC.
Also what is the interest rate on the car loan? Pay it off as well if interest is more than 3-4%.

Once you pay off your CC/LOC, your credit-utilization ratio will go down and your credit score should improve! Credit utilization makes up ~ 1/3 of your score.

You should open a Home Equity LOC which will have a rate of P+0.5% once your credit score improves to around 700.
Deal Addict
Mar 10, 2010
1755 posts
453 upvotes
Our house is coming up for renewal in Feb 2019 with CIBC on a variable rate at 2.7%, I'm looking at renewing now instead of waiting if it makes sense for us, the buyout isn't too expensive. Our place was just valued by our realtor at $850,000 and we only owe $265,000 with $100,000 on a Home Equity Line of Credit at 3.7% that we used for renovations. Is it possible to get one mortgage for $365,000 combining the line of credit and mortgage into one?

If so, what rates could we get with a 5 year variable? One other question I have is I worked for 13 years in IT before leaving for a new job with a University in June. I'm a permanent employee and it's a secure job working full time, but does it make a difference on my application that I've only been at my current job for 6-7 months? I do have excellent credit.
Deal Addict
Apr 26, 2004
2032 posts
62 upvotes
GTA
Vitalogy80 wrote:
Dec 11th, 2017 11:24 am
Our house is coming up for renewal in Feb 2019 with CIBC on a variable rate at 2.7%, I'm looking at renewing now instead of waiting if it makes sense for us, the buyout isn't too expensive. Our place was just valued by our realtor at $850,000 and we only owe $265,000 with $100,000 on a Home Equity Line of Credit at 3.7% that we used for renovations. Is it possible to get one mortgage for $365,000 combining the line of credit and mortgage into one?

If so, what rates could we get with a 5 year variable? One other question I have is I worked for 13 years in IT before leaving for a new job with a University in June. I'm a permanent employee and it's a secure job working full time, but does it make a difference on my application that I've only been at my current job for 6-7 months? I do have excellent credit.
You changing jobs won’t effect the application as you’re a full time permanent employee. You may be asked to provide an employement letter just to verify this.

Your best bet would be to refinance and get a heloc. Right now you can refinance the 365k amount into a variable mortgage rate of 2.5% with 1500$ cash back if you were also to get a heloc. The cash back can help with the penalty and transfer costs. Have you asked cibc what the penalty would be?
Mortgage Specialist in the GTA here to answer all your questions.
Newbie
Dec 10, 2017
9 posts
Szharkov wrote:
Dec 11th, 2017 11:00 am
You have 7500 in CC debt and 9000 in LOC. I would use the TFSA immediately and kill that asap. You are most likely paying huge interest on the CC.
Also what is the interest rate on the car loan? Pay it off as well if interest is more than 3-4%.

Once you pay off your CC/LOC, your credit-utilization ratio will go down and your credit score should improve! Credit utilization makes up ~ 1/3 of your score.

You should open a Home Equity LOC which will have a rate of P+0.5% once your credit score improves to around 700.
The problem with the TFSA is that I started it 6 months ago with $8000, its now at $30,000 so my ROE% is higher than my interest rate.

Car loan is 3.5%, we paid 60% cash up front and financed the remaining 40% over 3 years.

Its hard to sell out now... I believe I can pull in another 10% before February...
Newbie
Dec 10, 2017
9 posts
PaulMeredith wrote:
Dec 11th, 2017 10:47 am
The numbers will likely work for you, but it's your credit that will likely be a problem if your scores really are where you say they are. I would suggest reaching out to a broker to check this for you. Whatever you do, DO NOT take a 5 year fixed! What you need here is a 1 year fixed, even if it's at a higher rate. Some of your debt could also be consolidated for you if need be.

Like I said, reach out to a broker to let them fully assess your situation and to find out the best solution for you.
I never even thought of that... If they are offering me posted rate on a 5 year I should be able to get the posted rate of 3.04% on the one year... Would be in a substantially better financial place one year from now.

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