Real Estate

The Official Mortgage Rates Thread

Member
Dec 5, 2009
221 posts
121 upvotes
I have a mortgage renewal coming up. My mortgage is around $150,000 and presently on variable. I have a very high credit rating and income enough for even for $350000 mortgage. What is the best variable rate I could get now?
Deal Addict
Nov 14, 2005
1188 posts
150 upvotes
Toronto
panda1 wrote: I have a mortgage renewal coming up. My mortgage is around $150,000 and presently on variable. I have a very high credit rating and income enough for even for $350000 mortgage. What is the best variable rate I could get now?
The best rate right now is prime - 60 but the penalty if you need to break it would be approx 3% of the outstanding balance, there are a few lenders at prime -50 or -55 with a normal prepayment penalty (3 month's interest)
_______________
Shawn Stillman, CA, CPA Mortgage Broker
Mortgage Outlet Inc. 12628 (FSCO - Ontario), X300374 (FICOM - BC), MW-1411078 (RECA - Alberta)
Deal Addict
Nov 14, 2005
1188 posts
150 upvotes
Toronto
mcdub wrote: Was offered the following over the phone from my Branch today

TD in Montreal
142K left on my condo, 3 years into it.
811 credit score
120 days from my renewal date

2 Year : 2.84
3 Year : 2.94
4 Year : 3.21
5 Year : 3.34

Variable 2.60
Given that your mortgage is collateral and that in most cases it will cost you 1k to move your mortgage, these rates aren't that bad. For all of them you would be able to do 10 to 15bp better but given the size of your mortgage it probably wouldn't make sense to move it.
_______________
Shawn Stillman, CA, CPA Mortgage Broker
Mortgage Outlet Inc. 12628 (FSCO - Ontario), X300374 (FICOM - BC), MW-1411078 (RECA - Alberta)
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User avatar
Jul 16, 2003
10398 posts
1464 upvotes
Toronto
panda1 wrote: I have a mortgage renewal coming up. My mortgage is around $150,000 and presently on variable. I have a very high credit rating and income enough for even for $350000 mortgage. What is the best variable rate I could get now?
Variable is trying to make a come back, but fixed rates also are getting more attractive. We are back to the 2.99% 5y fixed rate options. But only for closings within 30 days. Some lenders have prime -.50 for variable but the gap to a fixed rate is once again becoming narrow.
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Jr. Member
Mar 6, 2010
153 posts
22 upvotes
Toronto
Looking for a good 2yr, 3yr or 5yr fixed fixed for a $225,000 mortgage.

30 day closing on a 300K condo (investment property) - Ontario
Sr. Member
User avatar
Feb 13, 2009
553 posts
156 upvotes
Montreal
whats the difference between a investment property, and a property like a duplex i'm living in on the main floor and renting out the 2nd floor and the bachelor? (Is my property considered as a investment property as well? are there loan benefits or better tax implications?)
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Sep 13, 2011
5310 posts
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Toronto
kofmillenium wrote: whats the difference between a investment property, and a property like a duplex i'm living in on the main floor and renting out the 2nd floor and the bachelor? (Is my property considered as a investment property as well? are there loan benefits or better tax implications?)
As far as the banks or other mortgage lenders are concerned, it is an owner occupied rental and you would qualify for lowest rates. An investment property would be referring to a property that you don't live in and is 100% for investment purposes.

Hope this helps. Good luck!
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Aug 6, 2013
12 posts
Toronto
What are the best 5-year fixed rates, 120-day hold for switch, min. 15% pre-payment privileges, Ontario, $170k mortgage, o/o'd, 40% LTV?

Would a HELOC @ P+.5 be available through the same lender?
Deal Addict
Feb 22, 2007
1930 posts
205 upvotes
Mississauga
i have a renewal coming up with NBC on august 30th.

I currently have locked in:

3 year at 2.40%
5 year at 2.99%

anybody have better rates?
Jr. Member
Aug 23, 2007
116 posts
Toronto
hey I'm shopping for mortgage rates for renewal in September. I need referrals. Anyone? PM me.
Member
Dec 19, 2004
256 posts
16 upvotes
London
I have a rate hold on a 5 year fixed at 2.84%. Is it safe to assume that there is no point in shopping around and that I won't find a better rate at this time?
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Sep 13, 2011
5310 posts
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Toronto
anbgpl wrote: What are the best 5-year fixed rates, 120-day hold for switch, min. 15% pre-payment privileges, Ontario, $170k mortgage, o/o'd, 40% LTV?

Would a HELOC @ P+.5 be available through the same lender?
3.29% 5 year fixed and yes, you could get a HELOC through the same lender for Prime +0.50%
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5310 posts
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Toronto
pardnme wrote: i have a renewal coming up with NBC on august 30th.

I currently have locked in:

3 year at 2.40%
5 year at 2.99%

anybody have better rates?
Nope. Those are about as good as you are going to get in this day and age. Lowest available now is 2.99% for 30 day quick close with limited prepayment privileges. Looks like you are all set. :)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
Aug 21, 2007
5455 posts
434 upvotes
Markham
pardnme wrote: i have a renewal coming up with NBC on august 30th.

I currently have locked in:

3 year at 2.40%
5 year at 2.99%

anybody have better rates?
how long ago did you get them held? Guessing that 3 yr isnt available any longer...
Deal Addict
Feb 22, 2007
1930 posts
205 upvotes
Mississauga
i locked in these rates around last week of june - just went the rates started going up.

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