Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Dec 1, 2015
1968 posts
927 upvotes
Etobicoke, ON
On a collateral switch like yours, you will have to pay legal fees around $740.00 (based in SK) to change lenders. It will be very difficult to get a rate elsewhere low enough to justify those costs, given the low mortgage amount and very short time frame. A possible alternative could be a 5y variable, where the rates would drop considerably (compered to TD) and if you sell within 2y the penalty will be only 3 months interest.. if it does not sell in 2y, you continue the term normally. It is quite difficult to time a sale to match the maturity date of a mortgage.
braveblade wrote: Need help here.
My case: Currently have a collateral mortgage with TD for the townhouse located at Saskatoon, SK with 5 year fixed at 2.89%, which ends August 2018. Amount left is 210k. I may sell the house in 2 years (or not if the marketing is bad), so I want to go with 2-year term mortgage to give myself some flexibility. TD sent me a renewal offer of 2-year fixed at 3.31% , which is not that good. Could anyone let me know if there is any lenders can offer a better rate? And do I need to pay TD any fees if I choose another lender when my 5-year term ends with TD?
Life can be good
Newbie
Jun 22, 2015
39 posts
13 upvotes
Hamilton
Another question for the group. I am looking at a refinance option where upon renewal I would take the $155,000 left on the mortgage and amortize it over 25 or 30 years, to bring down the payments. I live in a downtown Hamilton condo and I may turn it into a rental property down the road. My reason for looking into this option is to increase the amortization period and lower my carrying costs, if/when I decide to turn it into a rental, I am not looking to create a LOC or take any equity out of the property.

Since i aggressively paid down my mortgage over my previous 4 year term, my remaining amortization is 17 years and I can't increase this period on a straight renewal, meaning a higher carrying cost on a renewal.

Until I make my decision to rent, I would just pay extra towards the principle. Is this a good strategy for a future rental property? I am being offered 5 year 2.45% variable for the refinance.

Thanks.
Newbie
Jul 30, 2013
4 posts
Caledon
Hello,

I am debating between staying with current lender (Scotia) or switching to another lender. Renewal is late August. We have a standard mortgage with a LOC in 2nd position. Would like to refinance and roll all into new mortgage. I understand the new lender will cover legal fees up to $1200. Since there are two discharge fees (for mortgage and LOC) what else can I expect in closing costs if I switch?

Thanks.
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
Rastaman wrote: Looking to sell current home and buy a new home in the next few months and looking for the best rates in terms of fixed and variable for 5 yr term (30yr amort)

Purchase Price: 2.2M
Mortgage Amount: 1.3M
Down pmt: roughly 40%
Location: Van
Household income: $320K
Just to add, if you can do a 25-year AM, you can get 2.30% 5-year variable or 3.39% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
khal123 wrote: Looking to buy condo in Peel Region - first buy. Please advise best rates.

Purchase price: $350K
Down Pymt: 5-10%
Monthly tax and condo fees: 600
Personal Income: 80K
3.09% 5-year fixed and 2.21% 5-year variable are the best rates for an insured purchase.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
Smiley22 wrote: All the BIG 5 banks are promoting their Prime -1...how long do you think it will last? I know most of these promo rates are ending soon...do you think they will extend this rate...
From what I hear, not too long.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Feb 28, 2014
7 posts
nonameforme wrote: Hello,

Mortgage renewal maturity date: 01-Sep-2018

Balance: $402,414.99
Original amount: $426,000
Original Amortization Period: 30 year(s)
Remaining Amortization Period: 27 year(s),5 month(s)
Current Interest Rate 3.01294% (3 years fixed)
Lender: TD
Type: Collateral (I am assuming)
HELOC: $20, 000
HELOC remaining balance: 0
CMHC Insurance: Most likely not. (I was not sure. We bought earlier house with CMHC insurance. Sold that and got a new one for which >20% was paid. Walked into bank today and they said it does not have it)
Area: Toronto
Owner Occupied: yes

With TD offer going on, getting 2.45 as 5 year variable (3.60 - 1.15)

Can I get any better deal than this? (HELOC is not a requirement) If yes, what would be the fees involved and if any income proof would be required?

Thanks.
Anyone?
Member
Apr 12, 2008
294 posts
93 upvotes
Which is a better option to go with for a new mortgage?
25 years amortization

2.99 - 4 year fixed
2.39 - 5 year variable

Thanks
Sr. Member
Feb 7, 2004
593 posts
425 upvotes
St Thomas
My mortgage is up for renewal June 25th. Currently with CIBC and really want to switch lenders but this would be my first time doing it and unsure of how to proceed and costs.

Amount remaining is approx $240k and mortgage is CHMC insured. Looking to sell my property within 1-2 years so being able to port my mortgage is important to me. If you’re interested in helping me through this feel free to PM. Thanks.
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
nonameforme wrote: Anyone?
What is the estimated property value then I can quote ?

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
Labrie wrote: My mortgage is up for renewal June 25th. Currently with CIBC and really want to switch lenders but this would be my first time doing it and unsure of how to proceed and costs.

Amount remaining is approx $240k and mortgage is CHMC insured. Looking to sell my property within 1-2 years so being able to port my mortgage is important to me. If you’re interested in helping me through this feel free to PM. Thanks.

Check messages
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
rukiastar wrote: Which is a better option to go with for a new mortgage?
25 years amortization

2.99 - 4 year fixed
2.39 - 5 year variable

Thanks
Tell us more about your situation

Is it a renewal purchase or refi

How much mortgage is required

Property value

Current lender (if applicable)

You maybe able to get better rates than you have now

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
nonameforme wrote: Around 750, 000
You can get 2.16% - legals will cost you $800 but discharge & appraisal are covered

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
Jan 22, 2009
3637 posts
1646 upvotes
valuemortgage wrote: On a collateral switch like yours, you will have to pay legal fees around $740.00 (based in SK) to change lenders. It will be very difficult to get a rate elsewhere low enough to justify those costs, given the low mortgage amount and very short time frame. A possible alternative could be a 5y variable, where the rates would drop considerably (compered to TD) and if you sell within 2y the penalty will be only 3 months interest.. if it does not sell in 2y, you continue the term normally. It is quite difficult to time a sale to match the maturity date of a mortgage.
Thank you so much! That helps me a lot! I think I will take the risk and go with 5-year variable. Currently the best offer I received is Tangerine: 5-year variable rate at the same 2.45%, but with $1200 cashback. Is there any lender can offer a lower 5-yr variable rate compared to Tangerine (with the consideration of the $1200 cashback)? Thanks!!!

By the way, Ratehub listed 2.15% 5-yr variable rate at a provider named Canwise Financial. Not sure how good it is.
Deal Addict
User avatar
Dec 1, 2015
1968 posts
927 upvotes
Etobicoke, ON
You may be able to get a 5y at P-1.29% (2.16%) depending on the details of your property and mortgage. We need to know :

Original purchase price and down payment
Current value
If this is your primary residence or a rental
braveblade wrote: Thank you so much! That helps me a lot! I think I will take the risk and go with 5-year variable. Currently the best offer I received is Tangerine: 5-year variable rate at the same 2.45%, but with $1200 cashback. Is there any lender can offer a lower 5-yr variable rate compared to Tangerine (with the consideration of the $1200 cashback)? Thanks!!!

By the way, Ratehub listed 2.15% 5-yr variable rate at a provider named Canwise Financial. Not sure how good it is.
Life can be good
Deal Addict
Jan 22, 2009
3637 posts
1646 upvotes
valuemortgage wrote: You may be able to get a 5y at P-1.29% (2.16%) depending on the details of your property and mortgage. We need to know :

Original purchase price and down payment
Current value
If this is your primary residence or a rental
Thanks! I will pm you.
Newbie
May 23, 2018
7 posts
20 upvotes
5 year mortgage ending January 2019
Scotiabank variable @ 3.05%
$460,000 purchase price
20% down payment
$322,000 currently remaining on mortgage
$725,000+ current property value in Vancouver
Excellent credit, no other debts

Would it be worth the penalty/fees to switch lenders at a lower rate?
Newbie
Dec 21, 2002
36 posts
11 upvotes
Need some advice. Our mortgage is up for renewal in July 2018.

Single Detached Home, owner occupied - Bought in July 2013 for 438000, mortgage for 412000, left owing is 348000 (17.8 years amortization remaining). Current mortgage is a 5 yr fixed at 2.89 with TD (so a collateral charge-didn't know what that was in 2013 - thanks to Ellen Roseman I do now). Conservatively it is worth 500K now.

Just got back from talking with TD - Offered me a 5 year fixed at 3.6% (though will match better offers) or a 5-year variable at their 2.45 rate. If I shop around I can likely do better but I am not sure what the cost to switch from a collateral is and if its worth it (Ontario if that matters for costs). We never used any of the collateral charge.

More over with rates as they are now I am wondering if I am not better off going for the variable. No doubt in my mind the rate is going up, perhaps twice more this year... Just wondering what the BE point is. with the 1% spread you need at least 4 hikes to match. We'd probably increase our payment a bit (biweekly accerlerated) to take advantage of the lower rate.

Only other thing is the interest penalty for breaking the mortgage. Is it different on a variable vs. a fixed? While we don't plan on moving with the parents aging and work coming around to telecommuting, you never know. Variable it only seems to be a 3 month interest penalty while breaking a fixed is a byzantine calculation involving a whole bunch of things.

Top

Thread Information

There are currently 2 users viewing this thread. (0 members and 2 guests)