Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
User avatar
Feb 2, 2014
7754 posts
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Toronto
TheZodiac wrote: ICICI offering me 2.20 5 yr variable for renewal, Is this good?
Not at all. You can get as low as 2.00% 5-year variable and 2.14% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 15, 2016
42 posts
4 upvotes
Hi mortgage specialists :)

I will be renewing my mortgage on a rental in February. The mortgage is currently with BMO at 2.99%, 5 year fixed. They are offering 2.59% early renewal. I also have another mortgage with MCAP (I think it is 1.90% variable) and I wouldn't mind having the second mortgage with them as well. So I have two questions:

1) What are the best rates in Alberta right now (5 year fixed and variable), and what is MCAP best rate? They have 2.59% posted on their website.

2) I also want to open a secured line of credit tied with the mortgage I want to renew. Does this affect the best rate I can get on the mortgage, or is this a separate process?

Thank you!

Markus
Member
Sep 22, 2014
376 posts
148 upvotes
Ottawa, ON
ratehunt wrote: Can you tell me which bank it is please
CdnRealEstateGuy wrote:
TheZodiac wrote: ICICI offering me 2.20 5 yr variable for renewal, Is this good?
Not at all. You can get as low as 2.00% 5-year variable and 2.14% 5-year fixed.
Hey Kevin
Is this for 120day lock or 90day for the 5yr fixed 2.14%.
Member
Mar 5, 2004
242 posts
13 upvotes
Oakville
gerogesin wrote:
ratehunt wrote: Can you tell me which bank it is please
CdnRealEstateGuy wrote:
TheZodiac wrote: ICICI offering me 2.20 5 yr variable for renewal, Is this good?
Not at all. You can get as low as 2.00% 5-year variable and 2.14% 5-year fixed.
Hey Kevin
Is this for 120day lock or 90day for the 5yr fixed 2.14%.
So many qualifying circumstances to actually get that quoted rate. Its not as simple as these mortgage brokers say on this RFD website. Be prepared to be offered 2.39%.
Deal Fanatic
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Sep 13, 2011
5266 posts
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Toronto
xsivspd wrote:
gerogesin wrote:
ratehunt wrote: Can you tell me which bank it is please
CdnRealEstateGuy wrote:
Not at all. You can get as low as 2.00% 5-year variable and 2.14% 5-year fixed.
Hey Kevin
Is this for 120day lock or 90day for the 5yr fixed 2.14%.
So many qualifying circumstances to actually get that quoted rate. Its not as simple as these mortgage brokers say on this RFD website. Be prepared to be offered 2.39%.
Not every broker on this site will post rates that few people can get. I am personally against this practice as I feel its misleading to post a rate like this without stating the terms and conditions surrounding it. The 2.19% 5 year fixed we talk about on here does not have any unique qualifying criteria for most qualified borrowers. Providing you have decent credit, solid employment and qualifying income, this rate is definitely available.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Feb 2, 2014
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1-Rental rates are much higher than owner-occupied rates with MCAP (not competitive at all).
2-Do you want an all-in-one product? If so, then you have to pay for legals and possibly an appraisal to set it up (basically a new mortgage).

Btw, after Nov.30, bulk insured lenders (such as MCAP) cannot offer you financing for your rental...get something approved before then.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Dec 1, 2015
1966 posts
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Etobicoke, ON
There are plenty of offers way below 2.39%...... we often mention 2.19% here, which is available for pretty much any deal except rentals.

Conventional or insured, this same rate is available for owner occupied properties.
xsivspd wrote:
gerogesin wrote:
ratehunt wrote: Can you tell me which bank it is please
CdnRealEstateGuy wrote:

Not at all. You can get as low as 2.00% 5-year variable and 2.14% 5-year fixed.
Hey Kevin
Is this for 120day lock or 90day for the 5yr fixed 2.14%.
So many qualifying circumstances to actually get that quoted rate. Its not as simple as these mortgage brokers say on this RFD website. Be prepared to be offered 2.39%.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Sep 21, 2016
3 posts
condor11 wrote: Can someone comment what's the best 5-year fixed rate available from big-4 banks?
td giving 2.39% for 5 years fixed
Newbie
Dec 7, 2014
38 posts
Markham, ON
Hi my mortgage is due for renewal in couple months and the amount is around 300k. TD is offering me 2.29% for 4 years. would i be able to find a better lender to beat that? also im leaning toward getting variable..
Thanks!!!
Deal Fanatic
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Sep 13, 2011
5266 posts
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Toronto
Jigglywiggly wrote: Hi my mortgage is due for renewal in couple months and the amount is around 300k. TD is offering me 2.29% for 4 years. would i be able to find a better lender to beat that? also im leaning toward getting variable..
Thanks!!!
You can get a 5 year fixed for 2.19% or variable as low as prime -0.65% (2.05%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jun 17, 2007
18 posts
Toronto, Ontario
Hi all, is it possible for a new comer who has just landed in Canada little over a year ago to get a mortgage,say 440K. He is a out of province restaurant owner. Thanks in advance!
Newbie
Oct 23, 2016
7 posts
Hi, I'm looking to get a second mortgage to buy second place, wondering what's the max amount qualified?

Income: 75k
Assets: 50k in TSFA, 40k in RRSP and a property at around 220k
Debt: 120k remaining in mortgage.

Thanks!
Deal Addict
User avatar
Dec 1, 2015
1966 posts
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Etobicoke, ON
Too many variables.. no once can give you a real answer, without knowing more details.

Property tax costs on both properties will affect the debt ratios... rental income may or may not be considered... other liabilities will also affect the debt ratios. Even the type of income may affect the deal. You should speak to a mortgage professional and get the numbers properly calculated.
morgseeker wrote: Hi, I'm looking to get a second mortgage to buy second place, wondering what's the max amount qualified?

Income: 75k
Assets: 50k in TSFA, 40k in RRSP and a property at around 220k
Debt: 120k remaining in mortgage.

Thanks!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Oct 23, 2016
31 posts
2 upvotes
Hi,

I'm up for renewal mid-December 2016, with an outstanding amount which at that time will be ~$240,000. I'm currently with Merix and live in Ottawa. The last broker I worked with got me 3.29% on a 5 yr. fixed in December 2011. At the time I had thought that was quite good, but reading this forum I'm realizing I could have done quite a bit better at the time.

I put an application in for renewal through the same broker a few days ago, and am waiting to see what he comes back with. I suspect that he won't offer me the 2.19% right away, but in your opinion would there be any reason he wouldn't be able to secure that rate (We have excellent credit and very little debt other than the mortgage, with a household income of $160,000)? MCAP is one of the lender he works with.

Is the 2.19% based on a broker buy down?

In the alternative, would I be able to get the 2.19% (or perhaps even better) 5 yr. fixed through someone on this board? I'm assuming all can be done over the internet - but will this make it complicated?

thanks.

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