Real Estate

The Official Mortgage Rates Thread

Newbie
Jun 6, 2019
20 posts
5 upvotes
PaulMeredith wrote: Lowest 5 year fixed with either less than 20% down payment is 2.49%. This rate is also available for anyone with 35% or greater down payment / equity providing that the purchase price / value is under $1 million OR the original purchase price was prior to November 30th, 2016.
Hi Paul, I am over 35% equity. Is 2.49 restrictive product or it comes with 20/20 prepayments and other regular stuff?

Tnx in advance
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Sep 19, 2012
1253 posts
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Calgary
harryarora wrote: Lowest quote I got is from 6ixMortgageGroup at 2.44% for 5 year fixed.
Did you ask if that was the "contract" rate? Meaning, your payments were based off of that rate - or was 2.44% an "effective" rate including cash back? If it is a contract rate that's awesome! Well done!

Some info on "effective rate" and "cash back": https://www.ratespy.com/cashback-rates-04105297
WorldCitizen007 wrote: Hi Paul, I am over 35% equity. Is 2.49 restrictive product or it comes with 20/20 prepayments and other regular stuff?
I'm not Paul but ... I suspect that the 2.49% is a restricted product. Depending on the lender you pick it either has a "bonafide sales" clause (you can't leave the lender before your term is up, unless you sell the house to an unrelated party) or it has a stiff penalty (3% of the balance of your mortgage) if you break early.

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Banned
Sep 19, 2012
1253 posts
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Calgary
6ixMortgageGroup wrote: 2.44% would be the contract rate :).
Rad! Blows away anything else folks have on offer. Mind sharing terms? Is it only quick close purchases?

EDIT: I see it now. Rate sheet just came in (slow email!). 65% LTV or better, or insured deals - 2.44%! Switches or purchases. No bonafide sales clauses or stiff penalties! Good stuff! Let's all save some money!!
Last edited by ahlaker on Jul 29th, 2019 1:03 pm, edited 1 time in total.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Jul 24, 2019
4 posts
Hi there, I'm with street capital and they aren't budging from 2.74% for both the 3 and 4 year fixed terms and 2.64% for the 5 year fixed. I'm up for renewal at the end of July 31, 2019. What would be my best options? I've never switched before. Do I have enough time? Or is it too late to switch? Remaining mortgage is about 260k. Ideally I want a 3 year fixed but for a good rate I'd lock in for 5 years.
Newbie
Jul 28, 2019
1 posts
MB
Hi,

Looking for a good rate from a broker. Here's my details:
How much is the mortgage owing? $305K
Roughly, what is the current market value of the property? $380k
Which city is the property located in? Niverville, MB
Is the property owner-occupied or a rental? Owner-occupied
Who is your current lender? RBC
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? Yes
When did you buy the property? November 24, 2014
When is your renewal date? December 1, 2019

Looking for a 5 year fixed 30 yr (if 30 is allowed for renewal).

Thanks,
Mike
.
Last edited by MikeH33627 on Jul 29th, 2019 3:39 pm, edited 1 time in total.
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Sep 13, 2011
7035 posts
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Toronto
SachinR45647 wrote: Hi there, I'm with street capital and they aren't budging from 2.74% for both the 3 and 4 year fixed terms and 2.64% for the 5 year fixed. I'm up for renewal at the end of July 31, 2019. What would be my best options? I've never switched before. Do I have enough time? Or is it too late to switch? Remaining mortgage is about 260k. Ideally I want a 3 year fixed but for a good rate I'd lock in for 5 years.
Your only option is to renew with Street Capital unfortunately. Street Capital does not offer open mortgages, so there is not enough time to switch lenders now. Switches take about 3-4 weeks to complete. At least your mortgage wasn't renewing earlier in the year when 3.39% was considered a great rate. :)
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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Sep 13, 2011
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MikeH33627 wrote: Hi,

Looking for a good rate from a broker. Here's my details:
How much is the mortgage owing? $305K
Roughly, what is the current market value of the property? $380k
Which city is the property located in? Niverville, MB
Is the property owner-occupied or a rental? Owner-occupied
Who is your current lender? RBC
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? Yes
When did you buy the property? November 24, 2014
When is your renewal date? December 1, 2019

Thanks,
Mike
.
Lowest 5 year fixed for your situation would be 2.49%. There are shorter term and variable rate options as well, however they are at higher rates. Lowest rates these days are almost always with 5 year fixed.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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Sep 13, 2011
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Toronto
WorldCitizen007 wrote: Hi Paul, I am over 35% equity. Is 2.49 restrictive product or it comes with 20/20 prepayments and other regular stuff?

Tnx in advance
It's fully featured with full 20/20 prepayment privileges and no unusual terms or restrictions. No limit to how many times you can make lump sum payments, providing they fall on a scheduled payment date and do not exceed 20% of the original mortgage balance.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Jr. Member
Sep 10, 2017
178 posts
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PaulMeredith wrote: It's fully featured with full 20/20 prepayment privileges and no unusual terms or restrictions. No limit to how many times you can make lump sum payments, providing they fall on a scheduled payment date and do not exceed 20% of the original mortgage balance.
Paul , Just to confirm isnt this with a Bonafide clause ?
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Eaglyeye wrote: Paul , Just to confirm isnt this with a Bonafide clause ?
There is no bonafide sale clause with this option. New option that just came out today.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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Feb 2, 2014
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cityprowler wrote: Hi,

Question. I am looking to buy a home but also looking to change jobs. How much of a problem would it be to obtain a mortgage if I'm still in the probation period? The job would be in the same profession/industry as before, but higher paying. If it'll make a difference, I'll be looking to put in about 40% down on a $1M+ home in Toronto, owner occupied, sole earner in family. Would I qualify for the rates I see on this forum?

Thanks.
You should be fine if you have relevant work experience.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Sep 15, 2016
10 posts
halifax
PaulMeredith wrote: It's fully featured with full 20/20 prepayment privileges and no unusual terms or restrictions. No limit to how many times you can make lump sum payments, providing they fall on a scheduled payment date and do not exceed 20% of the original mortgage balance.
Is this available for a 15 Oct renewal?
30yr mortgage (27 remaining), 35% equity, non-insured, Halifax.
Newbie
Mar 1, 2019
16 posts
ahlaker wrote: Rad! Blows away anything else folks have on offer. Mind sharing terms? Is it only quick close purchases?

EDIT: I see it now. Rate sheet just came in (slow email!). 65% LTV or better, or insured deals - 2.44%! Switches or purchases. No bonafide sales clauses or stiff penalties! Good stuff! Let's all save some money!!

Is this deal available in Quebec?


Closing September 6th

$345,000, 10% down

Owner occupied
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Sep 19, 2012
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cilantrosanchez wrote: Is this available for a 15 Oct renewal?
30yr mortgage (27 remaining), 35% equity, non-insured, Halifax.
Yup! Just need to reduce the amortization to 25 years!
TimS15797 wrote: Is this deal available in Quebec?
Closing September 6th
$345,000, 10% down
Owner occupied
Sadly these guys don’t do business in Quebec :(. C’est dommage!

EDIT: Lender offering 2.44% is only licensed in ON, BC, AB, and NS.
Last edited by ahlaker on Jul 29th, 2019 7:03 pm, edited 1 time in total.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Mar 1, 2019
16 posts
ahlaker wrote: Yup! Just need to reduce the amortization to 25 years!



Sadly these guys don’t do business in Quebec :(. C’est dommage!

Was just contacted by someone from 6ix that says they do!
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TimS15797 wrote: Was just contacted by someone from 6ix that says they do!
Don't know what to tell you. From what I understand this lender is RFA Mortgages. I got an email from them stating pretty clearly that the "are licensed in ON, BC, AB, and NS". Sent a follow up - who knows. Often you get conflicting reports from folks.

Good luck!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Mar 1, 2019
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He says RFA and CMLS offers this, amongst others. CMLS does business in Quebec. CMLS only does 45 day rate hold, RFA 120 day.
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Feb 2, 2014
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TimS15797 wrote: He says RFA and CMLS offers this, amongst others. CMLS does business in Quebec. CMLS only does 45 day rate hold, RFA 120 day.
Unfortunately there are some brokers who don’t quote correct rates. Rfa doesn’t do QC. CMLS isn’t doing 2.44% 5-year fixed.

2.49% 5-year fixed is the best rate for you. Myself, Paul, Andre and Phil can do QC.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jul 29, 2019
11 posts
Looking for a mortageg as a First Time Home Buyer/Newcomer for an owner occupied property
-Detached home, in City of Toronto (Downtown)
-Price: 660K
- Deposit: 10%
- Mortgage needed: 90% + CMHC
-Income: $139,000
Closing Date: August 2019

Additional Info
Maintenance = $525 m (including heat)
Property Tax = $2750 y
Loans = $250 m (car lease)
Other Debts = ZERO
Credit Rate = 710 Equifax
Newbie
Mar 9, 2016
13 posts
1 upvote
Hi All,

I'm ready to start shopping for my mortgage renewal as I just crossed over to the < 120 days mark.

-Mortgage Owing: ~$280 000
-Current market value: ~$600 000
-City: Milton, ON
-Owner-Occupied
-Current Lender: Scotia
-Conventional, No HELOC
-CMHC insured? Yes? 10% down originally and paid CMHC but < 20% LTV now
-When did you buy the property? Nov. 2014
-When is your renewal date? Nov. 20 2019

Let me know what they best going rate is... would be amazing to get that 2.44% I've seen quoted if I qualify? Or whatever else the best deal going is. Probably sticking with 5yr fixed as variable isn't looking competitive at the moment, unlikely to sell in the next 5 years. Thanks in advance!

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