Real Estate

The Official Mortgage Rates Thread

Newbie
Aug 7, 2019
25 posts
3 upvotes
Hi Brokers,

Looking to find out about my options

Purchase price: 209,000
Down payment amount: 45,000
Primary residence or rental property: Rental
Location: Montreal, QC
Closing date: November 30th
Very good credit score

What would be my best rates for 5 yrs fixed? Thanks in advance.
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Sep 19, 2012
1253 posts
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Calgary
AliZaidi89 wrote: Hi Brokers,

Looking to find out about my options

Purchase price: 209,000
Down payment amount: 45,000
Primary residence or rental property: Rental
Location: Montreal, QC
Closing date: November 30th
Very good credit score

What would be my best rates for 5 yrs fixed? Thanks in advance.
I don’t know Quebec very well - I imagine for a rental the big banks are bests. Try HSBC - reports are that they’ve got good rental rates. I would be happy with something in the 2.6x% range. Good luck!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Aug 8, 2005
4 posts
I'm looking at getting a mortgage pre-approval in Ottawa for an investment property, here's my relevant info:

Purchase price: up to $350,000
Down payment amount: up to $75,000 (at least 20%)
Primary residence or rental property: rental
Location: Ottawa, Ontario
Excellent credit score

I've phoned a couple of mortgage providers or brokers to get some initial quotes on a 5-year fixed mortgage. One broker indicated that the super-low rates (around 2.4-.5%) are only available for owner occupied properties, and the lowest rate they could quote me was 2.89%. A credit union gave me an initial quote of 2.74%, and my bank said that they could do around 2.8x%, the exact rate fluctuating a bit. Is there an actual rule that a mortgage on a rental property must be about 0.5% more than the lowest rates? Can I do better? Thanks for any help!
Newbie
Oct 11, 2019
2 posts
1 upvote
Hello,

I am looking to gather information for a mortgage pre-approval for property purchase in Guelph.

Purchase price: up to $450,000
Down payment amount: $125,000
Primary residence or rental property: Primary
Location: Guelph, Ontario
Credit Score: Excellent

No debts. Looking at potential 4-5yr fixed / 30yr.
Marriage has split and trying to keep monthly costs low, as going at this solo.

Previously dealt with RBC on matrimonial home, but willing to shop around.

Thanks in advance.
Last edited by 3Puttington on Oct 12th, 2019 11:02 pm, edited 1 time in total.
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Feb 2, 2014
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3Puttington wrote: Hello,

I am looking to gather information for a mortgage pre-approval for property purchase in Guelph.

Purchase price: up to $450,000
Down payment amount: $125,000
Primary residence or rental property: Primary
Location: Guelph, Ontario
Credit Score: Excellent

No debts. Looking at potential 4-5yr fixed / 30yr.
Marriage has split and trying to keep monthly costs low, as going at this solo.

Previously dealt with RBC on matrimonial home, but willing to shop around.

Thanks in advance.
The best rates are for approvals only (after you have an accepted offer). Start rate shopping at that point.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Sep 17, 2008
228 posts
1 upvote
Circling back on this thread (as we went through a period of time where my family and I thought about moving - which would've changed dynamics of our mortgage).

-How much is the mortgage owing? $510K
-Roughly, what is the current market value of the property? $1.2MM
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner-occupied (with Basement rented @ $1500 a month)
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? Yes
-How much is the HELOC? $235K (out of 240K)
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? Mar 2020
-What is your credit score? Very good

Look to refinance and merge HELOC amount with mortgage. I've never contributed to annual prepayment privileges. TD hasn't come to me yet with a renewal offer yet either.

I'm indifferent as to whether use a big 5 as opposed to a monoline lender.
What is the best rate available for me?
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Feb 2, 2014
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Toronto
Slotback wrote: Circling back on this thread (as we went through a period of time where my family and I thought about moving - which would've changed dynamics of our mortgage).

-How much is the mortgage owing? $510K
-Roughly, what is the current market value of the property? $1.2MM
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner-occupied (with Basement rented @ $1500 a month)
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? Yes
-How much is the HELOC? $235K (out of 240K)
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? Mar 2020
-What is your credit score? Very good

Look to refinance and merge HELOC amount with mortgage. I've never contributed to annual prepayment privileges. TD hasn't come to me yet with a renewal offer yet either.

I'm indifferent as to whether use a big 5 as opposed to a monoline lender.
What is the best rate available for me?
You’re too early at this point to get anything locked in. Most approvals are only a 120 day rate hold and promo rates are even less. Check back when you are 120 days within the renewal date.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Mar 1, 2006
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-How much is the mortgage owing? $162k
-Roughly, what is the current market value of the property? $480K
-Which city is the property located in? Markham
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? Oct 2019

Hopefully that's enough info, looking to see what the best rate i can get
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Sep 19, 2012
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Calgary
sharkw wrote: I'm looking at getting a mortgage pre-approval in Ottawa for an investment property, here's my relevant info:
Purchase price: up to $350,000
Down payment amount: up to $75,000 (at least 20%)
Primary residence or rental property: rental
Location: Ottawa, Ontario
Excellent credit score
I've phoned a couple of mortgage providers or brokers to get some initial quotes on a 5-year fixed mortgage. One broker indicated that the super-low rates (around 2.4-.5%) are only available for owner occupied properties, and the lowest rate they could quote me was 2.89%. A credit union gave me an initial quote of 2.74%, and my bank said that they could do around 2.8x%, the exact rate fluctuating a bit. Is there an actual rule that a mortgage on a rental property must be about 0.5% more than the lowest rates? Can I do better? Thanks for any help!
The broker was right - unless you're buying a multi-unit property in which case the best rates are available. If I was you I'd be happy with 2.6x% for a 5-year fixed. Note that there is no "rule" on any sort of premium to an owner occupied rate - at the end of the day it'll be down to your negotiation.
3Puttington wrote: I am looking to gather information for a mortgage pre-approval for property purchase in Guelph.
Purchase price: up to $450,000
Down payment amount: $125,000
Primary residence or rental property: Primary
Location: Guelph, Ontario
Credit Score: Excellent
No debts. Looking at potential 4-5yr fixed / 30yr.
Marriage has split and trying to keep monthly costs low, as going at this solo.
Previously dealt with RBC on matrimonial home, but willing to shop around.
Thanks in advance.
Once you get a signed offer your rate starts at 2.24% (less than 20% down). If you have 20%+ down you're looking at 2.34%. Both of these are fixed rates for 5-years and are available with Meridian. Once you get to 30 years you should try Motusbank at 2.59% (4 or 5 year term). Their published offer is 2.49% but they add a 0.1% premium for a 30 year amortization.
LarryDavid123 wrote: Hello
Base salary: $112,000
Same employer: 10 years
Crédit: 775
Consumer debt: $0
Est. property tax: $400
Heating: $75
Downpayment: $35,000
1. Could I buy a single family home at $600,000?
2. If I keep the existing home and make it a rental, will lenders use 100% of the rental income to offset those costs?
Im in Ontario.
Thanks!
1. It'll be close but you can probably sneak it in.
2. Lenders will not use 100% of the rental income from your existing home - most will use 50% but some will go higher.

On an insured purchase you can get 1.99% for 2-years with Duca. If 5-years is more your bag you can get 2.24% with Meridian. Variable rates would start at prime - 1.25% (with a bonafide sales clause though).
Slotback wrote: Circling back on this thread (as we went through a period of time where my family and I thought about moving - which would've changed dynamics of our mortgage).
-How much is the mortgage owing? $510K
-Roughly, what is the current market value of the property? $1.2MM
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner-occupied (with Basement rented @ $1500 a month)
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? Yes
-How much is the HELOC? $235K (out of 240K)
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? Mar 2020
-What is your credit score? Very good
Look to refinance and merge HELOC amount with mortgage. I've never contributed to annual prepayment privileges. TD hasn't come to me yet with a renewal offer yet either.
I'm indifferent as to whether use a big 5 as opposed to a monoline lender.
What is the best rate available for me?
I think 2.49% is your best 1-5 year fixed rate. That would be with Motusbank. I think a broker may be able to organize the 2.49% 5-year fixed through Equitable Bank as well.

EDIT: give True North (mortgage brokerage) a call as they may also be willing to do 2.49%. I've heard reports that they are matching the Motusbank offer in certain cases (such as insured switches or those where borrower has more than 35% equity in the home!).
JayTee1 wrote: -How much is the mortgage owing? $162k
-Roughly, what is the current market value of the property? $480K
-Which city is the property located in? Markham
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? Oct 2019
Hopefully that's enough info, looking to see what the best rate i can get
When is your renewal date? Can you renew into an open mortgage? I would get onto an application with Motusbank ASAP to see if you can lock in their 2.49% (for 1-5 year terms). YMMV with them as I've seen them pick up a file and underwrite within a couple of days, but then others seem to take weeks. FYI - if you're interested in variable rates they start at p -1.25%.

Good luck all!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Jr. Member
Feb 6, 2011
192 posts
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True North Mortgage and Butler Mortgage - Any feed back on their T&C respectively?
Thank you.
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Sep 13, 2011
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tsinoboy wrote: True North Mortgage and Butler Mortgage - Any feed back on their T&C respectively?
Thank you.
These are both mortgage brokerages, which means they arrange mortgages through a variety of different mortgage lenders. Similar to Dominion Lending, Mortgage Intelligence, CityCan Financial, etc. True North does however have their own lender, Think Financial, but as a brokerage, they deal with many other 3rd party lenders as well.

So generally, it's not the terms and conditions of the mortgage brokerage you are looking for, but the terms and conditions of the lender they place you with, which can vary depending on which promos are being offered at the time.

There are also several experienced mortgage brokers on this board that can help you out with similar rates as well.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
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Sep 13, 2011
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T.O.SuperSaver wrote: Looking for the best 5yr fixed and variable rates. Preference is for a big 5 but would also consider a monoline.

-How much is the mortgage owing? $700k
-Roughly, what is the current market value of the property? $1.4m
-Which city is the property located in? Toronto
-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? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? Oct 2019
Can I ask why your preference is with a big bank? In some cases, it can make sense to go with a big bank, however there are also many where it doesn't. It depends on your situation. There are many myths out there, and there can be some big differences from one lender to the next, so it's important to choose a lender for the right reasons. If you can let me know your thoughts I can further advise.

Also, keep in mind that switches can take up to 30 days to complete, so you won't be able to get a new mortgage closed in October. Most banks will automatically put you into an open mortgage at maturity if they have not received the signed renewal documents back from you. This means that you can break it at any time without penalty. Never assume they will automatically do this however, as some lenders will auto-renew you into a closed mortgage. Make sure you reach out to them to specifically request an open mortgage. Open rates are high, often around 7%. However, his is an annual rate, and you should not need the open mortgage for very long. Either way, you'll want to get out of the open mortgage ASAP, so you'll want to get this process started ASAP.

Lowest 5 year fixed for your situation would be 2.59% with a monoline or 2.54% - 2.74% through a big 5 bank.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Jr. Member
Feb 6, 2011
192 posts
37 upvotes
Thank you for educating me on this. Very informative. Thank you Paul.
PaulMeredith wrote: These are both mortgage brokerages, which means they arrange mortgages through a variety of different mortgage lenders. Similar to Dominion Lending, Mortgage Intelligence, CityCan Financial, etc. True North does however have their own lender, Think Financial, but as a brokerage, they deal with many other 3rd party lenders as well.

So generally, it's not the terms and conditions of the mortgage brokerage you are looking for, but the terms and conditions of the lender they place you with, which can vary depending on which promos are being offered at the time.

There are also several experienced mortgage brokers on this board that can help you out with similar rates as well.
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Aug 19, 2002
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Does TD still only offer collateral mortgages?
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Feb 2, 2014
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goob3r wrote: Does TD still only offer collateral mortgages?
Yes sir. Same with Tangerine and National Bank. Also, all all-in-one products (ie mortgage and LOC product combined) are collateral charges.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Jul 1, 2008
318 posts
71 upvotes
Brampton, ON
Hi

Here to check current rates for 3, 5 year fixed and 5 year variable
Currently have one mortgage with Alterna (5 year fixed). Property was owner occupied but ended up renting it.

Looking to purchase another property at Purchase Price: $750000
Down payment amount (or percentage): 20% (150000)
Primary residence or rental property: Primary residence
Location: Mississauga, ON
Closing date: TBD
Excellent credit score
Loan Type: Conventional

Also does Wife going to Maternity leave affect the Mortgage Loan ?
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Feb 2, 2014
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desaib wrote: Hi

Here to check current rates for 3, 5 year fixed and 5 year variable
Currently have one mortgage with Alterna (5 year fixed). Property was owner occupied but ended up renting it.

Looking to purchase another property at Purchase Price: $750000
Down payment amount (or percentage): 20% (150000)
Primary residence or rental property: Primary residence
Location: Mississauga, ON
Closing date: TBD
Excellent credit score
Loan Type: Conventional

Also does Wife going to Maternity leave affect the Mortgage Loan ?
2.34% 5-year fixed is the best rate. Mat leave should be fine, depending on the details of the file.

I noticed you don't have a closing date in your post, so I am assuming you haven't purchased a property. Be aware, the 2.34% is for approvals only (after you have an accepted offer to buy a property).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Jul 1, 2008
318 posts
71 upvotes
Brampton, ON
Thanks Kevin!
CdnRealEstateGuy wrote: 2.34% 5-year fixed is the best rate. Mat leave should be fine, depending on the details of the file.

I noticed you don't have a closing date in your post, so I am assuming you haven't purchased a property. Be aware, the 2.34% is for approvals only (after you have an accepted offer to buy a property).
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desaib wrote: Here to check current rates for 3, 5 year fixed and 5 year variable
Currently have one mortgage with Alterna (5 year fixed). Property was owner occupied but ended up renting it.
Looking to purchase another property at Purchase Price: $750000
Down payment amount (or percentage): 20% (150000)
Primary residence or rental property: Primary residence
Location: Mississauga, ON
Closing date: TBD
Excellent credit score
Loan Type: Conventional
Meridian is the one offering 2.34% on a 5-year fixed, but be warned that it's prepayment penalty is just like the big banks (ie: if you break your mortgage early, especially from years 2-4.5, you'll be paying through the nose). 3 year rates are best with Motusbank at 2.49%. Variable rates will be p-1.21%, also with Motusbank, but I believe they may have a bonafide sales clause.

Which one of those you pick is completely dependent on your own circumstances and what you foresee happening over the next 3-5 years.

One other note: Meridian is backed up big-time because of the volume of loan applications they're processing. I would think that you'd need to be 30+ days away from closing in order for them to look at your file (YMMV though!).

Good luck!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Aug 29, 2011
32 posts
49 upvotes
Calgary
Hey All,

Friend of mine is about to close on a house, currently being offered 2.69% Fixed 5 YR with MCAP through is broker. Wandering if you could provide some insight on the current rates.

-What is the purchase price? $715,000
-How much is the down payment? $50,000
-Where it the property located? Chestermere, Alberta
-When is the closing date? Nov 1st
-Will the property be owner-occupied or a rental? Owner

Thanks all!

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