Real Estate

The Official Mortgage Rates Thread

Member
Nov 9, 2013
406 posts
87 upvotes
My lender is asking me to pre-pay for an appraisal out of the blue. Same lender did not ask this for my last two mortgages with them. Is this normal or do some lenders just take care of this on their own?
Sr. Member
User avatar
Mar 9, 2012
656 posts
249 upvotes
I'm just curious here.

What's the rate at the moment for a refinance? (Switch out from a CMHC mortgage to CONV, not willing to stay CMHC.)
- 148K
- 30 years amortization, conventional
- 5 years variable closed
- Quebec
Newbie
Nov 10, 2017
2 posts
4 upvotes
Looking for a refinance quote

Location: Quebec

Property deal came up and I jumped on it, paying with my line of credit and am now looking to refinance to get a better rate than my LOC.

I own my house outright. No mortgage. Property tax role 463k.

Looking for 350k
10 year amortization
5 year fixed term.
Payment weekly or bi-weekly
My big 5 bank offered 3.24%
I see online 2.84% from Canwise
Deal Addict
User avatar
Dec 1, 2015
1868 posts
863 upvotes
Etobicoke, ON
The most discounted rates you see posted online are for purchases or switches. A refinance such as this would carry a higher rate, around 3.14% or so.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Apr 10, 2010
54 posts
31 upvotes
Hamilton
CdnRealEstateGuy wrote:
Nov 9th, 2017 11:10 am
You're welcome.

You really don't have a choice if you're doing this by the book. If you have a mortgage on a property and want to do major renovations on it, lender will put you under a construction financing program. You will get money for the work which is released in installments.

Again, talk to Scotia since your mortgage is with them. They have an excellent program.
On the to-do list this week! Ugh, I dislike the inconsistency of meeting with branch employees. The only reason I have a Scotia mortgage is because it happened to be the best deal at the time, when set up by mortgage broker. They were so thorough and helpful, and Scotia was the opposite.
Member
Jun 29, 2017
249 posts
512 upvotes
I've read on here that for a new purchase (i.e. downpayment), that there can be different rates for (a) LESS than 20%, (b) 20 - 24.99%, (c) 25 - 29.99%, (d) 30 - 34.99%, (e) 35% or greater.

Does this also apply for a renewal?
Deal Addict
Jun 20, 2010
1269 posts
533 upvotes
Looking for a quote for various rates.

852k with 452k down. Mortgage amount 400k
Closing date 12/28
Markham, on

Biweekly or accelerated biweekly
20yr amortization

5yr var closed
5yr fixed closed
Deal Addict
User avatar
May 1, 2017
1064 posts
227 upvotes
robfun wrote:
Nov 12th, 2017 8:56 am
I've read on here that for a new purchase (i.e. downpayment), that there can be different rates for (a) LESS than 20%, (b) 20 - 24.99%, (c) 25 - 29.99%, (d) 30 - 34.99%, (e) 35% or greater.

Does this also apply for a renewal?
Hi,

Yes, this also applies for renewals. If your mortgage was initially insured (if you had less than 20% down when you purchased), the best rates would be available to you. Then, in most cases, the rates are poorest with a loan to value ratio of 80%, and get better as the loan to value ratio approaches 65%. The tiering for rates stops at 65% LTV. This has to do with the cost for the lender to insure the mortgage. If the mortgage is already insured, of course it is not costly as the lender dos not have to pay an insurance premium. The lower the loan to value ratio for uninsured mortgages, the cheaper it is for the lender to insure, which is relayed to the borrower in lower interest rates.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
User avatar
May 1, 2017
1064 posts
227 upvotes
eclone wrote:
Nov 12th, 2017 10:50 am
Looking for a quote for various rates.

852k with 452k down. Mortgage amount 400k
Closing date 12/28
Markham, on

Biweekly or accelerated biweekly
20yr amortization

5yr var closed
5yr fixed closed
Hello,

Given the information you've provided the best 5 year fixed rate available to you would be ~2.94% and the best 5 year variable rate would be ~p-0.90%.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
Jan 20, 2014
2392 posts
513 upvotes
Ottawa
GreenMortgages wrote:
Nov 9th, 2017 11:07 am
Hi there,

There are a few reputable mortgage agents on this forum! Just Private Message whichever you'd like to speak with.

Regards,

Connor
Can you post some?

Here's my noob attempt

Price $300,000
Free hold town home
$30,000 DP
1000sqf

Hope that's a good start for some quotes.
Deal Addict
User avatar
May 1, 2017
1064 posts
227 upvotes
AtlsNBP wrote:
Nov 12th, 2017 11:30 am
Can you post some?

Here's my noob attempt

Price $300,000
Free hold town home
$30,000 DP
1000sqf

Hope that's a good start for some quotes.
Hi,

Myself, Andre, Paul, and Kevin are all mortgage agents who post frequently on this thread.

Given the information you've provided, you would be eligible for 2.79%-2.84% 5 years fixed, and prime minus 1.05% - prime minus 1.15% variable! This would include an insurance premium that is tacked on to the mortgage amount, as you have less that 20% as a down payment (all mortgages that have less than a 20% down payment are subject to a default mortgage insurance premium).

Regards,

Connor
Last edited by GreenMortgages on Nov 12th, 2017 11:58 am, edited 1 time in total.
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Sr. Member
Jan 7, 2005
680 posts
90 upvotes
Toronto
I have a 400K mortgage now and the properties value is around 800K.

Thinking about a moving into bigger place that is 200-300k more (1 - 1.1 mil)

Did some calculation and have no issues with payments on a 120K income.

Would I have any challenges getting a new 700K mortgagee approved?
Jr. Member
Jun 3, 2017
113 posts
76 upvotes
Looking to buy a condo for the first time in the GTA.

- Maximum purchase price: $650,000
- Deposit 20% - 25% (yet to decide)
- 25 or 30 years
- Income: compliant with the above under the new regs starting in Jan 2018.
Deal Addict
User avatar
May 1, 2017
1064 posts
227 upvotes
RSX-S wrote:
Nov 12th, 2017 8:50 pm
I have a 400K mortgage now and the properties value is around 800K.

Thinking about a moving into bigger place that is 200-300k more (1 - 1.1 mil)

Did some calculation and have no issues with payments on a 120K income.

Would I have any challenges getting a new 700K mortgagee approved?
Hello,

As of right now, your income would qualify you for a $700,000 mortgage assuming that you don't have any other large regular debt payments. The impending regulation changes and the imposition of the new stress test as of January 1st, 2018 will limit your borrowing power, though.

Depending on the property taxes on the proposed property, you could see a reduction in your maximum mortgage amount to the $600,000 - $610,000 range after the new regulations are in place. This is a ballpark range, as the exact amount you would qualify for depends on the property, the rates at that time, your debts, credit, etc.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Deal Addict
User avatar
May 1, 2017
1064 posts
227 upvotes
AnotherDesiredUsername wrote:
Nov 12th, 2017 9:04 pm
Looking to buy a condo for the first time in the GTA.

- Maximum purchase price: $650,000
- Deposit 20% - 25% (yet to decide)
- 25 or 30 years
- Income: compliant with the above under the new regs starting in Jan 2018.
Hi there,

Assuming your income qualifies your for the mortgage amount, the rates available to you would be in the 2.94%-2.99% range for a 5 year fixed mortgage, and p-0.90% - p-0.85% for a 5 year variable rate mortgage. These rates depend on a number of factors, though, like your income, debts, credit, property type and location, closing date, etc.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179

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