Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Dec 1, 2015
1966 posts
918 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
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Newbie
Apr 10, 2010
55 posts
31 upvotes
Burlington
CdnRealEstateGuy wrote: 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
321 posts
1027 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
1808 posts
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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
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May 1, 2017
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robfun wrote: 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 Awards of Excellence Winner
Concierge Mortgage Group
#12179
Deal Addict
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May 1, 2017
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eclone wrote: 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 Awards of Excellence Winner
Concierge Mortgage Group
#12179
Deal Addict
Jan 20, 2014
2524 posts
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Ottawa
GreenMortgages wrote: 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.
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May 1, 2017
1070 posts
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AtlsNBP wrote: 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 Awards of Excellence Winner
Concierge Mortgage Group
#12179
Sr. Member
Jan 7, 2005
703 posts
108 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
160 posts
135 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
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May 1, 2017
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RSX-S wrote: 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 Awards of Excellence Winner
Concierge Mortgage Group
#12179
Deal Addict
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May 1, 2017
1070 posts
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AnotherDesiredUsername wrote: 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 Awards of Excellence Winner
Concierge Mortgage Group
#12179
Newbie
Nov 22, 2012
37 posts
4 upvotes
North York
Hi,

My mortgage is coming up for renewal at the end of May 2018. Received an early renewal letter from the bank, offered 3.31 5yrs fixed and 2.94 2yrs fixed.

I need suggestions from the experts here. How are the rates? What should I do? Talk to my financial advisor and negotiate a better deal? OR wait until the renewal due date is close so the bank will provide a better deal? Or just take this offer to lock the “early renewal rate”?


Mortgage Balance: $312K Remaining
Lender: Scotiabank (STEP)
Payment Frequency: Monthly
Amortization: 30 years (25.5 remaining)
Insured: NO
Down payment: 35%
Location: GTA
Renewal Date: end of May 2018
Current rate: 2.79% 5yrs fixed


I am a little confused, if I accept this deal, does that mean I am paying the new mortgage interest rate staring from next month? Or the new rate starts from June 2018 when my current mortgage term reaches maturity?My current rate is only 2.79%.

Thanks very much!
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May 1, 2017
1070 posts
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davidbluee wrote: Hi,

My mortgage is coming up for renewal at the end of May 2018. Received an early renewal letter from the bank, offered 3.31 5yrs fixed and 2.94 2yrs fixed.

I need suggestions from the experts here. How are the rates? What should I do? Talk to my financial advisor and negotiate a better deal? OR wait until the renewal due date is close so the bank will provide a better deal? Or just take this offer to lock the “early renewal rate”?


Mortgage Balance: $312K Remaining
Lender: Scotiabank (STEP)
Payment Frequency: Monthly
Amortization: 30 years (25.5 remaining)
Insured: NO
Down payment: 35%
Location: GTA
Renewal Date: end of May 2018
Current rate: 2.79% 5yrs fixed


I am a little confused, if I accept this deal, does that mean I am paying the new mortgage interest rate staring from next month? Or the new rate starts from June 2018 when my current mortgage term reaches maturity?My current rate is only 2.79%.

Thanks very much!
Hello,

The rates you've been offered are not very competitive considering what's currently available in the market. Your course of action for your renewal is dependant on a number of factors, including where you think rates will be in March when more products become available to you. If you think rates will rise drastically by then, perhaps 3.31% isn't too bad. If you think rates will be stable until then, the likelihood is that there will be much better available. For instance, if your maturity date was sooner, you'd almost certainly have rates under 3% for a 5 year fixed available to you.

As for the early renewal offer - your mortgage would immediately change in to the 3.31% product as of the next payment cycle. It's a true early renewal - you're not locking in a super long rate hold, you're actually renewing the mortgage early.

Regards,

Connor
_________________________________
Connor Green
Mortgage Awards of Excellence Winner
Concierge Mortgage Group
#12179
Sr. Member
May 5, 2005
732 posts
41 upvotes
Halifax
djpositivek wrote: We're up for renewal on Dec. 10th with RBC Homeline plan. Don't really need the homeline anymore, balance is 0 on the credit line but could keep it depending.

Approx. 6 years remaining in total and ~$82,000 left. We've been doing 5 year fixed and probably looking at that again. Haven't yet received anything from RBC about renewal however I expect I won't be getting the best rates from them without haggling/matching other offers.

What's the best rates we could expect? Not against going with a Broker, but have been with RBC since purchase.
I don't think anyone replied to this post couple of months ago or I missed it. I'm less than 4 weeks away and have to get this taken care of. RBC emailed me on Oct. 6th a quote of 3.29% for 5 year fixed which sounds like their posted rate and I'm guessing not very good...

Value of the house I would estimate at 300k, located in Halifax, N.S.

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