Real Estate

The Official Mortgage Rates Thread

Deal Addict
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May 1, 2017
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blueeyes007 wrote: This is interesting to know. I will keep it in mind. Although, it depends on what they consider as a minimum for qualifying as significant net worth?
I have seen that amount vary considerably, ranging from 250k to 1M+. Really not the same target to reach!

At BMO, I have my daily banking and some ''non negligible'' investment with their discount broker arm. When I approached them for a discounted heloc,
I did not have much of a success. May be, the money with the discount broker arm does not count. Or it may depend on the BMO branch.
Unfortunately, when it comes to this kind of thing there is no set standard, no guidelines for what they consider to be 'exception grantable'. Your guess is as good as ours. We've seen people get the exception who we didn't think would get it, and people with high-net worth, several mortgages with Scotia, and very large incomes be denied.

It's really impossible to say as it seems to be arbitrarily assessed on a case by case basis.

Again, it's very rare so it's not something to bank on getting with Scotiabank.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Nov 29, 2017
9 posts
Hi there,

Looking for a 5 year fixed.
Price: 360k
Down: 30k
Location: Surrey, BC
Combined income: 125k

My spouse just moved from being a casual registered nurse (full time with no benefits) to full time regular. I am still on probation in a new union job for a couple months.

What kind of rates can I expect?
Deal Addict
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Dec 1, 2015
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Etobicoke, ON
A precise answer needs more details... the probation aspect of your job adds a bit of difficulty but depending on other factors may still get approved. Do we need your income to qualify? Talk to a mortgage professional and discuss your options in details.

Rates could be a 5y fixed at 2.69% or a 5y variable at P-1.25%.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Sep 13, 2011
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Toronto
plxGORF wrote: Hi there,

Looking for a 5 year fixed.
Price: 360k
Down: 30k
Location: Surrey, BC
Combined income: 125k

My spouse just moved from being a casual registered nurse (full time with no benefits) to full time regular. I am still on probation in a new union job for a couple months.

What kind of rates can I expect?
Can you tell us when the closing date is?
When does your probation end?
How long have you worked in the same industry for?
What is your spouse's annual guaranteed income?
Do you have any car or loan payments? If so, what is the payment amount?
Do you carry a balance on any credit cards or line of credit? If so, how much?

Probation is an issue for many lenders, so this will limit you. I'm trying to see if we can get this qualified using your wife's income alone, which would open up all the options to you. If this works, then the lowest 5 year fixed would be 2.69% and lowest variable would be prime -1.25% (1.95%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Nov 29, 2017
9 posts
PaulMeredith wrote: Can you tell us when the closing date is?
When does your probation end?
How long have you worked in the same industry for?
What is your spouse's annual guaranteed income?
Do you have any car or loan payments? If so, what is the payment amount?
Do you carry a balance on any credit cards or line of credit? If so, how much?

Probation is an issue for many lenders, so this will limit you. I'm trying to see if we can get this qualified using your wife's income alone, which would open up all the options to you. If this works, then the lowest 5 year fixed would be 2.69% and lowest variable would be prime -1.25% (1.95%).
Closing date: Around March 1 - being negotiated
Probabtion: April 16
Industry: 4 years in the same industry
Spousal income: 68k
Car loan: 158 biweekly
Spouse: 4k on line of credit
Deal Fanatic
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Feb 2, 2014
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plxGORF wrote: Closing date: Around March 1 - being negotiated
Probabtion: April 16
Industry: 4 years in the same industry
Spousal income: 68k
Car loan: 158 biweekly
Spouse: 4k on line of credit
Sounds like you can secure the 1.95% 5-year variable or 2.69% 5-year fixed.

Get an approval asap, these rates are short-term promos. I don't think we will see Prime-1.25% around for long.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 8, 2017
9 posts
Hi!
465K New purchase, Ontario
45 % Down
Looking for 5 YR fixed
20/20, Discounted penalty , Extend amount & term without Penalty (not mandatory),Excellent discounted rate upon renewal.
Closing window 90 days
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Sep 13, 2011
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donXdeals wrote: Hi!
465K New purchase, Ontario
45 % Down
Looking for 5 YR fixed
20/20, Discounted penalty , Extend amount & term without Penalty (not mandatory),Excellent discounted rate upon renewal.
Closing window 90 days
Lowest rate available on that would be 2.79%. Any regular posting broker on this board would be able to help you out with that.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Feb 2, 2014
7569 posts
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Toronto
donXdeals wrote: Hi!
465K New purchase, Ontario
45 % Down
Looking for 5 YR fixed
20/20, Discounted penalty , Extend amount & term without Penalty (not mandatory),Excellent discounted rate upon renewal.
Closing window 90 days
Why not go variable? You can get 2.01% 5-year variable and penalty is 3 months of interest.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 8, 2017
9 posts
I am the Informed Mortgage shopper.
Need to choose the right lender.
Merix / MCAP / DUCA / IA / ICICI
Can anybody help?
Variable rates are down. Possible because of more future hikes.
I will stick to 5 yr fixed .Thanks.
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May 1, 2017
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donXdeals wrote: I am the Informed Mortgage shopper.
Need to choose the right lender.
Merix / MCAP / DUCA / IA / ICICI
Can anybody help?
Variable rates are down. Possible because of more future hikes.
I will stick to 5 yr fixed .Thanks.
Hi there,

You've listed several different kinds of lenders. Merix and MCAP are monoline lenders, meaning they operate entirely online and via phone, and do not have physical branches. Duca is a credit union, IA is predominantly an insurance company, and ICICI is a bank. They all have their ups and downs, but generally all provide similar levels of service. If you prefer a branch to go to, perhaps Duca is the best option to take. If you don't care about the branch, Merix and MCAP, in my opinion, would be your go-to lenders from those options.

All of the different types of institutions also calculate their penalties differently - so that is something to take into account as well.

I personally like MCAP and Duca the most out of the lenders you've mentioned based on product variety, rates, costumer service, and penalty calculations. Between those two, take whoever has the better rate, or whoever has the product that best serves your needs, I suppose.

Regards,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Newbie
Nov 8, 2017
9 posts
Thanks for your opinion, Connor
Would you tell me what MERIX / MCAP & DUCA are offering for 5 -yr fixed ?
Jr. Member
Feb 14, 2010
100 posts
31 upvotes
Hi,

I'm looking to break my mortgage 1 yr early and refinance into another 5 year fixed. Property is owner occupied condo in Toronto.

Current lender: Street Capital
Current rate/term: 3.59% on 5 year fixed
Current balance: $336K
Current home value: $700K
Originally an insured mortgage
Maturity: Nov 25, 2018

I'm looking at a refi for about $385K. I've been told GDS* should be at 35%. Any suggestions for lenders more flexible with payment ratios. [edit: GDS].

Thank you, Alex
Last edited by bilodeau1 on Nov 30th, 2017 9:53 pm, edited 1 time in total.
Newbie
Nov 29, 2017
2 posts
Have an condo rental unit, mortgage due in February. So am wondering if it's worth shopping around, info as follow:

Rental condo unit
$175k remaining
>25% principal paid
Ontario
Currently with RBC. Agent mentioned $300 discharge fee if switch out on due date (feb 2018)
Unsure if I would sell the property in next two years. So am leaning variable.
RBC offered 2.65% 5-year variable to renew, or 2.85% 2 year fixed
Ontario
Total income 120k for both names on title (last year)
Professional full time job and significant other currently unemployed (housewife)

Is it worth the hassle to switch? Or just renew cuz the amount isn't big enough of a saving to overcome the discharge fee? And also with SO being currently unemployed right now, would that be an issue? (altho tax return for last year was fine)

And heres a noob question (I asked my agent. But she wasn't very helpful). Only variable rate is 3 months interest rate as penalty, correct? And fixed would be posted rate at remaining terms of interest? (i.e. If i sign on for 5 years fixed and I sell in year 1, I'm screwed?)

Thanks in advance!!
Last edited by sbhk2017 on Nov 30th, 2017 10:23 pm, edited 1 time in total.

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