Real Estate

The Official Mortgage Rates Thread

Member
Mar 13, 2010
297 posts
26 upvotes
rateconnect wrote: Hi There

How much is the property worth and current mortgage balance? Also when you purchased the property did you put less than 20% down

TD mortgages are a collateral charge so legals would be required to switch to a different lender however there are some that allow collateral switches

Hope this helps

Phil
Pm you
Member
Feb 7, 2004
472 posts
149 upvotes
St Thomas
Looking for some advice. I currently have my mortgage through CIBC. They called me the other day saying I'm within the 120 day early renewal they offer (maturity is June). I am looking to move hopefully within the next two years but that is not certain. They offered me 3.24% for 2 years fixed which is nothing special imo but I also have the ability to port my mortgage so I'm wondering if it would be smart to lock in for say, 5 years if the rate is comparable. They probably won't let me switch lenders until closer to the actual maturity and by then rates will probably have gone up again. Current balance is approximately $242,000 at 2.89% and this will be my first renewal.
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Jan 31, 2018
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akalic wrote: She offered:

3.24% x 5 year 10/10 fixed
3.34% x 5 year 20/20 fixed
3.19% x 4 year 20/20 fixed
3.25% x 3 year 20/20 fixed

Where would i be able to get a 3.04% 20/20 fixed for 5 years? Is it necessary to submit the actual signed offer of Purchase and proof of income to get these "better" rates? I'm not really understanding when I can actually be offered better deals

Thanks for helping
Many of the rates you see quoted by brokers on the forum are for "live " deals meaning when you have a purchase and sale agreement in place. Once you have the aforementioned you can lock in the rates

Hope this helps

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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Canadarox12 wrote: What are the better rates with 25% down? We would be able to do 25% if the difference in rates made it make sense.
You would be able to get better rates on 25% down on a live deal meaning when you have a purchase and sale agreement in place.

Current rates below if this were the case today

25% down 3.04% 5 yr fixed

25% down 5 yr variable prime -1% currently 2.45%

Hope this helps

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Aug 22, 2007
77 posts
2 upvotes
Labrie wrote: Looking for some advice. I currently have my mortgage through CIBC. They called me the other day saying I'm within the 120 day early renewal they offer (maturity is June). I am looking to move hopefully within the next two years but that is not certain. They offered me 3.24% for 2 years fixed which is nothing special imo but I also have the ability to port my mortgage so I'm wondering if it would be smart to lock in for say, 5 years if the rate is comparable. They probably won't let me switch lenders until closer to the actual maturity and by then rates will probably have gone up again. Current balance is approximately $242,000 at 2.89% and this will be my first renewal.
I'm in the same boat as you with identical rate at 2.89. I'm at RBC and up for first time renewal in May. Interesting though nobody really contacted me yet from RBC. My other concern is if I switch institutions, is it gonna be a lot of work? Not sure if I should go variable this time, but love to get some tips or suggestions. Good luck on your search.
Newbie
Sep 21, 2014
48 posts
10 upvotes
Ottawa, ON
Hey,

Mortgage up for renewal on June 12th, 2018.

Purchase price: 238K
Market value: ~270K
Mortgage balance: 155K
Initial down-payment: 15%
Currently 5-yr fixed at 2.79% with RBC
In Ottawa, Ontario

What 5-yr fixed and variable rates am I looking at?

Thanks
Newbie
Feb 10, 2018
1 posts
vancouver,bc
My mortgage is up for renewal Nov 2018 with TD Bank. I was searching rates and have found True North to be much lower than others. Tangerine is also pretty low ( I have some investments with them)

My question is which type of mortgage to go for if there is a good chance I will be selling in 1-3 years to purchase a larger home ( So I would still need a mortgage) . I am not sure how it works if you are just going to increase your mortgage due to a new purchase ( With the same company) rather than paying it off.

Any info would be great!
Ps.. I am in Vancouver BC
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Jan 31, 2018
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DirkDiggler69 wrote: Hey,

Mortgage up for renewal on June 12th, 2018.

Purchase price: 238K
Market value: ~270K
Mortgage balance: 155K
Initial down-payment: 15%
Currently 5-yr fixed at 2.79% with RBC
In Ottawa, Ontario

What 5-yr fixed and variable rates am I looking at?

Thanks
Hi there

Based on the information you are eligible for some great rates see below

5 yr variable prime-1.24% currently 2.24% this product has a slight restriction in that you can't payout in full the first 5 yrs other than through a bonafide sale then regular 3 month penalty
would apply.

5 yr fixed rates 2.99%

Hope this helps

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
7352 posts
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Toronto
akalic wrote: Hi there,

Went to a BMO mortgage specialist and wanted some insight on this offer by them.

3.19% on a 4 year fixed 20/20

295k home. first time home buyers
25 year amortization
downpayment: >30%
Credit/Employment: Very Good
Province: BC

She was telling me this is the special. Does that mean that this rate is not tailored to me at all? What can i do at this point
With 30% down, you can get 2.99% 5-year fixed and Prime -1.15% (2.30%) 5-year variable.

Much better deals out there than what BMO is offering.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
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Feb 2, 2014
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Toronto
ADRiiAN` wrote: Thanks. What's a common deposit now a days to show good commitment?
On a $500k property, $20-$25k should suffice.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
7352 posts
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Toronto
rjg4235 wrote: I have a tenant leaving on August 15th of this year and my renewal for the term is August 26th. I want to sell the property which between cleaning, listing and closing will likely take a few months. Should I bother finding a broker or just ask the bank to renew me with open? I had a broker before but he has become unreliable.

I also plan on paying down my primary residence, they said I can do a 20% payment, plus increase my payments by 20% and double them. Is there anything I should know about doing this? What will the benefits be now of paying half my balance? Will I just keep making the same payment and pay the principal down faster? So then when I renew this one in 2.5 years I would have a much lower balance? Would I then have a different payment or continue with my current one?
Just renew as an open rate then with your current lender.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
7352 posts
1857 upvotes
Toronto
Sigurd wrote: Hi there,

I'm about to purchase a condo with my girlfriend and we're looking to try find a better mortgage. Could I please request the best mortgage rate available to us for our situation? Thanks in advance!

Both first time home buyers, located in Ontario
Both working, combined income: $157,000
Purchase Price: $660,000
Down payment: 10% / $66,000
Credit score: Excellent & Very Good

We currently have a pre-approval from a big bank for 3.44% 5 year fixed, 25 year mortgage. Would increasing the down payment amount qualify us for a better rate?
For an insured mortgage, rates start at 2.94% 5-year fixed and Prime 1.24% 5-year variable.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7352 posts
1857 upvotes
Toronto
Labrie wrote: Looking for some advice. I currently have my mortgage through CIBC. They called me the other day saying I'm within the 120 day early renewal they offer (maturity is June). I am looking to move hopefully within the next two years but that is not certain. They offered me 3.24% for 2 years fixed which is nothing special imo but I also have the ability to port my mortgage so I'm wondering if it would be smart to lock in for say, 5 years if the rate is comparable. They probably won't let me switch lenders until closer to the actual maturity and by then rates will probably have gone up again. Current balance is approximately $242,000 at 2.89% and this will be my first renewal.
Depending on specifics of the mortgage, best rate for a transfer is 2.99% 5-year fixed and Prime -1.24% 5-year variable.

Shop around, CIBC's offer isn't good.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Jr. Member
Sep 12, 2007
169 posts
18 upvotes
Coquitlam
rateconnect wrote: Many of the rates you see quoted by brokers on the forum are for "live " deals meaning when you have a purchase and sale agreement in place. Once you have the aforementioned you can lock in the rates

Hope this helps

Phil
Great. So nothing is agreed upon (I'm free to shop around) until I've signed a mortgage agreement? I will send the purchase and sale agreement to two brokers then...
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Feb 2, 2014
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Toronto
animatrix wrote: I'm in the same boat as you with identical rate at 2.89. I'm at RBC and up for first time renewal in May. Interesting though nobody really contacted me yet from RBC. My other concern is if I switch institutions, is it gonna be a lot of work? Not sure if I should go variable this time, but love to get some tips or suggestions. Good luck on your search.
See above. It's not a lot of work, but you do need to be underwritten to switch lenders.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative

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