Real Estate

The Official Mortgage Rates Thread

Newbie
Jun 19, 2020
11 posts
Hello, does anybody know what Scotia eHome is currently offering for five year fixed? Thanks
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
Kumasi wrote: The mortgage is insured. Balance is 350,000 and line of credit is attached.
Then you have 1.99% available
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
Feb 27, 2008
1418 posts
570 upvotes
Folks.. I already have a home and a mortgage on it but thinking of upgrading by buying a home from a builder that will be ready in 2 years. They have a payment schedule of 5% at signing, another 5% in 30 days, 5% in 90 and the final 5% in 120 days then ofcourse the rest of the mortgage is due at closing..

What type of mortgage product is there that would support financing these payments when your current home is currently mortgaged with CMLS for example with no HELOC to use the existing principle? Is it just a second mortgage that you'd get or what exactly?

Thanks,
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
WorldIRC wrote: So interesting follow up to some posts of mine from a few weeks ago:

Currently with iA, term is due on Aug 20. I have not yet received a renewal offer from iA. Well today we got in the mail a letter from iA advising our mortgage is being passed to MCAP as of July 20. That leaves very little time to review a renewal offer. At last mention, iA was maintaining existing mortgages, but I guess that was a transitional thing now that they're being moved to MCAP.

Balance is $478K at renewal, insured mortgage, principle residence.
I didn't know they were doing that and I have a pretty fantastic relationship with MCAP.

They better give you a competitive rate or contact a broker.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
240sxer wrote: Folks.. I already have a home and a mortgage on it but thinking of upgrading by buying a home from a builder that will be ready in 2 years. They have a payment schedule of 5% at signing, another 5% in 30 days, 5% in 90 and the final 5% in 120 days then ofcourse the rest of the mortgage is due at closing..

What type of mortgage product is there that would support financing these payments when your current home is currently mortgaged with CMLS for example with no HELOC to use the existing principle? Is it just a second mortgage that you'd get or what exactly?

Thanks,
Do you mean you need financing for the deposits that occur before the closing OR the mortgage that is released on closing?
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
JanZ95915 wrote: I am currently considering a change in employment and move to a different company. The job title would be almost identical to my current one. Does that (and if so for how long) have an impact on the mortgage amount or rate I would qualify on?

Also, do mortgage brokers consider only base pay or also variable/bonus pay when calculating income levels and mortgage amount someone qualifies for?

Planning on buying within the next 4-12 months.
You should be fine if you have plenty of relevant work experience :)
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
dmoss123 wrote: Roughly, what is the current market value of the property? 1,400,000
Mortgage Balance: $775,000
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC - 2.94% fixed 3yr, 30yr am
-Do you have a HELOC tied to the mortgage? Yes $0 balance
-Is the mortgage CMHC insured? No
-When did you buy the property? Feb 2020
-When is your renewal date? Feb 2023
Break fee is $7,500
thanks
Since you just bought the property, I am assuming the purchase price was over $1M?

You won't qualify for the 1.99% 5-year fixed then :(
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Dec 26, 2018
45 posts
172 upvotes
First time home-buyer shopping around for a mortgage right now...

-What is the purchase price? $513.5K
-How much is the down payment? $200K
-Where it the property located? Toronto
-When is the closing date? July 17
-Will the property be owner-occupied or a rental? Owner-occupied

I received a verbal quote from CanWise for 2.04% interest on 5-year fixed, 25 am. I've seen mixed reviews on the brokerage but it's the lowest rate I've encountered in my search so far... Any thoughts?
Sr. Member
Oct 17, 2013
968 posts
715 upvotes
I have a tiny collateral mortage of $79000, so my options were limited.... I was able to get 2.23 3 year fixed with Scotia.... just passing on for anyone with a small mortgage...
Sr. Member
Jul 5, 2010
613 posts
323 upvotes
Toronto
I got 2.25% fixed from RBC. 380K mortgage and 820K LOC @ Prime

I think I am overpaying by 10-15bps
Newbie
Jun 23, 2020
3 posts
Hoping to get some insight on a renewal due at the end of September.

-How much is the mortgage owing? $300K
-Roughly, what is the current market value of the property? $560K
-Which city is the property located in? Richmond, BC
-Is the property owner-occupied or a rental? Owner
-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? 2018 new build
-When is your renewal date? September, 2020

Thanks in advance!
Deal Addict
Apr 13, 2006
1136 posts
322 upvotes
Mississauga
canadian gal wrote: FYI - TD rate drop imminent!
Speculative or confirmed? Assuming fixed rate dropping, if confirmed.
Sr. Member
User avatar
Dec 2, 2008
828 posts
343 upvotes
kiz5 wrote: Speculative or confirmed? Assuming fixed rate dropping, if confirmed.
Confirmed, as of midnight Smiling Face With Smiling Eyes

Both fixed and variable decreases
Deal Addict
Apr 13, 2006
1136 posts
322 upvotes
Mississauga
canadian gal wrote: Confirmed, as of midnight Smiling Face With Smiling Eyes

Both fixed and variable decreases
Perfect. I think its a must.
Newbie
Jun 23, 2020
71 posts
14 upvotes
Hi, purchased a condo recently and have been shopping around for rates, what is the lowest I can get for 5 year fixed/variable?

Roughly, what is the current market value of the property? 732,000
Mortgage Balance: $585,600 (20% down)
-Which city is the property located in? downtown Toronto
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? None, new purchase
-Do you have a HELOC tied to the mortgage? None
-Is the mortgage CMHC insured? None
-When did you buy the property? June 2020
Deal Addict
Jun 12, 2015
2551 posts
1071 upvotes
Ontario
1st time home buyer, want to check current rates AND if I still have time to shop around

For a purchase of a property:

-What is the purchase price? 495k
-How much is the down payment? 20% (99k)
-Where it the property located? Ottawa, Ontario
-When is the closing date? July 15 2020
-Will the property be owner-occupied or a rental? Owner occupied

Currently quote XMC 5yr fixed 2.16% (dropped today from previous 2.20%). XMC did not ask for appraisal.

Thank you,
Newbie
Jun 23, 2020
3 posts
Hoping to get some insight on a renewal due at the end of September.

-How much is the mortgage owing? $300K
-Roughly, what is the current market value of the property? $560K
-Which city is the property located in? Richmond, BC
-Is the property owner-occupied or a rental? Owner
-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? 2018 new build
-When is your renewal date? September

Thanks in advance!
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
Burtmacklin wrote: First time home-buyer shopping around for a mortgage right now...

-What is the purchase price? $513.5K
-How much is the down payment? $200K
-Where it the property located? Toronto
-When is the closing date? July 17
-Will the property be owner-occupied or a rental? Owner-occupied

I received a verbal quote from CanWise for 2.04% interest on 5-year fixed, 25 am. I've seen mixed reviews on the brokerage but it's the lowest rate I've encountered in my search so far... Any thoughts?
You can get the 1.99% 5-year fixed posted here.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 23, 2014
3 posts
7 upvotes
Toronto, ON
Based on low rates recently, I am looking for some opinion on whether I should look into break/switch or just stick with what I have.

-How much is the mortgage owing? 358k
-Roughly, what is the current market value of the property? 600k
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Sep 2017
-When is your renewal date? Sep 2022
-Current rate? 2.99%

Current penalty seems to be around 12k. Based on the high penalty, it doesn't look like I would save much from switching. Still would like to get some opinion on this.

Scotia says best they can do is 'blend' my mortgage and get me 2.64, but it will extend my contract another 3 years.

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