Hello, does anybody know what Scotia eHome is currently offering for five year fixed? Thanks
The Official Mortgage Rates Thread
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- SCORE+492
- Future28
- Newbie
- Jun 19, 2020
- 11 posts
- rateconnect
- Deal Fanatic
- Jan 31, 2018
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- 240sxer
- Deal Addict
- Feb 27, 2008
- 1418 posts
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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,
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,
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
I didn't know they were doing that and I have a pretty fantastic relationship with MCAP.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.
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
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
Do you mean you need financing for the deposits that occur before the closing OR the mortgage that is released on closing?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,
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
You should be fine if you have plenty of relevant work experienceJanZ95915 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.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
Since you just bought the property, I am assuming the purchase price was over $1M?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
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
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- Burtmacklin
- 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?
-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?
- greygables
- 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...
- chicu1981
- 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
I think I am overpaying by 10-15bps
- canadian gal
- Sr. Member
- Dec 2, 2008
- 828 posts
- 343 upvotes
FYI - TD rate drop imminent!
- stvn2010
- 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!
-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!
- kiz5
- Deal Addict
- Apr 13, 2006
- 1136 posts
- 322 upvotes
- Mississauga
Speculative or confirmed? Assuming fixed rate dropping, if confirmed.canadian gal wrote: ↑ FYI - TD rate drop imminent!
- canadian gal
- Sr. Member
- Dec 2, 2008
- 828 posts
- 343 upvotes
- kiz5
- Deal Addict
- Apr 13, 2006
- 1136 posts
- 322 upvotes
- Mississauga
Perfect. I think its a must.
- 416native
- 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
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
- Dynasty12345
- 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,
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,
- stvn2010
- 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!
-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!
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
You can get the 1.99% 5-year fixed posted here.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?
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- ty0012
- 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.
-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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