Real Estate

The Official Mortgage Rates Thread

Newbie
Oct 12, 2018
1 posts
@PaulMeredith

We have been offered a renewal rate by BMO of 3.00% (5 year variable - closed) on the current $115,000 mortgage, and our connected LOC ($100,000 available) would remain at Prime + 0.5%. We are just completing some renovations and our LOC will likely have about $40,000 on it by the time we are done.

Is it worth it for us to switch to a lender with lower rates, even with the cost of getting out of these Readline products? Can you help us out?

- original purchase price $240,000
- original purchase date (month and year) May 24, 2007
- current property value (approx) $330,000
- mortgage amount needed $155,000
- did you pay CMHC (or similar) insurance on the home when you purchased it (if switching) We must have, since we took out a mortgage of $225,000 at the time, but I cannot find anything mentioning CMHC or any other type of insurance in our documents
- current lender BMO - Readiline LOC
- do you you have a second component such as a Home Equity Line of Credit (HELOC) attached to your mortgage? Yes, another BMO Readiline LOC
- primary residence or rental property Primary
- maturity date November 24, 2018
Newbie
Aug 6, 2007
89 posts
7 upvotes
What should I be looking at for a fixed or variable rate?

Current state:
- original purchase price: $389,000
- original purchase date (month and year) : Jan 2014
- current property value (approx): $390,000
- mortgage amount needed: $300,000
- did you pay CMHC (or similar) insurance on the home when you purchased it (if switching): yes
- current lender: BMO
- do you you have a second component such as a Home Equity Line of Credit (HELOC) attached to your mortgage? No
- primary residence or rental property: primary
- maturity date: Jan 2019
Newbie
May 25, 2013
89 posts
7 upvotes
Ajax
PaulMeredith wrote: Rates vary depending on a number of factors. Minimum term length for a switch is 3 years. For an accurate rate quote, please provide the following information:

- original purchase price
- original purchase date (month and year)
- current property value (approx)
- mortgage amount needed
- did you pay CMHC (or similar) insurance on the home when you purchased it (if switching)
- current lender
- do you you have a second component such as a Home Equity Line of Credit (HELOC) attached to your mortgage?
- primary residence or rental property
- maturity date

- original purchase price --- 620K
- original purchase date (month and year) --- Jan 2017
- current property value (approx) 690K
- mortgage amount needed 305K
- did you pay CMHC (or similar) insurance on the home when you purchased it (if switching) - not sure
- current lender
- do you you have a second component such as a Home Equity Line of Credit (HELOC) attached to your mortgage? yes HELOC
- primary residence or rental property - Primary
- maturity date Feb 02
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
Deallionaire wrote: I'm looking for the best rate on a new home purchase in Edmonton, Alberta. Ideally 5 years, either fixed or variable, and with 20% down. Mortgage amount would be 310-330k. Anyone have a deal?
Congratulations on the new purchase

Best rates:

5 yr fixed 3.42% 60 day hold 15/15 prepayment major bank

5 yr variable 2.65% or prime -1.05% 20/20 prepayments 90 day hold

Both great products

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Sr. Member
Oct 21, 2004
525 posts
90 upvotes
Can I get a quote on a 5 yr fixed ideally with a readvancable HELOC. Thanks.

-What is the purchase price? $1,118,000
-How much is the down payment? $550,000
-Where it the property located? Oakville
-When is the closing date? December 27, 2018
-Will the property be owner-occupied or a rental? Owner
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
kika55 wrote: What should I be looking at for a fixed or variable rate?

Current state:
- original purchase price: $389,000
- original purchase date (month and year) : Jan 2014
- current property value (approx): $390,000
- mortgage amount needed: $300,000
- did you pay CMHC (or similar) insurance on the home when you purchased it (if switching): yes
- current lender: BMO
- do you you have a second component such as a Home Equity Line of Credit (HELOC) attached to your mortgage? No
- primary residence or rental property: primary
- maturity date: Jan 2019
Best rates available below on previously insured files

5 yr fixed 3.15% 15/15 prepayment with 120 day hold

5 yr variable 2.46% or prime - 1.24% 90 day hold 20/20 prepayments

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Oct 11, 2018
2 posts
I bought my first home this week - a condo in downtown Toronto - and I'm looking for a 5 yr variable quote.

Debts: None
Income: 115k single income
Purchase Price: $550,000 with 5% Down payment
Closing date: Mid December
CMHC: Yes
Primary residence: Yes

So far I have been quoted 2.70% variable, but I see as as low as 2.44% on Butler.
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
algorythm wrote: I bought my first home this week - a condo in downtown Toronto - and I'm looking for a 5 yr variable quote.

Debts: None
Income: 115k single income
Purchase Price: $550,000 with 5% Down payment
Closing date: Mid December
CMHC: Yes
Primary residence: Yes

So far I have been quoted 2.70% variable, but I see as as low as 2.44% on Butler.
Any of the trusted brokers on here can assist with that rate keep in mind the below so you understand the rate

This is an effective rate which incorporates cash back.

A higher contract rate applies, upon which the actual payment is based.
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Oct 11, 2018
2 posts
rateconnect wrote: Any of the trusted brokers on here can assist with that rate keep in mind the below so you understand the rate

This is an effective rate which incorporates cash back.

A higher contract rate applies, upon which the actual payment is based.
Ah, thank you Phil. That makes sense. Just so I understand the numbers roughly - is the contract rate around 2.7%? Then it would be about $4000 cashback to get that down to an effective 2.44% rate right? (over a 5 yr term)
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
algorythm wrote: Ah, thank you Phil. That makes sense. Just so I understand the numbers roughly - is the contract rate around 2.7%? Then it would be about $4000 cashback to get that down to an effective 2.44% rate right? (over a 5 yr term)
Do you check messages
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
8309 posts
2330 upvotes
Toronto
rateconnect wrote: Best rates available below on previously insured files

5 yr fixed 3.15% 15/15 prepayment with 120 day hold

5 yr variable 2.46% or prime - 1.24% 90 day hold 20/20 prepayments

Phil
Are you sure the variable rate is 2.46% for an insured transfer?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
8309 posts
2330 upvotes
Toronto
algorythm wrote: I bought my first home this week - a condo in downtown Toronto - and I'm looking for a 5 yr variable quote.

Debts: None
Income: 115k single income
Purchase Price: $550,000 with 5% Down payment
Closing date: Mid December
CMHC: Yes
Primary residence: Yes

So far I have been quoted 2.70% variable, but I see as as low as 2.44% on Butler.
3.09% 5-year fixed and 2.50% 5-year variable would be the best rates for an insured purchase.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
8309 posts
2330 upvotes
Toronto
freshwater4ever wrote: - original purchase price --- 620K
- original purchase date (month and year) --- Jan 2017
- current property value (approx) 690K
- mortgage amount needed 305K
- did you pay CMHC (or similar) insurance on the home when you purchased it (if switching) - not sure
- current lender
- do you you have a second component such as a Home Equity Line of Credit (HELOC) attached to your mortgage? yes HELOC
- primary residence or rental property - Primary
- maturity date Feb 02
3.39% 5-year fixed and 2.46% 5-year variable are the best rates. You have to pay a $800 legal fee due to the collateral charge.

Max rate hold is 90 days, so you have to wait a couple more weeks to secure the rate.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
CdnRealEstateGuy wrote: Are you sure the variable rate is 2.46% for an insured transfer?
Yes Lendwise RPM
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Member
Feb 3, 2015
390 posts
298 upvotes
Scarborough, ON
Looking for rates.
Purchase price: $515k
Downpayment: $250k
Location: Ajax
Closing date Oct 31st.

What's the best rate?

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