Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Feb 2, 2014
7357 posts
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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
President's Club Award Winner At The Mortgage Architects
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Feb 2, 2014
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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
President's Club Award Winner At The Mortgage Architects
Deal Addict
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Jan 31, 2018
1556 posts
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CdnRealEstateGuy wrote: Are you sure the variable rate is 2.46% for an insured transfer?
Yes Lendwise RPM
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Feb 3, 2015
346 posts
266 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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Sep 13, 2011
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Toronto
angryboy wrote: Looking for rates.
Purchase price: $515k
Downpayment: $250k
Location: Ajax
Closing date Oct 31st.

What's the best rate?
Lowest 5 year fixed would be 3.39% and lowest variable prime -1.24% (2.46%). With a closing date of October 31st you are just about out of time. I would suggest you put in an application with someone IMMEDIATELY. By tomorrow morning and no later. Otherwise, you'll likely need to get an extension on your closing date. At this point, you'll also need to have all your supporting documents ready to go. These are typically job letters, pay stubs, and bank statements showing a 90 day history to show the natural accumulation of down payment.

Don't waste any time at all. Get started on this pronto.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Feb 2, 2014
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Toronto
angryboy wrote: Looking for rates.
Purchase price: $515k
Downpayment: $250k
Location: Ajax
Closing date Oct 31st.

What's the best rate?
As Paul said, make sure you contact one of the brokers here ASAP for those rates....it would nice to have an application into the lender by tomorrow.
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
Newbie
Apr 4, 2017
89 posts
42 upvotes
rateconnect wrote: 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
Can I find both those rates through major banks in Alberta?
Deal Addict
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Jan 31, 2018
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Deallionaire wrote: Can I find both those rates through major banks in Alberta?
Yes the 5 yr is with a major bank and available in Alberta

The variable is with one of the larger monlines backed by BMO

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
1556 posts
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schiffy wrote: How about Quebec? I don't see much regarding QC
You were looking for a 30 yr based on your previous post ?

These rates are only available on a 25yr amortization

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Feb 20, 2018
2 posts
Looking to refinance mortgage with big bank.

5 year term ends dec 20/18.
$300k remaining (purchase price $625k - value ~$1.1m now).
Looking to upsize mortgage to ~$650k
For 5 year closed:
Offered 3.49 fixed by two big banks...
P-0.8 and p-0.9 by Two big bank (one of which existing lender)
Prefer to go variable and also have heloc available. Would also consider a hybrid (similar to rbc homeline if possible).

Could someone please advise best rates from big banks and best rates from others?
House in north gta.

Pm if want more details.

Thanks!
Deal Addict
Apr 26, 2004
2114 posts
101 upvotes
GTA
codemonkey wrote: 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
Pm sent!
Mortgage Specialist in the GTA
Deal Addict
Apr 26, 2004
2114 posts
101 upvotes
GTA
STTBONE wrote: Looking to refinance mortgage with big bank.

5 year term ends dec 20/18.
$300k remaining (purchase price $625k - value ~$1.1m now).
Looking to upsize mortgage to ~$650k
For 5 year closed:
Offered 3.49 fixed by two big banks...
P-0.8 and p-0.9 by Two big bank (one of which existing lender)
Prefer to go variable and also have heloc available. Would also consider a hybrid (similar to rbc homeline if possible).

Could someone please advise best rates from big banks and best rates from others?
House in north gta.

Pm if want more details.

Thanks!
Pm sent!
Mortgage Specialist in the GTA
Newbie
Oct 14, 2018
3 posts
Hello,

First time home buyer here. How soon can we get a mortgage approval for a new build? We're working with a mortgage agent from last week, we've submitted all documents except for my other employment letter. I'm hoping I get it this week. The builder gave us until Saturday to get a firm mortgage approval. Thanks in advance!
Newbie
Dec 14, 2009
23 posts
1 upvote
Scarborough
Thanks to all for the lots of great information here. Currently in planning phase of a first time buy. Here's the projected situation:

House Price: Maximum $400,000
Household Income: $74,000 (combined)
Downpayment: 20%
Location: Barrie
Condo fee: $385-$485
Equifax Score: 750 plus
Ammortization: 25 or 30
Household Debt:
Student debt: $14,000 Monthly Pmt: $245
Line of Credit: $10,000 Monthly Pmt: $110
Credit Card Debt: $12750 Monthly Pmt: $10 ( 0% balance transfer for 1 yr ending in Oct 2019)

What would be the best rate one can qualify for in this situation?

Thanks

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