Real Estate

The Official Mortgage Rates Thread

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Sep 13, 2011
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ids748 wrote:
Oct 24th, 2018 7:16 am
Hello Guys,

I'm looking to get 3rd mortgage maybe a broker can help me. The broker who helped me on my last 2 deals says he couldn't help me with this 3rd one hoping some one here can help.

Property 1 - Rental - Value 395K (last month of similar units) mortgage remaining is 196 currently at prime minus (~ 2.9%). Currently 1 year left in 5 year term (rented out at $1375/month plus utilities going rates are 1600 but i can't raise it unfortunately) in [Located in Kitchener, Ontario] Purchased Oct 2013
Property 2 - Primary Residence, Value = 440/450K (last month sales of interior unit) (balance on mortgage is 226k) Prime - 0.75 2.95% currently 2 years left into 5 year term. [Located in Kitchener, Ontario] Purchased 2015 September
Property 3 - I would like to buy a single detached and turn property 2 into a rental at about $1750/month plus utilities (based on neighboring rentals and realtor appraised at 1800/month) Located in either in Kitchener Ontario or Cambridge Ontario

Any help or input would be greatly appreciated. Please PM me for more detail.
I'm assuming the other broker was not able to get you qualified for third property? He/she may just not know which lender to take it to. I'll shoot you a PM, as per your request.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Hello experts !

I don't have a huge mortgage like most of you guys in the GTA, but I'd like some advice nonetheless.

National bank called me in for an early renewal,

My mortgage is split in two, one portion is fixed at 2.79% and ends in august 2020, and the 2nd is at 3.10% variable and ends in early 2023.

Why would they want me to renew so early? And what should I expect or rather accept from them ?


Home value: 205k
Mortgage left: 135k
Home type: single
Area: Shawinigan, Qc
Household income: 180K
Credit score of 856 on Borrowell (improved significantly in the last three years since all our revolving credit is now paid off)
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PaulMeredith wrote:
Oct 24th, 2018 8:16 am
I'm assuming the other broker was not able to get you qualified for third property? He/she may just not know which lender to take it to. I'll shoot you a PM, as per your request.

Your correct he doesn't know who to use likely. I've replied to your PM.
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Sep 19, 2012
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Calgary
As expected BOC raised rates this AM.

https://business.financialpost.com/news ... te-to-1-75

All points on the yield curve have ticked upward as well - meaning 5 year fixed rates will be (are?) feeling upward pressure. Brokers: have any of the large monolines (MCAP, FN etc) indicated that 5-year fixed rates are increasing?
Last edited by ahlaker on Oct 24th, 2018 10:31 am, edited 1 time in total.
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jy_99 wrote:
Oct 23rd, 2018 2:38 pm
Bumping as I haven't received a reply yet. Thx
Do you have a firm closing date ?

I can probably do 3.44-3.49% with 1500-2000$ cash back.
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Any impacts on the 5yr fixed rate?

Looking for $450k (after 20% down), 30yr
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ahlaker wrote:
Oct 24th, 2018 10:29 am
As expected BOC raised rates this AM.

https://business.financialpost.com/news ... te-to-1-75

All points on the yield curve have ticked upward as well - meaning 5 year fixed rates will be (are?) feeling upward pressure. Brokers: have any of the large monolines (MCAP, FN etc) indicated that 5-year fixed rates are increasing?
RCGA wrote:
Oct 24th, 2018 10:55 am
Any impacts on the 5yr fixed rate?

Looking for $450k (after 20% down), 30yr
A Bank of Canada change to prime rate affects variable rate mortgages and lines of credit only. This does not affect fixed rate mortgages. Over time, we will however start to see fixed rates trend upwards, but for now, fixed mortgage rates remain stable. The stability can reverse however any time and it's quite likely we will see more upward pressure on fixed mortgage rates soon. Just not yet. You can read my complete thoughts on this on my recent blog post here: http://www.easy123mortgage.ca/prime-rate-increase/
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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RCGA wrote:
Oct 24th, 2018 10:55 am
Any impacts on the 5yr fixed rate?

Looking for $450k (after 20% down), 30yr
Keep in mind, rates are higher for a 30-year AM (vs 25-year).
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
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Will renewing a mortgage from fixed to variable with the same lender constitute a refinance, subjecting the borrower to a stress test? Thank you.
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Shamefully bumping myself since I'd like your input before I meet the bank tonight...
bossman74 wrote:
Oct 24th, 2018 8:40 am
Hello experts !

I don't have a huge mortgage like most of you guys in the GTA, but I'd like some advice nonetheless.

National bank called me in for an early renewal,

My mortgage is split in two, one portion is fixed at 2.79% and ends in august 2020, and the 2nd is at 3.10% variable and ends in early 2023.

Why would they want me to renew so early? And what should I expect or rather accept from them ?


Home value: 205k
Mortgage left: 135k
Home type: single
Area: Shawinigan, Qc
Household income: 180K
Credit score of 856 on Borrowell (improved significantly in the last three years since all our revolving credit is now paid off)
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Jun 26, 2013
14 posts
What is the best rate I can get for :

- Property: $999,999k
- Down-payment: $450-500k (~45 - 50%%)
- Location: North York
- Closing date: Nov 2019
- Household income: $90k
- Credit score: 850
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Unfortunately, no one can give you an answer. You are renewing early, so it means your only option is to stay (if you are just renewing) with your current lender. NBC clients become clients of a specific branch after closing, even if they dealt with a broker or mobile specialist in the original mortgage. And that branch has its own targets for profitability and margins, so they can offer you any rate they want. Since you have 2 portions of your mortgage, you cannot switch just one of them (even if you wanted) to another lender - so your only option is to stay with them, or break the mortgage entirely and pay penalties on both portions.


bossman74 wrote:
Oct 24th, 2018 12:52 pm
Shamefully bumping myself since I'd like your input before I meet the bank tonight...
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Are you closing Nov 2019 or 2018?
givemetheloot wrote:
Oct 24th, 2018 6:43 pm
What is the best rate I can get for :

- Property: $999,999k
- Down-payment: $450-500k (~45 - 50%%)
- Location: North York
- Closing date: Nov 2019
- Household income: $90k
- Credit score: 850
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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givemetheloot wrote:
Oct 24th, 2018 6:43 pm
What is the best rate I can get for :

- Property: $999,999k
- Down-payment: $450-500k (~45 - 50%%)
- Location: North York
- Closing date: Nov 2019
- Household income: $90k
- Credit score: 850
In addition to Andre wanting to clarify if this is 2018 or 2019, is this a new build purchase? (if 2019, I would be assuming it is). What was the date when you purchased this property?
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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