Real Estate

The Official Mortgage Rates Thread

Newbie
May 17, 2013
6 posts
1 upvote
Toronto
Hello experts!

New to mortgages as this will be our first home. As I understand, first step is to obtain pre-approval from a local bank and then consider "shopping around" for a better rate. Evidently, timing is really poor with the upcoming rate decision on October 24.

Information:
- Property value (new build): $1,250,000
- Down-payment: $575,000 (~45%)
- Location: Southwestern Ontario
- Closing date: February 22, 2019 (purchase agreement signed in Spring of 2018)
- Household income: $150,000 (two people)
- Credit score: 750+ for the both of us

Current situation:
- Pending pre-approval with a Big 5 bank for a 4-year fixed rate at 3.57% (rate booking had to wait until October 22 due to the 120-day hold period, paperwork should be complete this week; estimated mortgage amount of $675,000)
- Mortgage amount: $675,000
- Amortization: 25 years
- Debt: No other debt other than ordinary credit card balances (generally < $500 a month)
- Employment: Both full-time, beyond probation period (professional services, in case that is relevant)

If I am understanding correctly, once our pre-approval is finalized (latest end of this week per the bank), the next best course of action is to consider a broker who can see what rates they have to offer?

Thank you very much for the help,
- Prevalence
Newbie
Apr 11, 2018
3 posts
Hello!

*** We have an accepted offer on a home in St Thomas, ON and require financing within 48 hours! :O ***

Price of home = $361,000
Downpayment = 20% ($72,200)
:. Mortgage amount = 361000 - 72200 = $288,800
Home is located in St Thomas, Ontario

ZERO DEBT
Joint application for my wife and I: we both have 750+ beacon scores

Her annual income = $45000
My annual income (CPP) = $15448.80
Total = $60448.80 excluding child tax benefits (additional $787/m effective Nov, currently $388/m)

Closing date on new home is Dec 06/2018 but we need financing in place by Oct 25th @ 7pm!

Please contact me asap and thank you!!
Deal Addict
User avatar
Sep 13, 2011
4472 posts
1497 upvotes
Toronto
CarlS79769 wrote:
Oct 23rd, 2018 5:03 pm
Hello!

*** We have an accepted offer on a home in St Thomas, ON and require financing within 48 hours! :O ***

Price of home = $361,000
Downpayment = 20% ($72,200)
:. Mortgage amount = 361000 - 72200 = $288,800
Home is located in St Thomas, Ontario

ZERO DEBT
Joint application for my wife and I: we both have 750+ beacon scores

Her annual income = $45000
My annual income (CPP) = $15448.80
Total = $60448.80 excluding child tax benefits (additional $787/m effective Nov, currently $388/m)

Closing date on new home is Dec 06/2018 but we need financing in place by Oct 25th @ 7pm!

Please contact me asap and thank you!!
You'll definitely need to move quick to meet that finance condition. PM sent!
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Feb 2, 2014
6240 posts
1404 upvotes
Toronto
CarlS79769 wrote:
Oct 23rd, 2018 5:03 pm
Hello!

*** We have an accepted offer on a home in St Thomas, ON and require financing within 48 hours! :O ***

Price of home = $361,000
Downpayment = 20% ($72,200)
:. Mortgage amount = 361000 - 72200 = $288,800
Home is located in St Thomas, Ontario

ZERO DEBT
Joint application for my wife and I: we both have 750+ beacon scores

Her annual income = $45000
My annual income (CPP) = $15448.80
Total = $60448.80 excluding child tax benefits (additional $787/m effective Nov, currently $388/m)

Closing date on new home is Dec 06/2018 but we need financing in place by Oct 25th @ 7pm!

Please contact me asap and thank you!!
2.65% 5-year variable and 3.44% 5-year fixed are the best rates. Get an application in asap!
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Sr. Member
Aug 14, 2006
865 posts
48 upvotes
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.
Deal Addict
User avatar
Sep 13, 2011
4472 posts
1497 upvotes
Toronto
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
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
User avatar
Jul 6, 2009
26 posts
1 upvote
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)
Sr. Member
Aug 14, 2006
865 posts
48 upvotes
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.
Sr. Member
Sep 19, 2012
540 posts
363 upvotes
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.
Deal Addict
Apr 26, 2004
2100 posts
70 upvotes
GTA
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.
Mortgage Specialist in the GTA
Deal Addict
User avatar
Dec 10, 2008
4132 posts
666 upvotes
Toronto
Any impacts on the 5yr fixed rate?

Looking for $450k (after 20% down), 30yr
Deal Addict
User avatar
Sep 13, 2011
4472 posts
1497 upvotes
Toronto
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)
Deal Fanatic
User avatar
Feb 2, 2014
6240 posts
1404 upvotes
Toronto
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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Penalty Box
User avatar
Apr 21, 2004
49196 posts
14546 upvotes
Will renewing a mortgage from fixed to variable with the same lender constitute a refinance, subjecting the borrower to a stress test? Thank you.
Newbie
User avatar
Jul 6, 2009
26 posts
1 upvote
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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