Real Estate

The Official Mortgage Rates Thread

Newbie
Jul 31, 2020
5 posts
2 upvotes
-What is the purchase price? $750K
-How much is the down payment? 20%
-Where it the property located? Pickering, ON
-When is the closing date? Sept 21
-Will the property be owner-occupied or a rental? Owner occupied

Would I qualify for new promo rates? 30 yr amortization?
Newbie
Jul 2, 2020
90 posts
66 upvotes
Seeing whether I should break my mortgage and what my rate options are. The current rate is 2.79% and the penalty is $2.2K.

-How much is the mortgage owing? $161K
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Brampton, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Sep 2017
-When is your renewal date? Sep 2022
Newbie
Oct 11, 2017
17 posts
14 upvotes
Hi there,

Currently in year 3 of a 5 yr fixed mortgage at 2.97% with HSBC. Wondering if I have some better options.

How much is the mortgage owing?
345,856
-Roughly, what is the current market value of the property?
495,000
-Which city is the property located in?
Surrey BC
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
HSBC
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No, put 20% down
-When did you buy the property?
2017
-When is your renewal date?
2022

Thank you
Sr. Member
User avatar
Nov 21, 2010
980 posts
592 upvotes
Canada
-How much is the mortgage owing? $79k
-Roughly, what is the current market value of the property? $850k+ ?
-Which city is the property located in? Etobicoke South
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct 2010
-When is your renewal date? Oct 2020

Looking for a renewal. Currently on Variable 1.90%
Newbie
Aug 27, 2015
4 posts
2 upvotes
Hannon, ON
Greetings all

Currently in year 2 of a 7 yr fixed mortgage at 3..99% with RBC. Wondering if I have some better options.

How much is the mortgage owing?
266,00
-Roughly, what is the current market value of the property?
405,000
-Which city is the property located in?
Essex ON
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
RBC
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No, put 20% down
-When did you buy the property?
Jan 2019
-When is your renewal date?
May 2025

Looking for a refinance and to possible borrow 20K on top to finish basement. Thank you
Sr. Member
Dec 12, 2007
630 posts
231 upvotes
Canada
Strats wrote: Any idea what it would look like for variable?
You could be in the range of 1.99% 5 year variable for uninsured or 1.84% 5 year variable for insured.
rafftrash wrote: Greetings all

Currently in year 2 of a 7 yr fixed mortgage at 3..99% with RBC. Wondering if I have some better options.

How much is the mortgage owing?
266,00
-Roughly, what is the current market value of the property?
405,000
-Which city is the property located in?
Essex ON
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
RBC
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No, put 20% down
-When did you buy the property?
Jan 2019
-When is your renewal date?
May 2025

Looking for a refinance and to possible borrow 20K on top to finish basement. Thank you
You may have a tough IRD penalty considering your existing rate and time left in the term, however you could get a re-finance, roll in the penalty + add renovation $ simultaneously at 2.09% 5 year fixed.
Sr. Member
Apr 9, 2018
608 posts
282 upvotes
GTA
What is the best I can expect for a 5 year closed variable? I got an offer from TD for the TD mortgage prime (2.6%) minus 0.64%? Can I do better with a big bank? Closing in September in Ontario as a first time home buyer. Also according to mortgage broker TD pushed the bonus redemption to October so I will qualify for the cash bonus ($2k).

Thanks
Newbie
Apr 29, 2014
27 posts
1 upvote
Toronto, ON
I'm coming to the end of a 5 year fixed at 2.67% with TD so I'm starting to shop around:

- How much is the mortgage owing? $320K
- Roughly, what is the current market value of the property? $500K
- Which city is the property located in? Montreal
- Is the property owner-occupied or a rental? Owner
- Who is your current lender? TD
- Do you have a HELOC tied to the mortgage? No
- Is the mortgage CMHC insured? No
- When did you buy the property? Dec 2015
- When is your renewal date? Dec 2020

I have some additional questions:

- Is there a difference between renewing and re-financing for me since I'm at the end of my term.
- I have some major renovations ($50K+) that I would like done. Is it a good idea to roll that into the mortgage?
- Should I be aggressive and find a good rate now (i.e. this month) or should I wait a couple of months?

Cheers
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
Hashim85 wrote: What is the best I can expect for a 5 year closed variable? I got an offer from TD for the TD mortgage prime (2.6%) minus 0.64%? Can I do better with a big bank? Closing in September in Ontario as a first time home buyer. Also according to mortgage broker TD pushed the bonus redemption to October so I will qualify for the cash bonus ($2k).

Thanks
Rates start at 1.65% 5-year variable. Highest variable rate is 1.95% 5-year variable, so still better than TD (plus it's NOT a collateral charge like TD).
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
likebutta wrote: -How much is the mortgage owing? $79k
-Roughly, what is the current market value of the property? $850k+ ?
-Which city is the property located in? Etobicoke South
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct 2010
-When is your renewal date? Oct 2020

Looking for a renewal. Currently on Variable 1.90%
For such a small mortgage amount that's a collateral charge, you will likely be better off sticking with Scotia (assuming they are giving you a half decent rate).
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
publicmanservant wrote: Hi there,

Currently in year 3 of a 5 yr fixed mortgage at 2.97% with HSBC. Wondering if I have some better options.

How much is the mortgage owing?
345,856
-Roughly, what is the current market value of the property?
495,000
-Which city is the property located in?
Surrey BC
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
HSBC
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No, put 20% down
-When did you buy the property?
2017
-When is your renewal date?
2022

Thank you
Do you know the penalty?
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Apr 9, 2018
608 posts
282 upvotes
GTA
Thanks. What FIs offer these kind of rates? Big banks?
CdnRealEstateGuy wrote: Rates start at 1.65% 5-year variable. Highest variable rate is 1.95% 5-year variable, so still better than TD (plus it's NOT a collateral charge like TD).
Newbie
Oct 27, 2009
81 posts
19 upvotes
Waterloo
My mortgage broker has offered me the following for a 764k condo that I've bought in North York: 2.23% 5 year variable 30 year mortgage with a 2k cash back with TD.

Anyone know if this is a good rate or if I can get something lower? If yes how much lower?

Just add this is not an insured mortgage.
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
stupidity wrote: My mortgage broker has offered me the following for a 764k condo that I've bought in North York: 2.23% 5 year variable 30 year mortgage with a 2k cash back with TD.

Anyone know if this is a good rate or if I can get something lower? If yes how much lower?

Just add this is not an insured mortgage.
How much are you putting down ?

Is 30 yr imperative more competitive rates on 25 yrs

Advise and I can quote

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
molson99 wrote: How much is the mortgage owing? $240k
-Roughly, what is the current market value of the property? $1.3m
-Which city is the property located in? Oakville
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Nbc
-Do you have a HELOC tied to the mortgage? Yyes
-Is the mortgage CMHC insured? No
-When did you buy the property? 2011
-When is your renewal date? Nov 10
You can get a 5 yr fixed at 184% with all fees covered
20/20 prepayment
full featured

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
randomnick wrote: First home time buyer, got 5 year fixed high ratio mortgage rate at 1.99 % got another month until closing. Hopefully my broker will find something cheaper?
There is much cheaper and surprised your broker has not offered this to you

174% 5 yr fixed
20/20 prepayment
Full featured

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
krshab wrote: Looking to get estimates for my first purchase.

-What is the purchase price? $1.08M
-How much is the down payment? 20%
-Where it the property located? Surrey, BC
-When is the closing date? Fall 2020
-Will the property be owner-occupied or a rental? Owner occupied

Thanks!
5 yr fixed 2.09%
5 yr variable 185% major bank

Both full featured mortgages

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Sr. Member
User avatar
Nov 21, 2010
980 posts
592 upvotes
Canada
CdnRealEstateGuy wrote: For such a small mortgage amount that's a collateral charge, you will likely be better off sticking with Scotia (assuming they are giving you a half decent rate).
I see. Thank you. As mentioned in my post, currently on a 1.90% variable. I guess we will need to call in and see if we can play our cards right about other existing market offers, see if they might come down a bit.
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
meemo wrote: -How much is the mortgage owing? $470k
-Roughly, what is the current market value of the property? $1.1m
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Radius
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Oct 2015
-When is your renewal date? Oct 2020

Looking for a 2 year renewal only
1.79% five year fixed

1.65% five year variable.

Costs covered to switch on a full featured mortgage, or 1.65% five year variable.

2 yr fixed rates are more pricey cheapest exit strategy is variable at 3 months interest

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1247 upvotes
CatnessKA wrote: Hello Brokers,

My husband and I are wanting to buy a preconstruction townhouse planned for completion October - December 2021 with possible negotiation of Spring 2022. We make a combine income of about $160k after taxes. Just wanted to know your input on pre-approvals and what we would be looking at!

For a purchase of a property:

-What is the purchase price? $860,000
-How much is the down payment? $60,000 (this is there monthly of $5k leading up to the move in date)
-Where it the property located? Aurora/ Newmarket
-When is the closing date? Spring 2022
-Will the property be owner-occupied or a rental? Owner occupied

Edited: to provide more information
Longest rate hold available is for 1 yr on a firm deal

Best to revisit the forum 120 days prior to closing

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

Top

Thread Information

There are currently 7 users viewing this thread. (6 members and 1 guest)

rateconnect, Thriftypete, TazZaide, savingsomemoney, johnnyhoang, PaulMeredith