Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Aug 7, 2007
3357 posts
1449 upvotes
GTA
Silly question, could a mortgage broker help me get a HELOC?
Newbie
Aug 25, 2016
3 posts
Hey folks, wondering about current offers and rates on a mortgage renewal. Looking at 5yr and 3yr fixed/variable. Thanks!

-How much is the mortgage owing? $224K
-Roughly, what is the current market value of the property? 302K
-Which city is the property located in? Yellowknife, NT
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Feb 2012
-When is your renewal date? Feb 28th, 2019
-Credit rating: Excellent
Newbie
Feb 28, 2008
22 posts
Hello, my mortgage is up for renewal in March, currently on a 5yr variable. Looking for rates 3 yr fixed.

-How much is the mortgage owing? ~$423K
-Roughly, what is the current market value of the property? ~$900K
-Which city is the property located in? Markham
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? Street Capital
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? March 2014
-When is your renewal date? March 20th, 2019
-Credit rating: TransUnion score 815.
Newbie
Mar 7, 2014
18 posts
1 upvote
I currently have an approval for a new mortgage with a bank based on 3.59% on a 5 year fixed term with 5% down. I can't lock in the mortgage rate yet as the closing date is too far away (May 30). The goal is to sell my existing home by then which would allow me to put 20% down (but since this is not a condition of the purchase agreement on the new place, I had to obtain the approval based on 5% down). I would be interested in either fixed or variable, depending on which is the better deal. The 3.59% rate does not seem great though. Would I be better dealing with a broker?

-What is the purchase price? $190,000
-How much is the down payment? Currently have approval based on 5% down, could put 20% down if I sell/close my current home first
-Where it the property located? Nova Scotia
-When is the closing date? May 30, 2018
-Will the property be owner-occupied or a rental? Owner Occupied

Thank you!
Sr. Member
Apr 18, 2004
806 posts
225 upvotes
my mortgage is up for renewal in end of March, looking for 5 years variable.

-How much is the mortgage owing? ~$350K
-Roughly, what is the current market value of the property? ~$800K
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? March 2014
-When is your renewal date? March , 2019
-Credit rating: TransUnion score 800+.
Never again! HTC , Wind Mobile , Air China
Deal Fanatic
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Feb 2, 2014
7569 posts
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Toronto
DavidWatson wrote: Hi, Which bank is providing good variable rates for 5 yr. I am looking which bank has -1/-1.25 premium variable rates. Thanks
Rates start at Prime -1.24%.

To get a quote, we need to know:

For a mortgage transfer/renewal:

-How much is the mortgage owing?
-Roughly, what is the current market value of the property?
-Which city is the property located in?
-Is the property owner-occupied or a rental?
-Who is your current lender?
-Do you have a HELOC tied to the mortgage?
-Is the mortgage CMHC insured?
-When did you buy the property?
-When is your renewal date?

For a purchase of a property:

-What is the purchase price?
-How much is the down payment?
-Where it the property located?
-When is the closing date?
-Will the property be owner-occupied or a rental?

For a mortgage refinance:

-Roughly, what is the current market value of the property?
-What is the current mortgage owing?
-How much do you want to borrow (refinance)?
-Is the property owner-occupied or a rental?
-Where is the property located?
-When do you want to close on the refinance?

Whenever you are borrowing MORE money than currently owing or INCREASING the remaining amortization period, it is a refinance.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
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ADRiiAN` wrote: Silly question, could a mortgage broker help me get a HELOC?
Not a silly question.

Do you have a mortgage? If so, I would start with that lender, assuming they offer HELOCs. You can also try the Big Banks, as they will also offer you a HELOC behind the existing mortgage.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
7569 posts
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Toronto
ganvik73 wrote: Hello, my mortgage is up for renewal in March, currently on a 5yr variable. Looking for rates 3 yr fixed.

-How much is the mortgage owing? ~$423K
-Roughly, what is the current market value of the property? ~$900K
-Which city is the property located in? Markham
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? Street Capital
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? March 2014
-When is your renewal date? March 20th, 2019
-Credit rating: TransUnion score 815.
2.75% 5-year variable and 3.49% 5-year fixed are the best rates for a transfer of an insured mortgage from Street Cap.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
7569 posts
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Toronto
Chi-tel wrote: my mortgage is up for renewal in end of March, looking for 5 years variable.

-How much is the mortgage owing? ~$350K
-Roughly, what is the current market value of the property? ~$800K
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? March 2014
-When is your renewal date? March , 2019
-Credit rating: TransUnion score 800+.
Are you sure you have a HELOC tied to the mortgage (CIBC Home Power Plan)? I can look it up if you wish.

Best rates for an insured transfer from CIBC are 2.75% 5-year variable and 3.39% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Apr 29, 2006
361 posts
87 upvotes
Brampton
Purchasing our first home. Lowest I am currently getting is 3.39 4 year fixed 30 year amortization from CIBC - looking for a 4-5 year fixed rate.

-What is the purchase price? $707500
-How much is the down payment? 20 percent
-Where it the property located? Caledon
-When is the closing date? Dec 21
-Will the property be owner-occupied or a rental? Owner

Credit scores both around 770 transunion
Deal Addict
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Aug 7, 2007
3357 posts
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GTA
CdnRealEstateGuy wrote: Not a silly question.

Do you have a mortgage? If so, I would start with that lender, assuming they offer HELOCs. You can also try the Big Banks, as they will also offer you a HELOC behind the existing mortgage.
I do have a mortgage with MCAP. Seems like the going rate is prime + 0.5. I’ll do some more investigation as it doesn’t seem to be a fight like a mortgage rate!
Deal Addict
Apr 26, 2004
2114 posts
101 upvotes
GTA
Saini wrote: Purchasing our first home. Lowest I am currently getting is 3.39 4 year fixed 30 year amortization from CIBC - looking for a 4-5 year fixed rate.

-What is the purchase price? $707500
-How much is the down payment? 20 percent
-Where it the property located? Caledon
-When is the closing date? Dec 21
-Will the property be owner-occupied or a rental? Owner

Credit scores both around 770 transunion
Sent you a private message!
Mortgage Specialist in the GTA
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Aug 8, 2004
291 posts
32 upvotes
GVRD
-How much is the mortgage owing? $338,000
Roughly, what is the current market value of the property? $810,000
-Which city is the property located in? Coquitlam BC
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? TD Canada Trust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Feb 2014
-When is your renewal date? Feb 2019
Deal Fanatic
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Sep 13, 2011
5168 posts
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Toronto
yeedub wrote: -How much is the mortgage owing? $338,000
Roughly, what is the current market value of the property? $810,000
-Which city is the property located in? Coquitlam BC
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? TD Canada Trust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Feb 2014
-When is your renewal date? Feb 2019
Lowest rate would be 5 year fixed at 3.49% or variable at prime -1.20% (2.75%). As you are with TD, you would have a collateral charge mortgage, which means there are legal and appraisal fees, in addition to your current lender's discharge fee. Around $1,200 all together. In this case, the appraisal and discharge fee can be covered for you. The legal fee of approximately $600 (for BC) would get added to your mortgage. There may be some options to get all of these fees covered for you as well, however rates might be slightly higher.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Sep 22, 2006
62 posts
9 upvotes
GTA
Looking for best 5 year fixed, and 5 year variable. I've been offered 5 year fixed at 3.69% and 5 year variable at Prime minus .9 (so 3.05% currently) - both offers are from CIBC, our current lender

-How much is the mortgage owing? ~$322K
-Roughly, what is the current market value of the property? ~$1.2 million
-Which city is the property located in? Vaughan
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? January 2014 for $820,000
-When is your renewal date? March 29th, 2019
-Credit rating: Excellent
-Household income: $200 k

Would not be opposed to obtaining a HELOC if it meant better rates, but am not interested in having to pay for the legal/appraisal fees for HELOC out of pocket

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