Real Estate

The Official Mortgage Rates Thread

Newbie
Jun 16, 2010
25 posts
1 upvote
Edmonton
CdnRealEstateGuy wrote: Whenever you are borrowing MORE money than currently owing or INCREASING the remaining amortization period, it is a refinance.
so for example, my current monthly payment is $1,000, 10 years remaining amortization period.
With renewal interest goes up, my new monthly payment must be more than $1,000? Can I keep the payment the same as $1,000?
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Feb 2, 2014
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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
In BC, lowest rates are 3.44% 5-year fixed and 2.75% 5-year variable for an insured transfer from TD. You have to cover legal fees.
Last edited by CdnRealEstateGuy on Dec 11th, 2018 3:52 pm, edited 1 time in total.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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Toronto
monkeywrench96 wrote: 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
3.44% 5-year fixed and 2.71% 5-year variable are the best rates. Legal fees and appraisal fees covered. You don't need to get a HELOC to get these rates.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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Toronto
mystery01 wrote: Hello,
First time buyer with the following details:
-What is the purchase price? $757000
-How much is the down payment? 10 percent (can do 15 but will be a stretch, still debating)
-Where it the property located? Mississauga
-When is the closing date? Jan 15
-Will the property be owner-occupied or a rental? Owner

I am getting 3.49% fixed for 5 years from 2 major banks. I am interested in variable if its prime -1.2 or -1.24. Which lenders are offering these rates? Please let me know because we are inclining towards variable since it will take 3 rate hikes to match the fixed rate. Thanks for your time.
3.29% 5-year fixed and Prime -1.20% 5-year variable are the best rates for an insured purchase. Much better than the bank offers you have.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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syang313 wrote: so for example, my current monthly payment is $1,000, 10 years remaining amortization period.
With renewal interest goes up, my new monthly payment must be more than $1,000? Can I keep the payment the same as $1,000?
You cannot increase the amortization. So if the rate is the only variable that is changing (higher), than the payment will have to be higher.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Feb 5, 2010
7 posts
1 upvote
Mississauga
CdnRealEstateGuy wrote: 3.29% 5-year fixed and Prime -1.20% 5-year variable are the best rates for an insured purchase. Much better than the bank offers you have.
Hello,
Can you please let me know which lenders are offering these rates? You can PM me if required.
Once again thank you for your time.
Deal Addict
Apr 26, 2004
2122 posts
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GTA
monkeywrench96 wrote: 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
Sent you a pm!
Mortgage Specialist in the GTA
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Apr 21, 2014
2191 posts
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Alberta
CdnRealEstateGuy wrote: 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.
Hi

What are the rates for an uninsured mortgage. I have much more than 20% equity in the house.
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Dec 1, 2015
1966 posts
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Etobicoke, ON
More details are needed... original purchase price, original downpayment amount, current estimated value and if it is a primary residence or not.
abc123yyz wrote: Hi

What are the rates for an uninsured mortgage. I have much more than 20% equity in the house.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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May 24, 2008
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Toronto
How early should/can I start talking to a broker/financial institution regarding mortgage renewal? Mortgage is up for renewal March 2019.

Eligible for early renewal with current lender (major bank), but their offer is unacceptable and we're ready to move somewhere else. I know from reading here that we would be eligible for the best 5-year variable rate that is being offered.
4 years of pain for Ontario...
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Feb 2, 2014
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abc123yyz wrote: Hi

What are the rates for an uninsured mortgage. I have much more than 20% equity in the house.
3.44% 5-year fixed and 2.71% 5-year variable if you have at least 35% equity.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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Little Tim wrote: How early should/can I start talking to a broker/financial institution regarding mortgage renewal? Mortgage is up for renewal March 2019.

Eligible for early renewal with current lender (major bank), but their offer is unacceptable and we're ready to move somewhere else. I know from reading here that we would be eligible for the best 5-year variable rate that is being offered.
90-120 days. You can start the process (ie gathering docs) now.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Oct 22, 2018
13 posts
15 upvotes
General question about lines of credit: Do the brokers here have better rate for Personal Line of Credit?

I am planning to get a personal line of credit for 75,000$. CIBC is offering P+0.50. Is this the best?

Also, does the bank need to do a credit check before approving the line of credit for me? Bank agent said bank wont do a credit check but I would like to double check this.
Since my mortgage will be up for renewal in Dec 2019, I dont want my score going down.
Newbie
Sep 1, 2017
7 posts
Hello All,

Please pm me 5 yrs variable rates for my mortgage renewal in Jan 2018.
226,000 NOT collateral.
House value 600,000
Owner occupied.
Brampton.
Credit - Excellent
Family income 62k
Not insured.

Thanks.
Last edited by Sunmoonstar on Dec 11th, 2018 8:45 pm, edited 1 time in total.
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Jan 31, 2018
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Little Tim wrote: How early should/can I start talking to a broker/financial institution regarding mortgage renewal? Mortgage is up for renewal March 2019.

Eligible for early renewal with current lender (major bank), but their offer is unacceptable and we're ready to move somewhere else. I know from reading here that we would be eligible for the best 5-year variable rate that is being offered.
Lowest rates on the variable side are 2.71% or prime - 1.24% 20/20 prepayments

Do you have an LOC tied to the property ?

Start the process as soon as possible to secure the rate

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

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