Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jun 24, 2020
4119 posts
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pmca5553 wrote: I'm considering switching my mortgage as well. Requesting some assistance with rates available and if it's worth refinancing (given the insane penalty). My current mortgage details are:

- How much is the mortgage owing? $377,000
- Roughly, what is the current market value of the property? $600,000
- Which city is the property located in? Paris (Brant County)
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? Alterna Savings
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? February 21, 2019
-When is your renewal date? February 21, 2024
- Current rate: 3.54%
- Cancellation penalty: approx. $12k according to their penalty calculator (need to confirm)

Cheers!

There’s definitely a lot of savings there for you if you switch. You can get 1.84% five year fixed or 1.65% five year variable with costs to switch covered.
Deal Addict
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Jun 24, 2020
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WinnipegRedFlager wrote: I was offered a good rate through a broker at think financial.

They just indicated that there is an unpaid collection on my account from Shapes Fitness Centers (citadel). It's 5 years old. I had no idea. I signed up to equifax and see the same.

I was a member there for about 10 years and then cancelled. It's so long ago my mom just reminded me of some of the specifics lol - they kept billing me after i cancelled, eventually my credit card expired, and then someone called, i explained that I had cancelled and that they had been actually been incorrectly charging me and that was the end of it.

2 questions - is there anything I can do get rid of this? Can I get a competitive rate despite this?
If it’s a one off you can still get a competitive rate provided you have confirmation this was a mistake via some kind of letter from them. You could also try Calling equifax to see if they can amend this error off your bureau and provide them the same confirmation also from the fitness centre.
Sr. Member
Jan 22, 2012
654 posts
276 upvotes
Bradford
TazZaide wrote: 2.04% five year fixed available to you.
Thank you. Does the rate become higher when over 500,000? How does one get the rates of 1.7-1.9 I’m seeing?
Deal Addict
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Jun 24, 2020
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Topher86 wrote: Thank you. Does the rate become higher when over 500,000? How does one get the rates of 1.7-1.9 I’m seeing?

Those rates are for switches/purchases and not refinances. Refinance rates are higher.
Sr. Member
Jan 22, 2012
654 posts
276 upvotes
Bradford
TazZaide wrote: Those rates are for switches/purchases and not refinances. Refinance rates are higher.
So would adding a HELOC qualify as a switch or a refinance?
Deal Addict
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Jun 24, 2020
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TrueToy wrote: Good morning mortgage professionals and savvy shoppers.

-What is the purchase price? 289900
-How much is the down payment? 140000
-Where it the property located? wilberforce, ontario
-When is the closing date? sept 24, 2020
-Will the property be owner-occupied or a rental? owner-occupied

You can get 1.79% five year fixed or 1.65% five year variable.
Deal Addict
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Jun 24, 2020
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Topher86 wrote: So would adding a HELOC qualify as a switch or a refinance?
If your adding a HELOC with a balance as large as the 75k you say you need, it’s a refinance.
Deal Guru
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Feb 2, 2014
11231 posts
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Toronto
Topher86 wrote: So would adding a HELOC qualify as a switch or a refinance?
As I mentioned in your thread, you can port the mortgage over at 1.65% 5-year variable (down from 1.70%), keep your CMHC insurance and get a LOC in 2nd position.

If you refinance everything into a new mortgage, the rate will be around 1.95% 5-year variable and you will lose the CMHC insurance.

Keep in mind though, HELOC rates are typically around Prime +.50% (2.95%).
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
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Toronto
pmca5553 wrote: I'm considering switching my mortgage as well. Requesting some assistance with rates available and if it's worth refinancing (given the insane penalty). My current mortgage details are:

- How much is the mortgage owing? $377,000
- Roughly, what is the current market value of the property? $600,000
- Which city is the property located in? Paris (Brant County)
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? Alterna Savings
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? February 21, 2019
-When is your renewal date? February 21, 2024
- Current rate: 3.54%
- Cancellation penalty: approx. $12k according to their penalty calculator (need to confirm)

Cheers!
Keep in mind, as this wasn't mentioned, only $3k of the $12k penalty can be added to the new mortgage....you have to cover the difference ($9k).

Yes, call Alterna and confirm the IRD penalty.
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
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Toronto
brutal wrote: My recent offers from CIBC

5 yr fixed 1.90%
5 yr variable 1.84%

I think I'm going fixed. Thoughts?
1.65% 5-year variable (Prime -.80%) and 1.84% 5-year variable are available for transfers. Much better than CIBC quotes..
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Apr 5, 2013
154 posts
18 upvotes
I am purchasing a new property in Burnaby BC:

-What is the purchase price? 700k
-How much is the down payment? 20%
-Where it the property located? Burnaby, BC
-When is the closing date? End of August
-Will the property be owner-occupied or a rental? Owner-occupied

I am looking for either 5 year variable or fixed. It looks like the rates have changed a bit since I asked last time.

Thank you!
Newbie
May 15, 2006
36 posts
1 upvote
I own my own principal residence (no mortgage) and I am considering investing in the stock market. What are current rates for refinance mortgages?

Self-employed (IT contractor), looking for 100-300K mortgage, standard (no-collateral) charge mortgages, 20-25 year amortization, 5 or 10 year terms, good portability if I move.

I would consider a collateral charge if the rates were good (both initial and renewal at term).

- How much is the mortgage owing? $0
- Roughly, what is the current market value of the property? $743,000
- Which city is the property located in? Greater Vancouver (Richmond)
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? None
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? None
- Current rate: None
- Cancellation penalty: None

Thanks.
Newbie
Jun 28, 2005
20 posts
5 upvotes
Hey Brokers - Posted this a couple of times, both were missed with all the posting activity on the thread. Any insight would be very helpful and appreciated, thanks!
akaman wrote: Hey there,

I have two mortgages with Scotiabank on the same property - I ported over one when I sold my condo, and Scotiabank added an additional mortgage to make up the difference when buying a house. I’m looking to see whether it would be worth my while based on current rates to break the mortgages and go with a new lender at a lower rate.

For a mortgage transfer/refinance:
-Roughly, what is the current market value of the property? 950K
- total mortgage? 610K
-Which city is the property located in? Toronto, Ontario
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? no
-Is the mortgage CMHC insured? no
-When did you buy the property? April 2019

Mortgage 1
-How much is the mortgage owing? 319K
- Interest rate? 2.39%
-When is your renewal date? April 2022

Mortgage 2
-How much is the mortgage owing? 291K
- Interest rate? 3.59%
-When is your renewal date? April 2024

Scotiabank says the current mortgage break fee on mortgage 1 = $6,118; mortgage 2 = $13,833

Scotiabank is offering me a 5 year fixed blend and extend on both mortgages (with no mortgage break penalty) with rates of 2.28% and 3.26% respectively.

Would I be better off taking their offer? Or breaking both and going with a new lender at a lower rate?

Thanks in advance!
Banned
Feb 6, 2019
70 posts
17 upvotes
Bc
Had a really bad experience Today with Dominion lending n BC. Cannot understand the high ratings. They offered us a really high rate and shot us down when they found out we had talked to a couple brokers. I said as a consumer and also as someone who runs a business that is totally normal and was offended. I know its a monday but still...
Newbie
Jun 26, 2018
6 posts
1 upvote
Looking for a mortgage to close preconstruction condo in Toronto in the fall.

Mortgage owing: $708K
Fair market value: approx $1M
City: Toronto
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? None
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Closing fall 2020
-When is your renewal date? N/a
- Current rate: None
- Cancellation penalty: None

What rates could I get ?
Newbie
Mar 3, 2019
19 posts
1 upvote
Hello experienced folks, at the current interest rate I'm considering switching my mortgage.
Requesting some assistance with rates available and if it's worth refinancing. My current mortgage details are:

- How much is the mortgage owing? ~$684,000
- Roughly, what is the current market value of the property? $850,000
- Which city is the property located in? Mississauga, Ontario
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? RFA (Street Capital bank earlier)
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? August 15, 2019
-When is your renewal date? August 21, 2024
- Current rate: 2.69% 5 year fixed
- Cancellation penalty: approx. $10k according to their penalty calculator (haven't spoken to customer service yet)

Cheers!
Sr. Member
Aug 17, 2018
639 posts
1155 upvotes
Given the situation around COVID, we have been looking more and more at homes farther outside of the city instead of buying a freehold here. I work in IT and am super flexible from where I work and my wife does not have to be in office every day either.

We were looking at some properties in the Blue Mountain area and have some questions if we decided to get a home as our primary residence there:
1. Do we need to demonstrate to the mortgage provider that we can work remotely or are willing to commute occasionally? If so, how does that work, what kind of proof would be required?
2. If we decided to keep a condo rented in the city to use during 2-3 days a week as well as the home in Blue Mountains as our primary residence, would this affect the overall mortgage or rate we can get approved for?
3. I understand that mortgage lenders do not want entire homes to be used for short term rentals like AirBnb, but would there be any conditions/clauses that would not allow the partial rental of a unit, e.g. a full floor of a detached home? Would this property in mortgage terms still considered as "owner occupied" or "rental?
Newbie
Jan 4, 2011
4 posts
1 upvote
Calgary
Hello, posting again because the rates I was previously quoted have changed - I'm now being quoted 2.09% 5 year fixed. Should I look to do better?

I am seeing some replies in this thread where properties over one million in value are at 1.99%. Is this achievable in my situation?

Thanks in advance for any insight!


-What is the purchase price? About $1.8M
-How much is the down payment? 60-70%
-Location? Calgary
-When is the closing date? Sept 15
-Will the property be owner-occupied or a rental? Owner-occupied
Newbie
Aug 9, 2020
2 posts
Hi There,

Reposting as my first one took a few hours to go through and is now buried a few pages back.

I'm looking for a second opinion on rates from my broker

Currently offering: 2.15% from TD 5YR Fixed which seems a little high especially considering the collateral component for discharge and especially punitive IRD calcs.

Purchase Price: $1,050,000
DP: 20% (210k)
Location: Toronto
- Owner Occupied
Closing date: Sept 9th 2020

thanks!
Deal Addict
Sep 13, 2012
2724 posts
2297 upvotes
Vaughan, ON
A relative is currently with TD at 3.55% fixed up for renewal December 2021. Will cost them $5,000 to break away and they are looking at their options:

Mortgage owing: $580,000
Current value: ~$1,300,000
Location: Vaughan, ON
Owner-occupied
Current lender: TD
No HELOC
Not CMHC insured
Purchased July 2015

Thank you.

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