Real Estate

The Official Mortgage Rates Thread

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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
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
Oct 22, 2018
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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 Broker
Mortgage Outlet Inc Broker License #12628
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Sunmoonstar wrote: 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.

Thanks.
Sent PM as requested
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Sep 13, 2011
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needdealsxyz wrote: 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.
Sounds like you are referring to a Home Equity LIne of Credit (HELOC) considering you were offered prime +0.50%, which is the going rate on a HELOC. Rates on a personal line of credit are usually much higher, so if you were in fact offered that rate on a PLOC, it would be one heck of a deal.

HELOCs are not really super competitive products, so with just a few exceptions, rate is prime +0.50%. If the HELOC is being put in behind a different lender, then there are no exceptions. It's prime +0.50% at best. That is, IF the other lender will even agree to it. Some will only put a HELOC behind their own mortgage.

Sometimes, a credit check is not needed if you have a collateral charge mortgage that was registered for a higher amount than the original mortgage already. However, usually it still is. I would have them double check that. Either way though, you really don't need to be THAT afraid of your credit being checked. A credit check has a very minimal impact on your score, particularly if you have decent credit already. Your score floats up and down on a regular basis anyway. Once your credit is checked, your score could be lower if it is checked again a few weeks later.. Or it could be higher as a result of another influence (paying down a credit card for example). It's great that you are conscious of how many credit checks you get, however you really don't need to worry about this.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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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.
Congratulations on your first home

Great rates below :

2.70% or prime - 1.25% 120 day hold 20/20 prepayments

3.29% 5 yr fixed

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Jan 20, 2016
27 posts
3 upvotes
Home market value: 800,000
Mortgage: 410,000
Property located in: Vancouver
Owner-occupied
collateral mortgage with CIBC
Still have a little less than 2 years left under a 5-year fixed

Understand that given my mortgage is a collateral mortgage, if I want to switch to a new lender it would be a refinance (instead of just a renewal). So there would be legal, appraisal, and discharge fees.
Each year I can do a prepayment of 10%.
My current mortgage rate is 2.5%

Question:
Is there any benefit to me holding off on making prepayments, so that when it comes time to look at a new lender, I will have a larger mortgage balance to refinance and will hence be more desirable as a client? And so making it more likely for lenders to cover the fees from exiting a collateral mortgage?
Or is this immaterial?


Thank you.
Newbie
Sep 15, 2016
9 posts
halifax
Does anyone know where I would look for mortgages on a mixed commercial/residential property and what the rates would be like?



Currently have a 240k mortgage on my personal residence.
Looking to buy adjacent property with a mixed commercial/residential building. Part of residential will be for extended family if that matters.
750k purchase cost.
525k residential/225k commercial assessment value <---- Anyone know how HST would be applied to such a sale? Who would I approach to find this out? The real estate valuation company, property lawyer, municipality, CRA?
Would my household income of 140000 + property income of 68000 qualify for that mortgage amount?
Would a larger downpayment get better rates?


What are variable/fixed like for such a purchase?

Thanks for any pointers. It's a little more complicated than personal home purchases but any tips or knowledge on the topic and who/where to approach for mortgages is much appreciated :)
Newbie
Oct 22, 2018
13 posts
15 upvotes
PaulMeredith wrote: Sounds like you are referring to a Home Equity LIne of Credit (HELOC) considering you were offered prime +0.50%, which is the going rate on a HELOC. Rates on a personal line of credit are usually much higher, so if you were in fact offered that rate on a PLOC, it would be one heck of a deal.

HELOCs are not really super competitive products, so with just a few exceptions, rate is prime +0.50%. If the HELOC is being put in behind a different lender, then there are no exceptions. It's prime +0.50% at best. That is, IF the other lender will even agree to it. Some will only put a HELOC behind their own mortgage.

Sometimes, a credit check is not needed if you have a collateral charge mortgage that was registered for a higher amount than the original mortgage already. However, usually it still is. I would have them double check that. Either way though, you really don't need to be THAT afraid of your credit being checked. A credit check has a very minimal impact on your score, particularly if you have decent credit already. Your score floats up and down on a regular basis anyway. Once your credit is checked, your score could be lower if it is checked again a few weeks later.. Or it could be higher as a result of another influence (paying down a credit card for example). It's great that you are conscious of how many credit checks you get, however you really don't need to worry about this.
Hi Paul,
Thanks for the detailed reply. I will double check with the rep and confirm if thats PLOC or HELOC.

My mortgage is currently with Industrial Alliance (variable) and will be up for renewal in Nov 2019. Do you know if they do a HELOC?
If I were to get a HELOC now, will that make my mortgage collateral and eventually reduce the possibility of getting best mortgage rates at the time of renewal because it is a collateral charge mortgage?
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Dec 1, 2015
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Etobicoke, ON
When you switch out of CIBC, this will NOT necessarily be treated as a refinance... as long as you do not increase the balance nor extend the amortization, this would be a switch. Being a collateral charge, the cost you would incur would be a fee of approx $600.00.
The size of the mortgage is almost irrelevant... it does not matter if it is 410k, 300k, 150k or 900k.... it wont be any more or less interesting based on that alone.
cendse wrote: Home market value: 800,000
Mortgage: 410,000
Property located in: Vancouver
Owner-occupied
collateral mortgage with CIBC
Still have a little less than 2 years left under a 5-year fixed

Understand that given my mortgage is a collateral mortgage, if I want to switch to a new lender it would be a refinance (instead of just a renewal). So there would be legal, appraisal, and discharge fees.
Each year I can do a prepayment of 10%.
My current mortgage rate is 2.5%

Question:
Is there any benefit to me holding off on making prepayments, so that when it comes time to look at a new lender, I will have a larger mortgage balance to refinance and will hence be more desirable as a client? And so making it more likely for lenders to cover the fees from exiting a collateral mortgage?
Or is this immaterial?


Thank you.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Dec 5, 2004
3697 posts
142 upvotes
Toronto
I have a second property (a pre-con condo) closing next year and I'm looking at a second mortgage.

I'm looking for a five year fixed, conventional mortgage only. Need rates for investment property mortgages where the lenders do not need more than 20% DP.

What is the purchase price? $270,000. $216,000 needed after down payment.
How much is the down payment? 20% already paid
Where is the property located? North York
When is the closing date? estimated March 2019
Will the property be owner-occupied or a rental? Rental

Thanks
Deal Fanatic
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Feb 2, 2014
7352 posts
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Toronto
Sunmoonstar wrote: 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.
2.71% 5-year variable is the best rate available to you.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
Dec 11, 2018
1 posts
Hi All, I'm trying to post and can't find what I posted 2 hrs ago, looking for some advice. I apologize if its hidden somewhere.
I'm up for renewal Jan. 15, 2019. I'm probably too late, but any advice?

Current Balance: 160k
Current lender: C.M.L.S
House value- about 800,000
Owner occupied, located in Stouffville
Credit - Excellent
Family income 150k

Is it too late for me to get a better rate or am I stuck with what current lender is offering for renewal?
If so, should I just sign 1yr or 2yr closed to buy me some time, and shop again?
Renewal terms
1yr closed 4.09% fixed
2yr closed 3.84% fixed
5yr closed 3.69% fixed
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
You still have time to switch lenders. A 5y variable would be at P-1.24%, and a 5y fixed at 3.49%.
dantaro wrote: Hi All, I'm trying to post and can't find what I posted 2 hrs ago, looking for some advice. I apologize if its hidden somewhere.
I'm up for renewal Jan. 15, 2019. I'm probably too late, but any advice?

Current Balance: 160k
Current lender: C.M.L.S
House value- about 800,000
Owner occupied, located in Stouffville
Credit - Excellent
Family income 150k

Is it too late for me to get a better rate or am I stuck with what current lender is offering for renewal?
If so, should I just sign 1yr or 2yr closed to buy me some time, and shop again?
Renewal terms
1yr closed 4.09% fixed
2yr closed 3.84% fixed
5yr closed 3.69% fixed
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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