Real Estate

The Official Mortgage Rates Thread

Newbie
Sep 26, 2009
20 posts
61 upvotes
Guelph
Hello! My mortgage with FirstNational is up for renewal. They are offering 2.19% 5 year fixed and Prime -0.40% 5 year variable.

-How much is the mortgage owing? $295,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Guelph, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? FirstNational
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? October 2015
-When is your renewal date? October 2020
Newbie
Jul 17, 2018
98 posts
71 upvotes
SaskCanesFan wrote: So we bought a house July 2, signed a 3 year fixed, 30 year amortization at 2.19%. 350k purchase price with 20% down. I see Tangerine's own 5 year fixed rate is down to 1.99 now, and rates from everyone else are down as well. Looking at maybe a blend and extend with Tangerine, or curious what broker rates would be available if we broke the mortgage and switched this early. Tangerine's penalty calculator says it would cost us $1520 to break so wondering if we'd be further ahead or not. Thanks
Blend and extend to 5 years would result in a blended rate of 2.10%. Based on my calculations and the rates you listed.
Deal Addict
User avatar
Jun 24, 2020
4121 posts
868 upvotes
g3.7 wrote: Hi,

Looking for mortgage renewal -

-How much is the mortgage owing? 356,888
-Roughly, what is the current market value of the property? 900k-1mil
-Which city is the property located in?Toronto
-Is the property owner-occupied or a rental?owner-occupied
-Who is your current lender?BMO
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Sep 2010
-When is your renewal date? - Oct 1, 2020

What rates can I expect for renewal?

Thanks
Thanks. Your eligible for 1.74% five year fixed or 1.60% five year variable with legal and appraisal covered to switch.
Deal Addict
User avatar
Jun 24, 2020
4121 posts
868 upvotes
JanZ95915 wrote: Hey all,

- What is the purchase price? $1025000
- How much is the down payment? 20%+
- Where it the property located? Thornbury, ON
- When is the closing date? October, 28 2020 - need to fulfil clause by end of next week
- Will the property be owner-occupied or a rental? Owner-occupied.

Looking for quotes on a mortgage, both variable and fixed with 20/20 options, fully featured.


You can get 1.95% five year fixed or 1.85% five year variable for full featured mortgages.
Deal Addict
User avatar
Jun 24, 2020
4121 posts
868 upvotes
itshere01 wrote: For a purchase of a property:

-What is the purchase price?
1.1m
-How much is the down payment?
450k
-Where it the property located?
Vaughan/maple
-When is the closing date?
2 months
-Will the property be owner-occupied or a rental?
Own

Please also suggest brokers or banks I can reach out to? Names/numbers?

Thank you!b

1.95% five year fixed or 1.85% five year variable is available in your case. Reach out to any of the brokers that post here if your interested in a rate hold.
Deal Addict
User avatar
Jun 24, 2020
4121 posts
868 upvotes
Ryankay wrote: A question, I'm moving and buying for 825k, have 350k down and my current broker is offering 1.99 5 year fixed, 25 amortization. I see some better rates online and wonder what to do. Do I ask the guy if he can get the lender to match online rates? Is that something a broker has the sway to get done? I'm not in a hurry to walk as he came recommended and has been in constant contact and supportive during the buying process. I'd hate for him to have done all that work and lose the business.

It’s great that you value the work he’s put in and relationship he’s begun with you in guiding you through this process, which I’m sure in itself has been invaluable to you. I would definitely just ask him to see if he could match the rates you see here and try to maintain that relationship him. If he can’t and what he’s offering is not on par with what you could get or atleast close, the choice is yours to get in touch with another broker offering these rates.


In your situation, you can get 1.74% five year fixed, or 1.60% five year variable.
Deal Addict
User avatar
Jun 24, 2020
4121 posts
868 upvotes
iloveTV wrote: Hello! My mortgage with FirstNational is up for renewal. They are offering 2.19% 5 year fixed and Prime -0.40% 5 year variable.

-How much is the mortgage owing? $295,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Guelph, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? FirstNational
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? October 2015
-When is your renewal date? October 2020

You can get 1.74% five year fixed or 1.60% five year variable with costs covered to switch.
Member
Feb 16, 2013
478 posts
68 upvotes
What is the purchase price? $440000
-How much is the down payment? 20 to 30% if it makes any difference
-Where it the property located? Calgary, AB
-When is the closing date? Dec 20, 2020
-Will the property be owner-occupied or a rental? Owner-occupied.
- new construction
- 2nd time buyer. ( around $10000 left on first property which I can pay off anytime)
Can you provide best available 5 year fixed rates.
Thanks in advance
Last edited by saturnfan on Aug 19th, 2020 12:20 am, edited 1 time in total.
Deal Addict
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Jun 24, 2020
4121 posts
868 upvotes
GTASeeker wrote: A friend of mine is going through a separation and is interested in buying out her partner and becoming the sole owner of their principle residence.

Property Value: $900K
Current Mortgages: Nil
Desired outcome: Max mortgage in order to pay off partner at $450K and have cash left over for home improvements
Location: Caledon area
House type: detached on acreage

If my friend has good credit but doesn’t have sufficient income on paper to qualify, are there any stated income or equity-based programs where she can qualify for a mortgage of 65% LTV?

Depending on her income level, at the worst, she may have to qualify through a B lender. Rates start at 3.39% fixed on that end. There are several A lender programs available also that are equity driven, but again will depend on how much income she declares/cash flow.
Deal Addict
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Jun 24, 2020
4121 posts
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saturnfan wrote: What is the purchase price? $440000
-How much is the down payment? 20 to 30% if it makes any difference
-Where it the property located? Calgary, AB
-When is the closing date? Dec 20, 2020
-Will the property be owner-occupied or a rental? Owner-occupied.
- new construction
- 2nd time buyer. ( around $10000 left on first property which I can pay off anytime)
Can you provide best available 5 year fixed rates.
Thanks in advance

Your eligible for 1.74% five year fixed with 25% down or more.
Newbie
Oct 17, 2012
9 posts
3 upvotes
Vancouver
Hello,

My mortgage is up for renewal Dec 09, 2020. I'm hoping to get some help from the brokers here. Any information would be much appreciated!

-How much is the mortgage owing? 428k
-Roughly, what is the current market value of the property? 1.4M
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Street Capital/ RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2013
-When is your renewal date? December 09, 2020
Deal Addict
User avatar
Jun 24, 2020
4121 posts
868 upvotes
hmlum2012 wrote: Hello,

My mortgage is up for renewal Dec 09, 2020. I'm hoping to get some help from the brokers here. Any information would be much appreciated!

-How much is the mortgage owing? 428k
-Roughly, what is the current market value of the property? 1.4M
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Street Capital/ RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2013
-When is your renewal date? December 09, 2020

1.74% five year fixed or 1.60% five year variable is available to you with costs covered to switch.
Newbie
Sep 30, 2019
92 posts
383 upvotes
We are buying a detached in brampton and got 1.94 for 5 year fixed from ICICI while considering 1500/month rent from non compliant basement to qualify us (GDS was out of line).

1. What is the purchase price? $925k
2. How much is the down payment? 100k
3. Where it the property located? Brampton, ON
4. When is the closing date? Oct 30, 2020
5. Sill the property be owner-occupied or a rental? Owner-occupied.

Is there an opportunity for a better deal?
Deal Fanatic
User avatar
Sep 13, 2011
7037 posts
3631 upvotes
Toronto
BigEars wrote: We are buying a detached in brampton and got 1.94 for 5 year fixed from ICICI while considering 1500/month rent from non compliant basement to qualify us (GDS was out of line).

1. What is the purchase price? $925k
2. How much is the down payment? 100k
3. Where it the property located? Brampton, ON
4. When is the closing date? Oct 30, 2020
5. Sill the property be owner-occupied or a rental? Owner-occupied.

Is there an opportunity for a better deal?
Thanks for the info! There are rates potentially as low as 1.74% available, however your file would need to be reviewed to see if the basement rental income can be considered.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Newbie
Jan 8, 2010
60 posts
4 upvotes
toronto
Hello

Wanted some expert advice from the SME's on the forum on the potential to refinance my mortgage. I am currently having a 5 yr fixed mortgage at 2.34% which is up for renewal in August 2021. Principal outstanding as of today is about 525K. Would it make sense to try and move to a lower interest rate to lock in another 5 years at this stage given the fact that the low rates on fixed term today might not be available potentially on my renewal time

I asked on the penalty for breaking and it is about $3100 if I have to break the current mortgage now. Any opinion would be of great help
Sr. Member
Oct 2, 2013
889 posts
314 upvotes
Mississauga
Hi everyone a quick question regarding monoline lenders. I am one year into fixed 5 year mortgage with a monoline lender RMG at 2.84 (product type - Fixed Rate mortgage)

i was reading about blended mortgages and how you can reduce your rate by asking for blended rate. Does anyone know or have experience if RMG offers these options ?
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
toyotafan wrote: Hello

Wanted some expert advice from the SME's on the forum on the potential to refinance my mortgage. I am currently having a 5 yr fixed mortgage at 2.34% which is up for renewal in August 2021. Principal outstanding as of today is about 525K. Would it make sense to try and move to a lower interest rate to lock in another 5 years at this stage given the fact that the low rates on fixed term today might not be available potentially on my renewal time

I asked on the penalty for breaking and it is about $3100 if I have to break the current mortgage now. Any opinion would be of great help
Even at todays lowest 5 yr fixed rate you essentially break even after penalty you actually lose a few hundred

You can lock in rates 120 days prior to renewal

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
asgr815 wrote: Hi everyone a quick question regarding monoline lenders. I am one year into fixed 5 year mortgage with a monoline lender RMG at 2.84 (product type - Fixed Rate mortgage)

i was reading about blended mortgages and how you can reduce your rate by asking for blended rate. Does anyone know or have experience if RMG offers these options ?
How much do you owe it may be better to break and get into 1% lower

RMG will likely offer mid 2s

What is the property worth
Was it previously insured

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
hmlum2012 wrote: Hello,

My mortgage is up for renewal Dec 09, 2020. I'm hoping to get some help from the brokers here. Any information would be much appreciated!

-How much is the mortgage owing? 428k
-Roughly, what is the current market value of the property? 1.4M
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Street Capital/ RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2013
-When is your renewal date? December 09, 2020
5 yr fixed 1.74% & 5 yr variable 1.60%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
JanZ95915 wrote: Hey all,

- What is the purchase price? $1025000
- How much is the down payment? 20%+
- Where it the property located? Thornbury, ON
- When is the closing date? October, 28 2020 - need to fulfil clause by end of next week
- Will the property be owner-occupied or a rental? Owner-occupied.

Looking for quotes on a mortgage, both variable and fixed with 20/20 options, fully featured.
You can get 1.95% with 20% down & 1.80% variable

Reach out to any of the brokers asap
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

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