Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
ottawamortgage wrote: Hi!

I am a first time buyer looking for some help.

-What is the purchase price? $420,000
-How much is the down payment? $84,000 (20%)
-Where it the property located? Ottawa
-When is the closing date? April 1
-Will the property be owner-occupied or a rental? Owner occupied

I'm interested in the fixed and variable rates, but probably leaning towards variable. A broker secured a rate for me which was much higher than we had previously discussed so I'm looking for a second opinion and trying to figure out what happened.

Thank you!

Best rates below for your situation

5 yr fixed 3.44% good for 120 days and has 20/20 prepayments

5 yr variable 3% or prime-.95% 120 day hold same prepayments


Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Sr. Member
Nov 9, 2017
621 posts
61 upvotes
Two questions:

1- What happens when some looses their income and let's they are at 50% income but want to move onto another lender? B lender or A lender? Let's assume they have 40% equity in the property. Would they be locked and not be able to move because they can't show enough income to cover the mortgage anymore like they did at the beginning?

2- I am assuming A lenders always want income no matter what. What equity level in a property makes a B lender not care about income and provide mortgage solely based on equity? 40%? 60%? 80%?
Deal Addict
Mar 10, 2010
1248 posts
273 upvotes
Looking to see what's out there for a renewal:

-How much is the mortgage owing? ~$122k
-Roughly, what is the current market value of the property? $420k
-Which city is the property located in? London, ON
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? I don't believe so, we started with 20% down.
-When did you buy the property? ~2009
-When is your renewal date? April 1, 2019

I'm looking for best 3 & 5 or 6 year rates can be either fixed or variable.
Deal Fanatic
User avatar
Sep 13, 2011
5166 posts
2048 upvotes
Toronto
snowhite445 wrote: Two questions:

1- What happens when some looses their income and let's they are at 50% income but want to move onto another lender? B lender or A lender? Let's assume they have 40% equity in the property. Would they be locked and not be able to move because they can't show enough income to cover the mortgage anymore like they did at the beginning?

2- I am assuming A lenders always want income no matter what. What equity level in a property makes a B lender not care about income and provide mortgage solely based on equity? 40%? 60%? 80%?
Both A and B lenders will both need to qualify on income unfortunately. Sometimes we can go up a bit higher with a B lender, but rates are always going to be higher. B lenders typically charge a 1% lender fee as well.
Just to point out the differences between A and B lenders for everyone else, an A lender is a lender who specializes in working with clients with solid, qualifying credit and income. They are the lenders that have the lowest rates. B lenders deal with those who will not fit within the qualifying limits of an A lender. Non-qualifying, credit, income, etc.

Unfortunately, there are no A or B lenders that will qualify based on equity alone. Your only option there would be with a private lender. Private lenders have the highest rates and fees, however they are the only option with your file won't qualify with either A or B lenders. Sorry I couldn't give you better news here.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Sep 27, 2017
1 posts
I'm looking for some help with a new house purchase in Winnipeg, any help is appreciated.

-What is the purchase price? 495,000
-How much is the down payment? 20%
-Where it the property located? Winnipeg, manitoba
-When is the closing date? march 30th
-Will the property be owner-occupied or a rental? Owner Occupied

I'm looking for variable but not opposed to fixed.
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
ottawamortgage wrote: Hi!

I am a first time buyer looking for some help.

-What is the purchase price? $420,000
-How much is the down payment? $84,000 (20%)
-Where it the property located? Ottawa
-When is the closing date? April 1
-Will the property be owner-occupied or a rental? Owner occupied

I'm interested in the fixed and variable rates, but probably leaning towards variable. A broker secured a rate for me which was much higher than we had previously discussed so I'm looking for a second opinion and trying to figure out what happened.

Thank you!
3.44% 5-year fixed and 3.00% (Prime -.95%) 5-year variable are the best rates. If you can put 25% down (vs 20%), the 5-year fixed rate will be lower.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 21, 2019
2 posts
rateconnect wrote: Best rates below for your situation

5 yr fixed 3.44% good for 120 days and has 20/20 prepayments

5 yr variable 3% or prime-.95% 120 day hold same prepayments


Phil
Thanks Phil

Am I allowed to ask who the lender is for the mortgage? Sorry if that is not allowed I just arrived and don't know all the rules of the forum.

Also, are the 'best' rates that get posted here rates that people for the most part actually settle on? What I mean is are there restrictions which mean few people would actually qualify for the best rate? Or are the mortgage products themselves not exactly 'ideal' so most people end up paying a little more for a 'better' mortgage?

Sorry again if these question are not appropriate, I'm really just trying to understand! To be honest I don't even know what a 'better' or 'worse' mortgage is, but it seems to be something people say to be careful of when a rate is too good to be true.

Thanks again!
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
ottawamortgage wrote: Thanks Phil

Am I allowed to ask who the lender is for the mortgage? Sorry if that is not allowed I just arrived and don't know all the rules of the forum.

Also, are the 'best' rates that get posted here rates that people for the most part actually settle on? What I mean is are there restrictions which mean few people would actually qualify for the best rate? Or are the mortgage products themselves not exactly 'ideal' so most people end up paying a little more for a 'better' mortgage?

Sorry again if these question are not appropriate, I'm really just trying to understand! To be honest I don't even know what a 'better' or 'worse' mortgage is, but it seems to be something people say to be careful of when a rate is too good to be true.

Thanks again!
sent you info
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Jan 22, 2019
1 posts
Hi everyone, this is my first post and would appreciate some info about mortgages for buying my first house.

-What is the purchase price? $230-270k
-How much is the down payment? 20% or 25% if the rate difference is significant
-Where it the property located? Gatineau, QC
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner-occupied

I just got offered 3.69 fixed 5 years with a cashback of 2k. from group investors and not sure if that's good or not.
They say it's a special limited time offer but it doesn't seem THAT special to me...
Newbie
Aug 8, 2016
45 posts
22 upvotes
-What is the purchase price? $485k
-How much is the down payment? 20%
-Where it the property located? Hamilton, ON
-When is the closing date? TBD but (Just over 120 days)
-Will the property be owner-occupied or a rental? Owner-occupied
- Amortisation period: 30 year

What can I get for 5/3 year fixed and variable?
Thanks
Member
Nov 24, 2007
464 posts
37 upvotes
How much is the mortgage owing? 530k
-Roughly, what is the current market value of the property? 800k
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? I.A.
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When is your renewal date? April 1

Interested in rates on 5 year fixed and 5 year variable.

Thanks
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
RJones89 wrote: How much is the mortgage owing? 530k
-Roughly, what is the current market value of the property? 800k
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? I.A.
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When is your renewal date? April 1

Interested in rates on 5 year fixed and 5 year variable.

Thanks
Best rates available below

5 yr variable 2.80% or prime -1.15% 20/20 prepayments

5 yr fixed 3.39% 20/20 prepayments

Phil
Last edited by rateconnect on Jan 23rd, 2019 5:47 pm, edited 1 time in total.
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
wikhaider wrote: -What is the purchase price? $485k
-How much is the down payment? 20%
-Where it the property located? Hamilton, ON
-When is the closing date? TBD but (Just over 120 days)
-Will the property be owner-occupied or a rental? Owner-occupied
- Amortisation period: 30 year

What can I get for 5/3 year fixed and variable?
Thanks

Best rates available below

Are you set on the 30 yr amortization? Better rates available at 25yrs

25 yrs

3.39% 5yr fixed 120 day hold 20/20 prepayments
2.80% or prime -1.15% 5 yr variable 20/20 prepayments 120 day hold

30 yrs

3.59% 5 yr fixed 120 day hold 20/20 prepayments
3.20% 5 yr variable 120 day hold 20/20 prepayments

Note 3 yr terms are higher than the 5 yr

Hope this helps

Phil
Last edited by rateconnect on Jan 23rd, 2019 6:46 pm, edited 1 time in total.
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
RJones89 wrote: How much is the mortgage owing? 530k
-Roughly, what is the current market value of the property? 800k
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? I.A.
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When is your renewal date? April 1

Interested in rates on 5 year fixed and 5 year variable.

Thanks
3.39% 5-year fixed and 2.80% 5-year variable are the best rates available. Legal and appraisal fees will be covered.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Jul 20, 2009
127 posts
9 upvotes
Montreal
Hi All,

Please can a mortgage broker tell me what's the best rate I can get. Pls see info below.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $415K + $55K heloc tied to it
-Roughly, what is the current market value of the property? $950K
-Which city is the property located in? Montreal island
-Is the property owner-occupied or a rental? owner occupied
-Who is your current lender? Desjardin
-Do you have a HELOC tied to the mortgage? yes, $55K
-Is the mortgage CMHC insured? I believe so. Not sure
-When did you buy the property? 2012
-When is your renewal date? 1st March 2019
my credit score is 719 and my wife's score is 801

I am providing some additional info as that might determine if I will qualify by another bank or not. I bought an investment property few months back for $540K. I have $425K mortgage on it. Rental income is $34800 per year. Taxes are $4800. Property pays for itself but I guess the new lender will take only 50% of rental income into account.

Annual household income $190K per year. I contacted one bank and they could not approve the file as they said I already have 2 mortgages so the ratio is high. Do you think I can get a good deal from another bank or should I just stay with desjardin?
Another question, with these numbers, should I go through the trouble and try for re-finance by using the equity? Will I qualify for around $200K LOC?

Thanks for your suggestion in advance.

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