Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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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
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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
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Jr. Member
Jul 20, 2009
124 posts
8 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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Dec 23, 2007
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Winnipeg
-How much is the mortgage owing? 82K
-Roughly, what is the current market value of the property? 325K
-Which city is the property located in? Winnipeg
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Have a home line of credit, but non owing $0
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? April 3

I would like to stick with RBC and go for a fixed 5 year term. What is best rate i can get?
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lak8 wrote: -How much is the mortgage owing? 82K
-Roughly, what is the current market value of the property? 325K
-Which city is the property located in? Winnipeg
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Have a home line of credit, but non owing $0
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? April 3

I would like to stick with RBC and go for a fixed 5 year term. What is best rate i can get?

You would have to reach out to RBC directly they are not one of the available lenders through the broker channel

Good luck

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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might be off topic, but i think it can also be related with making that decision in the bank. thinking of moving mortgage from Scotia to RBC .. just wondering if anyone got excellent perks to move a mortgage besides the interest rate and customer service?

from what i was told.. RBC is currently offering, I think with a minimum of $100K mortgage in a 4-5 yr term they cover:
- the $300 discharge fee
- $500 to $700 registration costs includes the property appraisal?
- the current promo link below.. for 30,000 in reward points on a RBC VISA avion card (value $300) or $700 west jet dollars on the RBC master card?

http://www.rbcroyalbank.com/dms/mortgag ... witch2018/

edit: sorry this promo in the link expired July 2018.. hoping someone got a similar promo?

seems ok.. but not really a perk to switch to RBC..
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wakka2u wrote: might be off topic, but i think it can also be related with making that decision in the bank. thinking of moving mortgage from Scotia to RBC .. just wondering if anyone got excellent perks to move a mortgage besides the interest rate and customer service?

from what i was told.. RBC is currently offering, I think with a minimum of $100K mortgage in a 4-5 yr term they cover:
- the $300 discharge fee
- $500 to $700 registration costs includes the property appraisal?
- the current promo link below.. for 30,000 in reward points on a RBC VISA avion card (value $300) or $700 west jet dollars on the RBC master card?

http://www.rbcroyalbank.com/dms/mortgag ... witch2018/

edit: sorry this promo in the link expired July 2018.. hoping someone got a similar promo?

seems ok.. but not really a perk to switch to RBC..
Assuming you have a standard charge, most lenders will cover the appraisal and legal fees to transfer the mortgage. Best rates start at 2.75% 5-year variable and 3.34% 5-year fixed for a transfer.

Banks have higher rates and a horrendous IRD penalty calculation. I would definitely shop around outside of Scotia and RBC...I think you will be pleasantly surprised the deals that are out there.
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
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May 1, 2017
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Raww wrote: 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.
Hi there,

You should have some great options available to you for your renewal. Since you're with Desjardins in a mortgage+heloc combination product, your mortgage with be registered as a collateral charge, and thus you'll likely need a lender who has a collateral charge transfer program in order to take advantage of the best rates in the market. The fact that you have a rental property shouldn't really be an issue. $190k in household income should qualify you for the outstanding balance of the owner-occupied mortgage after factoring in the rental property. While some lenders only use 50% of the rent when considering non-subject rental properties, that's not always the case and in many situations there are much more favourable treatments.

For your transfer, you should have around 3.49% - 3.44% 5 year fixed available and 2.80% -2.90% 5 year variable available to you, depending on how the qualifying shakes out, and which product type is most suitable to you. Further, there are certainly options available for LOC products - whether or not you qualify, and how much of a loc you qualify for is really tough to say with accuracy without looking at everything up front.

Whether or not it's a good idea to switch from Desjardins depends on what they're willing to offer you and whether or not it's bettor or worse than whats available elsewhere!

Best,

Connor
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Connor Green
Mortgage Agent
Concierge Mortgage Group
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JordanG77265 wrote: 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...
Hi there,

3.69% isn't a terrible rate, but certainly not the best going rate in QC. You need to be careful with cash-back offers. While they may seem attractive, if the rate on the mortgage offered is significantly higher than rates available elsewhere, then it may end up costing you more in interest over the 5 year term than you receive in cash-back up front, which could result in a net loss. It's best to have a broker/agent break it down for you to see what the actual cost is to you for that $2000 in cash.

Best,

Connor
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Connor Green
Mortgage Agent
Concierge Mortgage Group
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May 24, 2017
46 posts
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Edmonton, ab
First time home buyer in Edmonton!

Heavily leaning towards variable. Previously preapproved @ 3.66 fixed with a broker


-What is the purchase price? $475000
-How much is the down payment? $50000
-Where it the property located? Edmonton, Alberta
-When is the closing date? TBD
-Will the property be owner-ocupied or a rental? Owner occupied

House hold income is 125,000.

Thanks!
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DrasticK wrote: First time home buyer in Edmonton!

Heavily leaning towards variable. Previously preapproved @ 3.66 fixed with a broker


-What is the purchase price? $475000
-How much is the down payment? $50000
-Where it the property located? Edmonton, Alberta
-When is the closing date? TBD
-Will the property be owner-ocupied or a rental? Owner occupied

House hold income is 125,000.

Thanks!
Hi there,

Based on the information provided, you should certainly have some excellent options available to you for your mortgage. Keep in mind that the best rates available aren't available until you've actually made a purchase - typically pre-approval rates are a bit higher than 'live' approval rates. Getting pre-approvad is fine, and in most cases advisable, but that's likely not the rate that you'll end up taking. Once you actually purchase, you can abandon the pre-approval rate and take the best product available to you at that time. The best variable rate available for a purchase such as your would be 2.75% - 2.85% (p-1.20% - p-1.10%), depending on the product. The best fixed rate would be around 3.29% - 3.39% for 5 years, depending on the features you'd like in your mortgage. Again, these are only available once you've already made a purchase.

Best,

Connor
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Connor Green
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Concierge Mortgage Group
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Nov 29, 2014
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Scarborough, ON
Hello, looking for a quote. Offer hasn't been accepted, but want to get an idea of the rates available

-What is the purchase price? $510,000
-How much is the down payment? 20% can be higher if rate is good
-Where it the property located? Toronto
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner-occupied

I noticed some brokers offer Prime - 1.25% for variable if i put less than 20% down. However can i put 19.9% down, lock in the rate then in a month or two come out on top even with mortgage insurance applied?

Thanks in advance
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Avalon127 wrote: Hello, looking for a quote. Offer hasn't been accepted, but want to get an idea of the rates available

-What is the purchase price? $510,000
-How much is the down payment? 20% can be higher if rate is good
-Where it the property located? Toronto
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner-occupied

I noticed some brokers offer Prime - 1.25% for variable if i put less than 20% down. However can i put 19.9% down, lock in the rate then in a month or two come out on top even with mortgage insurance applied?

Thanks in advance
Hi there,

P-1.25% isn't available anymore as variable rate discounting has shrunk a bit over the last little while. The best variable rate with less than 20% down is p-1.20% (2.75%) . It's usually not ideal to take on the insurance premium, as it's added to the mortgage balance and you pay interest on it over the life of the loan. It's very unlikely that you'd come out ahead. With a 20% down payment, the best rate available is around (p-0.95%) 3.0% 5 year variable. For fixed rates, the best rate available with 20% down is about 3.4x%, depending on the product that's right for you.

**EDIT** Math on 20% down vs 19.90% down below:

Let's say you buy for $510,000 and have a 20% down payment. Your mortgage amount would be $408,000 , the rate available would be 3%, and your payment would be $1930.84. After 5 years of regular payments, the total amount of interest paid would be $56,586.89 , and the remaining mortgage balance would be $348,736.49. Total payments made would be around $116,000.

If you do the same, but put 19.90% down, your mortgage amount would be $408,510 + the insurance premium of $11,510 (2.8% of the original mortgage amount) = $419,948.28. Your interest rate would be 2.75%, and the payment would be $1933.91 . The total interest payable over the term would be $53,295, and the remaining mortgage balance would be $357,208. Total payments made would be $116,000

As you can see from the above, you would pay $3,000 less in interest over the term, but your mortgage balance would be $8500 higher. Not a great trade off. You make almost the same amount in total payments over the term.

Best,

Connor
Last edited by GreenMortgages on Jan 24th, 2019 1:18 pm, edited 2 times in total.
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Connor Green
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Concierge Mortgage Group
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Avalon127 wrote: Hello, looking for a quote. Offer hasn't been accepted, but want to get an idea of the rates available

-What is the purchase price? $510,000
-How much is the down payment? 20% can be higher if rate is good
-Where it the property located? Toronto
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner-occupied

I noticed some brokers offer Prime - 1.25% for variable if i put less than 20% down. However can i put 19.9% down, lock in the rate then in a month or two come out on top even with mortgage insurance applied?

Thanks in advance
The lowest rate in your situation would be prime -0.95% (3.00%) or 5 year fixed at 3.44%. It never makes sense to pay the insurance premium, just to get a lower rate. The difference in rate would need to be around 0.70%, just to break even. It would need to be even larger if you wanted to come out ahead. The 2.75% option would cost you $8,910.34 more than the 3.00% option once you factor in the insurance. It's not even close. Rate isn't the most important thing. Cost is.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 22, 2019
2 posts
Fredericton, NB
Good Afternoon. Could a Broker tell me what rates I can expect to get. I am looking to go variable this time around. Thanks for any insight!

-How much is the mortgage owing? 94.5K
-Roughly, what is the current market value of the property? 125.9K at purchase (April 2017)
-Which city is the property located in? Fredericton, NB
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? Home Trust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2017
-When is your renewal date? May 1, 2019
-Remaining Amortization? 23 of 25 years left

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