Real Estate

The Official Mortgage Rates Thread

Jr. Member
Aug 1, 2010
108 posts
57 upvotes
Looking for 5 years fixed and 5 years variable rate with a HELOC, thanks ahead

-How much is the mortgage owing? About 390k
-Roughly, what is the current market value of the property? 1.48Mill
-Which city is the property located in? Montreal, QC
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? Desjardins
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? September 18, 2015
-When is your renewal date? September 17, 2020
Newbie
Nov 4, 2017
4 posts
2 upvotes
Looking for rates on a 5 year fixed and variable for a new home purchase. Thank you.

- What is the purchase price? $706000
- How much is the down payment? 22%
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
majorbabu wrote: Hi I'm coming up for 420K mortgage renewal in 3 months, looking for standard charge switch to a 5 year fixed. Current remaining amortization is 17 years. I'm considering reducing amortization remaining when I switch to 15 years (income can support) so that after next 5 year term mortgage I will have 10 years amortization left. Is that a good idea? Do most 5 year mortgage deals have a minimum amortization remaining (I.e. greater than 10 years) that would disqualify me in 2025 when switching again?
Mortgage terms can be as short as 6 months. You might find it difficult to switch lenders and get a new mortgage once the outstanding amount is lesser than 50,000.
Neil Joseph
Mortgage Agent, Broker Lic #10530
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Jun 24, 2020
1101 posts
205 upvotes
esctric wrote: Looking for rates on a 5 year fixed and variable for a new home purchase. Thank you.

- What is the purchase price? $706000
- How much is the down payment? 22%
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
If you can put 25% down, you can get 1.69% five year fixed for a full featured mortgage.
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
esctric wrote: Looking for rates on a 5 year fixed and variable for a new home purchase. Thank you.

- What is the purchase price? $706000
- How much is the down payment? 22%
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
You may be able to get 5-year 1.89% fixed or 1.85% variable (standard mortgage)
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
Sep 15, 2018
293 posts
50 upvotes
I have 3 years and 5 months left in my mortgage term with CIBC with about $380k balance in the mortgage at 2.64% fixed.

Would it be worth it for me to break the mortgage and renew at the lower rates now?

Thanks.
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
Kyle12345 wrote: I have 3 years and 5 months left in my mortgage term with CIBC with about $380k balance in the mortgage at 2.64% fixed.

Would it be worth it for me to break the mortgage and renew at the lower rates now?

Thanks.
Do you know how much the penalty is ?

Is it previously insured
Value of the property
Lender

Once we have the above we can accurately quote you
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
esctric wrote: Looking for rates on a 5 year fixed and variable for a new home purchase. Thank you.

- What is the purchase price? $706000
- How much is the down payment? 22%
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
22% down gets you 1.89%

If you can get to 25%
1.69% 5 yr fixed
Full featured
20/20 prepayments

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
price31 wrote: Looking for 5 years fixed and 5 years variable rate with a HELOC, thanks ahead

-How much is the mortgage owing? About 390k
-Roughly, what is the current market value of the property? 1.48Mill
-Which city is the property located in? Montreal, QC
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? Desjardins
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? September 18, 2015
-When is your renewal date? September 17, 2020
5 yr fixed 1.74%
5 yr variable 1.60%

I will add you will need to go into an open as 20 days is a stretch on a switch
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
majorbabu wrote: Hi I'm coming up for 420K mortgage renewal in 3 months, looking for standard charge switch to a 5 year fixed. Current remaining amortization is 17 years. I'm considering reducing amortization remaining when I switch to 15 years (income can support) so that after next 5 year term mortgage I will have 10 years amortization left. Is that a good idea? Do most 5 year mortgage deals have a minimum amortization remaining (I.e. greater than 10 years) that would disqualify me in 2025 when switching again?
You will be fine many of the best rates are ok with 10 yrs

Answer the template on the 1st page of the forum and we can quote you

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
luckyinjay wrote: Looking for live deal and closing, New and First home purchase.

What is the purchase price? $728000
How much is the down payment? 10%
Looking for Genworth Canada or Canada Gurantee Insured Mortgage? Yes
Where it the property located? Milton
When is the closing date? 20-Sep-2020
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Home
Amortization? 25 Years
Interest Rate ? Fixed (1.64%)
You can get some amazing rates as an insured mortgage

1.64% 5 yr fixed
1.60% 5 yr variable

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
QQChomby wrote: I am looking for a readvanceable mortgage to do the Smith Maneuver. Please quote me (both variable and fixed) for a purchase of a property:

-What is the purchase price? $649,950 including GST
-How much is the down payment? $130k to $300k
-Where it the property located? Langley, BC
-When is the closing date? Sep 15, 2020 - brand new - it's a pre-sale
-Will the property be owner-occupied or a rental? Owner-occupied

I was quoted for Scotia STEP through a broker: 1.9% 5-Yr Variable, 2.14% 5-Year Fixed, and 2.95% HELOC and they will cover the appraisal fee.
Better rates are out there

Fixed
20% down 1.89%
25% down 1.69%

Variable
20% down 1.80
25% down 1.80
30% down 1.70%
35% down 1.60%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
cmx742 wrote: Hi, I have an accepted offer ready and was wondering what rates I can get right now. First time buyer.

What is the purchase price? $669,000
How much is the down payment? 20% or 30%
Where it the property located? Vancouver
When is the closing date? Nov. 2020
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Condo

Thanks!
5 yr fixed
1.89% 20%
1.69% 25%
full featured
20/20 prepayments

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
gbill2004 wrote: Can any brokers here, perhaps with True North please clarify an item for me? My True North broker told me I'd have 90 days to close a port if I'm switching properties. Yet this link from the Think Financial (who the mortgage is with) website for Manitoba says 30 days on page 28: https://static1.squarespace.com/static/ ... +Works.PDF.

Am I missing something or is my broker giving me false information?
Ask the broker that arranged the mortgage to clarify for you

It certainly seems that way

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Sr. Member
Jul 30, 2012
586 posts
662 upvotes
majorbabu wrote: Hi I'm coming up for 420K mortgage renewal in 3 months, looking for standard charge switch to a 5 year fixed. Current remaining amortization is 17 years. I'm considering reducing amortization remaining when I switch to 15 years (income can support) so that after next 5 year term mortgage I will have 10 years amortization left. Is that a good idea? Do most 5 year mortgage deals have a minimum amortization remaining (I.e. greater than 10 years) that would disqualify me in 2025 when switching again?
NeilJoseph wrote: Mortgage terms can be as short as 6 months. You might find it difficult to switch lenders and get a new mortgage once the outstanding amount is lesser than 50,000.
It seems you might be referring to "renewing" vs "switching" (i,e, different lender). As NJ has pointed out, smaller mortgage balances at renewal may be difficult to switch lenders. Mortgage size vs Amortization has more to do with this circumstance. If you are "always" going to go with 5Y Fixed renewal rates than a matching 5Y Amortization (at the "ending" term) could be beneficial (assuming no requirement to refinance). That requires a crystal ball regarding future rates, however.

Despite targeting 3 X 5Y Terms, the Amortization is not necessarily a decision you have to make on your upcoming term. From a risk adjusted point of view you could leave your Amortization "as is" in the event shorter-term rates become more attractive vs 5Y, etc. in the "future". To offset the longer Amortization period (17Y vs 15Y), you could take advantage of Prepayment privileges your lender (might) offers to reduce term interest. It is isn't always the case 5Y Rates will be the most attractive (i.e. as is happening now with 1Y>2Y Rate discounts).

There is no right answer as individual circumstance(s) and outlook always takes precedence (i.e. long-term income security, current/future cash needs, general uses for additional funds, etc).
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
blacknail wrote: The only thing I can say about mortgage portability is that if you are changing employers when you move, you can't port your mortgage because you can't qualify until you are done probation.
We have lenders that we can get an exception on probation if you are in the same line of work for many years

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
Raptorrr wrote: Hi,

I booked a pre-construction property, is there a possibility to lock the mortgage rates, Details below:

What is the purchase price? $630,000
How much is the down payment? 20%
Where it the property located? Whitby, ON
When is the closing date? May 2021
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Townhouse
We have a lender that you can lock rates for 365 days at 2.34% 5 yr fixed

Best rates are at 120 days 1.89% currently

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Member
Sep 15, 2018
293 posts
50 upvotes
rateconnect wrote: Do you know how much the penalty is ?

Is it previously insured
Value of the property
Lender

Once we have the above we can accurately quote you
I have 3 years and 5 months left in my mortgage term with CIBC with about $380k balance in the mortgage at 2.64% fixed.

Would it be worth it for me to break the mortgage and renew at the lower rates now?

I’m not sure how much the penalty would be, I’m assuming it’ll be calculated using IRD? It was never previously insured. The value of the property is about $630,000. The lender is CIBC.

Thanks.
Newbie
Nov 24, 2010
79 posts
7 upvotes
Hello,

I'm looking to refinance my mortgage to extract equity out.
- Property (condo) appraised value: $900K
- Outstanding balance $100K
- Refinance up to 80% (i.e. $720K)
- Current lender BMO

What is the best variable rate I can get from a Big 5 bank + HSBC? If you need any additional information, please let me know.

Thank you for your help!
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
Green_Tomato wrote: Hello,

I'm looking to refinance my mortgage to extract equity out.
- Property (condo) appraised value: $900K
- Outstanding balance $100K
- Refinance up to 80% (i.e. $720K)
- Current lender BMO

What is the best variable rate I can get from a Big 5 bank + HSBC? If you need any additional information, please let me know.

Thank you for your help!
rates below for refinances

5 yr variable 1.80%
5 yr fixed 1.89%

Major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

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