Real Estate

The Official Mortgage Rates Thread

Deal Addict
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May 1, 2017
1064 posts
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roofster wrote: Does any lender in Canada offer 35-year or 40-year amortizing mortgages with 20%+ down?

The only one I could find was B2B Bank as advertised on their website (https://b2bbank.com/en/mortgages/standa ... properties)

I tried searching through the Bank Act, OFSI and Ministry of Finance laws and regulations for any restrictions on lenders to issue these types of mortgages but did not find anything clear for low ratio mortgages. Also, some lenders (e.g. non-deposit taking institutions) are not regulated by OSFI would not be subject to their restrictions.
They are very few and far between. XMC also has a 35 year amortization for certain situations. You're out of luck otherwise!
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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May 1, 2017
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valuemortgage wrote: Correct. I mentioned the client calling the lender as Purview is not available to the consumer, and Purview details seem to be limited in some provinces.
For sure - figured the consumer can ask any broker/agent they're talking to to pull one! Didn't realize the borrower is in QC, either. Purview for whatever reason doesn't have the mortgage registration info for QC so in this instance it's not very helpful.
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Member
Feb 1, 2009
207 posts
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Toronto
GreenMortgages wrote: They are very few and far between. XMC also has a 35 year amortization for certain situations. You're out of luck otherwise!
Thanks for XMC. I find it strange that there are so few of them. If the lenders deem the mortgage to be riskier (assuming that's why it's so rate), simply charge a higher rate instead of eliminating the offering. Just my 2 cents.
Deal Addict
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May 1, 2017
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roofster wrote: Thanks for XMC. I find it strange that there are so few of them. If the lenders deem the mortgage to be riskier (assuming that's why it's so rate), simply charge a higher rate instead of eliminating the offering. Just my 2 cents.
No problem - adn XMC certainly charges a premium on the rate for it. It's a 'b' product.

Connor
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Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Dec 23, 2006
601 posts
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Toronto
Renewal coming up March 2019. Just looking for a simple renewal, nothing fancy. Please feel free to PM me with rates as well.

How much is the mortgage owing? $268,000
Roughly, what is the current market value of the property? $700,000
Which city is the property located in? Toronto, ON
Is the property owner-occupied or a rental? Owner-Occupied
Who is your current lender? RBC
Do you have a HELOC tied to the mortgage? yes (an unused homeline plan)
Is the mortgage CMHC insured? No
When did you buy the property? March 2011
When is your renewal date? March 16 2019
Deal Fanatic
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Sep 13, 2011
5168 posts
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Mojojj13 wrote: Renewal coming up March 2019. Just looking for a simple renewal, nothing fancy. Please feel free to PM me with rates as well.

How much is the mortgage owing? $268,000
Roughly, what is the current market value of the property? $700,000
Which city is the property located in? Toronto, ON
Is the property owner-occupied or a rental? Owner-Occupied
Who is your current lender? RBC
Do you have a HELOC tied to the mortgage? yes (an unused homeline plan)
Is the mortgage CMHC insured? No
When did you buy the property? March 2011
When is your renewal date? March 16 2019
Lowest rates for your situation would be 3.39% 5 year fixed or 5 year variable at prime -1.00% (2.95%). As you have a Homeline Plan with RBC, there are legal and appraisal fees, in addition to your discharge fee from RBC. Around $1,400 in total. In this case, legal and appraisal fees can be paid for you. The discharge fee of approximately $300 would get added to your new mortgage, which is fairly standard when switching.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 31, 2019
2 posts
How much is the mortgage owing? $1150000
Roughly, what is the current market value of the property? 3000000
Which city is the property located in? Toronto, 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? No
When did you buy the property? 2014
When is your renewal date? June 2019

Additional Note: Looking get around 200000 out of the house to purchase another property.
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May 1, 2017
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torontored wrote: How much is the mortgage owing? $1150000
Roughly, what is the current market value of the property? 3000000
Which city is the property located in? Toronto, 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? No
When did you buy the property? 2014
When is your renewal date? June 2019

Additional Note: Looking get around 200000 out of the house to purchase another property.
Hi there,

Based on the information that you've provided you should have some good prospects for your refinance. Keep in mind that refinance rates differ from switch rates. If you simply wanted to transfer your mortgage to a new lender, you would have the best rates in the market available to you. Since you want to take equity out, which constitutes a refinance, the rates will be a touch higher.

For a refinance, you would have 3.49% - 3.64% available to you for a 5 year fixed mortgage and 3.20% available to you for a variable rate mortgage. This would allow you to consolidate the balance of the heloc (if required) and take the cash out for your additional purchase. You could also structure it with a mortgage and line of credit product, instead of taking cash out. You could consolidate the existing mortgage and line of credit and add another line of credit. In this case you could have around 3.49% - 3.64% fixed or p-0.80% - p-0.70% ( 3.15%- 3.25%) available to you for the amortized component, and p+0.50% - p+0.25% available to you on the line of credit at whatever limit you require. There are several ways in which you could structure the refinance - it really depends on what method fits your goals best.

You're pretty much in range for the refinance, as products generally become available 120 days before closing and that would bring us to June 1 as of today. You could facilitate it earlier if you want to make the purchase sooner, but you'd incur a penalty from your existing lender.

Best,

Connor
_________________________________
Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Feb 2, 2014
7569 posts
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Toronto
Mojojj13 wrote: Renewal coming up March 2019. Just looking for a simple renewal, nothing fancy. Please feel free to PM me with rates as well.

How much is the mortgage owing? $268,000
Roughly, what is the current market value of the property? $700,000
Which city is the property located in? Toronto, ON
Is the property owner-occupied or a rental? Owner-Occupied
Who is your current lender? RBC
Do you have a HELOC tied to the mortgage? yes (an unused homeline plan)
Is the mortgage CMHC insured? No
When did you buy the property? March 2011
When is your renewal date? March 16 2019
Lowest rate would be 2.80% (Prime -1.15%) 5-year variable and 3.39% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
7569 posts
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Toronto
torontored wrote: How much is the mortgage owing? $1150000
Roughly, what is the current market value of the property? 3000000
Which city is the property located in? Toronto, 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? No
When did you buy the property? 2014
When is your renewal date? June 2019

Additional Note: Looking get around 200000 out of the house to purchase another property.
Best rate for transfer would be 2.80% 5-year variable and 3.39% 5-year fixed.

However, if you want to refinance and add $200,000 to the mortgage, the best rate will be 3.20% 5-year variable.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Dec 9, 2007
63 posts
4 upvotes
Vancouver, BC
FYI True North mortgage has 5-year variable closed at 2.75% through Think Financials - that's 0.05% (5bps) lower than 2.80% (from CMLS based on my research)
Member
Dec 28, 2010
480 posts
161 upvotes
Toronto
Sorry if this is a strict - exact mortgage - only asking thread. I wanted to ask how do you decide on choosing between a variable or fixed?
I feel i made a mistake of going with a 2yr fixed - as I was and still apprehensive of long term mortgages. Anything 5yr seems so far to be locked into.

But, now rates are everywhere and it takes so much paperwork to get anything renewed or transferred to another lender.

So how do you decide , given all the choices. Any stats or metrics to compare? or news, politics motivated?
Any calculation of Variable vs Fixed scenario?
thanks!
Last edited by Karma2000 on Feb 1st, 2019 7:54 pm, edited 1 time in total.
Member
Dec 28, 2010
480 posts
161 upvotes
Toronto
nm..i just found Paul's post #47747
thats some good info on making a Variable vs. Fixed choice. Thanks!
Member
Jul 13, 2006
254 posts
55 upvotes
Thanks to all of the brokers who answered/reached out. Met with CIBC today. In short:
  • Offered 5yr fixed, 3.67%
  • I have 2 separated charges, one for the the mortgage, another for the HELOC.
  • They offered to combine both a HPP (Home power plan), which gives me larger borrowing power than my fixed 30k HELOC
The HPP appeals in the event we do decide to renovate. But it's still way down the road. Need to figure out if I want to renovate or move.

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