Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
3319 posts
634 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?

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.
You can get 1.74% fixed and 1.60% variable

$9700 penalty is your break even point anything less it is worth switching

Find out from CIBC and repost

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Aug 28, 2020
1 posts
Hi, looking to purchase very soon in Victoria BC, wondering what rates are possible for my situation:

-What is the purchase price? $875000
-How much is the down payment? 20%
-Where it the property located? Victoria, BC
-When is the closing date? September 2020
-Will the property be owner-occupied or a rental? Owner occupied

Looking for 5 year fixed or variable.
Newbie
Nov 24, 2010
79 posts
7 upvotes
rateconnect wrote: You can get 1.74% fixed and 1.60% variable

$9700 penalty is your break even point anything less it is worth switching

Find out from CIBC and repost

Phil
Thanks Phil, I saw on ratespy HSBC is offering 1.69 pct, is that rate available for refinances?
Newbie
Aug 28, 2020
10 posts
2 upvotes
I have a new build closing in December and currently live in a paid-off townhouse valued around 500k with an unused HELOC that I plan to lean on for the downpayment on the new build.

-What is the new build purchase price? $755,000
-How much is the down payment? Up to 26%
-Where it the property located? Both properties in Ottawa
-When is the closing date? December 2020 (no firm date yet, may be delayed slightly)
-Will the property be owner-occupied or a rental? Owner occupied

I have plans to rent out my current townhouse. Should I go ahead and take out a 5 yr mortgage on it while I'm still living here and the rates are low? Or should I just leave it all till I close on the new build?
Deal Fanatic
May 5, 2008
5400 posts
2112 upvotes
Winnipeg
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?

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.
Request blend and extend
Deal Addict
User avatar
Jun 24, 2020
1107 posts
207 upvotes
juxtin wrote: Hi, looking to purchase very soon in Victoria BC, wondering what rates are possible for my situation:

-What is the purchase price? $875000
-How much is the down payment? 20%
-Where it the property located? Victoria, BC
-When is the closing date? September 2020
-Will the property be owner-occupied or a rental? Owner occupied

Looking for 5 year fixed or variable.

1.89% five year fixed or 1.80% five year variable available in your situation.
Newbie
Aug 21, 2020
4 posts
Hi folks, posting again as my question was missed. Looking for best 5 year rates (fixed and variable) 15 year amortization

For a mortgage renewal:
-How much is the mortgage owing? $530,000
-Roughly, what is the current market value of the property? $1,700,000
-Which city is the property located in? Toronto
-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
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? December 2020

Thanks!
Newbie
Nov 13, 2017
34 posts
22 upvotes
That is what we were told, but in reality they didn't waive the $12,000 penalty nightmare. My point would be for people to choose a mortgage that has a lower penalty calculation instead of worrying about portability unless they are sure they won't be making any career changes despite pandemics and economic meltdowns that may or may not occur.
Sr. Member
User avatar
Aug 20, 2020
515 posts
88 upvotes
Scarborough
longweekend wrote: Hi folks, posting again as my question was missed. Looking for best 5 year rates (fixed and variable) 15 year amortization

For a mortgage renewal:
-How much is the mortgage owing? $530,000
-Roughly, what is the current market value of the property? $1,700,000
-Which city is the property located in? Toronto
-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
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? December 2020

Thanks!
You may be able to get 1.99(fixed) / 1.85 (variable) for a 5-year term on a switch; full feature mortgage product
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Jul 24, 2018
41 posts
24 upvotes
Hi QQC - rate is a small component of the decision for which readvanceable to get for The Smith Manoeuvre. More important is working with a professional who understands the strategy and who can determine which readvanceable is best for your personal situation. All readvaceables are not created equally and the wrong one, while maybe the lowest rate, may end up costing you significantly more than than what you're saving due to rate. Feel free to PM me. Cheers
Member
Sep 15, 2018
293 posts
50 upvotes
airmail wrote: Request blend and extend
Never heard of this but after looking into it online, this would be perfect. CIBC doesn’t have any information specific to this on their website, are there any brokers here that can help get this done? Pm if so. Thanks!
Member
Oct 12, 2005
395 posts
334 upvotes
Lower Mainland BC
Kyle12345 wrote: Never heard of this but after looking into it online, this would be perfect. CIBC doesn’t have any information specific to this on their website, are there any brokers here that can help get this done? Pm if so. Thanks!
FYI - Brokers can't deal with CIBC, so best to contact the bank directly.
Deal Fanatic
Feb 22, 2011
8719 posts
10458 upvotes
Toronto
For a mortgage transfer/renewal:

-How much is the mortgage owing? $496k
-Roughly, what is the current market value of the property? $900k
-Which city is the property located in? Whitby
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2016
-When is your renewal date? July 2021

I want to refinance now out to 30 years on a fixed rate, what is the best rate I could get, lender and terms don't matter. The mortgage was also deferred for 4 months but was cancelled 2 months ago.
Member
Sep 15, 2018
293 posts
50 upvotes
ejohan wrote: FYI - Brokers can't deal with CIBC, so best to contact the bank directly.
Oh how come they can’t deal with CIBC? I got my initial mortgage through someone from here.
Sr. Member
User avatar
Aug 20, 2020
515 posts
88 upvotes
Scarborough
mazerbeaner wrote: For a mortgage transfer/renewal:

-How much is the mortgage owing? $496k
-Roughly, what is the current market value of the property? $900k
-Which city is the property located in? Whitby
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2016
-When is your renewal date? July 2021

I want to refinance now out to 30 years on a fixed rate, what is the best rate I could get, lender and terms don't matter. The mortgage was also deferred for 4 months but was cancelled 2 months ago.
By refinancing you will loose the insurance benefits for the rest of the tenure of the mortgage. Are you ok with that?
If you choose to keep the amortization as-is then you can get 1.79% fixed else if you refinance it would be 1.99% fixed 5 years
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Dec 29, 2006
54 posts
19 upvotes
Hello, May I get the rate for:

What is the purchase price? $799,000
How much is the down payment? 5%
Where it the property located? Coquitlam, BC
When is the closing date? Nov. 2020
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Duplex

Thank you.
Deal Addict
User avatar
Jun 24, 2020
1107 posts
207 upvotes
namasgar wrote: Hello, May I get the rate for:

What is the purchase price? $799,000
How much is the down payment? 5%
Where it the property located? Coquitlam, BC
When is the closing date? Nov. 2020
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Duplex

Thank you.
1.64% five year fixed or 1.60% five year variable available
Newbie
Aug 29, 2020
3 posts
First time home buyer here. Found a house we will be putting an offer in on. I have discussed with a mortgage broker in the past for pre-approval, but rates don't seem as competitive as I have seen quoted here.

What is the purchase price? $760,000 - $780,000 (to be finalized)
How much is the down payment? 20% (can go as high as 30% depending how it affects rates)
Where it the property located? Ottawa
When is the closing date? TBD, but likely within 3 months
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Single detached home

Any more information I need to provide please let me know.
Deal Addict
User avatar
Jun 24, 2020
1107 posts
207 upvotes
mazerbeaner wrote: For a mortgage transfer/renewal:

-How much is the mortgage owing? $496k
-Roughly, what is the current market value of the property? $900k
-Which city is the property located in? Whitby
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2016
-When is your renewal date? July 2021

I want to refinance now out to 30 years on a fixed rate, what is the best rate I could get, lender and terms don't matter. The mortgage was also deferred for 4 months but was cancelled 2 months ago.
It may be difficult to get a refinance due to the mortgage deferral. You can likely get much lower if you keep the amortization and transfer over for a lower rate or else the insurance premium will be gone. For the transfer you can get 1.69% five year fixed with all costs covered to switch, for a full featured mortgage, or 1.60% five year variable.

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