Real Estate

The Official Mortgage Rates Thread

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Aug 20, 2020
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Scarborough
kobe360 wrote: Is there feedback for MCAP? Seems they have a good rate at 1.74%. We have talked about moving but nothing confirmed. If we renew for 5 years how portable are these mortgages? Considering going for fixed rate. Would there still be a penalty if we upsize to a larger house? When it says portable, does that mean there is still a penalty?
Sent you a PM.
Neil Joseph
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Jan 31, 2018
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gtadealshunting wrote: -How much is the mortgage owing? $501,000
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Oakville, ON
-Is the property owner-occupied or a rental? Currently rental, but will be owner occupied by April 2021
-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? January 2017
-When is your renewal date? March 5th, 2021


I think RBC would allow 120 days early renewal. But, can you let me know what rate I can get? Willing to move to move the mortgage to anywhere.
Thanks very much.
Did you purchase at the time for over a million?
Phil Cragg
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RagaAmber wrote: Hello experts, reposting it again, seems to be rates are dropped again.

What is the purchase price? $495000
How much is the down payment? 20%
Where it the property located? Nova Scotia
When is the closing date? Nov. 2020
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Bunglow town home

What would be best fixed rates I can qualify for? Any idea ?
PS: Appreciate any leads who is licensed for Nova Scotia province.

Thanks!
5 yr fixed 1.89%
5 yr variable 1.80%

Phil
Phil Cragg
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steez03 wrote: Looking to renew my mortgage in November:
-How much is the mortgage owing? 285k
-Roughly, what is the current market value of the property? $725k
-Which city is the property located in? Burlington, ON
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? November 27, 2020

We're discussing about selling the house in 2-3 years, should that make a difference on what length term we should try to obtain? Or certain things we should look for in the mortgage penalty terms?
You would be eligible for :

5 yr fixed 1.74%
5 yr variable 1.60%

The variable gives you more flexibility at 3 months interest

Phil
Phil Cragg
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rvander6 wrote: -How much is the mortgage owing? 301,000
-Roughly, what is the current market value of the property? 550,000
-Which city is the property located in? parkland county, near edmonton
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? ATB
-Do you have a HELOC tied to the mortgage? NO
-Is the mortgage CMHC insured? NO
-When did you buy the property? July 2015
-When is your renewal date? July 2025
-How much do you want to borrow (refinance)? 80,000
-When do you want to close on the refinance? Sep/oct 2020
Penalty is $3641. I just renewed but heard there were better rates. My current fixed 5 year rate is 2.54% and I want to switch lenders if its worth it and refinance as well for an addition. ATB is offering me a 2nd mortgage at 2.69%.
5 yr fixed at 1.89% will save you $6500 after penalty !

Phil
Phil Cragg
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Amoun15 wrote: Hi there,

I am looking to transfer my mortgage for a better rate. Could you please let me know the best available rates? See below.

-How much is the mortgage owing? $450,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Ottawa, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RFA Capital Holdings (Street Capital)
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? October 4, 2019
-When is your renewal date? October 4, 2024
- Current rate: 2.54%
- Cancellation penalty: $4,600 (With Admin fees of up to $400+tax)

Thanks in advance for your help!
5 yr fixed 1.69% and you can roll in 3k of the penalty to the new mortgage

Costs covered to switch

Phil
Phil Cragg
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Amoun15 wrote: Hi there,

I am looking to transfer my mortgage for a better rate. Could you please let me know the best available rates? See below.

-How much is the mortgage owing? $450,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Ottawa, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RFA Capital Holdings (Street Capital)
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? October 4, 2019
-When is your renewal date? October 4, 2024
- Current rate: 2.54%
- Cancellation penalty: $4,600 (With Admin fees of up to $400+tax)

Thanks in advance for your help!
This week you may be able to get a 5-year fixed at 1.74% for an insured switch. Legal and Appraisal Fee is covered PLUS you can include up to $3000 in penalty and administration costs into the mortgage.
Neil Joseph
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Mar 14, 2010
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Markham
Looking to renew my mortgage in November 1st 2020 and looking to switch my mortgage with refinance

-How much is the mortgage owing? 320k
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Thornhill, ON
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? HomeTrust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? we got it at 2009 with CHMC insurance
-When did you buy the property? 2009
-When is your renewal date? November 1, 2020
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mgoogol wrote: Looking to renew my mortgage in November 1st 2020 and looking to switch my mortgage with refinance

-How much is the mortgage owing? 320k
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Thornhill, ON
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? HomeTrust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? we got it at 2009 with CHMC insurance
-When did you buy the property? 2009
-When is your renewal date? November 1, 2020
You mentioned about refinancing the mortgage;i.e. changing the mortgage amount and/or amortization period. Please be aware that refinancing will cause your mortgage to be no longer qualify for mortgage insurance benefits.

If you still want to proceed further, share the additional amount being sought + amortization period desired
Neil Joseph
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mgoogol wrote: Looking to renew my mortgage in November 1st 2020 and looking to switch my mortgage with refinance

-How much is the mortgage owing? 320k
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Thornhill, ON
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? HomeTrust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? we got it at 2009 with CHMC insurance
-When did you buy the property? 2009
-When is your renewal date? November 1, 2020
If you are simply switching the mortgage 320k over at renewal :
1.74% fixed
1.60% variable

If refinancing - extra money or increasing amortization
1.80% 5 yr variable
1.89% 5 yr fixed

Phil
Phil Cragg
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Newbie
Apr 20, 2018
4 posts
Looking at my options and best rates. Stay put or blend and extend, etc.

- How much is the mortgage owing? 1,130,000
-Roughly, what is the current market value of the property? 1,900,000+
-Which city is the property located in? Oakville
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Dec 2016
-When is your renewal date? Dec 2021
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Jun 24, 2020
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dudeintoronto wrote: Looking at my options and best rates. Stay put or blend and extend, etc.

- How much is the mortgage owing? 1,130,000
-Roughly, what is the current market value of the property? 1,900,000+
-Which city is the property located in? Oakville
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Dec 2016
-When is your renewal date? Dec 2021
What’s your current rate and penalty? You can get 1.89% five year fixed or 1.89% five year variable but whether switching is worth it will depend on the above.
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Apr 20, 2018
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TazZaide wrote: What’s your current rate and penalty? You can get 1.89% five year fixed or 1.89% five year variable but whether switching is worth it will depend on the above.
2.39%; penalty close to $20k
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Sep 25, 2014
3 posts
Port Perry, ON
Mortgage is due for renewal sept 16th. House is sold, close nov 2nd. Need a new mortgage till then and will be buying a new place. Need help with this. What’s my best options here? Portability, flexibility? Mortgage remaining 260. Sold for 590.
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Jun 24, 2020
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dudeintoronto wrote:
2.39%; penalty close to $20k

What are they offering for the blend and extend ? It’s worth taking it as the penalty is hefty if you only have one year left, and won’t offset the savings
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Oct 7, 2016
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Hi there,

I've gotten an early renewal offer from my mortgage but looking to see what's else may be available. Any help would be much appreciated!

-How much is the mortgage owing?
240k
-Roughly, what is the current market value of the property?
550k
-Which city is the property located in?
Toronto
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
MCAP
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
2015
-When is your renewal date?
October 2020
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Apr 20, 2018
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TazZaide wrote: What are they offering for the blend and extend ? It’s worth taking it as the penalty is hefty if you only have one year left, and won’t offset the savings
2.11%
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Jun 24, 2020
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rolomonster wrote: Hi there,

I've gotten an early renewal offer from my mortgage but looking to see what's else may be available. Any help would be much appreciated!

-How much is the mortgage owing?
240k
-Roughly, what is the current market value of the property?
550k
-Which city is the property located in?
Toronto
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
MCAP
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
2015
-When is your renewal date?
October 2020

You can get 1.69% five year fixed with all costs covered to switch.
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Sep 7, 2003
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Edmonton
-How much is the mortgage owing? $141K
-Roughly, what is the current market value of the property? $275K
-Which city is the property located in? Edmonton, AB
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2007
-When is your renewal date? Sept 1, 2020
Newbie
Sep 22, 2009
10 posts
vancouver
Rentals are priced slightly higher but that being said massive savings

On the variable side likely 1.95% equates to 43k savings after penalty
Fixed 2.14% almost 35k

You can roll in the entire penalty if you wish

Phil
Phil,
Thank you.
Very serious about these rates and the offer.
Just getting a few pieces sorted out and will be in touch.
How do we best reach you (ask additional questions and see what documentation you require)?

Thanks,

Roma

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