Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Feb 2, 2014
8079 posts
2271 upvotes
Toronto
sudivand wrote: Hi All,

Looking for some advice as I am first-time home buyer, Please help!!
Mortgage: 649,000$
Which city is the property located in? Vaughan, ON
Is the property owner-occupied or a rental? Owner-Occupied
Is the mortgage CMHC insured? yes
Closing date property? Feb 27th 2019
Current Income including spouse: 160,000 $

As of now National bank is giving me 3.34 fixed rate for 5 yrs which is approved, but got to know hsbc with cmhc insured is giving @3.24% is it best to stick on to NB or try HSBC given the short duration?
Also will it affect the already approved loan?
3.29% 5-year fixed or 2.75% 5-year variable.

I would very much consider variable. Lower rate, better penalty calculation and it’s convertible to fixed!
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jun 15, 2013
2 posts
Toronto
Can my partner and I get an approval for a new purchase from one of the brokers here?
I have been at my current job for almost 3 months and probation is 6 months. My previous employment was in the same industry for last 5 years, same role (public sector). My partner has been at his job for 4.5 years.
My income: 81K. Partner income: 65K.

-Purchase price: $640,000
-How much is the down payment? 25% ($160,000)
-Where it the property located? ON
-When is the closing date? March
-Will the property be owner-occupied or a rental? Owner occupied
Newbie
Aug 30, 2016
2 posts
Montreal
Hello,

Long time reader of RFD, first time posting in the mortgage thread. Renewal coming up May 2019. Looking to refinance current property to fund a purchase on a new home (offer accepted). Please feel free to PM me with rates as well.

REFINANCE:
- How much is the mortgage owing? 310k
- Roughly, what is the current market value of the property? 480k
- Which city is the property located in? Brossard, QC
- Is the property owner-occupied or a rental? Owner occupied, but will convert to rental
- Who is your current lender? Desjardins
- Do you have a HELOC tied to the mortgage? yes (unused)
- Is the mortgage CMHC insured? Yes
- When did you buy the property? May 2014
- When is your renewal date? May 2019

PURCHASE:
- What is the target purchase price? 470k (offer accepted)
- How much is the down payment ready? With refinance, 20%
- Where will the target property be located? Montreal, QC
- Will the property be owner-occupied or a rental? Owner occupied
- Family gross income: 175k

Thank you
Deal Addict
Nov 26, 2011
2001 posts
197 upvotes
Ottawa
Thank you Phill Cragg for the response. How can I go about getting a pre-approval from you? Are the rates going to be presented to me during pre-approval or later? Also had another question for the forum if anyone can chip in. Say I am getting a new build. Is there any Ontario Land Transfer tax on a new build or is it just the HST which is already included in the new build price.

Thanks
Deal Addict
User avatar
Jan 31, 2018
2150 posts
391 upvotes
masoud100 wrote: Thank you Phill Cragg for the response. How can I go about getting a pre-approval from you? Are the rates going to be presented to me during pre-approval or later? Also had another question for the forum if anyone can chip in. Say I am getting a new build. Is there any Ontario Land Transfer tax on a new build or is it just the HST which is already included in the new build price.

Thanks
Sent you information
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
5342 posts
2299 upvotes
Toronto
three2one wrote: Can my partner and I get an approval for a new purchase from one of the brokers here?
I have been at my current job for almost 3 months and probation is 6 months. My previous employment was in the same industry for last 5 years, same role (public sector). My partner has been at his job for 4.5 years.
My income: 81K. Partner income: 65K.

-Purchase price: $640,000
-How much is the down payment? 25% ($160,000)
-Where it the property located? ON
-When is the closing date? March
-Will the property be owner-occupied or a rental? Owner occupied
Yes, since you have a solid history of working in the same industry, then this shouldn't be an issue at all. Options will be a bit more limited, as most lenders will require you to be past your probation period by time of closing. There should still be some great rates available however! I'll shoot you a PM with a bit more info.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Jan 31, 2018
2150 posts
391 upvotes
three2one wrote: Can my partner and I get an approval for a new purchase from one of the brokers here?
I have been at my current job for almost 3 months and probation is 6 months. My previous employment was in the same industry for last 5 years, same role (public sector). My partner has been at his job for 4.5 years.
My income: 81K. Partner income: 65K.

-Purchase price: $640,000
-How much is the down payment? 25% ($160,000)
-Where it the property located? ON
-When is the closing date? March
-Will the property be owner-occupied or a rental? Owner occupied
You will be fine reach out to any of the brokers myself, Paul , Kevin, Connor or Andre and you will be in great hands

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2150 posts
391 upvotes
moikmoik wrote: Hello,

Long time reader of RFD, first time posting in the mortgage thread. Renewal coming up May 2019. Looking to refinance current property to fund a purchase on a new home (offer accepted). Please feel free to PM me with rates as well.

REFINANCE:
- How much is the mortgage owing? 310k
- Roughly, what is the current market value of the property? 480k
- Which city is the property located in? Brossard, QC
- Is the property owner-occupied or a rental? Owner occupied, but will convert to rental
- Who is your current lender? Desjardins
- Do you have a HELOC tied to the mortgage? yes (unused)
- Is the mortgage CMHC insured? Yes
- When did you buy the property? May 2014
- When is your renewal date? May 2019

PURCHASE:
- What is the target purchase price? 470k (offer accepted)
- How much is the down payment ready? With refinance, 20%
- Where will the target property be located? Montreal, QC
- Will the property be owner-occupied or a rental? Owner occupied
- Family gross income: 175k

Thank you
Sent as requested
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 8, 2013
36 posts
13 upvotes
Hello,

Looking to get pre-approved for a refinance of our sole property that we want to convert into a rental and use part of the equity for a new home. We are starting to shop for a home and would like to have our finances and pre-approval sorted out first.

REFINANCE:
- How much is the mortgage owing? 140k @ 2.09%
- Roughly, what is the current market value of the property? 380k
- Which city is the property located in? Kanata, ON
- Is the property owner-occupied or a rental? Owner occupied, but will convert to rental
- Who is your current lender? Industrial Alliance
- Do you have a HELOC tied to the mortgage? No
- Is the mortgage CMHC insured? No (Purchased with 25% downpayment)
- When did you buy the property? January 2014
- When is your renewal date? January 2020

PURCHASE:
- What is the target purchase price? 600k-700k
- How much is the down payment ready? With refinance, 20% for both properties
- Where will the target property be located? Kanata, ON
- Will the property be owner-occupied or a rental? Owner occupied
- Family gross income: one 100k+ stable income since 2012 & one self-employed income fluctuating between 0-100k+ in medical field since 2012

Thank you
Deal Addict
User avatar
Jan 31, 2018
2150 posts
391 upvotes
agilowen wrote: Hello,

Looking to get pre-approved for a refinance of our sole property that we want to convert into a rental and use part of the equity for a new home. We are starting to shop for a home and would like to have our finances and pre-approval sorted out first.

REFINANCE:
- How much is the mortgage owing? 140k @ 2.09%
- Roughly, what is the current market value of the property? 380k
- Which city is the property located in? Kanata, ON
- Is the property owner-occupied or a rental? Owner occupied, but will convert to rental
- Who is your current lender? Industrial Alliance
- Do you have a HELOC tied to the mortgage? No
- Is the mortgage CMHC insured? No (Purchased with 25% downpayment)
- When did you buy the property? January 2014
- When is your renewal date? January 2020

PURCHASE:
- What is the target purchase price? 600k-700k
- How much is the down payment ready? With refinance, 20% for both properties
- Where will the target property be located? Kanata, ON
- Will the property be owner-occupied or a rental? Owner occupied
- Family gross income: one 100k+ stable income since 2012 & one self-employed income fluctuating between 0-100k+ in medical field since 2012

Thank you
You should reach out to any of the brokers on the forum to do a full analysis of your situation

For the refinance :

Unfortunately refinance rates are higher

variable 5 yr 3.20%

Fixed 5 yr 3.54%

For the purchase

5 yr variable 3.20%

5 yr fixed 3.44%

Phil
Last edited by rateconnect on Feb 4th, 2019 2:35 pm, edited 1 time in total.
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
Nov 26, 2011
2001 posts
197 upvotes
Ottawa
rateconnect wrote: Sent you information
I still have not seen the information you sent. I also just found out your located in Ottawa as well so I can come in person if need be as well.
Jr. Member
User avatar
Nov 30, 2014
161 posts
214 upvotes
Toronto
I got a pre-approval done last year (Jan 2018) but decided not to buy last year and to wait until this year.

Started looking for properties again, do I have to get another pre-approval done or will last years be sufficient?

Our finances have not changed since last year except for a slight increase in salary.
Deal Addict
User avatar
Jan 31, 2018
2150 posts
391 upvotes
masoud100 wrote: I still have not seen the information you sent. I also just found out your located in Ottawa as well so I can come in person if need be as well.
I sent you a private message and yes absolutely you can come in person

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2150 posts
391 upvotes
12andy12 wrote: I got a pre-approval done last year (Jan 2018) but decided not to buy last year and to wait until this year.

Started looking for properties again, do I have to get another pre-approval done or will last years be sufficient?

Our finances have not changed since last year except for a slight increase in salary.

You should get a new preapproval done with any of the trusted brokers on the forum

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Feb 20, 2018
29 posts
21 upvotes
Anyone willing to share 5 year fixed rates within the last month or two? Numbers from CIBC or RBC for 20% downpayments and firm offer purchase prices <1 mil would be fantastic - just wanted to compare.
I was quoted 3.64 - CIBC and 3.69 - RBC in December.

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