The Official Mortgage Rates Thread

What are the best rates (Var/Fixed) for rental properties right now? Looking to purchase a condo in the next week or so.

Scotia is offering me 2.22% on a 5 year fixed 25 year mortgage. Is that competitive?

Mortgage amount: 320k
Purchase Price: 400k
Location: Ottawa
Tenant occupied property
Looking for 30 year amortization

What is the best rate for 5 year fixed/variable in this scenario?

wiab89 wrote: ↑ What are the best rates (Var/Fixed) for rental properties right now? Looking to purchase a condo in the next week or so.

Scotia is offering me 2.22% on a 5 year fixed 25 year mortgage. Is that competitive?

Mortgage amount: 320k
Purchase Price: 400k
Location: Ottawa
Tenant occupied property
Looking for 30 year amortization

What is the best rate for 5 year fixed/variable in this scenario?

You may be able to get better than what Scotia is offering. For a 25/30 year am on rental property, you may get 2.05% variable / 2.19% fixed for 5-year term.

NeilJoseph wrote: ↑ You may be able to get better than what Scotia is offering. For a 25/30 year am on rental property, you may get 2.05% variable / 2.19% fixed for 5-year term.

Thanks Neil, was hoping for something under 2% given the rate environment. Oh well still much better than March.

Hi ,

I am a Self Employed Contractor with below details:

Annual Corporation Gross Income: 125k
Annual Individual income ( declared to CRA and paid tax ) : 86k 2019 ,
Sole Owner of the Corporation
Corporation is registered 3 years ago. With All HST / Tax paid every year.
Individual Credit Score: 780+
Down Payment : 5%
First Time Home Buyer
Property to be occupied by self

Can someone please tell me my mortgage eligibility and the rates available !!

Thanks

wiab89 wrote: ↑ Thanks Neil, was hoping for something under 2% given the rate environment. Oh well still much better than March.

Check with Tangerine. Their advertised 5 year fixed is 1.99% and I believe that it is available for rentals.

How much is the mortgage owing? $273k
-Roughly, what is the current market value of the property? $660k
-Which city is the property located in? Burnaby, BC
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? RMG
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? August 11, 2021

hanif111 wrote: ↑How much is the mortgage owing? $273k
-Roughly, what is the current market value of the property? $660k
-Which city is the property located in? Burnaby, BC
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? RMG
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? August 11, 2021

1.69% five year fixed is available in your case, with costs covered to switch.

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

5 yr fixed 1.69%
5 yr variable 1.60%

20/20 prepayments

Phil

hanif111 wrote: ↑ How much is the mortgage owing? $273k
-Roughly, what is the current market value of the property? $660k
-Which city is the property located in? Burnaby, BC
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? RMG
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? August 11, 2021

1.69% fixed just became available on switches less than 65% LTV

Phil

wiab89 wrote: ↑ What are the best rates (Var/Fixed) for rental properties right now? Looking to purchase a condo in the next week or so.

Scotia is offering me 2.22% on a 5 year fixed 25 year mortgage. Is that competitive?

Mortgage amount: 320k
Purchase Price: 400k
Location: Ottawa
Tenant occupied property
Looking for 30 year amortization

What is the best rate for 5 year fixed/variable in this scenario?

Unfortunately rentals are priced higher than OO - Slightly better available 2.14%

How much is the mortgage owing? $396k
-Roughly, what is the current market value of the property? $800k
-Which city is the property located in? Hamilton, ON
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? Street Capital
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016 (5yr fixed)
-When is your renewal date? August 2021
-Penalty to break current mortgage (1yr left): ~2500+400admin fee

Thanks

ibeboss wrote: ↑How much is the mortgage owing? $396k
-Roughly, what is the current market value of the property? $800k
-Which city is the property located in? Hamilton, ON
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? Street Capital
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? August 2021

Thanks

1.69% five year fixed or 1.60% five year variable available with costs covered to switch

bshayorg wrote: ↑ Looking to build a new home. Current home is paid off and will be used as a down payment.

-How much is the mortgage owing? $200k
-Roughly, what is the current market value of the property? $525k
-Which city is the property located in? Fall river, Nova Scotia
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? None
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2021
-When is your renewal date? NA

What is the 200k you indicated as owing ?

What would be the money required for the new build? We can take you to 80% of the value of the current home to get equity out

Value of 525k will allow you to get 420k out

Phil

How much is the mortgage owing? $227k
-Roughly, what is the current market value of the property? $900k
-Which city is the property located in? Richmond, BC
-Is the property owner-occupied or a rental? rental
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? Oct 2021
Looking for 2 or 3 year term.

How much is the mortgage owing? $1,400,000
-Roughly, what is the current market value of the property? $2,900,000
-Which city is the property located in? Richmond, BC
-Is the property owner-occupied or a rental? owner occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? Oct 2021
Looking for 4 or 5 yr term
Thanks

FFBBY wrote: ↑How much is the mortgage owing? $227k
-Roughly, what is the current market value of the property? $900k
-Which city is the property located in? Richmond, BC
-Is the property owner-occupied or a rental? rental
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? Oct 2021

How much is the mortgage owing? $1,400,000
-Roughly, what is the current market value of the property? $2,900,000
-Which city is the property located in? Richmond, BC
-Is the property owner-occupied or a rental? owner occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? Oct 2021

Thanks

Do you know your penalty for the owner occupied? You could get 1.89% five year fixed or 1.80% five year variable

-What is the purchase price? 525k
-How much is the down payment? -325k
-Where it the property located? Fall River, NS
-When is the closing date? May 2021
-Will the property be owner-occupied or a rental? Owner occupied

bshayorg wrote: ↑ -What is the purchase price? 525k
-How much is the down payment? -325k
-Where it the property located? Fall River, NS
-When is the closing date? May 2021
-Will the property be owner-occupied or a rental? Owner occupied

Rate hold is max 120 days keep an eye on the forum for best rates

Phil

-How much is the mortgage owing? $468,000
-Roughly, what is the current market value of the property? $700,000
-Which city is the property located in? Calgary
-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, no balance on the HELOC
-Is the mortgage CMHC insured? No
-When did you buy the property? end of Nov 2015
-When is your renewal date? Dec 1, 2020

Two questions:
1) Looking for the best bank rates on a 3 or 5 year fixed term?
2) If we were to increase our equity to 35% would we be able to get a better rate?

For a purchase of a property:

-What is the purchase price?
472,000
-How much is the down payment?
94,400
-Where it the property located?
Abbotsford, British Columbia
-When is the closing date?
September 17th
-Will the property be owner-occupied or a rental?
Owner Occupied first time home owner.

freeloader247 wrote: ↑For a purchase of a property:

-What is the purchase price?
472,000
-How much is the down payment?
94,400
-Where it the property located?
Abbotsford, British Columbia
-When is the closing date?
September 17th
-Will the property be owner-occupied or a rental?
Owner Occupied first time home owner.

1.89% five year fixed or 1.80% five year variable available in your case