Real Estate

The Official Mortgage Rates Thread

Member
Feb 7, 2018
286 posts
358 upvotes
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?
Sr. Member
User avatar
Aug 20, 2020
522 posts
89 upvotes
Scarborough
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.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
Feb 7, 2018
286 posts
358 upvotes
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.
Newbie
Aug 30, 2020
3 posts
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
Member
Oct 12, 2005
402 posts
337 upvotes
Lower Mainland BC
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.
Newbie
Jun 23, 2009
45 posts
11 upvotes
burnaby
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
Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
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.
Last edited by TazZaide on Aug 31st, 2020 7:19 pm, edited 1 time in total.
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
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
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
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
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
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%
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Apr 7, 2013
5 posts
Brampton
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
Last edited by ibeboss on Aug 31st, 2020 7:26 pm, edited 1 time in total.
Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
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
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
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
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Jr. Member
Dec 25, 2005
106 posts
49 upvotes
Vancouver
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
Last edited by FFBBY on Aug 31st, 2020 8:29 pm, edited 1 time in total.
Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
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
Newbie
Feb 12, 2011
5 posts
Halifax
-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
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
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
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Aug 30, 2020
2 posts
-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?
Newbie
Jun 4, 2017
87 posts
47 upvotes
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.
Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
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

Top

Thread Information

There are currently 7 users viewing this thread. (2 members and 5 guests)

pistone, def47