Real Estate

The Official Mortgage Rates Thread

Newbie
Aug 31, 2020
1 posts
Still negotiating on the price with the seller. Scotiabank quoted us 1.79% on a 5-year fixed but would like to see what other banks offer.

-What is the purchase price?
$849,000
-How much is the down payment?
$169,800 (20%)
–Where is the property located?
Edmonton, AB
-When is the closing date?
No closing date yet
-Will the property be owner-occupied or a rental
Owner occupied.
Newbie
Jun 9, 2020
3 posts
Peterah wrote: Currently on a Scotia STEP mortgage, 30 year am that I've shortened down to ~23 years in 2.5 years, up for renewal in December 2020. I know that rate holds from new lenders are in the 90-120 day range, but I thought I would share my experience with their renewal offers thus far and see if anyone has any further insight on the process.

Being 6 months out from renewal, I had a new link pop up in online banking for renewing my mortgage with Scotia. The initial fixed rate offerings were actually surprisingly competitive relative to my past experience with big banks and considering that I'm on a collateral charge with a big bank:

2 yr fixed: 2.56
3 yr fixed: 2.35
4 yr fixed: 2.38
5 yr fixed: 2.39

the 5 year variable was only 2.25.

I called in to speak with a rep to confirm that these were rates for the same product, etc., and to see if they would move at all for asking. I was told the offer was the offer. Despite that, the next day when I logged in all of the fixed rates had dropped .05 and the 5yr variable had dropped .01.

I'm in no rush to make a decision given what I understand is out there elsewhere (cet par. when I hit 120 days), but I was wondering if anyone has gone through this process with a Scotia STEP product. I know that external shocks have to be expected and that there's no guarantee my experience will be the same as another person's, but if anyone has monitored the Scotia STEP renewal offers over time I would be curious to know what future movement there might be in these offers.

To the extent it matters and is not set out above:

Mortgage Owing: $522,000
FMV: purchased in 2017 for 840,000 - local market is reasonable all things considered
City: Waterloo Region, ON
Owner-occupied
Current Lender: Scotia
HELOC: yes - 2 separate lines, one for business investment purposes, balance carried $60,000 that I would like to maintain separately for deduction but could move into an unsecured facility if need be; other is ~50k that I would be content to roll into mortgage principal if it makes sense (which I suspect it would).
CMHC: No
current rate type: 3 yr fixed @ 2.99
Bumping this as I'm coming up on 90 days out now. Local market has been good - applying raw market change percentages to my purchase price reuslts in ~$1.1M, so I suspect that I would be treated as uninsurable on the back end if I were to move.

Scotia's offering 2.01 on 5 year fixed or 1.85 (-0.6) on a 5 year variable - is there anyone out there that's going to touch those rates on a readvanceable product?

What fixed/variable rates would I be looking at if I were to switch lenders and roll the $50k portion of the HELOC in with the mortgage principal?
Newbie
Nov 15, 2017
6 posts
2 upvotes
What is the purchase price? 635k
-How much is the down payment? 6.06%
-Where it the property located? Surrey, BC
-When is the closing date? Oct 15, 2020 or Nov 1, 2020
-Will the property be owner-occupied or a rental? Owner occupied
Newbie
Nov 24, 2018
3 posts
Ottawa
For a purchase of a property:
  • What is the purchase price? $585,000
  • How much is the down payment? 20%
  • Where it the property located? Ottawa, ON
  • When is the closing date? Nov 2020
  • Will the property be owner-occupied or a rental? Owner occupied


Thanks!
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
Peterah wrote: Bumping this as I'm coming up on 90 days out now. Local market has been good - applying raw market change percentages to my purchase price reuslts in ~$1.1M, so I suspect that I would be treated as uninsurable on the back end if I were to move.

Scotia's offering 2.01 on 5 year fixed or 1.85 (-0.6) on a 5 year variable - is there anyone out there that's going to touch those rates on a readvanceable product?

What fixed/variable rates would I be looking at if I were to switch lenders and roll the $50k portion of the HELOC in with the mortgage principal?
Refinance rates will be higher than a switch. 1.80% variable and 1.94% fixed for 5 years. Appraisal and legal to be covered by the borrower
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
Feb 8, 2017
539 posts
416 upvotes
Offering on a new house before selling current home. Wondering if the second mortgage will mean a worse rate. Also curious if taking a HELOC would be a good idea to increase down-payment, or again would mean a worse rate. Lots of equity in current home, with current mortgage at 1.7% variable.

-What is the purchase price? 1,200,000
-How much is the down payment? >250,000
-Where it the property Located? Kingston
-When is the closing date? Oct
-Will the property be owner-occupied or a rental? Owner occupied

Thanks
Last edited by sierravista on Sep 1st, 2020 9:55 pm, edited 2 times in total.
Jr. Member
Jun 8, 2009
153 posts
46 upvotes
Toronto
Check your PM
Peterah wrote: Bumping this as I'm coming up on 90 days out now. Local market has been good - applying raw market change percentages to my purchase price reuslts in ~$1.1M, so I suspect that I would be treated as uninsurable on the back end if I were to move.

Scotia's offering 2.01 on 5 year fixed or 1.85 (-0.6) on a 5 year variable - is there anyone out there that's going to touch those rates on a readvanceable product?

What fixed/variable rates would I be looking at if I were to switch lenders and roll the $50k portion of the HELOC in with the mortgage principal?
Newbie
Aug 19, 2020
40 posts
39 upvotes
Hello. I received a mortgage commitment from a lender today but I won't be closing for 2 months. Do I need to sign the commitment now to lock in the rate or can I wait a bit longer? If I sign it now, am I obligated to close with that lender or can I change later when I find a better rate elsewhere?

Also I would appreciate if someone can tell me my best rates (5yr fixed or variable) for a purchase of a new build property:

-What is the purchase price? $645,000
-How much is the down payment? 20%
-Where it the property located? Ottawa, ON
-When is the closing date? November 15, 2020
-Will the property be owner-occupied or a rental? Owner occupied
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
Dealsmachina wrote: Hello. I received a mortgage commitment from a lender today but I won't be closing for 2 months. Do I need to sign the commitment now to lock in the rate or can I wait a bit longer? If I sign it now, am I obligated to close with that lender or can I change later when I find a better rate elsewhere?

Also I would appreciate if someone can tell me my best rates (5yr fixed or variable) for a purchase of a new build property:

-What is the purchase price? $645,000
-How much is the down payment? 20%
-Where it the property located? Ottawa, ON
-When is the closing date? November 15, 2020
-Will the property be owner-occupied or a rental? Owner occupied

You do have 1.89% five year fixed or 1.80% five year variable available to you in this case
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
sierravista wrote: Offering on a new house before selling current home. Wondering if the second mortgage will mean a worse rate. Also curious if taking a HELOC would be a good idea to increase down-payment, or again would mean a worse rate. Lots of equity in current home, with current mortgage at 1.7% variable.

-What is the purchase price? 1,200,000
-How much is the down payment? >250,000
-Where it the property Located? Kingston
-When is the closing date? Oct
-Will the property be owner-occupied or a rental? Owner occupied

Thanks
As long as you qualify for the second property with the fjrst also, it should not affect your rate. Your looking at 1.89% five year fixed or 1.80% five year variable in this case. If you also end up selling before the closing of the new property and have a firm sale agreement, you can get a bridge loan so you technically only need to qualify on the new mortgage of the home your purchasing.
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
rickyzed wrote: For a purchase of a property:
  • What is the purchase price? $585,000
  • How much is the down payment? 20%
  • Where it the property located? Ottawa, ON
  • When is the closing date? Nov 2020
  • Will the property be owner-occupied or a rental? Owner occupied


Thanks!

1.89% five year fixed or 1.80% five year variable available
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
balwin13 wrote: What is the purchase price? 635k
-How much is the down payment? 6.06%
-Where it the property located? Surrey, BC
-When is the closing date? Oct 15, 2020 or Nov 1, 2020
-Will the property be owner-occupied or a rental? Owner occupied

1.64% five year fixed or 1.60% five year variable available
Newbie
Apr 20, 2019
11 posts
2 upvotes
Hello Brokers/Agents,

for information gathering purposes... if going with a Collateral Mortgage (e.g., TD, Tangerine, etc.), what benefit is there to register it at 125% vs. 100% or somewhere in-between? is registering it 125% mean that there is just more potential for borrowing power down the line?
Newbie
Jan 20, 2016
30 posts
3 upvotes
Hello,

Interested in a mortgage transfer/renewal that is
- 5-year fixed rate
- fair-penalty lender
- standard charge
- 20/20 prepayment privileges
- no bona fide sales clause

Current mortgage details:
-How much is the mortgage owing at maturity? 295,000
-Roughly, what is the current market value of the property? 825,000
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes, $0 balance
-Collateral charge mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct. 2015
-When is your renewal date? Oct. 9, 2020

Thank you.
Newbie
Dec 6, 2017
52 posts
8 upvotes
rateconnect wrote: You have great rates available

5 yr fixed 1.74% & 5 yr variable 1.60%

No costs to switch

Phil
Thank you Phil
Would you provide more detail about this mortgage, like payment/prepayment option, amortization, is it portable and transferable? can it be payed off before maturity date and how the penalty be calculated...etc. Thanks
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
mosaic99 wrote: Thank you Phil
Would you provide more detail about this mortgage, like payment/prepayment option, amortization, is it portable and transferable? can it be payed off before maturity date and how the penalty be calculated...etc. Thanks
on the fixed product
Full featured
20/20 prepay
standard penalties - 3 months or the IRD
portable
transferable

variable
160% has a bonafide sale clause
165% standard product
3 months penalty
20/20 prepay

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
cendse wrote: Hello,

Interested in a mortgage transfer/renewal that is
- 5-year fixed rate
- fair-penalty lender
- standard charge
- 20/20 prepayment privileges
- no bona fide sales clause

Current mortgage details:
-How much is the mortgage owing at maturity? 295,000
-Roughly, what is the current market value of the property? 825,000
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? Yes, $0 balance
-Collateral charge mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Oct. 2015
-When is your renewal date? Oct. 9, 2020

Thank you.
5 yr fixed 1.74%
5 yr variable 1.75%
standard products
20/20 prepayment

Costs covered to switch

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
1.79% is a decent rate with 20% down

5 yr fixed 1.84% available
full featured
20/20 prepayments

You can get 1.69% on live deals with 25% down


Phil
Last edited by rateconnect on Sep 2nd, 2020 9:13 am, edited 1 time in total.
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
balwin13 wrote: What is the purchase price? 635k
-How much is the down payment? 6.06%
-Where it the property located? Surrey, BC
-When is the closing date? Oct 15, 2020 or Nov 1, 2020
-Will the property be owner-occupied or a rental? Owner occupied
5 yr fixed 1.64%
full featured
20/20 prepayment

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

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