Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 18th, 2019 2:01 pm
Deal Addict
User avatar
Sep 13, 2011
4381 posts
1475 upvotes
Toronto
Rates vary depending on the situation. Please provide the following info and we can let you know the best rates that will be available to you:

If you have a renewal coming up:

Mortgage amount owing at maturity (or current mortgage amount if unknown)
Approximate market value
Original purchase date (month and year)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment)
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?
Do you have a second component such as a HELOC attached to your mortgage?
Current lender
Is this your primary residence or a rental property?
Location
Maturity date

If purchasing, not quite as much info is required: 

Purchase price
Down payment amount (or percentage)
Primary residence or rental property
Location
Closing date

This is all information that is needed in order to quote you an accurate rate.

That being said, the 3 year variable is not a standard product and very few lenders offer it, but there are some good 3 year variable rates right now....for most situations.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Apr 24, 2004
63 posts
2 upvotes
Vancouver, BC
Hello,

Just a quick question, I noticed most of the brokers here are based out of Toronto. Are you guys restricted for Ontario only? Or you can work on mortgages nationwide?

I have a renewal coming up but I am in BC.

Thanks.
Sr. Member
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Jan 31, 2018
746 posts
100 upvotes
littledog wrote:
Feb 6th, 2019 11:36 am
Hello,

Just a quick question, I noticed most of the brokers here are based out of Toronto. Are you guys restricted for Ontario only? Or you can work on mortgages nationwide?

I have a renewal coming up but I am in BC.

Thanks.
Most of the brokers on the forum can help Nationwide

Phil
Phil Cragg
Rateconnect
Broker License #12626
Newbie
May 7, 2015
8 posts
3 upvotes
Vancouver, BC
I heard some condo buildings are "black-listed" by all lenders, meaning they require a larger downpayment than 20%. Can someone advise if a particular condo building I'm looking at is blacklisted or not?
Newbie
Feb 8, 2009
65 posts
2 upvotes
Welland
CdnRealEstateGuy wrote:
Feb 5th, 2019 7:46 pm
For refinances, best rates are 3.54% 5-year fixed and 3.20% 5-year variable.

If you don't refinance (don't take out extra funds), best rates are 3.29% 5-year fixed and 2.80% 5-year variable for non-insured transfers (even lower if insured).
My renewal with First National is up in May and I am opting to refinance be it with whomever.
My question is do any of the lenders cover the legal, appraisal fees etc..
If not can some or all fees be added to the refinance?
Sr. Member
User avatar
Jan 31, 2018
746 posts
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69'Camaro wrote:
Feb 6th, 2019 1:30 pm
My renewal with First National is up in May and I am opting to refinance be it with whomever.
My question is do any of the lenders cover the legal, appraisal fees etc..
If not can some or all fees be added to the refinance?
3.54% available with legals covered & appraisal 5 yr fixed

Phil
Phil Cragg
Rateconnect
Broker License #12626
Penalty Box
User avatar
Feb 2, 2014
6158 posts
1392 upvotes
Toronto
ilya123 wrote:
Feb 6th, 2019 1:19 pm
I heard some condo buildings are "black-listed" by all lenders, meaning they require a larger downpayment than 20%. Can someone advise if a particular condo building I'm looking at is blacklisted or not?
It's because the condo corp has financial issues. If the status certificate if good, you should be fine.

You can also call up the CMHC and confirm if they blacklisted the condo.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Member
Jan 9, 2011
374 posts
33 upvotes
My mortgage is up for renewal June 20, the 120days is coming up soon..
Current Mortgage is $292k and am looking to refinance and take some equity out for repairs, I’m in Ottawa. Any lenders out there a bit more flexible on appraisal/equity cash?
Jr. Member
Feb 1, 2009
157 posts
99 upvotes
Toronto
What can you guys offer here?

Purchase price: $1MM
Down payment amount (or percentage): 20%
Primary residence or rental property: Primary
Location: Toronto
Closing date: TBD

Need amortizing over 30 years. Interested in 3,5yr fixed and variable closed. No extra prepayments.
Newbie
Feb 10, 2018
21 posts
2 upvotes
Do we have rates going down for uninsured mortgages with 20% down here as well. Seems like banks have reduced rates to 3.49 from 3.59 for 5 yr fixed.

I am hoping competition would heat up as we get closer to spring.
Sr. Member
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Jan 31, 2018
746 posts
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Msh3ll wrote:
Feb 6th, 2019 4:01 pm
My mortgage is up for renewal June 20, the 120days is coming up soon..
Current Mortgage is $292k and am looking to refinance and take some equity out for repairs, I’m in Ottawa. Any lenders out there a bit more flexible on appraisal/equity cash?
Can you tell me how much the property is worth

How much cash out do you need

Current lender

Let me know

Phil
Phil Cragg
Rateconnect
Broker License #12626
Sr. Member
User avatar
Jan 31, 2018
746 posts
100 upvotes
roofster wrote:
Feb 6th, 2019 5:46 pm
What can you guys offer here?

Purchase price: $1MM
Down payment amount (or percentage): 20%
Primary residence or rental property: Primary
Location: Toronto
Closing date: TBD

Need amortizing over 30 years. Interested in 3,5yr fixed and variable closed. No extra prepayments.
Best rates below

3.49% 5 yr fixed

rates are not better than the 5 yr on the 3yr fixed

3.25% 5 yr variable

Is the purchase price exactly a million ?

Phil
Phil Cragg
Rateconnect
Broker License #12626
Sr. Member
User avatar
Jan 31, 2018
746 posts
100 upvotes
Redeagles wrote:
Feb 6th, 2019 5:52 pm
Do we have rates going down for uninsured mortgages with 20% down here as well. Seems like banks have reduced rates to 3.49 from 3.59 for 5 yr fixed.

I am hoping competition would heat up as we get closer to spring.
3.39% is the best rate throught the broker channel 120 day hold

Phil
Phil Cragg
Rateconnect
Broker License #12626
Member
Jan 9, 2011
374 posts
33 upvotes
rateconnect wrote:
Feb 6th, 2019 6:02 pm
Can you tell me how much the property is worth

How much cash out do you need

Current lender

Let me know

Phil
I’d have to get it appraised but I’m figuring around $400-$420k. Ideally I’d like $35k to do some major things like siding (we have 1970s aluminum, it’s quite cold in the winter!), current lender is Merix Financial through a broker.
Newbie
Jan 17, 2019
46 posts
25 upvotes
rateconnect wrote:
Feb 6th, 2019 6:10 pm
3.39% is the best rate throught the broker channel 120 day hold

Phil
What are the details regarding this mortgage rate?

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