Real Estate

The Official Mortgage Rates Thread

Member
Aug 20, 2016
337 posts
297 upvotes
wife and i bought her father’s home (father lives in it).
we owe 125000
looking for variable 5 year.
it is our third home, 2 paid off.
our credit scores are around 800 or higher.
no other debt.

thank you
Deal Fanatic
User avatar
Feb 2, 2014
7360 posts
1861 upvotes
Toronto
isd9999 wrote: wife and i bought her father’s home (father lives in it).
we owe 125000
looking for variable 5 year.
it is our third home, 2 paid off.
our credit scores are around 800 or higher.
no other debt.

thank you
Is this for a mortgage renewal or to buy the home?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Newbie
Mar 14, 2015
2 posts
Hi.

Hoping to find out if this will work before making an offer

income: 103k
purchase price: 520 to 530k
downpayment: 20 to 22%
owner occupied, principal residence
closing expected May 2019

debt
has a rental unit currently bringing in 1600 (got it 6 months ago so tenant still has 6 more under lease)
mortgage 1200 + 200 strata

no other debt


Thank you in advance.
Newbie
Feb 8, 2019
1 posts
My husband and I are looking for a mortgage for first time home buyer purchase.
Does anyone have recommendation for a good 5 YR Variable or 5 YR Fixed Mortgage in Manitoba?
-Home Value: $400K
-Mortgage Amount: $330K
-Downpayment: 19%
-Debt: ZERO
-Closing Date: End of April ( so we're within the 90 days closing mark)
-First time home buying, Principal Residence, no Renters.

Thank you!
Newbie
Mar 13, 2018
5 posts
2 upvotes
Hoping for a quote.

Purchase 780k
Downpayment 300k
Downtown Toronto
Closing May 2019
Owner occupied, principle residence

Looking for variable 5 year.

Thank you!
Deal Fanatic
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Feb 2, 2014
7360 posts
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Toronto
whataboutwhataboutism wrote: Hoping for a quote.

Purchase 780k
Downpayment 300k
Downtown Toronto
Closing May 2019
Owner occupied, principle residence

Looking for variable 5 year.

Thank you!
2.80% (Prime 1.15%) 5-year variable is the best rate. You can also get 3.29% 5-year fixed.
Last edited by CdnRealEstateGuy on Feb 9th, 2019 9:17 pm, edited 1 time in total.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Member
Mar 7, 2008
490 posts
123 upvotes
Leask
CdnRealEstateGuy wrote: I answered that and provided an example.

You can get the mortgage portion at 70% and heloc at 10% (which is 80% ltv). You don’t need 35% down. Heloc portion can’t be more than 65% though.
Ok, my plan is to put in 20% down for my rental property and should allows me to get HELOC.

Thanks
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Sep 13, 2011
5061 posts
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Toronto
whataboutwhataboutism wrote: Hoping for a quote.

Purchase 780k
Downpayment 300k
Downtown Toronto
Closing May 2019
Owner occupied, principle residence

Looking for variable 5 year.

Thank you!
Your lowest 5 year variable would be prime -1.15% (2.80%) or lowest 5 year fixed would be 3.39%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 11, 2014
7 posts
Ajax
Looking for some advice.
Renewing mortgage by end of this summer, with 90K remaining on original mortgage amount. 5 years and 4 months remaining amortization period.

Have been paying off in 5 year fixed increments as SO is afraid of variation in rates. As they say, a happy wife is... better than an angry wife.

Current bank sent out a renewal offer this week at 3.79 for 5 year fixed renewal.

Are bank renewal offers worth the paper they print them on, or should we look elsewhere?

Would we be smarter going variable at this poiint?

Not a mortgage whiz here, so any advice welcome.
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Jan 31, 2018
1559 posts
248 upvotes
whataboutwhataboutism wrote: Hoping for a quote.

Purchase 780k
Downpayment 300k
Downtown Toronto
Closing May 2019
Owner occupied, principle residence

Looking for variable 5 year.

Thank you!
Best rates below

5 yr variable 2.80% or prime -1.15% 20/20 prepayments

5 yr fixed 3.34% 20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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boondoggle wrote: Looking for some advice.
Renewing mortgage by end of this summer, with 90K remaining on original mortgage amount. 5 years and 4 months remaining amortization period.

Have been paying off in 5 year fixed increments as SO is afraid of variation in rates. As they say, a happy wife is... better than an angry wife.

Current bank sent out a renewal offer this week at 3.79 for 5 year fixed renewal.

Are bank renewal offers worth the paper they print them on, or should we look elsewhere?

Would we be smarter going variable at this poiint?

Not a mortgage whiz here, so any advice welcome.
Due to the remaining mortgage you may want to go back to the current bank and negotiate lower rates.

The really low rates many of us brokers quote are for mortgages over a min 150k amount.

Variable rates will be lower than the fixed and give you more flexibility at a 3 month interest penalty to exit

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Jan 11, 2014
7 posts
Ajax
Thanks for the info! In terms of negotiation, would we just go in and suggest a reasonable rate we'd like? Haven't done this before... As you can tell!
Deal Addict
User avatar
Jan 31, 2018
1559 posts
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JennyC243 wrote: Hi.

Hoping to find out if this will work before making an offer

income: 103k
purchase price: 520 to 530k
downpayment: 20 to 22%
owner occupied, principal residence
closing expected May 2019

debt
has a rental unit currently bringing in 1600 (got it 6 months ago so tenant still has 6 more under lease)
mortgage 1200 + 200 strata

no other debt


Thank you in advance.
You should reach out to any of the brokers posting regularly to do a full analysis for you.

For the new property assuming a mortgage of 424K see below :

annual payments at the stress test 25 yr $30,576

add property taxes ?

heat use approx $1800

The above needs to be below 39% relative to your income --- you will be fine

Then you need to add any other debt on your condo and stay below 44%(with the aforementioned) relative to your income

We can use 50% of the rental income $800

Your obligations $1400 + property tax will give you a negative on the rental of approx $850 I am assuming roughly 3k for property taxes

All of the above puts you right around the 44% you should be fine and there is always a 30yr option on the purchase to lower payments

Hope this helps

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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boondoggle wrote: Thanks for the info! In terms of negotiation, would we just go in and suggest a reasonable rate we'd like? Haven't done this before... As you can tell!
See what they offer on the variable and quote some of the rates you have seen on the forum / online to see if they will match

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
Mar 27, 2004
3575 posts
1005 upvotes
Toronto
Any mortgage brokers with office located in Scarborough? pm me. thanks
Full-time Realtor
Award Winning Realtor.

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