Real Estate

The Official Mortgage Rates Thread

Sr. Member
Sep 19, 2012
540 posts
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Calgary
PaulMeredith wrote:
Feb 3rd, 2019 8:39 pm
Most of this was answered in my post directly above yours. Pricing for a home with a purchase price of $999,999 or less will be lower than one with a purchase price of $1,000,000 or greater. There are no extra headaches or any other additional costs other than a slightly higher rate. Really, what should be most important is buying the home you love, even if the rate might be a little higher.
Don’t most lenders have higher down payment requirements for more expensive houses? @JayLove06 mentioned expensive $8M houses, are there any A-lenders that will underwrite an 80% LTV on a house worth, say $4M? Will the monolines fund those kinds of loans? I would think the big banks have that market pretty much cornered and this rates are probably pretty inelastic.
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Feb 2, 2014
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THINKPOD wrote:
Feb 8th, 2019 11:04 pm
One of the mortgage broker told me today new HELOC rule require 35% equity to even start a heloc?

It was 20% before.

Is that really the case?? I hope not.
No, the broker is lost. Heloc can’t be more than 65% ltv...that’s doesn’t mean you have to 35% equity. You can do the mortgage portion at 70% and the heloc at 10%.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
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Mar 7, 2008
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Saskatchewan
CdnRealEstateGuy wrote:
Feb 8th, 2019 11:54 pm
No, the broker is lost. Heloc can’t be more than 65% ltv...that’s doesn’t mean you have to 35% equity. You can do the mortgage portion at 70% and the heloc at 10%.
Sorry, maybe I didn’t word this right. What the broker told me is, I need a down payment of at least 35% to start a heloc, is that true?

With my previous house, I was able to get a heloc with only 20% down payment.
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Nov 24, 2013
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THINKPOD wrote:
Feb 9th, 2019 1:54 am
Sorry, maybe I didn’t word this right. What the broker told me is, I need a down payment of at least 35% to start a heloc, is that true?

With my previous house, I was able to get a heloc with only 20% down payment.
Mortgage+HELOC combined max is 80% loan-to-value.
HELOC max is 65% LTV.
But you can combine it however works for you as long as those maximums aren’t exceeded.
Newbie
Feb 8, 2019
1 posts
Looking to renew, short term fixed or 5-year Variable.
BMO offering: 1 year fixed 3.50 or 2 year fixed 3.55%. 5 year variable was around 3.40.

Mortgage amount owing at maturity (or current mortgage amount if unknown): 75,000
Approximate market value: 240,000
Original purchase date (month and year): March 2010
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): Yes
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender: BMO
Is this your primary residence or a rental property? Primary
Location: Halifax
Maturity date: March 1, 2019
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THINKPOD wrote:
Feb 9th, 2019 1:54 am
Sorry, maybe I didn’t word this right. What the broker told me is, I need a down payment of at least 35% to start a heloc, is that true?

With my previous house, I was able to get a heloc with only 20% down payment.
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.
Last edited by CdnRealEstateGuy on Feb 9th, 2019 12:26 pm, edited 1 time in total.
Kevin Somnauth, CFA
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President's Club Award Winner At The Mortgage Architects
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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
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Feb 2, 2014
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isd9999 wrote:
Feb 9th, 2019 11:14 am
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
Mortgage Broker - Mortgage Architects (#10287) and 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
4 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!
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Feb 2, 2014
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whataboutwhataboutism wrote:
Feb 9th, 2019 4:47 pm
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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Member
Mar 7, 2008
217 posts
53 upvotes
Saskatchewan
CdnRealEstateGuy wrote:
Feb 9th, 2019 10:55 am
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
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whataboutwhataboutism wrote:
Feb 9th, 2019 4:47 pm
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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