Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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Toronto
oasis100 wrote:
Feb 10th, 2019 1:17 pm
Any mortgage brokers with office located in Scarborough? pm me. thanks
I'm at Markham and Finch. I work out of my Century 21 Innovative office (same plaza as the McDonald's...right beside the Honda dealership).
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
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
Oct 14, 2018
6 posts
I have an offer for my current property from a buyer. I am asking on his behalf regarding his qualification for nearly (approx 400K) mortgage and the potential rate for 5 yr fixed, 5yr variable and 3 yr variable.
Below are the details:
Property Location: Markham
Type: Condo
Downpayment: 5% ( around 25K)
Primary? : Yes
Annual income: 120K
Buyer is relatively new to Canada : In Canada for under 1 Yr (Status: Permanent Resident)
Credit score (checked about 3 months back): 694
Condo maintenance fee: just under 500 per month
Taxes: just under 200 per month

Please let me know, Thanks!
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Jan 31, 2018
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thatsIt wrote:
Feb 10th, 2019 8:22 pm
I have an offer for my current property from a buyer. I am asking on his behalf regarding his qualification for nearly (approx 400K) mortgage and the potential rate for 5 yr fixed, 5yr variable and 3 yr variable.
Below are the details:
Property Location: Markham
Type: Condo
Downpayment: 5% ( around 25K)
Primary? : Yes
Annual income: 120K
Buyer is relatively new to Canada : In Canada for under 1 Yr (Status: Permanent Resident)
Credit score (checked about 3 months back): 694
Condo maintenance fee: just under 500 per month
Taxes: just under 200 per month

Please let me know, Thanks!
They would be eligible for great rates see below

5 yr variable 2.70% or prime - 1.25%

5 yr fixed 3.24% to 3.29% depending on closing date

3 yr fixed higher than the 5 yr term

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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zoommazdaspeed wrote:
Feb 10th, 2019 7:59 pm
Any of the brokers here located in Halton or Peel region?
Any of the brokers on the forum can assist

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Sep 22, 2014
342 posts
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Ottawa, ON
Looking to get a quote on renewing my mortgage. Maturity date may 1, balance 172k, 20yr left of 25yr amortization, in ottawa and this is for a rental property. Id be most interested in 5yr variable or 5yr fixed. Thanks.
Newbie
Feb 9, 2019
1 posts
Hoping to try and buy a house sooner than I had originally planned.

Price 260-275k
Income 65k
Down 5%
Property type : House
Province: Mb
Credit :730
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Griff0n121 wrote:
Feb 10th, 2019 10:55 pm
Hoping to try and buy a house sooner than I had originally planned.

Price 260-275k
Income 65k
Down 5%
Property type : House
Province: Mb
Credit :730
May of the rates you see myself and other brokers advertise are for live deals only (once you have a firm offer)

If you had one today see below

5 yr fixed 3.29%

5 yr variable 2.80%

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Apr 23, 2017
479 posts
289 upvotes
Hi, I'm in the market for a condo. Moved to Canada just a year back (PR). Do I need to show proof of tax returns in Canada to purchase a property? I haven't filed any to date since I moved last year only and yet to file for 2018. Income is >150K credit score is ~695. Will I be able to buy property based on my situation currently?

TIA
Information is wealth, but again, depends on what you're pursuing & what it's worth to you😎💡
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Sep 13, 2011
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Toronto
yugsekwaf wrote:
Feb 11th, 2019 12:06 pm
Hi, I'm in the market for a condo. Moved to Canada just a year back (PR). Do I need to show proof of tax returns in Canada to purchase a property? I haven't filed any to date since I moved last year only and yet to file for 2018. Income is >150K credit score is ~695. Will I be able to buy property based on my situation currently?

TIA
Providing that you are full time employed, with guaranteed income and not on contract, then having your taxes filed should not be required for mortgage approval purposes.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 14, 2014
24 posts
2 upvotes
Can I just throw a request for quote in here?

Renewal in April.

Mortgage balance will be ~$920,000. Property value in the $1.5MM range.

Income in the $800,000 per year range between wife and I.

Credit scores are each ~800.

Located in Calgary.

Right now we don't have a HELOC, but would consider it if available - I can't recall the new rules.
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Sep 13, 2011
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mobility1 wrote:
Feb 11th, 2019 1:22 pm
Can I just throw a request for quote in here?

Renewal in April.

Mortgage balance will be ~$920,000. Property value in the $1.5MM range.

Income in the $800,000 per year range between wife and I.

Credit scores are each ~800.

Located in Calgary.

Right now we don't have a HELOC, but would consider it if available - I can't recall the new rules.
What was your original purchase date?
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 14, 2014
24 posts
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PaulMeredith wrote:
Feb 11th, 2019 1:26 pm
What was your original purchase date?
April 2016.

I didn't know that was an important piece of info, otherwise I would have included it.
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mobility1 wrote:
Feb 11th, 2019 1:52 pm
April 2016.

I didn't know that was an important piece of info, otherwise I would have included it.
No problem! It's not something that you would think would matter, but it does when we are dealing with properties valued at over $1 million. Lowest rates in your case would be a 5 year fixed at 3.29% or 5 year variable at prime -1.15% (2.80%). There are shorter term rates available as well, however they are higher.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Feb 10, 2019
1 posts
Hi,

Looking for best rates on the following:

Mortgage amount owing at maturity (or current mortgage amount if unknown): 485k
Approximate market value: 975k
Original purchase date (month and year): May 2016
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): No
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: Industrial Alliance
Is this your primary residence or a rental property?: Primary residence
Location: Toronto
Maturity date: May 2019


Thanks!

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