Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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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!
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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boondoggle wrote:
Feb 9th, 2019 7:55 pm
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
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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!
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JennyC243 wrote:
Feb 9th, 2019 1:31 pm
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
Sr. Member
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Jan 31, 2018
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boondoggle wrote:
Feb 9th, 2019 9:21 pm
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
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Toronto
Any mortgage brokers with office located in Scarborough? pm me. thanks
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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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
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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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
818 posts
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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
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Sep 22, 2014
311 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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Jan 31, 2018
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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
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Mortgage Outlet Inc Broker License #12628
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Apr 23, 2017
283 posts
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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

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