Real Estate

The Official Mortgage Rates Thread

Member
Feb 22, 2011
383 posts
170 upvotes
Thanks for the reply.

Apprx value 550k
Remaining amortization 276 months
Non insured, 20% down
It’s a collateral mortgage.
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May 1, 2017
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bobmk2 wrote:
Feb 12th, 2019 8:46 am
Thanks for the reply.

Apprx value 550k
Remaining amortization 276 months
Non insured, 20% down
It’s a collateral mortgage.
No problem at all. In this case you would have p-1.10% available to you for a variable rate and 3.44% 5 years fixed. You could also get the collateral transfer fee covered for you should that be an avenue that you'd like to explore.

Best,

Connor
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Connor Green
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Concierge Mortgage Group
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Aug 15, 2013
785 posts
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Guelph
Whats the best fixed and variable available right now?
Mortgage amount-$380k after DP-20%
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dundeal wrote:
Feb 12th, 2019 9:44 am
Whats the best fixed and variable available right now?
Mortgage amount-$380k after DP-20%
Hi there,

The best rate for a purchase with 20% down is 3.44% for a 5 year fixed, and 3.0% 5 year variable.

Best,

Connor
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Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
Member
Dec 28, 2010
322 posts
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Toronto
PaulMeredith wrote:
Feb 12th, 2019 7:36 am
I'm assuming your preference is to be with a major bank? Is there a reason why? In some cases, it makes sense, but there are a lot of myths floating around as well and it would be a shame for you to pay thousands more in interest because of an erroneous belief.
As someone mentioned here renewal is the path of least resistance. I go in, sign and it's renewed. Whereas in 3years a lot has changed , I might be in more debt , more properties invested and the household income might not be as much as 3yrs back. So in all, going thru a new lender is to start from the beginning. But, I appreciate your straightforwardness and I feel that I should give another lender a shot and for now I am trying that my bank can give me a near rate that I am good with.
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Karma2000 wrote:
Feb 12th, 2019 12:04 pm
As someone mentioned here renewal is the path of least resistance. I go in, sign and it's renewed. Whereas in 3years a lot has changed , I might be in more debt , more properties invested and the household income might not be as much as 3yrs back. So in all, going thru a new lender is to start from the beginning. But, I appreciate your straightforwardness and I feel that I should give another lender a shot and for now I am trying that my bank can give me a near rate that I am good with.
Just wanted to touch on this a bit.

Renewing is most certainly the path of least resistance. No question about it. What all borrowers really need to consider is what amount of interest savings over the new term makes it worth it to switch lenders, and forgo a bit of convenience. For some people an interest savings of $3000 is enough, for some people $500 is enough. It will of course vary from person to person. Secondly, when provided with enough time, a transfer is typically painless and quick. Letter of employment, pay stub, mortgage statement, tax bill may be all that's required. A title insurance rep will meet at the borrowers home to finalize things at the borrowers convenience. What that time and small inconvenience is worth to the borrower should factor in to whether or not its worth it to switch. For example, it's typically not worth it to switch with a $100k mortgage balance unless the differential in rates available is very large, as the interest savings may be negligible - probably not worth it.

It's always best to see what the rock bottom rate is that your current lender is willing to offer, see what's available in the market, and make an informed, economic decision. It's never in the borrowers best interest to blindly sign-back a renewal offer.

Best,

Connor
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Connor Green
Mortgage Agent
Concierge Mortgage Group
#12179
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Feb 2, 2014
6692 posts
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bobmk2 wrote:
Feb 12th, 2019 8:46 am
Thanks for the reply.

Apprx value 550k
Remaining amortization 276 months
Non insured, 20% down
It’s a collateral mortgage.
Keep in mind, since it wasn't mentioned, you do have to cover the legal fees due to the collateral charge. You may also qualify for a better rate than the 3.44% 5-year fixed.
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Newbie
Feb 11, 2019
2 posts
Hi,

Looking for best rates on the following:

Mortgage amount owing at maturity (or current mortgage amount if unknown):
$226500
Approximate market value: $310,000
Original purchase date (month and year): June, 2016
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): Yes

Our credit scores should be very good or excellent

Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: No but mortgage was ported and added to in June 2016 don’t know if that’s the same

Do you have a second component such as a HELOC attached to your mortgage?: No
Current lender: Td

Is this your primary residence or a rental property?: Primary residence
Location: Owen sound
Maturity date: April 2019

Question beyond the rates, how quickly do I need to move if I don’t like rates offered from current provider. I have meeting tomorrow to discuss.

Thanks in advance
Newbie
Mar 26, 2008
52 posts
12 upvotes
Mississauga
Renewal coming up in June, looking for some quotes 5 yrs fixed&variable. TIA

Home value: Approximately $750,000
Mortgage left: $280,000
Primary residence or rental property: Primary
Household income: $110,000
Credit: 831
Location: Toronto
Renewal date: June 15, 2019
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Feb 2, 2014
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takky wrote:
Feb 12th, 2019 10:05 pm
Renewal coming up in June, looking for some quotes 5 yrs fixed&variable. TIA

Home value: Approximately $750,000
Mortgage left: $280,000
Primary residence or rental property: Primary
Household income: $110,000
Credit: 831
Location: Toronto
Renewal date: June 15, 2019
2.80% 5-year variable and 3.29% 5-year fixed are the best rates for your renewal.
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Newbie
Feb 11, 2019
2 posts
Sorry I should have added that house hold income is $120,000 and looking at 5 year fixed
Newbie
Feb 12, 2019
4 posts
Looking for some 5-yr fixed/variable rates on the following, please and thank you:

Approx. value: $470,000
Mortgage remaining: $365,000
Primary/rental: Primary
Household Income: $140,000
Credit score: 850
Location: Calgary
Renewal: June 15, 2019

No CMHC, No HELOC
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Jan 8, 2007
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Hi folks, looking for an updated rate please:

-How much is the mortgage owing? 132,000
-Roughly, what is the current market value of the property? ~200,000
-Which city is the property located in? Kingston, Ontario
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? First National LP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2014
-When is your renewal date? May 1, 2019
-Remaining Amortization? 20 years

-Current rate: 3.09% fixed 5 years
-New rate being offered to renew: 3.69% fixed 5 years

When my partner got her mortgage she had her father sign on as 1% owner to get approved. At time of renewal we want to remove his name and add my name to the mortgage. Thank you for your time.
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Jan 31, 2018
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elronF wrote:
Feb 13th, 2019 11:19 am
Looking for some 5-yr fixed/variable rates on the following, please and thank you:

Approx. value: $470,000
Mortgage remaining: $365,000
Primary/rental: Primary
Household Income: $140,000
Credit score: 850
Location: Calgary
Renewal: June 15, 2019

No CMHC, No HELOC
Best rates below given your situation

5 yr variable 3% or prime - .95% 20/20 prepayments

5 yr fixed 3.44% 20/20 prepayments

If value were to come in slightly higher at 487k rates would drop

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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User avatar
Jan 31, 2018
1213 posts
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Mpel78 wrote:
Feb 12th, 2019 5:32 pm
Hi,

Looking for best rates on the following:

Mortgage amount owing at maturity (or current mortgage amount if unknown):
$226500
Approximate market value: $310,000
Original purchase date (month and year): June, 2016
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): Yes

Our credit scores should be very good or excellent

Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: No but mortgage was ported and added to in June 2016 don’t know if that’s the same

Do you have a second component such as a HELOC attached to your mortgage?: No
Current lender: Td

Is this your primary residence or a rental property?: Primary residence
Location: Owen sound
Maturity date: April 2019

Question beyond the rates, how quickly do I need to move if I don’t like rates offered from current provider. I have meeting tomorrow to discuss.

Thanks in advance
Best rates below keep in mind you will have approx $800 in costs associated with the switch due to the collateral charge at TD

5 yr fixed 3.29% 20/20 prepayments

5 yr variable 2.75% 20/20 prepayments

Some lenders will cover the legal cost to switch but rates but rates 15pts higher approx

Phil
Last edited by rateconnect on Feb 13th, 2019 5:39 pm, edited 1 time in total.
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628

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