Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Mar 23rd, 2019 10:47 am
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
1 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
Deal Addict
User avatar
Jan 8, 2007
3627 posts
611 upvotes
Ontario
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.
Sr. Member
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Jan 31, 2018
670 posts
97 upvotes
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
Rateconnect
Broker License #12626
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Jan 31, 2018
670 posts
97 upvotes
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
Rateconnect
Broker License #12626
Deal Fanatic
User avatar
Feb 2, 2014
5970 posts
1334 upvotes
Toronto
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
For an insured transfer, 2.75% 5-year variable and 3.29% 5-year fixed are the best rates. As mentioned above, you have to cover legal fees due to the collateral charge (all TD mortgages are collateral).
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
Jul 14, 2008
50 posts
16 upvotes
I'm looking to see my rate options.

How much is the mortgage owing? 247,000
Roughly, what is the current market value of the property? 340,000
Which city is the property located in? Ottawa
Is the property owner-occupied or a rental? Owner Occupied
Who is your current lender? Scotiabank
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? No
When did you buy the property? 2012 (There was no mortgage on the property but refinanced in June 2017)
When is your renewal date? June 15, 2019
Remaining Amortization? 28 years
Current rate: 2.09% fixed 2 years

I have the financial flexibility to make adjustments (reduce amortization period or reduce the mortgage amount) if it will sufficiently impact the rate offered. I'm open to either variable or fixed.
Newbie
Dec 18, 2018
5 posts
New builder house in Brampton
Price: 630,000
Down payment: 20%
Income: 106,000
First time home buyer.

Scotia offering 5 yrs fixed at 3.59%.
Is it a good rate or can do better?
Deal Addict
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Sep 13, 2011
4267 posts
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Toronto
Gpreet0103 wrote:
Feb 13th, 2019 2:55 pm
New builder house in Brampton
Price: 630,000
Down payment: 20%
Income: 106,000
First time home buyer.

Scotia offering 5 yrs fixed at 3.59%.
Is it a good rate or can do better?
Based on the info provided, you'll need a 30 year amortization to qualify, and you won't get much better than the 3.59%. Do you earn any bonus or overtime income on top of the $106,000? If you so, and if you have been at your job for at least two years, let us know your T4 amount for 2017 and 2018. If you do not yet have 2018, then the YTD on your final paystub for the year. It's possible you could qualify for 3.44%, however a bit more income would be required.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Feb 12, 2019
1 posts
Looking to renew my mortgage, here are the details.

Approx. value: $745,000

Mortgage remaining: $360,000

Primary/rental: Primary

Household Income: $200,000

Credit score: 850

Location: Calgary

Renewal: June 23, 2019

HELOC

What can I expect for 5 yr variable vs fixed? Thanks!
Jr. Member
Aug 16, 2011
144 posts
72 upvotes
OTTAWA
Anyword on when fixed rates are gonna drop? the bond yield has droped from the 2.4s to 1.8s only a .25 cut from the lenders so far.
Newbie
Jan 2, 2017
20 posts
Hi guys,

Looking on info on the best -5-years fixed rates I could get on my first house purchase in QC.
My broker gave me 3.59%.

- House price: 610k
- Down payment: 150k (>20%)
- Annual income (S.O and me) : 150k
- Credit score :>730 for both
- No existing credit

My broker told me that if we were to put less than 20% we could get 3.40-3.44%.

Is 3.59 for my situation good enough?

Sorry if I forgot any info.

Thanks!
Newbie
Feb 12, 2019
2 posts
Hello,

Looking for the best rates available. Lower penalties preferable in case of house sale in a year.

Original loan amount: $165,000 BMO Readline
Home value: ~ $400,000
Mortgage owing: $65,000
HELOC: $50,000
Owner occupied
Income: $47,500
No insurance
Renewal: April 2019
Location: Montreal

Thank you
Deal Addict
User avatar
Sep 13, 2011
4267 posts
1427 upvotes
Toronto
Deadou wrote:
Feb 13th, 2019 9:04 pm
Hi guys,

Looking on info on the best -5-years fixed rates I could get on my first house purchase in QC.
My broker gave me 3.59%.

- House price: 610k
- Down payment: 150k (>20%)
- Annual income (S.O and me) : 150k
- Credit score :>730 for both
- No existing credit

My broker told me that if we were to put less than 20% we could get 3.40-3.44%.

Is 3.59 for my situation good enough?

Sorry if I forgot any info.

Thanks!
Lowest 5 year fixed for your situation is 3.44%. No need to put down less than 20% to get a better rate. It NEVER makes sense to pay a CMHC fee, just to get a lower rate. Difference would have to be 0.75% just to break even...and you'll never see THAT large of a difference between the two options.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 2, 2017
20 posts
PaulMeredith wrote:
Feb 13th, 2019 9:09 pm
Lowest 5 year fixed for your situation is 3.44%. No need to put down less than 20% to get a better rate. It NEVER makes sense to pay a CMHC fee, just to get a lower rate. Difference would have to be 0.75% just to break even...and you'll never see THAT large of a difference between the two options.
Thanks for your feedback!
I'm gonna try to negotiate with the broker then. Any tips?

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