Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
6691 posts
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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
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
Jul 14, 2008
52 posts
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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
6 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?
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Sep 13, 2011
4788 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!
Member
Aug 16, 2011
356 posts
220 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
21 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
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Sep 13, 2011
4788 posts
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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
21 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?
Newbie
Feb 12, 2019
1 posts
First time posting!

Purchasing a pre-construction condo (purchase agreement already signed).

Purchase price - $990,000 (before GST)
Down payment amount (or percentage) - 20% (or a bit higher possibly if advantageous to do so)
Primary residence - Yes, first home!
Location - Edmonton, AB
Closing date - Early June 2019

Would this be considered an insurable mortgage because purchase price is < $1 million? Or would you look at the total price after GST (5%), which would be over $1 million?
Interested in 5 year fixed and 5 year variable rates!

Thanks!
Deal Addict
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Sep 13, 2011
4788 posts
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Toronto
penpmcol201 wrote:
Feb 13th, 2019 10:52 pm
First time posting!

Purchasing a pre-construction condo (purchase agreement already signed).

Purchase price - $990,000 (before GST)
Down payment amount (or percentage) - 20% (or a bit higher possibly if advantageous to do so)
Primary residence - Yes, first home!
Location - Edmonton, AB
Closing date - Early June 2019

Would this be considered an insurable mortgage because purchase price is < $1 million? Or would you look at the total price after GST (5%), which would be over $1 million?
Interested in 5 year fixed and 5 year variable rates!

Thanks!
Congratulations on buying your first home!! It would be considered an uninsurable mortgage as it would go by the total price, including GST. Lowest 5 year fixed is 3.54% or variable at prime -0.75% (3.20%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Member
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Sep 5, 2007
206 posts
72 upvotes
tsinoboy wrote:
Feb 14th, 2019 11:32 am
Anyone heard of MCAP?
Yes. A private real estate financing company. My mortgage broker gave me a rate quote from these guys. The rate was darn good, but required a few extra conditions (e.g. no bona fide sale clause)
Jr. Member
Feb 6, 2011
133 posts
24 upvotes
c9gunner wrote:
Feb 14th, 2019 11:40 am
Yes. A private real estate financing company. My mortgage broker gave me a rate quote from these guys. The rate was darn good, but required a few extra conditions (e.g. no bona fide sale clause)
Thank you for your input.

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