Real Estate

The Official Mortgage Rates Thread

Newbie
Feb 14, 2019
5 posts
Hi,
I am looking for rate information for a mortgage renewal in Nova Scotia. Current term expires June 7, 2019. I would prefer a 5 year fixed term but am also curious about variable rates. I’m not sure what other information I should specify.
Thank you!
Member
Feb 7, 2004
473 posts
150 upvotes
St Thomas
Just a question about porting. I switched lenders to MCAP when I renewed last year. The big thing for me was being able to port as I am now about to pull the trigger on buying a new home (increase mortgage amount). I was mistakenly under the impression being able to port a mortgage over to the new property would allow me not to have to break my mortgage mid term. When I called MCAP to discuss, they said I would have to pay a fee (around $3000) to move my current mortgage over to the new house as I would be breaking early but would give a minor discount if I remained with them. What is the point of having the ability to port if you are being charged a penalty anyways?

Sorry forgot to add info as I would need to requalify for increased amount:

New home asking price is 549,900
New mortgage would be around $440,000 with 20% down.
Income ~ 110,000
Credit score 843
St. Thomas, ON
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Sep 13, 2011
5074 posts
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Toronto
Jill4332 wrote: Hi,
I am looking for rate information for a mortgage renewal in Nova Scotia. Current term expires June 7, 2019. I would prefer a 5 year fixed term but am also curious about variable rates. I’m not sure what other information I should specify.
Thank you!
For an accurate rate quote, provide the following info and we can let you know the best rates that will be available to you:

If you have a renewal coming up:

Mortgage amount owing at maturity (or current mortgage amount if unknown)
Approximate market value
Original purchase date (month and year)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment)
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?
Do you have a second component such as a HELOC attached to your mortgage?
Current lender
Is this your primary residence or a rental property?
Location
Maturity date

For anyone who may be purchasing, this the info required: 

Purchase price
Down payment amount (or percentage)
Primary residence or rental property
Location
Closing date
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Feb 2, 2014
7386 posts
1875 upvotes
Toronto
Jill4332 wrote: Hi,
I am looking for rate information for a mortgage renewal in Nova Scotia. Current term expires June 7, 2019. I would prefer a 5 year fixed term but am also curious about variable rates. I’m not sure what other information I should specify.
Thank you!
Rates start at 2.75% 5-year variable and 3.29% 5-year fixed. For an exact quote, we need the questions above answered.
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
Deal Fanatic
User avatar
Sep 13, 2011
5074 posts
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Toronto
Labrie wrote: Just a question about porting. I switched lenders to MCAP when I renewed last year. The big thing for me was being able to port as I am now about to pull the trigger on buying a new home (increase mortgage amount). I was mistakenly under the impression being able to port a mortgage over to the new property would allow me not to have to break my mortgage mid term. When I called MCAP to discuss, they said I would have to pay a fee (around $3000) to move my current mortgage over to the new house as I would be breaking early but would give a minor discount if I remained with them. What is the point of having the ability to port if you are being charged a penalty anyways?

Sorry forgot to add info as I would need to requalify for increased amount:

New home asking price is 549,900
New mortgage would be around $440,000 with 20% down.
Income ~ 110,000
Credit score 843
St. Thomas, ON
Are you currently in a fixed or a variable rate mortgage? Do you need to borrow additional funds to complete the new purchase?

If you are in a fixed rate, then the only fee that should apply would be the discharge fee from MCAP, around $350. Any additional funds required would be added on at today's rate. The two would then be blended together for a single rate and payment. This is what is known as a blended rate mortgage.

If you are in a variable rate mortgage, then only the remaining balance can be ported. If you need to borrow additional funds, then you would have to break the mortgage and pay the penalty. This is the case with variable rate mortgages from most lenders, banks included.

I recently wrote a blog on porting which you can find here: http://www.easy123mortgage.ca/everythin ... -mortgage/
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Feb 14, 2019
5 posts
Hi,
Here is the requested information:
1)Mortgage amount owing at maturity (or current mortgage amount if unknown) - Current amount owing is $317,650
2)Approximate market value - I’m not sure of the exact market value as we built our home so haven’t had a formal appraisal. The Nova Scotia Property Valuation Services assessment for 2019 is $416, 600
3) Original purchase date (month and year) - We built our home, it was completed in Dec 2014. The original mortgage was for $368,220.
4) Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment) Yes we did
5) Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No we did not
6) Do you have a second component such as a HELOC attached to your mortgage? No we do not
7) Current lender RBC
8) Is this your primary residence or a rental property? Yes
9) Location Boularderie, Nova Scotia
10) Maturity date June 7, 2019

Thank you!
Newbie
Feb 14, 2019
5 posts
CdnRealEstateGuy wrote: Rates start at 2.75% 5-year variable and 3.29% 5-year fixed. For an exact quote, we need the questions above answered.
Thank you,
I have provided the requested information above
Last edited by Jill4332 on Feb 15th, 2019 1:18 pm, edited 1 time in total.
Newbie
Feb 14, 2019
5 posts
PaulMeredith wrote: For an accurate rate quote, provide the following info and we can let you know the best rates that will be available to you:

If you have a renewal coming up:

Mortgage amount owing at maturity (or current mortgage amount if unknown)
Approximate market value
Original purchase date (month and year)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment)
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?
Do you have a second component such as a HELOC attached to your mortgage?
Current lender
Is this your primary residence or a rental property?
Location
Maturity date

For anyone who may be purchasing, this the info required: 

Purchase price
Down payment amount (or percentage)
Primary residence or rental property
Location
Closing date
Thank you,
I posted the requested information above
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User avatar
Sep 13, 2011
5074 posts
1808 upvotes
Toronto
Jill4332 wrote: Hi,
Here is the requested information:
1)Mortgage amount owing at maturity (or current mortgage amount if unknown) - Current amount owing is $317,650
2)Approximate market value - I’m not sure of the exact market value as we built our home so haven’t had a formal appraisal. The Nova Scotia Property Valuation Services assessment for 2019 is $416, 600
3) Original purchase date (month and year) - We built our home, it was completed in Dec 2014. The original mortgage was for $368,220.
4) Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment) Yes we did
5) Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No we did not
6) Do you have a second component such as a HELOC attached to your mortgage? No we do not
7) Current lender RBC
8) Is this your primary residence or a rental property? Yes
9) Location Boularderie, Nova Scotia
10) Maturity date June 7, 2019

Thank you!
Thanks for the info! Lowest 5 year fixed would be 3.29% and lowest 5 year variable would be prime -1.20% (2.75%). The maximum rate hold for switches is 90 days, so you would need to wait until after the first week of March before you can lock in any rates.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jun 26, 2008
67 posts
2 upvotes
Looking for a 5 year fixed mortgage for a condo purchase in Calgary.
Purchase Price: 400,000
Downpayment: 20%: 80,000
Please PM with rate and lender.
Deal Fanatic
User avatar
Feb 2, 2014
7386 posts
1875 upvotes
Toronto
Jill4332 wrote: Hi,
Here is the requested information:
1)Mortgage amount owing at maturity (or current mortgage amount if unknown) - Current amount owing is $317,650
2)Approximate market value - I’m not sure of the exact market value as we built our home so haven’t had a formal appraisal. The Nova Scotia Property Valuation Services assessment for 2019 is $416, 600
3) Original purchase date (month and year) - We built our home, it was completed in Dec 2014. The original mortgage was for $368,220.
4) Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment) Yes we did
5) Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No we did not
6) Do you have a second component such as a HELOC attached to your mortgage? No we do not
7) Current lender RBC
8) Is this your primary residence or a rental property? Yes
9) Location Boularderie, Nova Scotia
10) Maturity date June 7, 2019

Thank you!
2.75% 5-year variable and 3.29% 5-year fixed are the best rates.
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
Deal Fanatic
User avatar
Feb 2, 2014
7386 posts
1875 upvotes
Toronto
nasdaqnyse wrote: Looking for a 5 year fixed mortgage for a condo purchase in Calgary.
Purchase Price: 400,000
Downpayment: 20%: 80,000
Please PM with rate and lender.
3.49% 5-year fixed and 3.00% 5-year variable are the best rates.
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
Deal Fanatic
User avatar
Feb 2, 2014
7386 posts
1875 upvotes
Toronto
Piklishi wrote: I'm currently with MCAP, no issues at all. However they seem to be difficult on giving better rates in renewal. They just send me a variable rate of 3.2%. Makes me think its easier getting a better rate thru a broker even though its MCAP again.

I send them a counter offer of 2.85 and I haven't heard back yet.
Just as I called it....MCAP reduced their variable rates today.
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
Deal Addict
Dec 28, 2007
4324 posts
2755 upvotes
Looking for 5 year variable or fixed rate for a rental property in Greater Vancouver area.

$375,000 purchase price
$150,000 down

Still have $375,000 owing on primary residence.
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Sep 13, 2011
5074 posts
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jchung513 wrote: Our mortgage renewal is coming up this September.
We are trying to decide if we should add to our loan and refinance for home improvements or renew and use our two existing LOCs (35k unused, 7%). Looking for 5 yr variable. What’s the best rate for renewal or refinance? With only 6 months left, is it better to wait closer to maturity date to renew/refinance?
Lowest 5 year variable for refinancing would be prime -0.75%. If you are just simply renewing, rates range from prime -1.20% (2.75%) to prime -0.95% (3.00%). For the prime -1.20%, your original mortgage would have needed to be insured with CMHC, Genworth or Canada Guaranty). If you have 35% or greater equity in the property, which is the case with the majority of switches, rate would be prime -1.15% 2.80%). For these rates, the value of the home needs to be under $1 million, OR you purchased the home prior to November 30th, 2016. It can get complicated, which is why we ask so many questions before we quote rates. Maximum rate hold on switches is also only 90 days for the most part, so the rates that are available today may not be available when it's time for you to switch.

As there is such a large spread between the refinancing rate and straight switch rate, and if your $35,000 in LOCs will cover the renos, then doing a simple switch and tapping into the LOC for the renovations would likely be a good choice, but there is another option as well.

You could consider adding a HELOC in 2nd position behind your current lender. Usually there is a set up charge of around $1,000 (legal and appraisal) to set up a HELOC. Manulife however should have no problem going in behind your current lender with a HELOC, and they will typically cover all the fees... however they have a $17 per month fee whether you use it or not. Manulife is only a good option when you have been in your mortgage for at least 1-2 years. If you were to try to add it fresh after switching, they will typically not offer it to you (contrary to how they did things in the past). Rate on HELOCs is usually prime +0.50% (4.45%), so you would need to weigh out the costs of using your LOC vs. adding a HELOC. Keep in mind that when it comes time to discharge the HELOC, there will also be a discharge fee of around $300. The difference between the 4.45% on the HELOC and the 7% on your LOC is 2.55%, or just over $74 per month on a $35,000 LOC.

That gives you a few things to think about and hopefully this will help you to determine the course of action best suited to you and your family.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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