Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Mar 19th, 2019 12:13 am
Sr. Member
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Jan 31, 2018
659 posts
95 upvotes
To add to Paul's comments

MCAP are my #1 lender in terms of volume.

Great rates , fantastic underwriting and client support post funding

Phil
Phil Cragg
Rateconnect
Broker License #12626
Newbie
Oct 5, 2008
71 posts
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Ottawa
Mortgage up for renewal in May and I am planning on refinancing and using extra cash to pay off debt/renovations. What are best available rates?

Mortgage amount owing at maturity: 155K
Refinance Amount: 200K
Approximate market value: 375K
Primary residence
Current lender: First National
Location: Ottawa, ON
Maturity date: May 30, 2019
Deal Addict
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Sep 13, 2011
4247 posts
1421 upvotes
Toronto
holmes79 wrote:
Feb 15th, 2019 7:39 am
Mortgage up for renewal in May and I am planning on refinancing and using extra cash to pay off debt/renovations. What are best available rates?

Mortgage amount owing at maturity: 155K
Refinance Amount: 200K
Approximate market value: 375K
Primary residence
Current lender: First National
Location: Ottawa, ON
Maturity date: May 30, 2019
Lowest 5 year fixed for refinancing would be 3.54% or prime -0.75% (3.20%) for 5 year variable. When refinancing, you can go up to a maximum of 80% of the appraised value of the home. In your case, $300,000 (assuming an appraisal of $375,000 of course).

You're still also a couple weeks early, as the maximum rate hold period for switches and refinances with most lenders is 90 days.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
May 19, 2013
5 posts
Toronto
Self employed with 10-30k net income (100k business income) with mortgage up for in 1 year from now and I am planning on refinancing and using extra cash to pay off debts. Rate is not so important as advice to avoid complications because of my income. How should I prepare better?

Mortgage amount owing at maturity: $340k
Current approximate market value: $550k
Primary residence
Current lender: Street Capital
Rate: 2.96 fixed
Location: York Region, ON
Maturity date: 2020
Insurance paid (10% down)
Jr. Member
Aug 16, 2011
131 posts
66 upvotes
OTTAWA
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!
$1M for a condo in Edmonton? just had to state the obvious
Newbie
May 17, 2011
3 posts
1 upvote
Montréal
Looking for guidance. First time buyer; 31 y.o. condo unit.
Purchase price - offer accepted at $405000.
Downpayment - 5% down, possibly slightly over that.
Location - Montreal, QC.
Closing date - beginning of July 2019
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Sep 13, 2011
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Toronto
DmitriyK wrote:
Feb 15th, 2019 11:39 am
Looking for guidance. First time buyer; 31 y.o. condo unit.
Purchase price - offer accepted at $405000.
Downpayment - 5% down, possibly slightly over that.
Location - Montreal, QC.
Closing date - beginning of July 2019
Right now, the lowest rate available for a purchase with less than 20% down is 5 year fixed at 3.29% or 5 year variable at prime -1.20% (2.75%). Note that the maximum rate hold on the fixed rate option is 120 days, which is the case with most mortgage options. The variable rate option is 90 days. For either, you're a little early to lock anything in.

I would however suggest reaching out to a broker to have them review your application to ensure there will not be any issues with qualification. I would also have your lawyer review the status certificate of the condo building. Sometimes it's the property that gets declined, not the borrower.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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
452 posts
111 upvotes
Haldimand
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
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Toronto
Jill4332 wrote:
Feb 15th, 2019 12:12 pm
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
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Feb 2, 2014
5959 posts
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Toronto
Jill4332 wrote:
Feb 15th, 2019 12:12 pm
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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
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4247 posts
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Toronto
Labrie wrote:
Feb 15th, 2019 12:15 pm
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:
Feb 15th, 2019 12:35 pm
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:
Feb 15th, 2019 12:30 pm
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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