Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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sudesingh wrote:
Feb 20th, 2019 10:28 pm
Looking for a 5 yr variable rate for my mortgage coming up for renewal at the end of April. Balance amount $155,000
2.80% 5-year variable would be the best rate. If your mortgage is CMHC insured, then the rate would be 2.75% 5-year variable.
Last edited by CdnRealEstateGuy on Feb 20th, 2019 11:55 pm, edited 1 time in total.
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
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duddlsk wrote:
Feb 20th, 2019 11:40 pm
First time home buyer looking for 5-year variable/fixed rates, currently offered 2.95% on variable.

Purchase price: ~$700k
Down payment: somewhere around 5-7%
Annual income: $170k combined
Location: Grimsby, ON - will be primary residence
Closing date: July, 2019
Excellent credit scores
$100k remaining in loan balance

Much thanks in advance.
3.24% 5-year fixed and 2.75% (Prime -1.20%) 5-year variable are the best rates for an insured purchase. However, you're outside of 90 - 120 days, so you can't get the rates held as of yet.
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
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CdnRealEstateGuy wrote:
Feb 20th, 2019 11:51 pm
2.80% 5-year variable would be the best rate. If your mortgage is CMHC insured, then the rate would be 2.75% 5-year variable.
Can you help me with a renewal? Here are my details. I noticed youre in Toronto so thought I'd ask first incase you prefer local clients.

Will owe $286k at maturity (March 27, 2019)
Property is roughly worth $470k
Located in Ottawa, ON
Owner-Occuped
Current Lender - Alterna
No HELOC tied to mortgage
CMHC Insured (Genworth)
Possesion in March 27, 2014
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ilikedeals2323 wrote:
Feb 21st, 2019 11:00 am
Can you help me with a renewal? Here are my details. I noticed youre in Toronto so thought I'd ask first incase you prefer local clients.

Will owe $286k at maturity (March 27, 2019)
Property is roughly worth $470k
Located in Ottawa, ON
Owner-Occuped
Current Lender - Alterna
No HELOC tied to mortgage
CMHC Insured (Genworth)
Possesion in March 27, 2014
Yes, you will qualify for the 2.75% 5-year variable. Get started on an approval now, as your renewal date is about 1 month away.
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
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Question for the experts about renewal vs refinance:
My current mortgage was for a 25 year amortization period, started in 2015 and will be up for renewal in 2020.
However, I have increased my payment amounts, and so the current "remaining time" on my account is now closer to 15 years left.

When it comes time to renew in 2020, if I were to go with 20 years (i.e. original 25 with 5 years elapsed), would that count as a refinance, or would it be a renewal (thus with better rates) ?
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sudesingh wrote:
Feb 20th, 2019 10:28 pm
Looking for a 5 yr variable rate for my mortgage coming up for renewal at the end of April. Balance amount $155,000
Would require more information

Value today
Was the mortgage CMHC insured
Current lender

If insured could be as low as prime - 1.20% or 2.75% or if less than 65% loan to value 2.80%
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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duddlsk wrote:
Feb 20th, 2019 11:40 pm
First time home buyer looking for 5-year variable/fixed rates, currently offered 2.95% on variable.

Purchase price: ~$700k
Down payment: somewhere around 5-7%
Annual income: $170k combined
Location: Grimsby, ON - will be primary residence
Closing date: July, 2019
Excellent credit scores
$100k remaining in loan balance

Much thanks in advance.
You are about a month awat from being able to lock in rates

You will be eligible for great rates on an insured deal

currently 3.24% 5 yr fixed and 2.75% 5 yr variable

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Hello,

Do you guys recommend using a Mortgage Broker to get a PreApproval - do they just pick one lender to provide preapproval assuming they do preapprovals?

Canwise and Butler doesnt seem to do preapproval according to the ratehub.ca website.

I'm looking for Toronto, ON 600k-700k Mortgage possibly.

I am thinking of 1 year Closed Fixed or 1 year Closed Variable or 5 year Variable Closed plans with at least 15%/15% prepay/lumpsum.

I read that Rate Connect or Paul Meredith team are good to work with?
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Sedul wrote:
Feb 21st, 2019 12:25 pm
Hello,

Do you guys recommend using a Mortgage Broker to get a PreApproval - do they just pick one lender to provide preapproval assuming they do preapprovals?

Canwise and Butler doesnt seem to do preapproval according to the ratehub.ca website.

I'm looking for Toronto, ON 600k-700k Mortgage possibly.

I am thinking of 1 year Closed Fixed or 1 year Closed Variable or 5 year Variable Closed plans with at least 15%/15% prepay/lumpsum.

I read that Rate Connect or Paul Meredith team are good to work with?
I can assure you any of the brokers that post frequently on the forum will take good care of you

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Sedul wrote:
Feb 21st, 2019 12:25 pm
Hello,

Do you guys recommend using a Mortgage Broker to get a PreApproval - do they just pick one lender to provide preapproval assuming they do preapprovals?

Canwise and Butler doesnt seem to do preapproval according to the ratehub.ca website.

I'm looking for Toronto, ON 600k-700k Mortgage possibly.

I am thinking of 1 year Closed Fixed or 1 year Closed Variable or 5 year Variable Closed plans with at least 15%/15% prepay/lumpsum.

I read that Rate Connect or Paul Meredith team are good to work with?
Most lenders will not do preapprovals Of the ones that do, your file will never be fully underwritten at the preapproval stage, so really, it's not much more than a rate hold. A good broker will however ask you for all the documentation and can underwrite in house to ensure you are solid and that there are no red flags. He/she can then give you a maximum amount you can expect to be approved for so you can shop with confidence.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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RockstarLeo wrote:
Feb 21st, 2019 11:09 am
Question for the experts about renewal vs refinance:
My current mortgage was for a 25 year amortization period, started in 2015 and will be up for renewal in 2020.
However, I have increased my payment amounts, and so the current "remaining time" on my account is now closer to 15 years left.

When it comes time to renew in 2020, if I were to go with 20 years (i.e. original 25 with 5 years elapsed), would that count as a refinance, or would it be a renewal (thus with better rates) ?
I think Mr.Cragg might have misunderstood your question, so just adding to his reply.

You can indeed transfer the mortgage at a 20 year AM. It goes by amortization on the system (25 years - 5 years elapsed as you said), not the effective AM (15 years in your case).

Hope that helps.
Kevin Somnauth, CFA
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
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I am up for renewal and looking to change lending institutions

Current mortgage amount - $379,452
Approximate market value - Around $507,000
Original purchase date (month and year) - June 1 2008
Did you pay an insurance premium such as CMHC when you purchased the home? No
Did you refinance your mortgage since you owned your home? No
Do you have a second component such as a HELOC attached to your mortgage? Yes, National Bank All-in-One ($315K in mortgage, $64K in LOC)
Current lender - NBC
Is this your primary residence or a rental property? Primary
Location - Calgary
Maturity date - June 1 2019
30-year amortization remaining

I don't need access to the HELOC going forward, but would need to clear it (obviously) with the lender change. Thanks in advance for any rate information.
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Feb 19, 2019
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Mississauga, ON
CdnRealEstateGuy wrote: 3.24% 5-year fixed now available for insured and non-insured mortgages (max 65% LTV)!

You heard it here first! Fixed rates becoming very attractive to risk averse borrowers.
3.24% available on a 5 year fixed with 20% down?

Any province or location specific?
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jj14 wrote:
Feb 21st, 2019 4:56 pm
I am up for renewal and looking to change lending institutions

Current mortgage amount - $379,452
Approximate market value - Around $507,000
Original purchase date (month and year) - June 1 2008
Did you pay an insurance premium such as CMHC when you purchased the home? No
Did you refinance your mortgage since you owned your home? No
Do you have a second component such as a HELOC attached to your mortgage? Yes, National Bank All-in-One ($315K in mortgage, $64K in LOC)
Current lender - NBC
Is this your primary residence or a rental property? Primary
Location - Calgary
Maturity date - June 1 2019
30-year amortization remaining

I don't need access to the HELOC going forward, but would need to clear it (obviously) with the lender change. Thanks in advance for any rate information.
Lowest 5 year fixed would be 3.34% or lowest 5 year variable would be prime -0.95% (3.00%). Your market value is pretty specific. Can I ask how you come up with that number? If there is more equity (greater than 30%), then lower rates may be available.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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PaulMeredith wrote:
Feb 21st, 2019 6:49 pm
Lowest 5 year fixed would be 3.34% or lowest 5 year variable would be prime -0.95% (3.00%). Your market value is pretty specific. Can I ask how you come up with that number? If there is more equity (greater than 30%), then lower rates may be available.
I'm guessing poster recently refinanced. Mortgage amount is high (vs property value) and amortization is 30 years, which is odd given the 2008 purchase date.
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

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