Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 25th, 2019 3:42 pm
Member
Jun 26, 2007
458 posts
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GTA
Looking to add a HELOC to my rental. Need to do a big reno before selling so it will just be a short term loan (less than 6 months). So that's why looking for HELOC instead of refinance.

Current mortgage is with Street Capital and I was told they don't do HELOCs. I approached TD but they now won't do 2nd position behind Street Capital.

Current mortgage left: 360k
Value of property: 750k

Which bank or lender would do a HELOC behind Street Capital?
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Feb 2, 2014
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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.
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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ziii wrote:
Feb 20th, 2019 4:36 pm
Looking for renewal rates. The remaining amortization is 27 years but I'm open to reducing that to 25 years (if possible) for better rates.

Mortgage amount owing at maturity (or current mortgage amount if unknown) - $280-$285k
Approximate market value - Around $550k
Original purchase date (month and year) - May 2016
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, not used.
Current lender - RBC Homeline
Is this your primary residence or a rental property? Primary
Location - Metro Vancouver
Maturity date - May 2019

Thanks.
3.24% on the 5 yr fixed

2.80% 5 yr variable

Legals due to the collateral charge of $800 and no issue reducing your amortization to 25 yrs

Phil
Phil Cragg
Rateconnect
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Newbie
Dec 2, 2013
2 posts
Looking for good rates on 5 year closed fixed, monthly payment, 20 percent down, 30 year amortization. Prepayment up to 10% would be sufficient.

Also considering 5 year variable closed with the same amortization as above. Is prime -1.25 considered excellent now?

Property: preconstruction freehold townhome
Location: Milton, ON
Closing date: May 1, 2019
Primary residence: primary ( will rent out 2 bedrooms with me staying there)
Price of home: 578k
Employment income: 95k
Debt: None

Thanks for your time.
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Jan 31, 2018
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kenjyap wrote:
Feb 20th, 2019 7:00 pm
Looking for good rates on 5 year closed fixed, monthly payment, 20 percent down, 30 year amortization. Prepayment up to 10% would be sufficient.

Also considering 5 year variable closed with the same amortization as above. Is prime -1.25 considered excellent now?

Property: preconstruction freehold townhome
Location: Milton, ON
Closing date: May 1, 2019
Primary residence: primary ( will rent out 2 bedrooms with me staying there)
Price of home: 578k
Employment income: 95k
Debt: None

Thanks for your time.
If you go with 25 yr amortization rates will be much better both options below

25 yr 5 yr fixed 3.39%
25 yr 5 yr variable 3%

Both come with 20/20 prepayments

30yr 5 yr fixed 3.49%
30yr 5 yr variable 3.20%

Room rental income cannot be considered but great for cash flow

Phil
Phil Cragg
Rateconnect
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Sep 24, 2004
504 posts
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Scarborough
Looking for a 5 yr variable rate for my mortgage coming up for renewal at the end of April. Balance amount $155,000
Newbie
Jan 15, 2017
3 posts
Toronto, ON
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.
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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
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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6182 posts
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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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Newbie
Nov 26, 2018
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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
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Newbie
Aug 9, 2018
18 posts
13 upvotes
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
Rateconnect
Broker License #12626
Sr. Member
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Jan 31, 2018
756 posts
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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
Rateconnect
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Member
Aug 31, 2001
260 posts
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Toronto
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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