Real Estate

The Official Mortgage Rates Thread

  • Last Updated:
  • Apr 24th, 2019 9:58 am
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Feb 2, 2014
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MarkMD wrote:
Feb 21st, 2019 6:38 pm
3.24% available on a 5 year fixed with 20% down?

Any province or location specific?
No, as stated in my post, max 65% LTV (meaning at least 35% down).
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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CdnRealEstateGuy wrote:
Feb 21st, 2019 7:54 pm
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.
No refinance. It was a 40-year mortgage. As indicated the mortgage is down to $315K (started at $394K), but as an all-in-one heloc, outstanding balance is $379K.
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jj14 wrote:
Feb 21st, 2019 10:53 pm
I just went off the most recent city tax assessment. Understand that puts me right at 25%.
Thanks for the info! The tax assessment is not a very accurate indicator of value and the actual value would be based on similar homes that have recently sold in your immediate area. This value would be determined by an appraisal. If it turns out that you have 35% or greater equity in your home, then the lowest 5 year fixed would be 3.24%. If it turns out that there is only 25%, then it would be 3.34%.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Mar 27, 2012
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MARKHAM
Just got an offer 3.69% 5 year fixed on renewal, and looking to change lending institutions

Mortgage Balance: $600,000
Maturity Date: April 1, 2019
Remaining Amortization: 24 years
Current approximate market value: $1,700,000
Current Lender: Simplii
No other loans or lines of credit
Not CMHC insured
It's my Primary Residence
Markham, ON

Thank you very much for any rate information!
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Kushel wrote:
Feb 22nd, 2019 8:36 am
Just got an offer 3.69% 5 year fixed on renewal, and looking to change lending institutions

Mortgage Balance: $600,000
Maturity Date: April 1, 2019
Remaining Amortization: 24 years
Current approximate market value: $1,700,000
Current Lender: Simplii
No other loans or lines of credit
Not CMHC insured
It's my Primary Residence
Markham, ON

Thank you very much for any rate information!
Just need to know your purchase date and if you had refinanced your mortgage at any time in between. With that info, rates can be quoted.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Mar 27, 2012
2 posts
MARKHAM
PaulMeredith wrote:
Feb 22nd, 2019 9:45 am
Just need to know your purchase date and if you had refinanced your mortgage at any time in between. With that info, rates can be quoted.
Thank you, Paul!

Purchase date: May 2007
Refinanced in: 2012
Newbie
Jan 3, 2010
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Hi, interested in what's competitive for 5-year fixed, 5-year variable:
Mortgage amount owing at maturity : $260K
Approximate market value: $650K
Original purchase price: $425K
Original purchase date (month and year): Jun 2009
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): 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, HELOC
Current lender: RBC
Is this your primary residence? Yes
Location: Ottawa
Maturity date: Apr 21, 2019
Income: >$150
Remaining amortization: 13 yr

Thanks
Newbie
Jul 22, 2016
3 posts
Hi,

The rate of 3.29% fixed for 5 years is that for TD bank?

I was offered 3.46% yesterday and told this is the floor rate whatever that means.

1.3M purchase price
800 K down payment
500 K first time mortgage (term portion of Heloc)

Thanks!
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Kushel wrote:
Feb 22nd, 2019 10:38 am
Thank you, Paul!

Purchase date: May 2007
Refinanced in: 2012
2.80% 5-year variable and 3.24% 5-year fixed are the best rate for your mortgage. Legal and appraisal fees covered.
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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Etobicoke, ON
You should qualify for a 5y fixed at 3.24%, or a 5y variable at P-1.15%, with excellent terms and pre payment allowances.
spoont wrote:
Feb 22nd, 2019 12:01 pm
Hi, interested in what's competitive for 5-year fixed, 5-year variable:
Mortgage amount owing at maturity : $260K
Approximate market value: $650K
Original purchase price: $425K
Original purchase date (month and year): Jun 2009
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): 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, HELOC
Current lender: RBC
Is this your primary residence? Yes
Location: Ottawa
Maturity date: Apr 21, 2019
Income: >$150
Remaining amortization: 13 yr

Thanks
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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spoont wrote:
Feb 22nd, 2019 12:01 pm
Hi, interested in what's competitive for 5-year fixed, 5-year variable:
Mortgage amount owing at maturity : $260K
Approximate market value: $650K
Original purchase price: $425K
Original purchase date (month and year): Jun 2009
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): 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, HELOC
Current lender: RBC
Is this your primary residence? Yes
Location: Ottawa
Maturity date: Apr 21, 2019
Income: >$150
Remaining amortization: 13 yr

Thanks
Same as above, 3.24% 5-year fixed and 2.80% (Prime -1.15%) 5-year variable. However, due to the HELOC and mortgage product you have, you have to cover legal fees (about $800). I can help out a bit though.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
User avatar
Feb 2, 2014
6181 posts
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Toronto
pandorascircle wrote:
Feb 22nd, 2019 12:04 pm
Hi,

The rate of 3.29% fixed for 5 years is that for TD bank?

I was offered 3.46% yesterday and told this is the floor rate whatever that means.

1.3M purchase price
800 K down payment
500 K first time mortgage (term portion of Heloc)

Thanks!
For a million dollar purchase, rates are a bit higher.

3.49% 5-year fixed and 3.20% 5-year variable would be the best rates.

Avoid TD. All of their mortgages are collateral charges which means you will likely have to pay added costs if you ever want to switch lenders.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Addict
User avatar
Sep 13, 2011
4403 posts
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Toronto
Kushel wrote:
Feb 22nd, 2019 10:38 am
Thank you, Paul!

Purchase date: May 2007
Refinanced in: 2012
Thanks for the info! You could get as low as 3.24% for a 5 year fixed or prime -1.15% (2.80%) for 5 year variable for your situation.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Sep 13, 2011
4403 posts
1480 upvotes
Toronto
pandorascircle wrote:
Feb 22nd, 2019 12:04 pm
Hi,

The rate of 3.29% fixed for 5 years is that for TD bank?

I was offered 3.46% yesterday and told this is the floor rate whatever that means.

1.3M purchase price
800 K down payment
500 K first time mortgage (term portion of Heloc)

Thanks!
TD's floor rate means that this is the lowest rate they are able to offer.... it's already been prediscounted to the maximum.

You'll be a little more limited in options with your purchase price being over a million. The 3.29% (now as low as 3.24%) rates you see mentioned here would apply to purchases of under a million. Quoting is based on purchase price, not based on the loan amount itself. The lowest 5 year fixed rate in your situation would be 3.49%. So the offer you have from TD at 3.46% is a pretty decent rate for your situation.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Feb 21, 2019
1 posts
PaulMeredith wrote:
Feb 22nd, 2019 1:04 pm
TD's floor rate means that this is the lowest rate they are able to offer.... it's already been prediscounted to the maximum.

You'll be a little more limited in options with your purchase price being over a million. The 3.29% (now as low as 3.24%) rates you see mentioned here would apply to purchases of under a million. Quoting is based on purchase price, not based on the loan amount itself. The lowest 5 year fixed rate in your situation would be 3.49%. So the offer you have from TD at 3.46% is a pretty decent rate for your situation.

Just curious to learn more about what the limitations are (and why they are there) for purchase prices over $1M?

Also, what happens when a property is purchased on assignment, where the original purchaser's price was <$1M, but the assignment purchase price is over $1M? Which price is taken into account in that scenario?

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