Real Estate

The Official Mortgage Rates Thread

Newbie
Jul 22, 2016
18 posts
2 upvotes
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!
Deal Fanatic
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Feb 2, 2014
6988 posts
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Toronto
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
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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Dec 1, 2015
1966 posts
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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
Deal Fanatic
User avatar
Feb 2, 2014
6988 posts
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Toronto
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
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
User avatar
Feb 2, 2014
6988 posts
1737 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!
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
Owner/Principal Broker - First Toronto Mortgage - Mortgage Architects (#13176)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Addict
User avatar
Sep 13, 2011
4909 posts
1748 upvotes
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)
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Sep 13, 2011
4909 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!
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
2 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?
Newbie
Jul 22, 2016
18 posts
2 upvotes
Cdnrealestateguy and PaulMeredith thank you both for responding so quickly!

Regards.
Member
Jul 14, 2008
270 posts
66 upvotes
Montreal
Renewal of 180k remaining balance
House value: 850k
Location: Montreal
Excellent credit score
Annual income: 230k combined

Looking for 5-year fixed, with amortization around 7-8 years

Currently with TD, just been offered 3.45%.

Anything better out there?
Deal Addict
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Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Yes - if this is your primary residence (not a rental) then you can get a 3.24%.
Turpentine wrote:
Feb 22nd, 2019 5:03 pm
Renewal of 180k remaining balance
House value: 850k
Location: Montreal
Excellent credit score
Annual income: 230k combined

Looking for 5-year fixed, with amortization around 7-8 years

Currently with TD, just been offered 3.45%.

Anything better out there?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Addict
Dec 10, 2012
3345 posts
713 upvotes
Canada
are the rates expected to go up or down in the short term?
Sr. Member
Nov 30, 2006
563 posts
80 upvotes
I'm guessing the difference in rate I can receive will not outweigh the fees to switch at this amount. However, I am curious!

Residence: North Bay
Purchase Price: 200,000
Purchase year: 2007 - renewed 3x
Remaining at Maturity: 80,000
CMHC : No
Current Lender: Simplii
Current Offer: P-0.58%
Household income: 80k
Credit: 870

If there is a decently lower rate, what are the fees from the new lender to change?
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Feb 2, 2014
6988 posts
1737 upvotes
Toronto
pandorascircle wrote:
Feb 22nd, 2019 4:11 pm
Cdnrealestateguy and PaulMeredith thank you both for responding so quickly!

Regards.
No problem, let us know if you have any more questions.
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
Deal Addict
Dec 10, 2012
3345 posts
713 upvotes
Canada
BillyH wrote:
Feb 22nd, 2019 5:41 pm
I'm guessing the difference in rate I can receive will not outweigh the fees to switch at this amount. However, I am curious!

Residence: North Bay
Purchase Price: 200,000
Purchase year: 2007 - renewed 3x
Remaining at Maturity: 80,000
CMHC : No
Current Lender: Simplii
Current Offer: P-0.58%
Household income: 80k
Credit: 870

If there is a decently lower rate, what are the fees from the new lender to change?
+1 interested to know the fees to change lenders as well

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