Real Estate

The Official Mortgage Rates Thread

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Sep 13, 2011
5161 posts
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Toronto
Dreamz81 wrote: Hi,

Just bought a new place.

Cost: 665k
Downpayment: 165k
Excellent credit

For a 5 yr fixed my broker is getting me 3.59% from Scotia and TD directly is giving me 3.53% (as of right now).

Are these rates the best these two places can do for me? Or is there more room to go down? I feel like others have gotten better from these places.
Why are you limiting yourself to just TD and Scotia? The rate from TD is am okay rate from them. Scotia you can get 3.54% through any regular posting broker on this board. There are however 5 year fixed rates available as low as 3.34% if you move away from these two lenders.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Mar 13, 2003
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Alberta
PaulMeredith wrote: Providing your wife has a set return date, then her salary can still typically be considered. Some lenders will only use 60% of it unless she is returning within two months, while others will still consider 100%.

If your current home has not sold unconditionally, then you will have to qualify to carry both mortgages unfortunately. Even though your plan is to to sell the home, there would be nothing stopping you from altering that plan and deciding to keep both. As the lender has no control over this, you need to qualify to carry both.
Dang. Bad news. Guess we aren't moving. Thanks Paul
Jr. Member
Oct 24, 2006
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How much deposit is required for investment property. And what is he current going rate. Can the professional expert on this forum what handle investment property pm me your contact.
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Feb 2, 2014
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colorwolf wrote: How much deposit is required for investment property. And what is he current going rate. Can the professional expert on this forum what handle investment property pm me your contact.
Minimum 20% down for an investment property.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
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Dreamz81 wrote: Hi,

Just bought a new place.

Cost: 665k
Downpayment: 165k
Excellent credit

For a 5 yr fixed my broker is getting me 3.59% from Scotia and TD directly is giving me 3.53% (as of right now).

Are these rates the best these two places can do for me? Or is there more room to go down? I feel like others have gotten better from these places.
Best rate would be 3.34% 5-year fixed. Time to ditch the banks and shop around for a more competitive rate!
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Sep 21, 2016
3 posts
Mortgage amount owing at maturity (or current mortgage amount if unknown) $480,000
Approximate market value: $1,000,000
Original purchase date: July 2014
Current lender: First National
Is this your primary residence or a rental property?: Primary
Location: Toronto, ON (East York)
Maturity date: July 2019
Current rate: 2.87% 5 year fixed term
No balance on credit cards, outstanding debts, etc. (Credit ratings 800+)

Have yet to start a search for rates but looking to see how achievable my old rate is.
Any advice would be great.
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Sep 13, 2011
5161 posts
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Toronto
twelvelocal wrote: Mortgage amount owing at maturity (or current mortgage amount if unknown) $480,000
Approximate market value: $1,000,000
Original purchase date: July 2014
Current lender: First National
Is this your primary residence or a rental property?: Primary
Location: Toronto, ON (East York)
Maturity date: July 2019
Current rate: 2.87% 5 year fixed term
No balance on credit cards, outstanding debts, etc. (Credit ratings 800+)

Have yet to start a search for rates but looking to see how achievable my old rate is.
Any advice would be great.
You're still a bit early to start shopping as the maximum rate hold for switches is 90 days for the most part. You will not get anything close to your old rate unfortunately, unless you want to go variable. Lowest 5 year fixed rate right now would be 3.24%, which is the lowest the 5 year fixed has been in about a year. Lowest variable would be prime -1.15% (2.80%). Again, you would need to wait until you are 90 days before your maturity date before you can start shopping.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Sep 21, 2016
3 posts
Thanks for the info Paul.

Do lenders or brokers have the ability to apply discretion to those market rates these days?
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Sep 13, 2011
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twelvelocal wrote: Thanks for the info Paul.

Do lenders or brokers have the ability to apply discretion to those market rates these days?
The rates we quote on this board will always be the lowest we are able to offer, so lower rates cannot be given.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
twelvelocal wrote: Mortgage amount owing at maturity (or current mortgage amount if unknown) $480,000
Approximate market value: $1,000,000
Original purchase date: July 2014
Current lender: First National
Is this your primary residence or a rental property?: Primary
Location: Toronto, ON (East York)
Maturity date: July 2019
Current rate: 2.87% 5 year fixed term
No balance on credit cards, outstanding debts, etc. (Credit ratings 800+)

Have yet to start a search for rates but looking to see how achievable my old rate is.
Any advice would be great.
You can get the 2.80% 5-year variable held for 120 days. The 3.24% 5-year fixed is only a 90-day rate hold though. Legal and appraisal fees covered.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Oct 26, 2011
3 posts
Terrace
Hi friendly brokers, we have a mortgage renewal coming up. Could you please share the best fixed and variable rates based on the information below?

Mortgage amount owing at maturity (or current mortgage amount if unknown): $269,635
Approximate market value: $230,000 (yea, it wasn't a good investment)
Original purchase date (month and year): $342,394 (May 2014)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): Yes
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender: CIBC
Is this your primary residence or a rental property?: Rental
Location: Cold Lake, Alberta
Maturity date: May 30, 2019

The townhouse is actually owned by 3 people as it is a rental property.

CIBC contacted us and said that they offered us the rates below.
- 5 year fixed rate @ 3.69%
- 5 year variable flex rate term @ 3.25%

Would you have better fixed and variable rates than the above based on our situation?
Please let me know if you need any other info. Thanks!
Last edited by zeusman84 on Feb 24th, 2019 6:27 pm, edited 1 time in total.
Newbie
Feb 23, 2019
1 posts
Hello brokers, shopping for a condo. Please can you share 5 yr closed fixed/variable, 25yr amortization rates based on below:

Amortization: 25 years
Downpayment: 5%
Property use: Primary residence
Property type: Condo
Property location: Richmond Hill/Markham
Purchase price: ~$400k
Income: $90k
Credit score: excellent, no debt
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Feb 2, 2014
7569 posts
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Pool827364 wrote: Hello brokers, shopping for a condo. Please can you share 5 yr closed fixed/variable, 25yr amortization rates based on below:

Amortization: 25 years
Downpayment: 5%
Property use: Primary residence
Property type: Condo
Property location: Richmond Hill/Markham
Purchase price: ~$400k
Income: $90k
Credit score: excellent, no debt
2.75% (Prime -1.20%) 5-year variable and 3.24% 5-year fixed are the best rates available to you.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
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Jan 31, 2018
1668 posts
292 upvotes
zeusman84 wrote: Hi friendly brokers, we have a mortgage renewal coming up. Could you please share the best fixed and variable rates based on the information below?

Mortgage amount owing at maturity (or current mortgage amount if unknown): $269,635
Approximate market value: $230,000 (yea, it wasn't a good investment)
Original purchase date (month and year): $342,394 (May 2014)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): Yes
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender: CIBC
Is this your primary residence or a rental property?: Rental
Location: Cold Lake, Alberta
Maturity date: May 30, 2019

The townhouse is actually owned by 3 people as it is a rental property.

CIBC contacted us and said that they offered us the rates below.
- 5 year fixed rate @ 3.69%
- 5 year variable flex rate term @ 3.25%

Would you have better fixed and variable rates than the above based on our situation?
Please let me know if you need any other info. Thanks!
Renew with your current provider the rental rates are not as competitive as owner occupied properties

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
Pool827364 wrote: Hello brokers, shopping for a condo. Please can you share 5 yr closed fixed/variable, 25yr amortization rates based on below:

Amortization: 25 years
Downpayment: 5%
Property use: Primary residence
Property type: Condo
Property location: Richmond Hill/Markham
Purchase price: ~$400k
Income: $90k
Credit score: excellent, no debt
Best rates available would be 2.75% 5 yr variable & 3.24% 5 yr fixed

These rates are only available once you have a firm deal in place

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

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