Real Estate

The Official Mortgage Rates Thread

Deal Addict
Aug 31, 2006
2913 posts
598 upvotes
Thanks Phil - will try!
rateconnect wrote: That is a competitive rate on a rental try to push them lower

Unfortunately rates are not as competitive on rentals vs owner occupied homes

Phil
Member
Nov 24, 2015
338 posts
212 upvotes
Toronto, ON
Dreamz81 wrote: I'm about to sign a 5 yr fixed for 3.45% with $750 cashback for a 30 yr ammortization with a 24% downpayment. The thing that sucks is seeing fixed rates getting cut. I really appreciate all the information and guidance all of you provide on here, it's very helpful.
When the market rates drop before you sign the papers, most lenders should be able to lower your rate too to match the current rate.

Unless your closing date is within next couple of weeks, you may even be able to consider other lenders through any of the regular posting brokers on this forum.

If you're closing within couple of weeks, then your best bet is to negotiate with the current lender.
Deal Addict
User avatar
Jan 31, 2018
3027 posts
560 upvotes
Canadagirl2019 wrote: Hi, my mortgage up for renewal and I was looking
For a quote for 5 year fixed mortgage,

Mortgaged amount at renewal : $301k
Approximate market value: $425k
Original purchase date: July 2018
Refinanced? No
Cmhc insured? No
Other component/HELOC attached mortgage? NO
Current lender: EQbank
Primary residence? Yes
Location: Alberta
Maturity date: July 2019
Excellent credit scores
Remaining amortization: 30 year
Household debt: 0

Thanks!
Best rates below

3.29% 5 yr fixed

3% 5 yr variable

If your value came in slightly higher rates would drop 20 pts on the variable side and 5 pts on the fixed side

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
8329 posts
2334 upvotes
Toronto
Canadagirl2019 wrote: Hi, my mortgage up for renewal and I was looking
For a quote for 5 year fixed mortgage,

Mortgaged amount at renewal : $301k
Approximate market value: $425k
Original purchase date: July 2018
Refinanced? No
Cmhc insured? No
Other component/HELOC attached mortgage? NO
Current lender: EQbank
Primary residence? Yes
Location: Alberta
Maturity date: July 2019
Excellent credit scores
Remaining amortization: 30 year
Household debt: 0

Thanks!
3.24% 5-year fixed and 2.80% 5-year variable would be the best rates. Max 25 years. Appraisal would have to come in at $430k.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jul 12, 2014
3 posts
Toronto, ON
Hi,

I'm looking for a mortgage rate quote :

Mortgage with DUCA is renewing in May/June

Residence: Toronto
Renewal of 405 remaining balance
House value: 1.1 m
Excellent credit score
Annual income: 280k combined
No HELOC

Currently finishing a 5yr fixed @ 2.89

Looking for variable or 5yr fixed rate

Thanks!
Newbie
Jul 12, 2014
3 posts
Toronto, ON
Hi, my mortgage up for renewal in May, 2019
I am looking for a quote on both 5 year fixed and variable.

Mortgaged amount at renewal : $408K
Approximate market value: $1.1 M
Original purchase date: May, 2014
Refinanced? No
Cmhc insured? No
Other component/HELOC attached mortgage? NO
Current lender: DUCA
Primary residence? Yes
Location: Ontario
Excellent credit scores
Remaining amortization: 25 year
Household debt: 0
Newbie
Oct 26, 2011
3 posts
Terrace
Hi brokers, if my mortgage renewal is coming up on May 30, 2019 - seeing that the fixed rates seem to be coming down over the last few weeks, do you recommend that I wait to see what my current bank can offer in 1-2 month’s time or should I lock it dock it down now if what they are offering is competitive?
Deal Fanatic
User avatar
Feb 2, 2014
8329 posts
2334 upvotes
Toronto
Your bank won't match the rates that myself, Andre, Paul and Phil post.

Get an approval and rate hold now. If rates drop even further before May 30, we will make sure you get it.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Mar 8, 2019
2 posts
Hi, any input on the best rates for a four season cottage property?

home value: $670K
zoned: waterfront residential
down payment: 20%
household income: $250K
credit score: excellent
debt: none
current home owned, no mortgage
purpose: personal use (not planning to rent)
Newbie
Dec 31, 2014
7 posts
1 upvote
Toronto, ON
Mortgage is up for renewal. Looking for 5 year fixed

Mortgage amount: 840K
Mortgaged amount at renewal : ~$800k
Original purchase date: May 2017
Refinanced? No
Cmhc insured? No
Other component/HELOC attached mortgage? NO
Current lender: CIBC
Primary residence? Yes
Location: Markham
Maturity date: May 2019
Remaining amortization: 30 year
Household debt: 0
Deal Fanatic
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Sep 13, 2011
5512 posts
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Toronto
driftz wrote: Mortgage is up for renewal. Looking for 5 year fixed

Mortgage amount: 840K
Mortgaged amount at renewal : ~$800k
Original purchase date: May 2017
Refinanced? No
Cmhc insured? No
Other component/HELOC attached mortgage? NO
Current lender: CIBC
Primary residence? Yes
Location: Markham
Maturity date: May 2019
Remaining amortization: 30 year
Household debt: 0
Thanks for the info! Lowest rate for your situation would be 3.34% for 5 year fixed or prime -0.75% (3.20%) for 5 year variable. The reason why these rates are higher than the lowest rates you see on this board are due to the combination of the value of your home being over $1 million (you didn't mention this, but it's a fair assumption), and that you purchased the home in 2017. This means you purchased after the new mortgage rules were implemented in late 2016, which means the new rules have to apply to you when switching. Since the new rules affect mortgage pricing on homes valued at over $1 million, lowest rates are not available. These are however the lowest rates for your specific situation.
Last edited by PaulMeredith on Mar 9th, 2019 4:50 pm, edited 1 time in total.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Newbie
Oct 29, 2014
1 posts
Locust Hill, ON
Hello,
my mortgage is up for renewal and I was looking for the best rates, fixed and variable

Mortgaged amount at renewal : 189k
Approximate market value: 600k
Located in: Stouffville, ON
Owner occupied
Current lender: RBC
HELOC: yes, RBC
CMHC insured: initially yes, was probably removed at first renewal 5 years ago when the HELOC was added
Purchased in 2019
Renewal date: mid April 2019

Thanks!
Newbie
User avatar
Dec 25, 2011
16 posts
1 upvote
Victoria, British Co…
Been following this thread for awhile now - really appreciate the people involved!

We just paid off all of our debt recently and started saving for a down payment. I'm curious what the process looks like in order to get a pre-approval, as well as what costs are associated?

We're looking at something like the following, but this is just a placeholder as we're still looking at places.

First time home buyer
Home value: $ 400k - 500k
Down payment: 5% (Possibly 10%)
household income: $ 110k
credit score: excellent
debt: $0
location: Kelowna, British Columbia
Purposal: first home
Newbie
Mar 1, 2019
6 posts
ArtTrungler wrote: First post didnt go through so trying this again.

Looking for some interest rate guidance for my first home purchase.

Primary residence (potentially might rent it out for a year first, still undecided)
Price: $332,000 (current value ~400k)
Down payment: 20%
Location: Waterloo Region, ON
Property type: pre-construction condo
Household income: $110,000/year
Amortization: 25 or 30 year
Term: Variable, 5 year
$24k car loan and excellent credit
I think my post got lost in the noise. Anyone have a chance to check? Thanks!

CIBC offered me a 3.2% variable 5 year (with my occupying). After reading some of the comments here that doesn't seem that great ... lol
Last edited by ArtTrungler on Mar 9th, 2019 5:59 pm, edited 1 time in total.
Deal Fanatic
User avatar
Sep 13, 2011
5512 posts
2418 upvotes
Toronto
ArtTrungler wrote: I think my post got lost in the noise. Anyone have a chance to check? Thanks!

CIBC offered me a 3.2% variable 5 year. After reading some of the comments here that doesn't seem that great ... lol
Lowest 5 year fixed with 20% down would be 3.24%. Lowest 5 year variable would be prime -0.95% (3.00%). This is based on you occupying the uit.
If you choose to rent it out, then rates will be quite a bit higher and CIBC would likely be your best bet.
Do you already have occupancy of the unit? If so, when is final closing expected? If you do not have occupancy yet, when is your occupancy closing date?
Paul Meredith
Mortgage Broker, Author
(lic. 10532)

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