Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 31, 2014
6 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
User avatar
Sep 13, 2011
5052 posts
1796 upvotes
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
CityCan Financial Corp (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
5052 posts
1796 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
CityCan Financial Corp (lic. 10532)
Newbie
Mar 1, 2019
6 posts
PaulMeredith wrote: 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?

I don't have occupancy yet but, I have a firm occupancy date of May 21st, 2019. I am not sure when closing is, I will double check with them but it should shortly after occupancy.

CIBC said they can hold my rate for 120 days as well.

Thank you for your help!
Newbie
Oct 14, 2010
83 posts
29 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
The 3.2% from CIBC is it for a rental, or assuming that you will be occupying the house?
Thanks in advance!
Newbie
Mar 1, 2019
6 posts
budwizestest wrote: The 3.2% from CIBC is it for a rental, or assuming that you will be occupying the house?
Thanks in advance!
Sorry I should have been more clear, this is assuming I will be occupying it.
Deal Fanatic
User avatar
Feb 2, 2014
7353 posts
1858 upvotes
Toronto
ArtTrungler wrote: I don't have occupancy yet but, I have a firm occupancy date of May 21st, 2019. I am not sure when closing is, I will double check with them but it should shortly after occupancy.

CIBC said they can hold my rate for 120 days as well.

Thank you for your help!
If occupancy isn’t until the end of May, you likely won’t be closing until Fall. Most rates hold are for 120 days max. I would start shopping for rates in May or June.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
Mar 1, 2019
6 posts
CdnRealEstateGuy wrote: If occupancy isn’t until the end of May, you likely won’t be closing until Fall. Most rates hold are for 120 days max. I would start shopping for rates in May or June.

Will do, thank you again!
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
location: Ontario
down payment: 20%
purpose: personal use (not planning to rent)

household income $250K, good credit, no debt, current home owned, no mortgage
Deal Fanatic
User avatar
Feb 2, 2014
7353 posts
1858 upvotes
Toronto
buddy434 wrote: Hi, any input on the best rates for a four season cottage property?

home value: $670K
zoned: waterfront residential
location: Ontario
down payment: 20%
purpose: personal use (not planning to rent)

household income $250K, good credit, no debt, current home owned, no mortgage
3.24% 5-year fixed and 3.00% 5-year variable.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
Nov 21, 2007
20 posts
11 upvotes
sudbury
HSBC is offering 2.99% on a 5-year fixed. I haven't seen that rate in a while. I wonder if other banks will follow suit. Has anybody who has dealt with HSBC before have any insight on customer service etc?

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