Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Sep 13, 2011
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snowhite445 wrote:
Mar 14th, 2019 10:56 pm
1- What is a group mortgage? Is it when a spouse is added as a co-applicant on a mortgage where the spouse is not on the title of the property?
If yes, what is bad about it? (we know it's good because it can be used as an income supplement to get approved). Are there any cons to it?

2- What happens at end of a term or change of a provider? does the next require both spouses to be on the new mortgage or it can change back to one spouse?
Are you sure this is a Canadian term? I've never heard it before. In order to be on the mortgage, the spouse would need to be on title as well. You can't be on the mortgage without being on title.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Apr 30, 2010
30 posts
Looking for a rate for mortgage renewal. Ideally, 5 year fixed but open to other rates too.

Balance: 334K
Location: Maple, Ontario
Investment Property
Current Amortization: 27 years
Renewal coming up on April 1st.

Not sure what other information is needed for a quote?

Thanks!
Last edited by Dmagal on Mar 15th, 2019 2:14 pm, edited 1 time in total.
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Sep 8, 2004
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Looking for a quote on a new purchase coming up.

Mortgage Amount: 370K
Down Payment: 20%
Location: Richmond Hill
No debt

Any other information required please PM. Thanks!
SPOOOOOOOOOOOONN!!!!...
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Mar 13, 2019
1 posts
PaulMeredith wrote:
Mar 15th, 2019 6:40 am
How much do you have available for down payment? We need that information before we can quote you rates.
House price: $500k
Income: $120k
Location: Edmonton
Credit score: 800+
No existing debt
20% downpayment
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Shokey wrote:
Mar 15th, 2019 11:35 am
House price: $500k
Income: $120k
Location: Edmonton
Credit score: 800+
No existing debt
20% downpayment
Great thanks! Lowest 5 year fixed would be 3.24% or 5 year variable at prime -0.95% (3.00%).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Alienxx45 wrote:
Mar 15th, 2019 9:47 am
Looking for a quote on a new purchase coming up.

Mortgage Amount: 370K
Down Payment: 20%
Location: Richmond Hill
No debt

Any other information required please PM. Thanks!
Lowest 5 year fixed with 20% down is 3.24% or 5 year variable at prime -0.95% (3.00%)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Dmagal wrote:
Mar 15th, 2019 8:42 am
Looking for a rate for mortgage renewal. Ideally, 5 year fixed but open to other rates too.

Balance: 334K
Investment Property
Current Amortization: 27 years
Renewal coming up on April 1st.

Not sure what other information is needed for a quote?

Thanks!
Which lender are you with right now? Investment properties are priced quite a bit higher than owner occupied properties, so it may not make sense to switch. Let me know and ill further advise.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Feb 2, 2014
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Lots of people asking about the best rate for an owner-occupied property with 20% down.

From coast-to-coast, the best rates are 3.00% 5-year variable and 3.24% 5-year fixed with 20% 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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Mar 13, 2019
1 posts
Hello, looking at variable and fixed 5 year rates.
House purchase 500 k
20% down
income 105 k
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Rose1718 wrote:
Mar 15th, 2019 1:27 pm
Hello, looking at variable and fixed 5 year rates.
House purchase 500 k
20% down
income 105 k
With 20% down payment, the lowest 5 year fixed is 3.24% or 5 year variable at prime -0.95% (3.00%). For any purchase under $1 million with a 20% down payment, these will be the rates.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Oct 31, 2013
1 posts
Woodbridge, ON
Purchase Price: 860K
Down Payment: $240k
2yr Average Income: $116,900k
2018 Income: $122k
Milton

Looking for best rate on 5yr Var 30yr Amortization
Last edited by ftinvesting on Mar 16th, 2019 9:35 am, edited 1 time in total.
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Mar 28, 2017
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Hi all, just looking for feedback on a couple of rates I've been given. 3.34 for 5 yr fixed vs 3.14 for 2 yr fixed. Looking for expert opinions on which is the better route option. This is a 2nd property.
Member
Jan 7, 2013
387 posts
159 upvotes
Whitby Ontario
My mortgage with MCAP has closed. It was facilitated by Kevin. The rates advertised on this board were the rates that I closed for.

A smooth process overall, with communications and documents handled by email. Kevin had no problem in redoing the document packages a couple times as I made some changes to the mortgage details.

Visits by a third party for home appraisal
and by a notary to sign some papers were also required, and both were under 15 minutes long.

The MCAP website seems to be well done and organized, with lots of details and self-serve options.

Well worth the effort of switching, vs the terrible renewal deal my bank was offering.
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striderfox wrote:
Mar 15th, 2019 11:01 pm
Hi everyone,

Looking for the best rate (3 yr closed) or 5 yr variable on these details:

Purchase Price : $720k
Downpayment: 20%
Closing date: April 2019
Primary residence? No (investment property)
Location: BC
amortization: 30 year
Household income: $220k

Third property (have main and 1 other investment condo)
Lowest 3 year fixed for a rental property right now would be 3.49%. Lowest 5 year variable would be higher than this, so would suggest the 3 year fixed in most cases. While fixed rates have come down for rental properties, the variable rate options are terrible.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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stallion4life wrote:
Mar 15th, 2019 7:46 pm
Hi all, just looking for feedback on a couple of rates I've been given. 3.34 for 5 yr fixed vs 3.14 for 2 yr fixed. Looking for expert opinions on which is the better route option. This is a 2nd property.
Is the 2nd property going to be an investment property? 2nd home? Or are you turning your current home into a rental and will be making the new home a primary residence?
What is the purchase price and how much do you have for down payment?

Whether to go with 2 year or 5 year really depends on the person. A 2 year fixed is not something that is right for everyone. We don't know where rates will be in two years, so there is no way to know for sure which would prove to be the better option mid term. If you tell me the amount of your mortgage, I can then let you know what your break even rate would be. The break even rate would be what the 3 year fixed rate would need to be after the end of the two year term for you to come out ahead with either option. The 3 year fixed is used for the break even rate since we are comparing a 2 year term with a 5 year term. Let me know and I can further advise.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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