Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
6840 posts
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Toronto
Mahetha wrote:
Mar 18th, 2019 5:04 pm
Looking for a best Variable rate,
First mortgage
House price: 900 K
Down payment: 20%
Closing date: Just started looking
Primary resident: yes
Household income: combined 165k
No other debt
Credit score almost : 850- Both
Location: Surrey, BC

Thanks
3.00% 5-year variable is the best rate with 20% down, but it's for approvals only (after you have an accepted offer).
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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moochaoranges wrote:
Mar 18th, 2019 3:33 pm
First mortgage
House price: $400,000
Down payment: 20%
Closing date: May 1st
Primary resident: Yes
Household income: 61,000
Good credit score

-->Student loans of $50k which can be paid off immediately if necessary/will impact my ability. Hoping for some insight
This will be tight to qualify even at a 30 yr amortization - assuming 3k in property taxes you are at 41% GDS and it needs to be below 39%

Do you have higher income using a 2yr average or more downpayment ?

Reach out to any of the brokers on the forum to assist

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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alexbai94 wrote:
Mar 18th, 2019 4:46 pm
Can I get some feedback please? Bought an assignment last year off someone (brand new condo move in ready for this May 2019).

Just got my rates and I'm a little confused as to why my variable rate is the same as my fixed rate?

House Price: 465,000
Down Payment: 100,000
Close: May
Income: 175,000
800+ Credit Score

5 year fixed: 3.45%
5 year variable: 3.45%

Scotiabank

?
Scotias variable rate is not competitive at the moment and you have better options available to you

3% 5yr variable

3.24% 5 yr fixed

Huge savings over the 5 yr term

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Mahetha wrote:
Mar 18th, 2019 5:04 pm
Looking for a best Variable rate,
First mortgage
House price: 900 K
Down payment: 20%
Closing date: Just started looking
Primary resident: yes
Household income: combined 165k
No other debt
Credit score almost : 850- Both
Location: Surrey, BC

Thanks
Many of the rates you see myself and the other brokers post are only for live deals meaning when you have a firm deal in place.

If you had one today you could expect the below rates

3% 5 yr variable

3.24% 5 yr fixed

Based on the information there will be no issues with approval !

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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May 15, 2017
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We are (wife and myself) thinking of buying additional property in Toronto and evaluating our mortgage options. Breakdown is below.


House price range: $1.1-1.2Mil
Down payment: 20% + flexible
Closing date: under 120 days
Primary resident: yes
Household income: combined $250K (excluding rental income)
Other debt: ($855K outstanding mortgage on another property -> fixed rate, 3.5 years remaining, monthly payments ~$3,500 (property is rented on long term lease, it is cash neutral, carries itself)
No other debt.
Credit score : 800+ for both
Location: Toronto, ON

WE've been getting offers from Tangerine recently, for 3.34% 5Y fixed plus $1500 cash bonus. Considering where we are in economic cycle, I'd expect rates to move higher eventually, thus would prefer fixed rate for the next 3-5 years. Would appreciate your input.
Thank you
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AnnonNim17 wrote:
Mar 18th, 2019 8:40 pm
We are (wife and myself) thinking of buying additional property in Toronto and evaluating our mortgage options. Breakdown is below.


House price range: $1.1-1.2Mil
Down payment: 20% + flexible
Closing date: under 120 days
Primary resident: yes
Household income: combined $250K (excluding rental income)
Other debt: ($855K outstanding mortgage on another property -> fixed rate, 3.5 years remaining, monthly payments ~$3,500 (property is rented on long term lease, it is cash neutral, carries itself)
No other debt.
Credit score : 800+ for both
Location: Toronto, ON

WE've been getting offers from Tangerine recently, for 3.34% 5Y fixed plus $1500 cash bonus. Considering where we are in economic cycle, I'd expect rates to move higher eventually, thus would prefer fixed rate for the next 3-5 years. Would appreciate your input.
Thank you
Below are current best rates for your situation once you have a firm deal in place

3.24% 5 yr fixed

Comes with 20/20 prepayment options and rate is good for 90 days

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
6840 posts
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AnnonNim17 wrote:
Mar 18th, 2019 8:40 pm
We are (wife and myself) thinking of buying additional property in Toronto and evaluating our mortgage options. Breakdown is below.


House price range: $1.1-1.2Mil
Down payment: 20% + flexible
Closing date: under 120 days
Primary resident: yes
Household income: combined $250K (excluding rental income)
Other debt: ($855K outstanding mortgage on another property -> fixed rate, 3.5 years remaining, monthly payments ~$3,500 (property is rented on long term lease, it is cash neutral, carries itself)
No other debt.
Credit score : 800+ for both
Location: Toronto, ON

WE've been getting offers from Tangerine recently, for 3.34% 5Y fixed plus $1500 cash bonus. Considering where we are in economic cycle, I'd expect rates to move higher eventually, thus would prefer fixed rate for the next 3-5 years. Would appreciate your input.
Thank you
Just to add to Phil's quote...these rates are for owner-occupied properties only.
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
Newbie
Oct 14, 2013
10 posts
1 upvote
Montreal
Hello.
I would like to know what affects the rate I could get.

Assuming I have good credit and can afford to pay the mortgage.
not interested in high ratio mortgage
Quebec resident

Is the rate the same whether I put 20% down vs 50% vs 80% down?
Does the home value affect the rate. whether the house purchase price is 600K, 900k, 1.2M?
Thanks
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iacowhat wrote:
Mar 19th, 2019 12:13 am
Hello.
I would like to know what affects the rate I could get.

Assuming I have good credit and can afford to pay the mortgage.
not interested in high ratio mortgage
Quebec resident

Is the rate the same whether I put 20% down vs 50% vs 80% down?
Does the home value affect the rate. whether the house purchase price is 600K, 900k, 1.2M?
Thanks
For properties priced under a million value will not change rate


Typically best rates are avaiable from lenders that price out in increments of 5%.

If you put 20% down this comes with the highest rate decreasing as you put more
down with best available at 35%+ down

Limited to 25 yr amortization on the above pricing criteria you can get a 30yr amortization with 20%+ down but the
below would apply

For properties over a million

Rates are generally higher increasing downpayment will not get you a better rate

You can get a 30 yr amortization vs 25yr max on the above
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Mar 4, 2019
5 posts
Property use: Owner occupied
Amortization: 20-25 years
Term: 5 Year Fixed OR 3 year Variable
Downpayment: 20%-25%
Property type: Detached House
Property location: Ottawa
Purchase price: 487,475
Income: 145k+
First time home buyer, Canadian Citizen
Closing: May 16, 2019
No Debt
Excellent Credit
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Sep 13, 2011
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yalo9131 wrote:
Mar 19th, 2019 2:10 pm
Property use: Owner occupied
Amortization: 20-25 years
Term: 5 Year Fixed OR 3 year Variable
Downpayment: 20%-25%
Property type: Detached House
Property location: Ottawa
Purchase price: 487,475
Income: 145k+
First time home buyer, Canadian Citizen
Closing: May 16, 2019
No Debt
Excellent Credit
With 20% down payment, lowest 5 year fixed rate would be 3.24%. With 25% down, it would drop to 3.14%. 3 year variable is not a very common product and most lenders don't offer it. Lowest 3 year variable would be prime -0.70% (3.25%), so higher than the 5 year fixed options. There is also a 3 year fixed rate at 3.09%.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Member
Sep 8, 2007
373 posts
145 upvotes
Hi all, mortgage is up for renewal this year. looking for options.

Original purchase price: $591000 in Mar 2014. 2019 BC assessed value $958,800
Renewal date: June 20th, 2019
Mortgage amount owing: $277 000
Amortization left: 15 yrs
Primary residence: Yes.
Current lender: RBC
Location - North Vancouver, BC
Do you have a second component such as a HELOC attached to your mortgage? - Yes, but no balance on it currently.
Annual income - $112k
Credit Score - 822
Newbie
Dec 18, 2018
6 posts
Hello,
New house from builder in Brampton, first time home buyer. No debt.
Purchase price: $625,000
Down payment: $125,000 (20%)
Monthly maintenance fees: $87
Household Income : $106,000
Credit score: 752
Closing date: End of April 2019

Looking for lowest rates with 3-5 years term.
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Dec 1, 2015
1963 posts
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Etobicoke, ON
Best rate in this case would be 3.19% on a 5y fixed.
Gpreet0103 wrote:
Mar 19th, 2019 3:07 pm
Hello,
New house from builder in Brampton, first time home buyer. No debt.
Purchase price: $625,000
Down payment: $125,000 (20%)
Monthly maintenance fees: $87
Household Income : $106,000
Credit score: 752
Closing date: End of April 2019

Looking for lowest rates with 3-5 years term.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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