Real Estate

The Official Mortgage Rates Thread

Newbie
Sep 30, 2020
33 posts
17 upvotes
rateconnect wrote: Best major bank rate 1.79% 5 yr fixed no heloc

Phil
Thank you. Do you know what variable rates are? and Heloc?
Also, is there any upside in going to non big 6 lenders given that I tend to get discretionary rates out of big 6?
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
aaleemm wrote: Ammortization period ?
Max 25 year AM
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 21, 2016
86 posts
12 upvotes
rateconnect wrote: Take those rates very competitive on a rental
Thank you. I have seen the rates drop drastically the past couple months. I think I will wait another month to see if they drop anymore and then lock in a renewal with Scotia. Since it is rented out I'm not sure I could get a better rate elsewhere and this saves me the hassle of having to shop around. Thanks for your help!
Newbie
Nov 14, 2017
7 posts
2 upvotes
Vancouver
How long does it take to get a mortgage, once I'm pre-approved? I am trying buy an assignment on a VERY tight schedule (closing is October 6). Not sure if it is even work out, but the realtors are seeing if they can make something happen - there's a small chance the developer will approve an extension. I have the down payment and sellers portion in cash, but need a mortgage for the balance. The mortgage would be <200K less than pre-approval, so I don't expect any issues with that. The assignment is new build in Toronto, so appraisal should be straight forward. Can the bank get their paperwork processed in that short a timeframe 2 business days)?
Newbie
May 13, 2020
26 posts
22 upvotes
Hello I will be closing 2 properties a month apart, kindly let me know regarding best available interest rates. Personal income is 350k. I already own one property I currently live in so not a first time buyer.

Property 1:
What is the purchase price? 477,500
-How much is the down payment? 95,500
-Where it the property located? Scarborough
-When is the closing date? Oct 30
-Will the property be owner-occupied or a rental? Rental

Property 2:
What is the purchase price? 441,500
-How much is the down payment? 88,300
-Where it the property located? Markham
-When is the closing date? Nov 30
-Will the property be owner-occupied or a rental? Rental
Newbie
Jan 18, 2015
7 posts
BC
Hi there, I'm looking to see what rates are out there for a 5 year fixed, 30 year amortization. I'm getting quoted 1.88-1.90% from major banks, curious to see if going the way of brokers can do any better. Pre-approval has been done and it satisfies the amount necessary. Thanks in advance.

-What is the purchase price? $666,000 + GST (first time home buyer)
-How much is the down payment? 20%
-Where it the property located? Surrey, BC
-When is the closing date? Jan 15, 2021 (our unit is part of the final phase of a presale set for Jan 15, 2021 completion, with other phases already moved in)
-Will the property be owner-occupied or a rental? Owner occupied
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
dealsonwheels95 wrote: Hello I will be closing 2 properties a month apart, kindly let me know regarding best available interest rates. Personal income is 350k. I already own one property I currently live in so not a first time buyer.

Property 1:
What is the purchase price? 477,500
-How much is the down payment? 95,500
-Where it the property located? Scarborough
-When is the closing date? Oct 30
-Will the property be owner-occupied or a rental? Rental

Property 2:
What is the purchase price? 441,500
-How much is the down payment? 88,300
-Where it the property located? Markham
-When is the closing date? Nov 30
-Will the property be owner-occupied or a rental? Rental
Prime minus 0.45% / 2% variable 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Deal Fanatic
User avatar
Sep 13, 2011
7035 posts
3628 upvotes
Toronto
Is314onu wrote: How long does it take to get a mortgage, once I'm pre-approved? I am trying buy an assignment on a VERY tight schedule (closing is October 6). Not sure if it is even work out, but the realtors are seeing if they can make something happen - there's a small chance the developer will approve an extension. I have the down payment and sellers portion in cash, but need a mortgage for the balance. The mortgage would be <200K less than pre-approval, so I don't expect any issues with that. The assignment is new build in Toronto, so appraisal should be straight forward. Can the bank get their paperwork processed in that short a timeframe 2 business days)?
The minimum is 10 business days in most cases. The mortgage industry is swamped these days, and underwriting departments are overwhelmed. You van check with our local bank on this one, but I doubt they will be able to come through for you here.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
7035 posts
3628 upvotes
Toronto
dealsonwheels95 wrote: Hello I will be closing 2 properties a month apart, kindly let me know regarding best available interest rates. Personal income is 350k. I already own one property I currently live in so not a first time buyer.

Property 1:
What is the purchase price? 477,500
-How much is the down payment? 95,500
-Where it the property located? Scarborough
-When is the closing date? Oct 30
-Will the property be owner-occupied or a rental? Rental

Property 2:
What is the purchase price? 441,500
-How much is the down payment? 88,300
-Where it the property located? Markham
-When is the closing date? Nov 30
-Will the property be owner-occupied or a rental? Rental
Potentially as low as 1.94% 5 year variable at 1.90%. Possibly a bit less.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
stalequinoa wrote: Hi there, I'm looking to see what rates are out there for a 5 year fixed, 30 year amortization. I'm getting quoted 1.88-1.90% from major banks, curious to see if going the way of brokers can do any better. Pre-approval has been done and it satisfies the amount necessary. Thanks in advance.

-What is the purchase price? $666,000 + GST (first time home buyer)
-How much is the down payment? 20%
-Where it the property located? Surrey, BC
-When is the closing date? Jan 15, 2021 (our unit is part of the final phase of a presale set for Jan 15, 2021 completion, with other phases already moved in)
-Will the property be owner-occupied or a rental? Owner occupied
Rates start at 1.74% 5-year fixed with 20% down via a fair penalty lender (much, much better/cheaper IRD penalty calc vs the banks).
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Oct 12, 2009
1639 posts
386 upvotes
Surrey, BC
stalequinoa wrote: Hi there, I'm looking to see what rates are out there for a 5 year fixed, 30 year amortization. I'm getting quoted 1.88-1.90% from major banks, curious to see if going the way of brokers can do any better. Pre-approval has been done and it satisfies the amount necessary. Thanks in advance.

-What is the purchase price? $666,000 + GST (first time home buyer)
-How much is the down payment? 20%
-Where it the property located? Surrey, BC
-When is the closing date? Jan 15, 2021 (our unit is part of the final phase of a presale set for Jan 15, 2021 completion, with other phases already moved in)
-Will the property be owner-occupied or a rental? Owner occupied
Check your pm please
Newbie
Nov 4, 2017
4 posts
2 upvotes
Looking for rates on a 5 year fixed or variable (30 year amortization) for a new home purchase. I would prefer fixed if penalties are similar to variable without the high IRD costs.

- What is the purchase price? $706000
- How much is the down payment? 156000 (22%)
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
Newbie
Mar 24, 2020
13 posts
Ottawa
Hi there, also wondering if its worth it to break my mortgage and sign elsewhere. I am currently in a 5 yr variable @ 1.95.

I am looking to get the HELOC with desjardin. I will have to pay 700$ ft fees no appraisal as its been done in July recently.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $420,155.48
-Roughly, what is the current market value of the property? $650,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? desjardin
-Do you have a HELOC tied to the mortgage? no (but need it to get money for next property down payment)
-Is the mortgage CMHC insured? no
-When did you buy the property? Jul 2020
-When is your renewal date? Jul 2025

Thanks very much!
Newbie
Oct 20, 2018
57 posts
15 upvotes
For a renewal

How much is the mortgage owing? 267,000
-Roughly, what is the current market value of the property? 515,000
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2017
-When is your renewal date? November 10, 2020


Looking for fixed rates for 2, 3 and 4 years.

Thanks!
Deal Fanatic
User avatar
Jan 31, 2018
6550 posts
1246 upvotes
esctric wrote: Looking for rates on a 5 year fixed or variable (30 year amortization) for a new home purchase. I would prefer fixed if penalties are similar to variable without the high IRD costs.

- What is the purchase price? $706000
- How much is the down payment? 156000 (22%)
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
25 yr

Best rate's available if you can get to 25% 1.59% fixed vs 1.70% variable

Fixed will be the greater of 3 months or the IRD vs Variable 3 months

30 yr

1.79% 5 yr fixed vs 1.70% 5 yr variable

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
TanveerA71885 wrote: Hi there, also wondering if its worth it to break my mortgage and sign elsewhere. I am currently in a 5 yr variable @ 1.95.

I am looking to get the HELOC with desjardin. I will have to pay 700$ ft fees no appraisal as its been done in July recently.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $420,155.48
-Roughly, what is the current market value of the property? $650,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? desjardin
-Do you have a HELOC tied to the mortgage? no (but need it to get money for next property down payment)
-Is the mortgage CMHC insured? no
-When did you buy the property? Jul 2020
-When is your renewal date? Jul 2025

Thanks very much!
Best variable rate it 1.60% 5-year variable (35bps lower than Desjardins). Definitely worth switching, as the Desjardins penalty should only be about $2000.

Legal and appraisal fees will be covered.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Jun 24, 2020
4119 posts
866 upvotes
Jutr781 wrote: For a renewal

How much is the mortgage owing? 267,000
-Roughly, what is the current market value of the property? 515,000
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2017
-When is your renewal date? November 10, 2020


Looking for fixed rates for 2, 3 and 4 years.

Thanks!
1.64% available on a 3 year fixed with costs covered to switch.
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
esctric wrote: Looking for rates on a 5 year fixed or variable (30 year amortization) for a new home purchase. I would prefer fixed if penalties are similar to variable without the high IRD costs.

- What is the purchase price? $706000
- How much is the down payment? 156000 (22%)
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
1.84% fixed 5-year / 1.75% variable 5-year. The penalty on a fixed mortgage will not be similar to the variable.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
TanveerA71885 wrote: Hi there, also wondering if its worth it to break my mortgage and sign elsewhere. I am currently in a 5 yr variable @ 1.95.

I am looking to get the HELOC with desjardin. I will have to pay 700$ ft fees no appraisal as its been done in July recently.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $420,155.48
-Roughly, what is the current market value of the property? $650,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? desjardin
-Do you have a HELOC tied to the mortgage? no (but need it to get money for next property down payment)
-Is the mortgage CMHC insured? no
-When did you buy the property? Jul 2020
-When is your renewal date? Jul 2025

Thanks very much!
You may be able to pull 100k by refinancing your current mortgage. Variable rate at 1.75% 5-year term. Multi-part mortgage option also available at an attractive rate.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Deal Addict
User avatar
Oct 5, 2005
2577 posts
1733 upvotes
With a 6 month convertible closed mortgage from RBC, I dont have to extend it right? Looking for the cheapest way to do a 6 month term for a spring (potential) sale

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