Real Estate

The Official Mortgage Rates Thread

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Sep 13, 2011
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ovovov wrote: hello mortgage gurus:

I have a renew coming up at Apr 2020. Currently with MCAP@3.05% variable. total principle balance is about 170k. (

my intention is to get best rate possible, and what is your expertise on how and when should i apply for a renew?

shall i keep it with MCAP? or would i be better to change a different lender? is there any more info do you need ?


Thank you

TTT
You're way too early for us to be able to give you accurate advice so we really can't give you an answer as we don't know where rates will be or what your options are at that time. You'll want to reach out again in January 2020 when we are within 90 days of your maturity date. It may make sense to keep it with MCAP or it may make sense to switch it to a different lender. We won't know until we know what options are available at that time.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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xerane wrote: hi guys, i am looking to buy a house soon. 210k combined household income with my GF, whats the largest mortgage we can get and what would be the best rate?
Assuming minimal to zero debt, and roughly speaking, you'd qualify for a mortgage of around $1,000,000. Rates can vary depending on the situation, and are a bit higher for properties valued at over $1 million. Lowest rates on properties valued at over $1 million would be 3.09% for a 5 year fixed, 2.99% for a 3 year fixed, or prime -0.75% (3.20%) for 5 year variable. Yes, variable rates are actually higher in this space, so not really the best option for most.

On properties valued at under $1 million, rates vary depending on down payment percentage, and can range from 2.89% - 2.99% for a 5 year fixed for 25 year max amortization. If you need 30 years, then rate is a bit higher at 3.09%. Lowest variable ranges from prime -1.20% (2.75%) to prime -1.00% (2.95%), 25 year amortization max. If you need 30 year amortization, then lowest 5 year variable is prime -0.70% (3.25%) at best.

Note that the lowest rates cannot be locked in until you have an accepted offer on a property.

As mentioned, best to reach out to a broker to get pre-approved before shopping.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Apr 7, 2019
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Need to renew or find a fresh mortgage, have about 25 yrs left, around $360k left to pay off. House valued at around a million, downtown Toronto. Currently have a 2.99% on a 5 yr fixed that ends mid May. Waiting to speak to our renewal manager at the lender we are with.
I'm self employed, partner is salaried and fairly safe, unless DoFo F's that up in the upcoming budget....
Any advice fro the pro's on how to proceed would be greatly appreciated. thx.
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Apr 7, 2019
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Hi, last week I lost my full time job (worked for less than a year). I would be joining my new job (full time) next week and would be on probation for 6 months.

My spouse has a stable full time job that pays 84k. My new pay would be 86k. We have no debts, our Credit scores are 700+

1) If my spouse applies as the Primary, can we together qualify for a house costing 700k with 20% down from A-lenders or do we have to wait till my probation gets over ?.

2) Can lender insist for CMHC, even after 20% down, considering I will be on probation ?
Newbie
Apr 6, 2019
1 posts
Closing on a Condo in New Westminster for $480k in approximately 3 weeks.

We have 20% down and are going 5 year fixed. Right now we are looking at 3.29%. The terms with regards to prepayments and breaking early are quite flexible. Does that seem like a reasonable rate?
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Most lenders are not too favorable to employment still under probation. But depending on the overall strength of the application there are situations where exceptions are granted and the probation may not be an issue. How long you have been in the industry, your credit rating, etc will have an impact.
an81mb wrote: Hi, last week I lost my full time job (worked for less than a year). I would be joining my new job (full time) next week and would be on probation for 6 months.

My spouse has a stable full time job that pays 84k. My new pay would be 86k. We have no debts, our Credit scores are 700+

1) If my spouse applies as the Primary, can we together qualify for a house costing 700k with 20% down from A-lenders or do we have to wait till my probation gets over ?.

2) Can lender insist for CMHC, even after 20% down, considering I will be on probation ?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
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Jan 31, 2018
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DrewR22704 wrote: Closing on a Condo in New Westminster for $480k in approximately 3 weeks.

We have 20% down and are going 5 year fixed. Right now we are looking at 3.29%. The terms with regards to prepayments and breaking early are quite flexible. Does that seem like a reasonable rate?
You do have better rates available but you would need to reach out to any of the posting brokers asap

2.99% fixed for 5 yrs 20/20 prepayments

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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dr95462 wrote: Need to renew or find a fresh mortgage, have about 25 yrs left, around $360k left to pay off. House valued at around a million, downtown Toronto. Currently have a 2.99% on a 5 yr fixed that ends mid May. Waiting to speak to our renewal manager at the lender we are with.
I'm self employed, partner is salaried and fairly safe, unless DoFo F's that up in the upcoming budget....
Any advice fro the pro's on how to proceed would be greatly appreciated. thx.
You would be eligible for some great rates see below:

2.94% 5 yr fixed

2.80% or prime -1.15% 5 yr variable

Who is the current lender and do you have any lines of credit attached to the home ?

Reach out to any of the brokers on the forum
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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an81mb wrote: Hi, last week I lost my full time job (worked for less than a year). I would be joining my new job (full time) next week and would be on probation for 6 months.

My spouse has a stable full time job that pays 84k. My new pay would be 86k. We have no debts, our Credit scores are 700+

1) If my spouse applies as the Primary, can we together qualify for a house costing 700k with 20% down from A-lenders or do we have to wait till my probation gets over ?.

2) Can lender insist for CMHC, even after 20% down, considering I will be on probation ?
Which city are you buying in? I also have a credit union in Ontario that is pretty good with probation.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Greetings and thank you for your great work.

I'm a new home buyer in Ottawa with 10% downpayment for a new development townhouse value of $420K

The knowledge we base our research is to look for lender A or B level. A known website shows the rate of 2.75% 5 years on a fixed term, which I cannot match to any of the posts here within the last a few days.

Your insight is appreciated!

PS: I would like some clarification regarding repayment ratios used in some of the posts here (e.g. 10-10 or 20/20)
Jr. Member
Nov 15, 2011
102 posts
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Looking for any advice. Currently with CIBC on a 5 year fixed but it is up for renewal at the end of July 2019.

Purchase price: $232,000
Down payment: 20%
Maturity Date: July 26, 2019
Maturity Balance: $95,588.50
Remaining Amortization: 12 Years 2 Months
Primary residence or rental property: Primary
Location : Kitchener ON
Amortization: 30 years
Current interest rate: 2.99%
Term: 5 fixed

CIBC just called and said 3yr fixed is around 3.1% and 5yr fixed around 3.2%. Would it be worth leaving them and renewing somewhere else that would offer 2.99%? Aren't there fees with leaving that I will need to pay for?

Any advice is appreciated :)
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Sep 13, 2011
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theblues wrote: Greetings and thank you for your great work.

I'm a new home buyer in Ottawa with 10% downpayment for a new development townhouse value of $420K

The knowledge we base our research is to look for lender A or B level. A known website shows the rate of 2.75% 5 years on a fixed term, which I cannot match to any of the posts here within the last a few days.

Your insight is appreciated!

PS: I would like some clarification regarding repayment ratios used in some of the posts here (e.g. 10-10 or 20/20)
I believe the 2.75% you are looking at is for a variable rate mortgage. If it says otherwise, then it sounds like it could be an error. Lowest 5 year fixed with 10% down would be 2.89%. 5 year variable is 2.75%. There are shorter term fixed rates as well, but they are at higher rates.

10/10 or 20/20 refers to your prepayment privileges. which is how much the lender will allow you to pay against your mortgage over and above the scheduled payments. The first number represents your increase to the scheduled payments. The second number refers to your lump sum payments. So if the option has 20/20 prepayment privileges, you can increase your scheduled payments by up to 20% per year. You can also pay up to 20% of the original mortgage balance per year. You can do any combination of both as long as it doesn’t exceed 20% of the original mortgage balance (which is the case with most, but not all lenders). Most lenders will let you break up the lump sum privileges into as many payments as you like, providing they fall on a scheduled payment date. Some lenders however will limit you to only a few times per year, or some even one time per year. RBC for example has only 10/10 prepayment privileges, however they will also let you double up the payments. The limit their lump sum privileges to only one time per year on the anniversary date.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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justineh wrote: Looking for any advice. Currently with CIBC on a 5 year fixed but it is up for renewal at the end of July 2019.

Purchase price: $232,000
Down payment: 20%
Maturity Date: July 26, 2019
Maturity Balance: $95,588.50
Remaining Amortization: 12 Years 2 Months
Primary residence or rental property: Primary
Location : Kitchener ON
Amortization: 30 years
Current interest rate: 2.99%
Term: 5 fixed

CIBC just called and said 3yr fixed is around 3.1% and 5yr fixed around 3.2%. Would it be worth leaving them and renewing somewhere else that would offer 2.99%? Aren't there fees with leaving that I will need to pay for?

Any advice is appreciated :)
Best rate would be 2.94% 5-year fixed. Assuming you don’t have a collateral charge (CIBC’s Home Power Plan), then legal and appraisal fees will be covered!
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
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Jan 11, 2017
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PaulMeredith wrote: I believe the 2.75% you are looking at is for a variable rate mortgage. If it says otherwise, then it sounds like it could be an error. Lowest 5 year fixed with 10% down would be 2.89%. 5 year variable is 2.75%. There are shorter term fixed rates as well, but they are at higher rates.

10/10 or 20/20 refers to your prepayment privileges. which is how much the lender will allow you to pay against your mortgage over and above the scheduled payments. The first number represents your increase to the scheduled payments. The second number refers to your lump sum payments. So if the option has 20/20 prepayment privileges, you can increase your scheduled payments by up to 20% per year. You can also pay up to 20% of the original mortgage balance per year. You can do any combination of both as long as it doesn’t exceed 20% of the original mortgage balance (which is the case with most, but not all lenders). Most lenders will let you break up the lump sum privileges into as many payments as you like, providing they fall on a scheduled payment date. Some lenders however will limit you to only a few times per year, or some even one time per year. RBC for example has only 10/10 prepayment privileges, however they will also let you double up the payments. The limit their lump sum privileges to only one time per year on the anniversary date.
Is this 2.89% with HSBC ? Is it true HSBC offering 2.74% on 5 yr fixed ? Any Catch? I am asking for new mortgage with CMHC.
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Sep 26, 2006
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Starting to look into buying our first home in the Greater Toronto Area. From what I'm seeing on this thread and others is that you get better rates if you put 20% or less down. Problem is that our household income won't be as sufficient if it isn't for > 20% down to allow us to qualify for large enough mortgage. Any idea to the truth to this and any way to get a decent rate with more than 20% down?

Also, is there any point into going to the Big Banks just to see what rates they offer and how large of a mortgage we would qualify for before looking into the smaller banks and credit unions?

Thanks.
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