Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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nasdaqnyse wrote: Has the lowest 5 year fixed for conventional (>20%) now dropped to 2.89%?
Yes.
Kevin Somnauth, CFA
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nasdaqnyse wrote: Has the lowest 5 year fixed for conventional (>20%) now dropped to 2.89%?
Yes, for down payment of 20% - 34.99%. For down payment greater than 35% lowest rate would be 2.84%. Note that purchase price must be under $1 million and maximum amortization is 25 years (this is the case for most of the lowest rate options. This rate is also available for those with a renewal coming up as well. If you have a renewal, property value must be under $1 million OR you purchased your property prior to November 30th, 2019.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Randazzle wrote: Oh, that’s strange, NBC mortgage broker told us to book an appointment with him ASAP to look into my refinancing. This is why I’m looking for rates.
Really, he told you that you needed to meet him ASAP for a renewal coming up in November? This is why it's so important to choose the right person to handle your mortgage for you. If you do end up working with NBC in the future, I would definitely ask for someone else to work with. This person is misleading you. Rates will likely be lower once you are within the 90 day window as well.
Paul Meredith
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Nov 6, 2013
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Hampstead, QC
Hi there, would-be first time buyer here. I've looked at a few places closely, but have not yet visited a bank for firm rates.

Purchase Price : $350k
Downpayment: 20% (up to 25%, but seems unnecessary?)
Closing date: none yet
Primary residence? Yes
Location: Montreal, QC
Amortization: 30yr or 25 yr
Household income: $75k

It would seem that the best 5yr fixed-closed publicly available is HSBC with 3.04%. But would love to be surprised.
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Diakonos wrote: Hi there, would-be first time buyer here. I've looked at a few places closely, but have not yet visited a bank for firm rates.

Purchase Price : $350k
Downpayment: 20% (up to 25%, but seems unnecessary?)
Closing date: none yet
Primary residence? Yes
Location: Montreal, QC
Amortization: 30yr or 25 yr
Household income: $75k

It would seem that the best 5yr fixed-closed publicly available is HSBC with 3.04%. But would love to be surprised.
Lowest 5 year fixed in your case would be 3.04% with 25 year amortization or 3.09% with 30 year amortization. Lower rates likely coming soon though.
Paul Meredith
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Jan 11, 2019
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rateconnect wrote: You would have great rates available 2.89% on the 5 yr fixed & 2.85% or prime -1.10%

Reach out to any of the brokers on the forum

Phil
Is 2.89% 5-year fixed for 30-year amortization or 25?
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Nov 6, 2013
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PaulMeredith wrote: Lowest 5 year fixed in your case would be 3.04% with 25 year amortization or 3.09% with 30 year amortization. Lower rates likely coming soon though.
Thanks very much. I guess it makes sense to find a place first, then, before locking up a rate.
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So I have 3 mortgages coming up and I have a question about temporary unemployment and if it will impact them.

My wife took 1.5 years off for sick/mat leave and now wants to take another 1.5 years off for a post grad. She has worked 1 day a month to keep her previous job which she can switch back to full time at any time.

She has a renewal coming in summer 2020 where she is the sole mortgage holder and it's a break even rental property. Can she just renew without income verification? Would I have to now cosign on this? It is with RMG, about 50% equity.

Then we have our house renewal coming up in summer 2021. Same question, can we just renew without income verification. It is with Scotia bank, about 40% equity.

Then we will need a new mortgage in 2022, I expect she will be back at work this year but will have little or no income for the past two years, will this be an issue? It will be for a rental property that is breaking even. Unknown lender but will have 20% down.

I could get a relative to cosign but I'd rather find a way to do these on our own. She can go back to work if necessary but would rather not. I don't want to just get stuck renewing and paying higher rates for no reason.
Last edited by mazerbeaner on Apr 11th, 2019 9:13 am, edited 1 time in total.
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xqcftwx wrote: Is 2.89% 5-year fixed for 30-year amortization or 25?
This is a 25 yr amortization - 30 yr 3.09%
Phil Cragg
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Nov 8, 2014
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Maple, ON
Hello, Looking for some advice on renewing early on my home mortgage.

Is it worth it to break mortgage early? (I realize i would need to find out from MCAP what the penalty would be to break early)

what are the best rates available for my situation?

Location: Vaughan
Estimated home value: $800,000-850,000
Maturity date: April 2020
Closing principal at maturity: $172,525
Remaining amortization at maturity: 6 years
Current Rate: 3.05%
Current lender: MCAP - 5 yr variable
Mortgage protection: NO

Thanks!
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2st thing to know is : what product do you have with Mcap? They have 2 products : the "regular" (sometimes called MVIP) and the ValueFlex. If you have the ValueFlex you cannot break the mortgage before maturity in April next year.

As you have a variable rate term, the penalty will be 3 months interest, but you need to know if the product you have allows you to break away in the middle of the term or not.
pvesa16 wrote: Hello, Looking for some advice on renewing early on my home mortgage.

Is it worth it to break mortgage early? (I realize i would need to find out from MCAP what the penalty would be to break early)

what are the best rates available for my situation?

Location: Vaughan
Estimated home value: $800,000-850,000
Maturity date: April 2020
Closing principal at maturity: $172,525
Remaining amortization at maturity: 6 years
Current Rate: 3.05%
Current lender: MCAP - 5 yr variable
Mortgage protection: NO

Thanks!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
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mazerbeaner wrote: So I have 3 mortgages coming up and I have a question about temporary unemployment and if it will impact them.

My wife took 1.5 years off for sick/mat leave and now wants to take another 1.5 years off for a post grad. She has worked 1 day a month to keep her previous job which she can switch back to full time at any time.

She has a renewal coming in summer 2020 where she is the sole mortgage holder and it's a break even rental property. Can she just renew without income verification? Would I have to now cosign on this? It is with RMG, about 50% equity.

Then we have our house renewal coming up in summer 2021. Same question, can we just renew without income verification. It is with Scotia bank, about 40% equity.

Then we will need a new mortgage in 2022, I expect she will be back at work this year but will have little or no income for the past two years, will this be an issue? It will be for a rental property that is breaking even. Unknown lender but will have 20% down.

I could get a relative to cosign but I'd rather find a way to do these on our own. She can go back to work if necessary but would rather not. I don't want to just get stuck renewing and paying higher rates for no reason.
You will be able to renew without income verification. No qualification needed at all for renewals! You'll likely be limited to going with the same lender however. If you want to switch lenders, then full income verification and qualification will be required.
Paul Meredith
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PaulMeredith wrote: You will be able to renew without income verification. No qualification needed at all for renewals! You'll likely be limited to going with the same lender however. If you want to switch lenders, then full income verification and qualification will be required.
Thank you, I guess in that case I would not be able to extend out the amort? Will I be able to change the accelerated biweekly to regular monthly?
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mazerbeaner wrote: Thank you, I guess in that case I would not be able to extend out the amort? Will I be able to change the accelerated biweekly to regular monthly?
Correct. You would not be able to extend your amortization, as doing so would require a refinance, which would then require qualification. you would still be able to change your payment frequency at any time. You do not have to wait until your terms end to change payment frequency. This can be done at any time during the term very easily.
Paul Meredith
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I'm looking to refinance my mortgage for a recently purchased home. We recently renewed our mortgage in Oct 2018 for 3 year fixed term with CIBC. We weren't planning on moving but something came up and we have recently bought a new home in March and have a firm offer on our existing home. Our current closing date is June 14.

Current mortgage amount: Estimated ~134K by closing
Maturity Date: Oct 2021
Interest Rate: 3.24% Fixed
Remaining Amortization 7 years.
Approximate market value: 660K Sale Price
Purchase Price of new home: 840K
Required Mortgage: Estimated ~220-230K

Original purchase date (month and year): Sept 2013 (TD)
Did you pay an insurance premium such as CMHC when you purchased the home?: No
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: Yes, Oct 2018 (CIBC)
Do you have a second component such as a HELOC attached to your mortgage?: Yes, 45K
Current lender: CIBC
Is this your primary residence or a rental property?: Primary Residence
Province: Ontario
Maturity date: Oct 2021

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