Real Estate

The Official Mortgage Rates Thread

Newbie
Oct 19, 2020
3 posts
Does anybody want to take a shot at mine?
SteveC83502 wrote: For a mortgage transfer/renewal:

-How much is the mortgage owing? $233.5K
-Roughly, what is the current market value of the property? $330k
-Which city is the property located in? Elizabethtown Ontario
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Radius Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? August 2016
-When is your renewal date? August 2021
-Existing rate: 2.59%
-20 year amortization

Break fees approximately $2000

I think it will be roughly a wash for this term, but I am interested anyway so I can lock in the low rate for the next five years. I am a bit worried that rates will creep up a bit by the time im up for renewal.
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Jun 24, 2020
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SteveC83502 wrote: Does anybody want to take a shot at mine?
You are correct in that it would be a wash pretty much to switch, however do note that low rates won’t be going anywhere for a while; your not at a loss if you do wait till next year on renewal to get a better rate, plus rates are only dropping lately.
Deal Addict
Dec 17, 2013
1313 posts
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CALGARY
TazZaide wrote: Nothing at all! If the savings makes sense and offsets your penalty, then you can definitely look into seeing what you have available if you switch your mortgage for a lower rate. If you fill out the questions from page 1, the brokers here would be able to see whether it makes sense to switch for you, and what kind of rates you’d be looking at.
You can also roll in upto $3000 of your penalty into the mortgage upon your switch to the new lender, so you don’t have to pay upfront from pocket.
I am in the same boat, renewed in July at 2.05% variable uninsured mortgage? What are my options to move to lower rates? Mortgage amount is 404k.
Member
Oct 6, 2012
217 posts
65 upvotes
alberta
rateconnect wrote: 5 yr fixed 1.74%
5 yr variable 1.65%

Major bank

Phil
Hello, Looking for renewal, Could you please help me to find the best rate?

How much is the mortgage owing? $390000
Roughly, what is the current market value of the property? $500000
Which city is the property located in? Edmonton
Is the property owner-occupied or a rental? Owner-occupied
Who is your current lender? TD
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? No
When did you buy the property? Dec 2016
When is your renewal date? Jan 2020
What’s your current rate? 2.39%

Td said their best rate currently is 1.74 for 4 years Fixed. Please let me know your findings. Thank you
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Jun 24, 2020
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cec4111 wrote: I am in the same boat, renewed in July at 2.05% variable uninsured mortgage? What are my options to move to lower rates? Mortgage amount is 404k.
If you can fill out the below, we can give you a more accurate idea on what options are available;

How much is the mortgage owing?
Roughly, what is the current market value of the property?
Which city is the property located in?
Is the property owner-occupied or a rental?
Who is your current lender?
Do you have a HELOC tied to the mortgage?
Is the mortgage CMHC insured?
When did you buy the property?
When is your renewal date?
What’s your current rate?
Deal Addict
Sep 12, 2007
2508 posts
787 upvotes
PaulMeredith wrote: Thanks for the info! Definitely much lower rates out there. The lowest 5 year fixed rate in your situation would be 1.59% or 5 year variable at prime -0.90% (1.55%), which are available through any regular posting broker on this board.
Hi Paul, thanks for responding. I guess the mortgage would be with CityCan, or some other institution? I just want to compare the features vs RBC, but went to the website and couldn't find that information (ie double up possible for a period, or one payment, lump sum options, etc).
The 1.59 5YR fixed sounds good, but would want to know if switching would cover legal fees and part/all of the penalty.

How would I go about finding out that info? Sorry if it's been posted, there are 4000+ posts here....

Thanks,
Newbie
Nov 27, 2019
10 posts
2 upvotes
For a mortgage transfer/renewal:

-How much is the mortgage owing? 424,500
-Roughly, what is the current market value of the property? 700,000
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 1 Oct 2016
-When is your renewal date? 1 Oct 2021
Deal Addict
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Jun 24, 2020
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CoolCAN wrote: For a mortgage transfer/renewal:

-How much is the mortgage owing? 424,500
-Roughly, what is the current market value of the property? 700,000
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 1 Oct 2016
-When is your renewal date? 1 Oct 2021
1.54% five year fixed or 1.50% five year variable available. Do note that these rate holds are only for 90-120 days. Do you know your penalty to break? What’s your current interest rats? Based on this, we can see if it makes sense to switch early.
Last edited by TazZaide on Oct 20th, 2020 6:49 pm, edited 2 times in total.
Sr. Member
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Aug 20, 2020
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Scarborough
CoolCAN wrote: For a mortgage transfer/renewal:

-How much is the mortgage owing? 424,500
-Roughly, what is the current market value of the property? 700,000
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 1 Oct 2016
-When is your renewal date? 1 Oct 2021
Whats your penalty to switch & current interest rate? You may get 1.64% fixed 3-year, 1.57% fixed 5-year or 1.55% (Prime minus 0.90%) variable 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Jun 3, 2013
3 posts
Ottawa
For a mortgage renewal:

-How much is the mortgage owing? $116K
-Roughly, what is the current market value of the property? $450k
-Which city is the property located in? Ottawa Ontario
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Jan 2011
-When is your renewal date? Jan 2021
-Existing rate: 2.59%

I am being offered 1.69 to renewal with current lender
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Jan 31, 2018
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hoodlum wrote: New Purchase
What is the purchase price? 340k
-How much is the down payment? 25%
-Where it the property located? Stratford, ON
-When is the closing date? Nov 17
-Will the property be owner-occupied or a rental? owner-occupied

Looking at 5 year fixed for 10-12 year amortization.
1.54% full featured 5 yr fixed
20/20 prepayment
You need to move quickly given the closing date

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Jun 24, 2020
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macbain wrote: For a mortgage renewal:

-How much is the mortgage owing? $116K
-Roughly, what is the current market value of the property? $450k
-Which city is the property located in? Ottawa Ontario
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Jan 2011
-When is your renewal date? Jan 2021
-Existing rate: 2.59%

I am being offered 1.69 to renewal with current lender

Generally you’d have 1.54-1.59% five year fixed or 1.50% five year variable available but for your mortgage size that’s a good renewal rate.
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Jan 31, 2018
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macbain wrote: For a mortgage renewal:

-How much is the mortgage owing? $116K
-Roughly, what is the current market value of the property? $450k
-Which city is the property located in? Ottawa Ontario
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Jan 2011
-When is your renewal date? Jan 2021
-Existing rate: 2.59%

I am being offered 1.69 to renewal with current lender
Given the mortgage amount pretty aggressive rate from the existing lender

You can get slightly better but the costs to switch wont be covered due to the amount requested

Try to get them down a bit

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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CoolCAN wrote: For a mortgage transfer/renewal:

-How much is the mortgage owing? 424,500
-Roughly, what is the current market value of the property? 700,000
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD Bank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 1 Oct 2016
-When is your renewal date? 1 Oct 2021
5 yr fixed 1.54% costs covered on a collateral switch
5 yr variable 1.50%

Penalty is key please find out and repost

What is your current rate

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Nov 27, 2019
10 posts
2 upvotes
Thanks for your quick reply. Current rate is 2.39 and estimated penalty is around 6700

Though i will confirm from bank and repost
Deal Addict
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Jun 24, 2020
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CoolCAN wrote: Thanks for your quick reply. Current rate is 2.39 and estimated penalty is around 6700

Though i will confirm from bank and repost
Unfortunately the savings is not there due to the high penalty, you’d be in the negative if you switched now.
Sr. Member
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Aug 20, 2020
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Scarborough
CoolCAN wrote: Thanks for your quick reply. Current rate is 2.39 and estimated penalty is around 6700

Though i will confirm from bank and repost
Not worth if the penalty is greater than $2800. Only reason you would shift now is if you think that the interest rate would rise by next Oct OR you think you might sell the property in 5 years from today!
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Oct 19, 2020
2 posts
-What is the purchase price? 1.3M
-How much is the down payment? 260K
-Where it the property located? New Westminster British Columbia
-When is the closing date? November 30
-Will the property be owner-occupied or a rental? Owner Occupied

Appreciate everyone's input.

Cheers
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Jun 24, 2020
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glaaze83 wrote: -What is the purchase price? 1.3M
-How much is the down payment? 260K
-Where it the property located? New Westminster British Columbia
-When is the closing date? November 30
-Will the property be owner-occupied or a rental? Owner Occupied

Appreciate everyone's input.

Cheers
Likely 1.74% five year fixed or 1.65% five year variable available through a major bank
Sr. Member
Dec 19, 2010
809 posts
263 upvotes
I have a $460k mortgage renewal coming due in Feb 2021 (Milton, ON). This is an investment/rental property. My current lender has offered an early renewal at 1.7% variable rate (5 yr term) with 30 yr amortization.

Is this a competitive rate for a rental property with 30 yr amortization?

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