Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jan 31, 2018
1541 posts
241 upvotes
pata3004 wrote: Hello Experts,

Looking for some idea on 5 year fixed rates for my situation. First time buyer, bought a house in GTA. Details are all follows:

Purchase price - $610,000
Down payment amount (or percentage) - 5%
Primary residence or rental property - Primary
Province - Ontario
Closing date - May 20th
Very best rates for your situation

5 yr fixed rate 2.84% 20/20 prepayments 120 day hold

5 yr variable 2.75% prime - 1.20% 20/20 prepayments 120 day hold

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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SteveC123472 wrote: I have a question regarding the determination between owner occupied vs rental for mortgage rates. I bought a condo in another city to be used by a family member as they have moved there. Does this still count as owner occupied?
2nd homes have no premium on rate when occupied by family members

Best rates available

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Chingyul wrote: Coming up on renewal.

Currently:
Purchase: $470,000
Mortgage Balance: $280,566.29
Maturity Date: December-22-19
Term: 5 years
Remaining Term: 9 months
Remaining Amortization: 13 years, 7 months (Bought Dec 2014 with 30 yr amortization, but did a bunch of pre-payment and payment increases).
Interest Rate: 3.25% (Prime - 0.7)
Variable or Fixed: Variable

What's out there for 5 year fixed vs variable.
Reach out to any of the brokers on the forum 120 days prior to your renewal

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
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mparker2 wrote: I've had my mortgage with MCAP for almost 10 years (1 renewal). Their service is excellent. User-friendly online portal. Will consider renewing with them again provided their offer is competitive, though that is certainly not guaranteed as there are often incentives to switch lenders. I have no complaints with their service over the past 10 years and the online portal is user-friendly and intuitive.
+1. Thanks for taking time to provide feedback to the thread.
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
PLATINUM CLUB Award Winner At Century 21 Innovative
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Nov 1, 2007
182 posts
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Moving for work, flying out to Ottawa to pick a house this weekend so purchase price is estimate.

Purchase price - $700,000
Down payment amount (or percentage) - 20%
Primary residence or rental property - Primary
Province - Ontario
Closing date - June 1-15th

Thanks in advance!
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Feb 2, 2014
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tallguy84 wrote: Moving for work, flying out to Ottawa to pick a house this weekend so purchase price is estimate.

Purchase price - $700,000
Down payment amount (or percentage) - 20%
Primary residence or rental property - Primary
Province - Ontario
Closing date - June 1-15th

Thanks in advance!
2.89% 5-year fixed or 2.85% 5-year variable are the best rates with 20% down.

Good luck with your home search.
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
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
Jun 19, 2012
31 posts
1 upvote
Toronto
I'm a first time home buyer, taking my first steps and now seeking pre-approval. I've referenced checklists online and have now gathered all the recommended financial documents I'll need to show a broker/lender so they can verify my financial situation. I'm hoping to get pre-approvals from a few different brokers/lenders, as is also recommended. To any of the agents on this board now reading this message, please get in touch with me (private message or however) and let me know how we can proceed. I'm located in West Toronto, but have a vehicle. I imagine the process involves me coming into your office, showing and going over the documentation etc., though perhaps this can all be done online or over the phone? Honestly no idea, completely new to this. Perfectly happy to come in person though, in fact, I generally prefer it for important things such as these. However, I do work 8 to 4:30, Mon - Fri and it seems many brokerages are only open until 5, and not open weekends, making things difficult. Anyways, I'm ready to go, just want to make it happen, so yeah, do let me know how best to proceed, if you're so inclined. Thanks!

p.s. - I have an appointment with a ‘big bank’ today at 5pm; if I get a pre-approval from them AND then pre-approvals from additional ‘smaller’ brokers/lenders, within a short period of time, is this going to hit my credit rating multiple times? I'm under the impression that the answer is "no, it'll only count as ONE hit as long as the checks are all done within a short period of time", regardless of big vs. small, but I just want to be certain. Thanks again
Sr. Member
Nov 6, 2009
886 posts
138 upvotes
What are potential rates for $900k mortgage amount (after 20%down) 4/5 years fixed and 5 year variable???
Thanks
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
Edit : rates below are for purchases under 1 million. Is the 900k the purchase price or the mortgage amount?

5y fixed at 2.89% and a 5y variable at P-1.10% (so 2.85%).
sonajatt wrote: What are potential rates for $900k mortgage amount (after 20%down) 4/5 years fixed and 5 year variable???
Thanks
Last edited by valuemortgage on Apr 12th, 2019 8:59 am, edited 1 time in total.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Addict
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Jan 31, 2018
1541 posts
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tallguy84 wrote: Moving for work, flying out to Ottawa to pick a house this weekend so purchase price is estimate.

Purchase price - $700,000
Down payment amount (or percentage) - 20%
Primary residence or rental property - Primary
Province - Ontario
Closing date - June 1-15th

Thanks in advance!
Great rates available 2.89% 5 yr fixed 20/20 prepayments

2.85% or prime- 1.10% 5 yr variable

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
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Jan 31, 2018
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sonajatt wrote: What are potential rates for $900k mortgage amount (after 20%down) 4/5 years fixed and 5 year variable???
Thanks
Best rates below

2.89% 5 yr fixed & 2.85% 5 yr variable

If purchase price is over a million 3.09% is the best 5 yr fixed

Both have 20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Sep 13, 2011
5052 posts
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Toronto
Webwalker wrote: I'm a first time home buyer, taking my first steps and now seeking pre-approval. I've referenced checklists online and have now gathered all the recommended financial documents I'll need to show a broker/lender so they can verify my financial situation. I'm hoping to get pre-approvals from a few different brokers/lenders, as is also recommended. To any of the agents on this board now reading this message, please get in touch with me (private message or however) and let me know how we can proceed. I'm located in West Toronto, but have a vehicle. I imagine the process involves me coming into your office, showing and going over the documentation etc., though perhaps this can all be done online or over the phone? Honestly no idea, completely new to this. Perfectly happy to come in person though, in fact, I generally prefer it for important things such as these. However, I do work 8 to 4:30, Mon - Fri and it seems many brokerages are only open until 5, and not open weekends, making things difficult. Anyways, I'm ready to go, just want to make it happen, so yeah, do let me know how best to proceed, if you're so inclined. Thanks!

p.s. - I have an appointment with a ‘big bank’ today at 5pm; if I get a pre-approval from them AND then pre-approvals from additional ‘smaller’ brokers/lenders, within a short period of time, is this going to hit my credit rating multiple times? I'm under the impression that the answer is "no, it'll only count as ONE hit as long as the checks are all done within a short period of time", regardless of big vs. small, but I just want to be certain. Thanks again
Everything is typically done by phone and email, so the entire process can be done without you having to get off your couch! Of course, if you prefer a face to face meeting, this can be arranged as well.

There is no need to get more than one pre-approval. Pointless actually. At this stage, you just want to find out how much you will qualify for, which your bank can help you with. All of the lowest rates we post on this board and promo rates, which cannot be locked in until you have an accepted offer on a property anyway.

Depending on your situation, 5 year fixed rates start as low as 2.84% or 5 year variable as low as prime -1.20% (2.75%). Again, these cannot be locked in until you have an accepted offer on a property.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Nov 8, 2014
56 posts
3 upvotes
Maple, ON
valuemortgage wrote: 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.
Thanks for the info.
Yes I'll have to give them a call to find out if i'm able to break early.

But just for curiousity, what rates would be available in my situation?
Member
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Sep 5, 2007
213 posts
73 upvotes
Hello there, I'm looking for the lowest available 5 year fixed rate to renew my mortgage,


Mortgage amount owing at maturity: $101,000
Approximate market value: $650,000
Original purchase date (month and year): June 2009
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? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender: First National
Is this your primary residence or a rental property? Primary Residence
Location: Calgary
Maturity date June 3, 2019
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
You can get a 5y at 2.94%, given the mortgage amount. Lower rates exist but there would be fees to transfer out of FN with such a low mortgage balance. The 2.94% comes with no transfer fees.
c9gunner wrote: Hello there, I'm looking for the lowest available 5 year fixed rate to renew my mortgage,


Mortgage amount owing at maturity: $101,000
Approximate market value: $650,000
Original purchase date (month and year): June 2009
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? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender: First National
Is this your primary residence or a rental property? Primary Residence
Location: Calgary
Maturity date June 3, 2019
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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