Real Estate

The Official Mortgage Rates Thread

Sr. Member
Nov 6, 2009
984 posts
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What are potential rates for $900k mortgage amount (after 20%down) 4/5 years fixed and 5 year variable???
Thanks
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Dec 1, 2015
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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
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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
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Mortgage Outlet Inc Broker License #12628
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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
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Mortgage Outlet Inc Broker License #12628
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Sep 13, 2011
5454 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
61 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
249 posts
105 upvotes
Calgary
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
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Dec 1, 2015
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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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Dec 1, 2015
1966 posts
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Etobicoke, ON
5y fixed at 2.89% or 5y variable at 2.75%.
pvesa16 wrote: 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?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Sr. Member
Oct 2, 2013
684 posts
150 upvotes
Mississauga
Hi,

Whats the best rate for 750k High ratio mortgage with around 8% or 10% down. And i am seeing rates of 2.84/2.89. Is that from a big 5 bank or credit union like First National etc

First time home buyer, Almost on border of GDS & TDS ratios.

house price : $750,000
Original purchase date (month and year): Apr 2019
Did you pay an insurance premium such as CMHC when you purchased the home? YES
Is this your primary residence or a rental property? Primary Residence
Location: Halton Region
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
Monoline lender at 2.84%, there is one at 2.89%, etc. Banks would be around 3.09% or so.

With a decent mortgage amount such as this, it does pay to go with a monoline lender as you will save a small fortune in interest.
asgr815 wrote: Hi,

Whats the best rate for 750k High ratio mortgage with around 8% or 10% down. And i am seeing rates of 2.84/2.89. Is that from a big 5 bank or credit union like First National etc

First time home buyer, Almost on border of GDS & TDS ratios.

house price : $750,000
Original purchase date (month and year): Apr 2019
Did you pay an insurance premium such as CMHC when you purchased the home? YES
Is this your primary residence or a rental property? Primary Residence
Location: Halton Region
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Apr 11, 2019
6 posts
2 upvotes
St. John's
Hello, have a question about the best mortgage rates available in St. John's, NL. Have a new purchase closing on June 4th, we are lucky and able to put a larger % down due to a gift of money from a family member. Hoping to get the best rate possible on a 5-yr fixed ideally. Anyone familiar with the east coast market?

Info:
Mortgage amount - $180,000
Purchase price - $310,000
Downpayment - 40%
Primary Residence - yes
Attached home on one side


First time buyer (my partner), I own another house
Location: St. John's, NL
Closing date: June 4th, 2019
Financing needed by: April 23, 2019
Pre-approval from RBC (partner's bank)
Haven't have our credit scores checked yet

Any info would be very appreciated. We've been hearing great things about HSBC's rates but haven't met anyone in person yet to field offers.
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Feb 2, 2014
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Toronto
asgr815 wrote: Hi,

Whats the best rate for 750k High ratio mortgage with around 8% or 10% down. And i am seeing rates of 2.84/2.89. Is that from a big 5 bank or credit union like First National etc

First time home buyer, Almost on border of GDS & TDS ratios.

house price : $750,000
Original purchase date (month and year): Apr 2019
Did you pay an insurance premium such as CMHC when you purchased the home? YES
Is this your primary residence or a rental property? Primary Residence
Location: Halton Region
As mentioned, 2.84% 5-year fixed is the best rate.

HOWEVER, you need to hurry. You said the closing date is this month. It takes about 2 weeks minimum to get a mortgage in-place. Furthermore, you lawyer will want mortgage instructions about a week before closing.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Oct 2, 2013
684 posts
150 upvotes
Mississauga
CdnRealEstateGuy wrote: As mentioned, 2.84% 5-year fixed is the best rate.

HOWEVER, you need to hurry. You said the closing date is this month. It takes about 2 weeks minimum to get a mortgage in-place. Furthermore, you lawyer will want mortgage instructions about a week before closing.
Sorry i bought the property this month but closing is in less than 1.5 months.
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Feb 2, 2014
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asgr815 wrote: Sorry i bought the property this month but closing is in less than 1.5 months.
No need to apologize, you wrote it correctly. I assumed you meant closing date, but your terminology was correct.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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