Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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asgr815 wrote: So i keep reading 2.84 / 2.89 from similar lenders on this thread, can anyone tell me what are the conditions and prepayment options and penalties associated with these products ?

I heard that penalties etc are severe in some cases as much as 3% of remaining balance if you decide to sell.

Can someone give a rough idea of terms and differences between different options.
Depending on your situation loan to value etc you could be eligible for these rates and they are non restrictive products

20/20 prepayments
normal penalties - 3 months or the interest rate differential (greater of) if you were to break early

There are some products that have set penalties 2.75% of balance or a bona fide sales clause none of which apply to these rates

Hope this helps

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Aug 30, 2018
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rateconnect wrote: You have great rates available

2.84% 5 yr fixed 20/20 prepayments you will have legals of approx. $600 or 2.89% where you can have legals covered

2.75% or prime -1.20% where you have legals covered

Phil
Thanks Phil - how would I go about getting these rates? I've been in contact with the mortgage broker that I used when I purchased my first house, how should I present those numbers to her?

Simon
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toradian wrote: What is the best 2yr rate available for an investment property in GTA? mortgage amount would be roughly 500k
On a rental best 2 yr rate is 3.14% major bank

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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US_Prophet wrote: Hey there, I have a mortgage renewal coming up for end of May and Scotiabank offered me 3.31 for both 3 and 5 year fixed. What are the best options available for 3 or 5 year fixed?

How much is the mortgage owing? 307000
-Roughly, what is the current market value of the property? 530000
-Which city is the property located in? Edmonton area
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2012
-When is your renewal date? End of May

Best regards.
You would have 2.84% available on the 5 yr fixed term almost a 50pt saving over the awful rate being offered by Scotia

3 yr is higher at 2.99% so more bang for your buck on the 5 yr

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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kijman wrote: Hi! I'm looking for some mortgage information/advice:
First property
$500,000 purchase price
20% Down-payment
Edmonton, AB
Closing end of May
New (spec home)
Looking for quotes on 5Y Fixed and Variable-closed rates.

Thank you very much!
5 yr variable -- You would have 2.95% restrictive (2.75% penalty clause ) or 3% regular product

5 yr fixed 2.89%

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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simontt wrote: Thanks Phil - how would I go about getting these rates? I've been in contact with the mortgage broker that I used when I purchased my first house, how should I present those numbers to her?

Simon
Give the current broker the opportunity to match the rates if not reach out to any of the brokers on the forum Myself,Paul Andre,Kevin or Connor

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
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Toronto
asgr815 wrote: So i keep reading 2.84 / 2.89 from similar lenders on this thread, can anyone tell me what are the conditions and prepayment options and penalties associated with these products ?

I heard that penalties etc are severe in some cases as much as 3% of remaining balance if you decide to sell.

Can someone give a rough idea of terms and differences between different options.
The 2.84% 5-year fixed and 2.89% 5-year fixed have the standard penalty.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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simontt wrote: Thanks Phil - how would I go about getting these rates? I've been in contact with the mortgage broker that I used when I purchased my first house, how should I present those numbers to her?

Simon
Just a note @simontt, I believe you quoted a post Phil gave to a different poster. With 25% down, 2.89% 5-year fixed is the best rate.

Just wanted to clarify.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Aug 30, 2018
10 posts
CdnRealEstateGuy wrote: Just a note @simontt, I believe you quoted a post Phil gave to a different poster. With 25% down, 2.89% 5-year fixed is the best rate.

Just wanted to clarify.
Thanks for pointing that out! I definitely clicked the wrong button there :)
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Sep 13, 2011
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dineshgoyalsur wrote: This rate is from which institution?
Some of these rates can be from varying institutions. They are available through any regular posting broker on this board. Andre, Phil, Connor, Kevin or myself. Feel free to reach out to one of us for more info on your options.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Feb 28, 2011
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Hi all!

First time home buyer looking for some thoughts!

Location: Toronto
First time buying: Yes
2018 Income: 70k
Targeted Budget: 600k
Down Payment: Up to 30%

Would I be able to secure a loan with the numbers above? If so, what rates etc?
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anothefoo wrote: Hi all!

First time home buyer looking for some thoughts!

Location: Toronto
First time buying: Yes
2018 Income: 70k
Targeted Budget: 600k
Down Payment: Up to 30%

Would I be able to secure a loan with the numbers above? If so, what rates etc?
Is $600k the budget for the property or the mortgage? Based on your income, you're looking at a $350,000 mortgage AT MOST.

Contact a broker or financial institution to complete an application to get pre-qualified for a mortgage.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Jul 16, 2011
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Ottawa
Good day, I have a mortgage renewal coming up in August with NBC and my current 5 year variable is at 3.35%

How much is the mortgage owing? 128k (in August)
-Roughly, what is the current market value of the property? 450k
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? NBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? August

What would be my best rates available (mostly interested in variable)? Or is more information required? Thank you kindly.
Newbie
Apr 15, 2019
1 posts
Currently have an RBC Homeline Plan, they are offering 3.19% 5 year fixed

-How much is the mortgage owing? 222,000
-Roughly, what is the current market value of the property? 525,000
-Which city is the property located in? Cambridge, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? YES (26,000)
-Is the mortgage CMHC insured? No
-When did you buy the property? 2012
-When is your renewal date? June 2019

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