Real Estate

The Official Mortgage Rates Thread

Member
Jan 21, 2010
232 posts
40 upvotes
YUL
Does any of the brokers here also offer services to setup a heloc, or everyone is doing strictly mortgages only?
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Feb 2, 2014
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roadrock0712 wrote: 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
You can do much better than RBC. Best rate is 2.84% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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financeg wrote: Does any of the brokers here also offer services to setup a heloc, or everyone is doing strictly mortgages only?
If you have already have a mortgage in first position, your best bet is to try that lender or a Big Bank (in case the existing mortgage lender doesn't offer HELOCs).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Mar 7, 2011
8 posts
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Vancouver
Need some advice, I recently signed a 5 year fixed mortgage with TD in February at 3.54%. Yesterday, I went to HSBC to apply for the mortgage transfer for the 2.99% fixed rate. I will be paying out ~$3.3k to TD to complete this transfer. What are your suggestions on what I should do if I will be paying the penalty to transfer out of TD?

-How much is the mortgage owing? $330,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Vancouver, BC
-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? No
-When did you buy the property? October 2016
-When is your renewal date? Feb 2024

Thanks in advance.
Newbie
Apr 29, 2007
4 posts
Toronto
Hi brokers, looking at what options are available for upcoming renewal (most likely looking at 5 year fixed).
-How much is the mortgage owing? $345k
-Roughly, what is the current market value of the property? $700k
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No (but it is a collateral charge)
-Is the mortgage CMHC insured? No
-When is your renewal date? July 1 2019
Bought in 2012 and refinanced in 2016. Current amortization is 27 years left, but comfortable dropping to 25 year to access better rates.

Thanks. Please PM if you're interested in working with us.
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Sep 13, 2011
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kingstondave wrote: Hi brokers, looking at what options are available for upcoming renewal (most likely looking at 5 year fixed).
-How much is the mortgage owing? $345k
-Roughly, what is the current market value of the property? $700k
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No (but it is a collateral charge)
-Is the mortgage CMHC insured? No
-When is your renewal date? July 1 2019
Bought in 2012 and refinanced in 2016. Current amortization is 27 years left, but comfortable dropping to 25 year to access better rates.

Thanks. Please PM if you're interested in working with us.
Thanks for the info! Lowest 5 year fixed in your case would be 2.89% in your situation. As you are currently in a collateral mortgage, there are legal and appraisal fees involved, however these fees can be covered for you at this rate.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jul 16, 2011
44 posts
6 upvotes
Ottawa
Hi, not sure how this works, but I didn't get any reply to my query while there have been several new posts/posters:
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 2019

What would be my best rates available (mostly interested in variable)? Or is more information required? Thank you kindly.
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Feb 2, 2014
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gmah87 wrote: Need some advice, I recently signed a 5 year fixed mortgage with TD in February at 3.54%. Yesterday, I went to HSBC to apply for the mortgage transfer for the 2.99% fixed rate. I will be paying out ~$3.3k to TD to complete this transfer. What are your suggestions on what I should do if I will be paying the penalty to transfer out of TD?

-How much is the mortgage owing? $330,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Vancouver, BC
-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? No
-When did you buy the property? October 2016
-When is your renewal date? Feb 2024

Thanks in advance.
2.84% 5-year fixed is available and it's worth it if the penalty is only $3300. Did TD confirm that was the penalty? It looks low.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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bastige wrote: Hi, not sure how this works, but I didn't get any reply to my query while there have been several new posts/posters:
2.75% 5-year variable is the best rate, but you're a bit too early to get an approval. Check back once you're within 60 - 90 days of closing.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Mar 7, 2011
8 posts
4 upvotes
Vancouver
CdnRealEstateGuy wrote: 2.84% 5-year fixed is available and it's worth it if the penalty is only $3300. Did TD confirm that was the penalty? It looks low.
I received a mortgage loan discharge information statement which states the prepayment charge (interest rate differential amount) is ~$3,300 so I assume that is the penalty amount.

Similar to what others have suggested, should I just find a broker who can find me the 2.84% 5 year fixed rate? May I ask if this rate is offered at one of the big five banks?

HSBC also offers a $1,000 cash back as part of the transfer so I would need to factor that in as well.
Newbie
Apr 1, 2019
3 posts
1 upvote
Hey there, I have a mortgage renewal coming up for the end of august.

How much is the mortgage owing? 1.18M
-Roughly, what is the current market value of the property? 1.6M
-Which city is the property located in? Richmond hill, ON
-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? 2017
-When is your renewal date? End of august

Wondering what kind of rates I can expect to see

Thanks!
Jr. Member
Apr 26, 2016
147 posts
140 upvotes
Vancouver, BC
Dear RFD'ers, we're within 1 month or so of receiving the notice of completion for a newly built townhouse that we bought as a reassignment. Currently pre-approved with a big bank for 3.26% 5-yr fixed, but the rates have dropped a lot since then. Any hints on what's the best we could get?

- pre-sale townhouse in Surrey, BC which is about to be ready in < 60 days
- 630K purchase price (market value *might* becloser to 750K after completion, if that matters)
- original purchaser's price: 575K (but this prices included 1 less parking spot compared to the current price for us)
- 20% down
- first time home owners; will be our primary residence
- excellent credit scores for both of us

We have been advised to also seek the HELOC / LOC option if available with the mortgage so rate suggestions with and without that option will be much appreciated!
Last edited by Deveno on Apr 16th, 2019 8:38 pm, edited 1 time in total.
“Questions you cannot answer are usually far better for you than answers you cannot question.”
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gmah87 wrote: I received a mortgage loan discharge information statement which states the prepayment charge (interest rate differential amount) is ~$3,300 so I assume that is the penalty amount.

Similar to what others have suggested, should I just find a broker who can find me the 2.84% 5 year fixed rate? May I ask if this rate is offered at one of the big five banks?

HSBC also offers a $1,000 cash back as part of the transfer so I would need to factor that in as well.
The 2.84% 5-year fixed is with a monoline mortgage lender...you will not get that rate with the Big 5 Banks. Myself or the other regular brokers here can secure that rate for you.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Chuckster12 wrote: Hey there, I have a mortgage renewal coming up for the end of august.

How much is the mortgage owing? 1.18M
-Roughly, what is the current market value of the property? 1.6M
-Which city is the property located in? Richmond hill, ON
-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? 2017
-When is your renewal date? End of august

Wondering what kind of rates I can expect to see

Thanks!
I'm guessing the purchase price was over $1M when you bought in 2017?

Best rate would be 3.09% 5-year fixed at that LTV.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Jan 31, 2018
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Chuckster12 wrote: Hey there, I have a mortgage renewal coming up for the end of august.

How much is the mortgage owing? 1.18M
-Roughly, what is the current market value of the property? 1.6M
-Which city is the property located in? Richmond hill, ON
-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? 2017
-When is your renewal date? End of august

Wondering what kind of rates I can expect to see

Thanks!
You would be eligible for best rate of 3.09% with 20/20 prepayments and a 120 day rate hold

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628

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