Real Estate

The Official Mortgage Rates Thread

Newbie
Feb 28, 2011
50 posts
2 upvotes
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?
Deal Fanatic
User avatar
Feb 2, 2014
7356 posts
1861 upvotes
Toronto
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
President's Club Award Winner At The Mortgage Architects
Newbie
Jul 16, 2011
43 posts
6 upvotes
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
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
You should qualify for a 2.89%. The savings can be significant, compared to renewing with RBC.

The 2.89% comes with no fees to switch.
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
Last edited by valuemortgage on Apr 16th, 2019 4:20 pm, edited 1 time in total.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
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Member
Jan 21, 2010
223 posts
34 upvotes
YUL
Does any of the brokers here also offer services to setup a heloc, or everyone is doing strictly mortgages only?
Deal Fanatic
User avatar
Feb 2, 2014
7356 posts
1861 upvotes
Toronto
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
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
User avatar
Feb 2, 2014
7356 posts
1861 upvotes
Toronto
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
President's Club Award Winner At The Mortgage Architects
Newbie
Mar 7, 2011
8 posts
4 upvotes
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.
Deal Fanatic
User avatar
Sep 13, 2011
5059 posts
1797 upvotes
Toronto
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
43 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.
Deal Fanatic
User avatar
Feb 2, 2014
7356 posts
1861 upvotes
Toronto
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
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
User avatar
Feb 2, 2014
7356 posts
1861 upvotes
Toronto
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
President's Club Award Winner At The Mortgage Architects
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.

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