Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
7569 posts
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Toronto
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
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Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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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:
Depending on when in August you do have some 120 day rate holds available

2.89% 5 yr fixed

2.75% 5 yr variable

You will have legals of approx. $800 due to the collateral charge with National Bank

Both have 20/20 prepayment options

Phil
Phil Cragg
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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 yr fixed is available through any of the brokers on the forum

I would be very surprised if the penalty is only $3300

Phil
Phil Cragg
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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?
Ratios will be too high based on 420k mortgage amount do you have anyone that can co-sign to help qualify the deal ?
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 18, 2008
16 posts
Summerland
Starting to shop for rates, just outside of 120 days now. Interested in 5 year fixed or variable rates. Have used prepayment in current mortgage so would be looking for that feature as well.

How much is the mortgage owing? $213000
-Roughly, what is the current market value of the property? $675000
-Which city is the property located in? Summerland, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Sept 2014
-When is your renewal date? Aug 27, 2019
Deal Fanatic
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Sep 13, 2011
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Toronto
g-didi wrote: Starting to shop for rates, just outside of 120 days now. Interested in 5 year fixed or variable rates. Have used prepayment in current mortgage so would be looking for that feature as well.

How much is the mortgage owing? $213000
-Roughly, what is the current market value of the property? $675000
-Which city is the property located in? Summerland, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Sept 2014
-When is your renewal date? Aug 27, 2019
Maximum rate hold for switches is 90 days with the vast majority of lenders, so you're stil quite a bit early. The 120 days you are referring to applies to purchases only. You're actually in a pretty good position right now however, as chances are strong that rates will be lower by the time you are within your window. Even then, I wouldn't necessarily be so quick to lock in.

It's possible that we could see 5 year fixed rates in the mid-2% range by mid-summer. Time will tell of course. It's also likely that prime rate will drop at some point this year as well, possibly sooner than later. Note that prime rate and fixed rates act independently from one another.... most of the time. Just because prime rate drops, doesn't necessarily mean that fixed rates will drop as well. Prime rate is of interest to those currently with, or seeking variable rate mortgages. Given the current economic landscape, chances are strong that we will see further decreases to fixed rates, as well as at least one drop to prime rate. Likely more. Again, time will tell.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jul 16, 2011
43 posts
6 upvotes
Ottawa
rateconnect wrote: Depending on when in August you do have some 120 day rate holds available

2.89% 5 yr fixed

2.75% 5 yr variable

You will have legals of approx. $800 due to the collateral charge with National Bank

Both have 20/20 prepayment options

Phil
Thank you Phil.
CdnRealEstateGuy wrote: 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.
And thank you Kevin!

This is an amazing thread on RFD I have to say.
Newbie
Dec 18, 2008
16 posts
Summerland
Thanks. I will wait till the 90 days. Very helpful!
Newbie
Aug 9, 2010
7 posts
1 upvote
I have a renewal coming up and am looking for a rate. I have been quoted a rate of 3.24 fixed (5 years). Could I get better than this with a refinance at the end of my current term?

- How much is the mortgage owing? $210,000 but I want to refinance at $250,000 (+$40k)
-Roughly, what is the current market value of the property? $440,000
-Which city is the property located in? Etobicoke, On
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CMLS Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? May/June 2014
-When is your renewal date? June 20, 2019
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Sep 13, 2011
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canuckcolehead wrote: BUMP

Still looking for the best 2yr fixed rate ....TIA
Take the 3.04% you've been offered with TD. Nothing lower than this on a 2 year fixed right now. Lowest 3 year is currently 2.99%.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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rip2695 wrote: I have a renewal coming up and am looking for a rate. I have been quoted a rate of 3.24 fixed (5 years). Could I get better than this with a refinance at the end of my current term?

- How much is the mortgage owing? $210,000 but I want to refinance at $250,000 (+$40k)
-Roughly, what is the current market value of the property? $440,000
-Which city is the property located in? Etobicoke, On
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? CMLS Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? May/June 2014
-When is your renewal date? June 20, 2019
Lowest 5 year fixed on a refinance right now is 3.09%.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Apr 16, 2019
4 posts
Hi guys,

My property value has dropped by ~$48,000 since refinancing, dropping my equity below 20%. I’m wondering if this will limit my options and what to expect?

Mortgage amount owing at maturity: $183,800
Approximate market value: $222,000
Location: Calgary, AB
Is the property owner-occupied or a rental? Owner
Original purchase date: June 2009
Is the mortgage CMHC insured? No
Did you refinance your mortgage since you owned your home? Yes
Current lender: CIBC
Do you have a HELOC tied to the mortgage? Yes, HELOC limit increases with principle payments

Thanks in advance!
Jr. Member
Apr 26, 2016
146 posts
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Vancouver, BC
Deveno wrote: 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!
BUMP! No takers? :)
“Questions you cannot answer are usually far better for you than answers you cannot question.”
― Yuval Noah Harari,

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