Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Feb 2, 2014
8228 posts
2304 upvotes
Toronto
chinmoku_tak wrote: Hi there,
my fife and I just sold our home and bought a new house (will be primary resident), I'm looking for a good mortgage plan, and our broker told us that 3.09% is the best out there.
Is this true?
here is the info:
-How much is the mortgage owing? 150K
-Sold the house for: 720K
-New Mortgage Amount:625K
-household income ~220K
-Moving to ? Oakville
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-Closing Date: End of May
2.84% 5-year fixed is the best rate for your mortgage.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Sep 29, 2018
2 posts
Hi Everyone,
I have slightly off topic question for the brokers on the forum.
I recently passed my REMIC exam to become a mortgage agent and I am planning to do this part-time.

I have couple of questions and was wondering if any of the brokers here could chime in:

1. Can a mortgage agent do his own mortgage or is that considered a conflict of interest?
2. Also does any of the brokers here on the forum hire any new mortgage agents? The rates offered here are the best and all the brokers seem very knowledgeable so it would be a good place to start.

Please PM if needed.
Deal Fanatic
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Feb 2, 2014
8228 posts
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Toronto
shevonnem wrote: I'm looking for best rates(fixed or variable) for a pre construction home (property 1) purchased 3 years ago closing in July. That home will be owner occupied however I plan to lease my current home for the foreseeable future.

property 1
Location: Whitby
Purchase price: 747K
Down payment: 20%
Purchase: May 2016
Closing : July 2019
Income: 185 - 190k
credit Score: 850+


property 2 (to be leased)
current mortgage: 240k
current value: 525 - 550k
location: Ajax
Projected rent: $1900 -$2000 per mth


TIA
2.89% 5-year fixed is the best rate with 20% down for your purchase.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
8228 posts
2304 upvotes
Toronto
newguyingta wrote: Hi Everyone,
I have slightly off topic question for the brokers on the forum.
I recently passed my REMIC exam to become a mortgage agent and I am planning to do this part-time.

I have couple of questions and was wondering if any of the brokers here could chime in:

1. Can a mortgage agent do his own mortgage or is that considered a conflict of interest?
2. Also does any of the brokers here on the forum hire any new mortgage agents? The rates offered here are the best and all the brokers seem very knowledgeable so it would be a good place to start.

Please PM if needed.
1-Yes, you can do your own mortgage.
2-PM me.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
You should qualify for a 5y fixed at 2.84% and pay no fees to transfer out of Mcap. Since the mortgage matures next month you need to get started asap.
chinmoku_tak wrote: Hi there,
my fife and I just sold our home and bought a new house (will be primary resident), I'm looking for a good mortgage plan, and our broker told us that 3.09% is the best out there.
Is this true?
here is the info:
-How much is the mortgage owing? 150K
-Sold the house for: 720K
-New Mortgage Amount:625K
-household income ~220K
-Moving to ? Oakville
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-Closing Date: End of May
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Based on the numbers you posted you should qualify for a 5y fixed at 2.89% with excellent pre payment terms, a full feature product. Contact a mortgage professional to get started and lock the best rate.
shevonnem wrote: I'm looking for best rates(fixed or variable) for a pre construction home (property 1) purchased 3 years ago closing in July. That home will be owner occupied however I plan to lease my current home for the foreseeable future.

property 1
Location: Whitby
Purchase price: 747K
Down payment: 20%
Purchase: May 2016
Closing : July 2019
Income: 185 - 190k
credit Score: 850+


property 2 (to be leased)
current mortgage: 240k
current value: 525 - 550k
location: Ajax
Projected rent: $1900 -$2000 per mth


TIA
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Deal Fanatic
User avatar
Sep 13, 2011
5454 posts
2386 upvotes
Toronto
Realist78 wrote: Hi guys,

My property value has fallen 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: $183,900
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!
If the equity in your property has dropped below 20%, and your original mortgage was not insured with CMHC, Genworth or Canada Guarantee (ie, you had 20% or greater down payment when you bought), then you only have two options.

Option 1 - Make a prepayment on your mortgage to bring the equity back to 20% before proceeding with the switch.

Option 2 - Renew your mortgage with the same lender.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Sr. Member
Aug 27, 2004
672 posts
136 upvotes
Cyberspace
Hello,

Renewal is coming up in August and I'm starting to shop....

My details are:

How much is the mortgage owing? $117000 (at end of term)
Roughly, what is the current market value of the property? $855000
Which city is the property located in? Calgary, AB
Is the property owner-occupied or a rental? Owner
Who is your current lender? BNS
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? No
When did you buy the property? August 2017
When is your renewal date? August 18, 2019

I'm torn between just opting for the lowest possible rate on any fixed term and a 5 yr variable

Thanks!
Former Know-It-All
Jr. Member
Apr 7, 2005
166 posts
42 upvotes
Hello,

We currently rent in London. We own a condo in Toronto which we rent out. We just renewed the financing for that condo in July 2018 (~$290,000) 5 year variable closed with BMO. We want to purchase a new house here in London to live in.

New property
-What is the purchase price? (Not sure yet, what is the best way to go about finding out how much we can borrow)
-How much is the down payment? (20%)
-Where is the property located (London)
-When is the closing date (have not yet bought a property)
-Will the property be owner-occupied or a rental (owner-occupied)

Thanks in advance!
Deal Fanatic
User avatar
Sep 13, 2011
5454 posts
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Toronto
HH5 wrote: Hello,

We currently rent in London. We own a condo in Toronto which we rent out. We just renewed the financing for that condo in July 2018 (~$290,000) 5 year variable closed with BMO. We want to purchase a new house here in London to live in.

New property
-What is the purchase price? (Not sure yet, what is the best way to go about finding out how much we can borrow)
-How much is the down payment? (20%)
-Where is the property located (London)
-When is the closing date (have not yet bought a property)
-Will the property be owner-occupied or a rental (owner-occupied)

Thanks in advance!
Lowest 5 year fixed with a 20% down payment right now is 2.89% or 5 year variable would be prime -1.10% (2.85%). Note that these rates cannot be locked in until you have an accepted offer on a property.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
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Jan 31, 2018
2719 posts
500 upvotes
astrolad wrote: Hello,

Renewal is coming up in August and I'm starting to shop....

My details are:

How much is the mortgage owing? $117000 (at end of term)
Roughly, what is the current market value of the property? $855000
Which city is the property located in? Calgary, AB
Is the property owner-occupied or a rental? Owner
Who is your current lender? BNS
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? No
When did you buy the property? August 2017
When is your renewal date? August 18, 2019

I'm torn between just opting for the lowest possible rate on any fixed term and a 5 yr variable

Thanks!
You would have the following rates available

2.94% 5 yr fixed

2.85% 5 yr variable

Hope this helps

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2719 posts
500 upvotes
newguyingta wrote: Hi Everyone,
I have slightly off topic question for the brokers on the forum.
I recently passed my REMIC exam to become a mortgage agent and I am planning to do this part-time.

I have couple of questions and was wondering if any of the brokers here could chime in:

1. Can a mortgage agent do his own mortgage or is that considered a conflict of interest?
2. Also does any of the brokers here on the forum hire any new mortgage agents? The rates offered here are the best and all the brokers seem very knowledgeable so it would be a good place to start.

Please PM if needed.
We are always hiring and yes you can do your own deal

Reach out

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2719 posts
500 upvotes
shevonnem wrote: I'm looking for best rates(fixed or variable) for a pre construction home (property 1) purchased 3 years ago closing in July. That home will be owner occupied however I plan to lease my current home for the foreseeable future.

property 1
Location: Whitby
Purchase price: 747K
Down payment: 20%
Purchase: May 2016
Closing : July 2019
Income: 185 - 190k
credit Score: 850+


property 2 (to be leased)
current mortgage: 240k
current value: 525 - 550k
location: Ajax
Projected rent: $1900 -$2000 per mth


TIA
You would have the following rates :

5 yr variable 2.95% or prime - 1%

5 yr fixed 2.89%

Both have great prepayments 20/20 and are good for 90 & 120 days respectively

Hope this helps

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
User avatar
Nov 21, 2007
406 posts
409 upvotes
Gatineau
We are looking for the best mortgage rate for the second home to be owned and occupied. The current home will be rented out.

2nd House (owned & occupied)
Location: Ottawa, ON
Purchase price: 820K
Down payment: 20%
Closing date: end of July 2019
Income: 200K
Credit score: unknown
Current loans/mortgages: current house mortgage

Current house (to be rented out)
Current mortgage: 140k (to be renewed in September 2019)
Current value: 330k
Current lender: BMO
Projected rent: $1200 per month

One more question - Any mortgage broker/firm recommendations in Ottawa?

Thanks!
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
5y fixed should be available at 2.89% with excellent terms and conditions.

The whole process can be done online and quickly - no *need* to have a local person handling the mortgage process.
funky_monkey wrote: We are looking for the best mortgage rate for the second home to be owned and occupied. The current home will be rented out.

2nd House (owned & occupied)
Location: Ottawa, ON
Purchase price: 820K
Down payment: 20%
Closing date: end of July 2019
Income: 200K
Credit score: unknown
Current loans/mortgages: current house mortgage

Current house (to be rented out)
Current mortgage: 140k (to be renewed in September 2019)
Current value: 330k
Current lender: BMO
Projected rent: $1200 per month

One more question - Any mortgage broker/firm recommendations in Ottawa?

Thanks!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428

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