Real Estate

The Official Mortgage Rates Thread

Newbie
Apr 17, 2019
1 posts
Looking for 5 years fixed lowest rate.
640k, renewal of existing mortgage.
House value around 1.1M
Originally purchased for 713K.
Excellent credit.
Currently have LOC
No need for LOC in the renewal
Renewal date May 17.
House purchased on May 2013.
Deal Addict
User avatar
Jan 31, 2018
1771 posts
337 upvotes
hoogs33 wrote: My mortgage is up for renewal August 19th. RBC called to offer 3.19% fixed rate. I have $140,000 left on my mortgage and I have a line of credit attached to it. Is it too early to start looking at other mortgages? Is it worth it to switch to a competitor due to extra costs?

Thanks!
Would need to know the property value

Was it insured by CMHC originally

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 17, 2018
19 posts
6 upvotes
valuemortgage wrote: Most banks (except National Bank) will go behind other lenders in a Heloc. The problem is : half of the time you contact the bank employee, they have no idea how this works OR they will tell you it cannot be done, which is untrue. I have my own mortgage with Mcap and got CIBC to setup a Heloc behind Mcap, and both times I heard different stories from different branches. At one point, in the middle of the application the branch manager told me it was a hard stop and they could not proceed - no way to overcome that. But guess what - the branch close to my house was able to easily do it in a few days.
Along the process, I called TD bank and heard :
Employee #1 - we dont do Helocs in 2nd position, no matter what
Employee #2 - we do Helocs but as this would be in 2nd position the rate is higher (P-1.50%)
Employee #3 - we do Helocs and you get the regular rate, but must draw the funds and keep a negative balance for 3-4 months

Called BMO - 1 employee told me they would not go behind "a small lender such as Mcap" - which is very funny, knowing the relationship between BMO and Mcap.. the other employee told me BMO does not offer Helocs....

Each call to a branch resulted in a different answer. Most of the time they will tell you need to transfer the mortgage to get the Heloc - and they say this only because they want to sell a mortgage at any cost.

Simplii Financial has been easy for a lot of my customers. Lowest fees and no BS.
If we get a HELOC is it 65% of my property value?
What's the easiest way to calculate how much HELOC I can get?
I have a first with CIBC which is about 50% of my home. So does that mean HELOC will only cover up to the next 15% or can we go up to 30% (overall 80%)
Member
Jan 21, 2010
232 posts
39 upvotes
YUL
CreateAnAccount wrote: If we get a HELOC is it 65% of my property value?
What's the easiest way to calculate how much HELOC I can get?
I have a first with CIBC which is about 50% of my home. So does that mean HELOC will only cover up to the next 15% or can we go up to 30% (overall 80%)
The amount you can take out in HELOC works like this: current house value X 80% = YYY then YYY minus mortgage balance, and you'll have your max heloc amount.
That max heloc can't go over 65% of your current house value, so it's the lowest amount between that formula or 65% of your current house value.
Newbie
Aug 26, 2012
88 posts
106 upvotes
Nepean
rateconnect wrote: Would need to know the property value

Was it insured by CMHC originally

Phil
Thanks for responding.
The property value when we purchased was $330,000 5 years ago. Today, similar houses are selling for $450,000. We did not have it insured with CMHC when purchased.
Newbie
Dec 17, 2018
19 posts
6 upvotes
financeg wrote: The amount you can take out in HELOC works like this: current house value X 80% = YYY then YYY minus mortgage balance, and you'll have your max heloc amount.
That max heloc can't go over 65% of your current house value, so it's the lowest amount between that formula or 65% of your current house value.
So would it work like this:
800k house value x 80% = 640k minus 400k mortgage balance = 240k
65% of house value = 520k
Taking lowest would be the 240k, so I could have a 400k mortgage and then have a 240k HELOC?
Newbie
May 24, 2018
1 posts
Hi guys,

Mortgage amount owing at maturity: $275,000
Approximate market value: $580,000
Location: Ottawa, ON
Is the property owner-occupied or a rental? Owner
Original purchase date: June 2014
Is the mortgage CMHC insured? No
Did you refinance your mortgage since you owned your home? NO
Current lender: Scotiabank
Do you have a HELOC tied to the mortgage? Yes

Thanks!
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Assuming credit and income support the deal, yes - $240k would be the amount you should get approved for.
CreateAnAccount wrote: So would it work like this:
800k house value x 80% = 640k minus 400k mortgage balance = 240k
65% of house value = 520k
Taking lowest would be the 240k, so I could have a 400k mortgage and then have a 240k HELOC?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Member
Jan 21, 2010
232 posts
39 upvotes
YUL
CreateAnAccount wrote: So would it work like this:
800k house value x 80% = 640k minus 400k mortgage balance = 240k
65% of house value = 520k
Taking lowest would be the 240k, so I could have a 400k mortgage and then have a 240k HELOC?
If your house value is really 800k, then yes. They'll have it apraised either way
Deal Addict
User avatar
Jan 31, 2018
1771 posts
337 upvotes
hoogs33 wrote: Thanks for responding.
The property value when we purchased was $330,000 5 years ago. Today, similar houses are selling for $450,000. We did not have it insured with CMHC when purchased.
2.89% 5 yr fixed

2.80% 5 yr variable

You will have legals of $800

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Apr 17, 2019
1 posts
Hi there! Looking for some mortgage advice for best rate & options.

First home, offer recently accepted
5 year fixed desired
Purchase price: 365K
Location: Winnipeg, MB
Down payment: 25%
Income: 84K
Credit score: excellent
Current loans/mortgages: none

Thanks!
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Hi there. Congratulations on your purchase. You should have some options for a 5y fixed from 2.89% to 2.94% with excellent pre payment terms. When is the closing date?
popnfrsh wrote: Hi there! Looking for some mortgage advice for best rate & options.

First home, offer recently accepted
5 year fixed desired
Purchase price: 365K
Location: Winnipeg, MB
Down payment: 25%
Income: 84K
Credit score: excellent
Current loans/mortgages: none

Thanks!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Apr 17, 2019
1 posts
Thanks Andre!!

Closing date is May 3 (if my assumption is correct that the closing date is same as possession date?). Possession is pretty well immediate. I was recently approved with through a mortgage broker (5 minutes ago) who offered a fixed 5y product at 3.19%. Should I be asking them if they have a better rate?
valuemortgage wrote: Hi there. Congratulations on your purchase. You should have some options for a 5y fixed from 2.89% to 2.94% with excellent pre payment terms. When is the closing date?
Jr. Member
Dec 19, 2012
108 posts
37 upvotes
Hi There,

My mortgage is up for renewal in three months.
I purchased the home 5 years ago, my current rate is 3.3 variable.
I am insured with CMHC, have an excellent credit score...
The mortgage required is 375,000.
What options do I have?

Regards,

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