Real Estate

The Official Mortgage Rates Thread

Sr. Member
Nov 25, 2008
693 posts
30 upvotes
edmonton
Hi...If income overall is oVer 150k., Paid off a house...
Now if i were to do mortgage for 370k investment condo.(rental property). 20% down payment paid

Say I choose 30 years amortization period 2 years fixed ..What would be the best %rate available ?

Thx
T
Newbie
Dec 28, 2018
10 posts
3 upvotes
House price: 650,000
Down payment: 20%
Amortization: 30 years
Location: Abbotsford, BC
Primary residence
Closing date July 5th

First time home buyer looking for a broker in the GVRD that can give me the rates current in this thread. I understand everything can be done online, I would like to deal with someone in person.

Thanks
Jr. Member
Feb 14, 2006
176 posts
27 upvotes
Ottawa
House price: 550,000
Down payment: 20%
Amortization: 25 years
Location: Ottawa, ON
Investment (Rental) property
Closing date June-July

Family income: 200k+
Credit score: 860+

Looking for a good broker. Feel free to contact.
Newbie
Apr 17, 2019
4 posts
Anyone able to answer this for me?

Thanks.
JakeBD wrote: Hello,

I’ve been looking at the posts for this past week and am unsure what rate I would be able to get since I’m looking to add a HELOC when I renew. I’ve been told by RBC my best offer is 3.19 for a 5yr fixed. They’ll pay all fees (discharge, appraisal, lawyer etc). I spoke with a true north rep who offered 3yr 2.99 or 5yr 3.09. If these are the lowest I can get then I’d go with RBC since I already bank with them and they’re offering $1000 cash and $750 WestJet card which I would use this year. I’ve seen some people being told 2.84 for a 5yr fixed on here, so wondering if my situation is different. Thanks for the info.

How much is the mortgage owing? $345,000 (at end of term)
Roughly, what is the current market value of the property? $700000
Which city is the property located in? Pelham, ON
Is the property owner-occupied or a rental? Owner
Who is your current lender? Duca
Do you have a HELOC tied to the mortgage? No, but looking to get one.
Is the mortgage CMHC insured? No
When did you buy the property? December 2012
When is your renewal date? June 30, 2019
Deal Fanatic
User avatar
Sep 13, 2011
5512 posts
2418 upvotes
Toronto
JakeBD wrote: Anyone able to answer this for me?

Thanks.
The 2.99% 3 year fixed and 3.09% 5 year fixed are the lowest rates available with a HELOC right now. You would qualify for the 2.84% if you didn't need the HELOC. This is why you need to ask yourself if the HELOC truly is that important to you and if you really need it. There is always a cost to having one, in one form or another. The difference between 2.84% and 3.09% works out to around $4,200 over 5 years, so this is what you would essentially be paying to have a HELOC. A fair bit of change, so it's something you would really need.

You may also want to consider switching to the 2.84%, but then adding a HELOC with a different lender behind it. This way, you have the best of both worlds. You may have to pay around $1,000 in legal and appraisal fees to get the HELOC set up, but that's still a lot cheaper than $4,200. You may want check with RBC to see if they would be willing to have their HELOC in 2nd position behind another lender. If they have an issue with it, then check with CIBC and TD as well, who are both pretty good. As Andre (Valuemortgage) mentioned in a recent post, you may want to call several branches to find out what your options are. Unfortunately, most of the people you speak with at the bank will likely not be too knowledgeable, and you may get differing answers, which is why you want to speak to several different people within the same bank to find out what might be possible for you.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
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Sep 13, 2011
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Spec wrote: House price: 550,000
Down payment: 20%
Amortization: 25 years
Location: Ottawa, ON
Investment (Rental) property
Closing date June-July

Family income: 200k+
Credit score: 860+

Looking for a good broker. Feel free to contact.
Lowest 5 year fixed on an investment property would be 3.24%. Shorter terms are similar to just slightly lower. Variable would actually be higher.
Paul Meredith
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(lic. 10532)
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Sep 13, 2011
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Mherman wrote: House price: 650,000
Down payment: 20%
Amortization: 30 years
Location: Abbotsford, BC
Primary residence
Closing date July 5th

First time home buyer looking for a broker in the GVRD that can give me the rates current in this thread. I understand everything can be done online, I would like to deal with someone in person.

Thanks
There are no regular posting brokers on this board from BC unfortunately, so if you prefer to deal with a local broker face to face, you might need to do a Google search for brokers in your area. Note that chances are you won't get rates quite as low as what you see here, but definitely worth a shot.

Lowest 5 year fixed with a 30 year amortization is 3.09%, or 2.89% with 25 years.

Good luck!
Paul Meredith
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Sep 13, 2011
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love0715 wrote: Hi...If income overall is oVer 150k., Paid off a house...
Now if i were to do mortgage for 370k investment condo.(rental property). 20% down payment paid

Say I choose 30 years amortization period 2 years fixed ..What would be the best %rate available ?

Thx
T
Lowest 2 year fixed for an investment property would be 3.24%... which is the same as the 5 year rate. Or you can do a 3 year fixed for 3.19%.
Paul Meredith
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Sep 13, 2011
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Slotback wrote: Here's my situation:

Currently own a home, which has a collateral mortgage with TD. The current balance is 515K, HELOC is maxed at 240K and expiry is Mar 2020. Given the fact that it is a collateral mortgage, what do I have to factor in if I decide to pursue another morgage provider?

Discharge Fee, Appraisal fee = ~1500?

Do I have to pay the HELOC prior to getting the new mortgage or can my next morgage consolidate my existing 515K mortgage with the outstanding balance of my HELOC? This would bring my new mortgage to 755K.
You're pretty much bang on with your estimate of the additional costs. Legal, appraisal and discharge fee typically amount to $1,200 - $1,400. Note that in some cases, some, or even all of these fees can be covered for you.

The HELOC can be transferred over and combined with the mortgage at the same time, so it does not need to be paid off prior to starting the process.
Paul Meredith
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Sep 13, 2011
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duderaf wrote: Hi all,

Condo Purchase price 431,500
Down payment amount (or percentage) 20%
Primary residence
Location Mississauga
Closing date late May – early July

thanks in advance,
Lowest 5 year fixed in this case would be 2.89% or lowest 5 year variable at prime -1.10% (2.85%).
Paul Meredith
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(lic. 10532)
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Feb 2, 2014
8329 posts
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Toronto
Slotback wrote: Here's my situation:

Currently own a home, which has a collateral mortgage with TD. The current balance is 515K, HELOC is maxed at 240K and expiry is Mar 2020. Given the fact that it is a collateral mortgage, what do I have to factor in if I decide to pursue another morgage provider?

Discharge Fee, Appraisal fee = ~1500?

Do I have to pay the HELOC prior to getting the new mortgage or can my next morgage consolidate my existing 515K mortgage with the outstanding balance of my HELOC? This would bring my new mortgage to 755K.
The costs differ from lender to lender.

Some lenders will make you pay for everything (legal fees and appraisal fees) and offer you a higher rate as they treat it like a refinance. Others offer the same rate and can cover some cost.
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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Mherman wrote: House price: 650,000
Down payment: 20%
Amortization: 30 years
Location: Abbotsford, BC
Primary residence
Closing date July 5th

First time home buyer looking for a broker in the GVRD that can give me the rates current in this thread. I understand everything can be done online, I would like to deal with someone in person.

Thanks
All of the brokers here are from Ontario, so I can't give you quotes on what brokers offer out west.

But best rates here are 2.89% 5-year fixed on a 25 year AM and 3.09% 5-year fixed on a 30-year AM.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Feb 14, 2006
176 posts
27 upvotes
Ottawa
PaulMeredith wrote: Lowest 5 year fixed on an investment property would be 3.24%. Shorter terms are similar to just slightly lower. Variable would actually be higher.
Thanks Paul! My current home (primary residence) is also up for renewal around the same time (150k left, current value around 550k). Would I get a better deal by switching it over to the same lender as well? What fees would I be looking at for the switch?

Thanks!
Newbie
Dec 14, 2017
3 posts
Hello,

I am looking to refinance my property. Currently Jointly owned property. Will be removing one name off title and registering under just my name. New mortgage will be just under my name. What are the best rates available 5 year fixed/variable for 25 year amortization? Will be looking to meet up within Toronto preferably.

Current Mortgage: 216,000
Desired New Mortgage: 380,000
Approximate Market Value: 800,000
Location: Condo Toronto DT

Thanks!
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Sep 13, 2011
5512 posts
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Spec wrote: Thanks Paul! My current home (primary residence) is also up for renewal around the same time (150k left, current value around 550k). Would I get a better deal by switching it over to the same lender as well? What fees would I be looking at for the switch?

Thanks!
Unfortunately, not. Most lenders have heavy rate premiums on rentals, if they even lend on them at all. The lowest rates on rentals would be with a different lender. Even if they were available with the same lender, there would still not be any additional discounts by moving them both to that same lender.
Lowest 5 year fixed rate on your primary residence would be 2.84%, or 2.99% for 3 year fixed. Providing you are not in a collateral mortgage, the only fee involved with switching your mortgage would be the discharge fee from your current lender, which is around $300. This can be capitalized into the new mortgage.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)

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