Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
slt2020 wrote: For a purchase of a property:

-What is the purchase price?
750k
-How much is the down payment?
150k (20%)
-Where it the property located?
Kitchener, ON
-When is the closing date?
Jan 2021
-Will the property be owner-occupied or a rental?
Owner occupied

1.64% five year fixed available with 20% down.
Jr. Member
Jul 18, 2015
187 posts
192 upvotes
Toronto
Currently have a commitment at 1.65 5-year Variable and want to confirm this is the best rate I can get.

-What is the purchase price?
520k
-How much is the down payment?
-20%
-Where it the property located?
Vaughan, ON
-When is the closing date?
Dec 1st
-Will the property be owner-occupied or a rental?
Owner occupied
Deal Fanatic
User avatar
Feb 2, 2014
8542 posts
2431 upvotes
Toronto
sherminator wrote: Currently have a commitment at 1.65 5-year Variable and want to confirm this is the best rate I can get.

-What is the purchase price?
520k
-How much is the down payment?
-20%
-Where it the property located?
Vaughan, ON
-When is the closing date?
Dec 1st
-Will the property be owner-occupied or a rental?
Owner occupied
1.64% 5-year fixed is available with 20% down.
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
8542 posts
2431 upvotes
Toronto
JudyBlue wrote: Hi,

Looking to renew and possibly switch lenders, but closing date is Dec 1. We know that's very tight....

-How much is the mortgage owing? $210,670
-Roughly, what is the current market value of the property? 1.6 million
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? September 2009
-When is your renewal date? Dec 01 2020

Thanks,
Judy
1.44% 5-year fixed and 1.40% 5-year variable. You will have to renew your current mortgage as an OPEN mortgage, because you will not be able to switch and close by Dec 1.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 1, 2010
1 posts
For a purchase of a property:

-What is the purchase price? 264,000
-How much is the down payment? 20%
-Where it the property located? Windsor, ON
-When is the closing date? Jan 28, 2021
-Will the property be owner-occupied or a rental? Owner

Thank you!
Sr. Member
User avatar
Dec 11, 2009
653 posts
228 upvotes
Toronto, ON
MoreDealsPlease wrote: My question got buried, bumping.
Question got buried again! I guess the brokers here don't want to answer this kind of trickier question, only interested in new business Face With Tears Of Joy

Fair enough... I also have a new property purchase to finance but national bank offered 1.64% for 5 years fixed which is better than all the rates I got quoted in this thread - maybe rates changed in the last 2 weeks? I'm guessing brokers don't always have the best rates for properties over 1M? To recap here is the new property for financing:

-What is the purchase price? 1,070,000
-How much is the down payment? 20%
-Where it the property located? Rural Simcoe County area (Property has electricity from city, but septic and well)
-When is the closing date? End of Jan
-Will the property be owner-occupied or a rental? Owner-occupied
Last edited by MoreDealsPlease on Nov 11th, 2020 3:40 pm, edited 1 time in total.
Member
Aug 8, 2020
276 posts
94 upvotes
CdnRealEstateGuy wrote: 1.44% 5-year fixed and 1.40% 5-year variable. You will have to renew your current mortgage as an OPEN mortgage, because you will not be able to switch and close by Dec 1.
Hi,
I'm thinking of refinancing my current rental condo, and open a secured line of credit at the same time, what could I be offered with this situation? My mortgage which is variable renews in 02/2023. The big 5 has told me I'll be paying 3 mo interest + prop appraisal fee. Thanks
Member
Aug 8, 2020
276 posts
94 upvotes
Question to OP and others who have recently refinanced. I'm shopping around to refinance my current rental unit, is this normal for the bank to hold a larger charge then what is being allocated?

Example:

Home worth 500K
Mortgage they are offering: 300K
secured LoC offer= 100K
Bank wants to put $500K charge on the property: does this makes sense?

Thanks
Sr. Member
User avatar
Aug 20, 2020
522 posts
89 upvotes
Scarborough
CALITSLA wrote: Question to OP and others who have recently refinanced. I'm shopping around to refinance my current rental unit, is this normal for the bank to hold a larger charge then what is being allocated?

Example:

Home worth 500K
Mortgage they are offering: 300K
secured LoC offer= 100K
Bank wants to put $500K charge on the property: does this makes sense?

Thanks
It's the norm when it's a collateral charge mortgage. it can also be more than the current worth of the property. I would recommend going for such a product only when you want to utilize your equity in the property by means of a HELOC.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
522 posts
89 upvotes
Scarborough
CALITSLA wrote: Hi,
I'm thinking of refinancing my current rental condo, and open a secured line of credit at the same time, what could I be offered with this situation? My mortgage which is variable renews in 02/2023. The big 5 has told me I'll be paying 3 mo interest + prop appraisal fee. Thanks
1.85% variable 5-year with HELOC at P+0.50% if the property is in Ontario
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
522 posts
89 upvotes
Scarborough
Demeech wrote: -How much is the mortgage owing?300
-Roughly, what is the current market value of the property?850000
-Which city is the property located in?Stoney Creek
-Is the property owner-occupied or a rental?owner
-Who is your current lender?
-Do you have a HELOC tied to the mortgage?no
-Is the mortgage CMHC insured?no
-When did you buy the property?2012
-When is your renewal date?march 17, 2021

Looking to refinance and add 150k. Please PM me with info.
1.85% variable 5-year with HELOC at P+0.50% (30 year am) /1.84% fixed 5-year with HELOC at 0.50% (25 year am) / 1.84% fixed 5-year (30 year am)
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
522 posts
89 upvotes
Scarborough
DavidSan wrote: Hi Mortgage Specialists,

I would like to get some expertise on my situation:

How much is the mortgage owing? Current mortgage is $160,000
- Current interest rate: 2.79% fixed (Discount when renewed on Aug 1, 2019: got 2.10%)
-Roughly, what is the current market value of the property? $520,000
-Which city is the property located in? Etobicoke, ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? Yes but unused
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? Aug 1, 2023

I am posting here to see if it makes sense for me to break the mortgage now to get a lower rate? I did an estimate on https://www.ratehub.ca/penalty-calculator and it says my penalty would be $5,216. And I am not sure how to factor in the HELOC discharge penalty?
You may save $5000 by switching to 1.64% fixed 5-year (before penalty). Given that the mortgage is less than 200k you will need to bear the appraisal and legal cost. Contact BMO to figure out the exact penalty. Was the HELOC registered together with the Mortgage or was it registered afterwards?
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Nov 10, 2020
1 posts
What is the purchase price? 1.4M
How much is the down payment? 800k
Where it the property located? Vancouver
When is the closing date? December 10
Will the property be owner-occupied or a rental? Owner-occupied
Member
User avatar
Jun 17, 2013
249 posts
189 upvotes
Toronto
Just found about this thread from my friend.

Looking to refinance
Property value 1.2 m as assessed by Scotia
Mortgage 475k with 275k heloc balance prime plus .5
Cibc current mortgage 5 year term till 2021 mar at 2.39 %
Penalty 10k
Reason to refinance: would be using the money to close another house in Oct 2021 at 1250k

Scotia offered : 800k at 1.79% for 4 yrs plus 160k heloc at prime
This is owner occupied in brampton
Income: full time employee 225k

Is this good ?

P.s own another Property 800k with 500k mortgage which is at 3.15% but penalty is 22k . This is rented.
1.5 yrs in 5 yrs term on this one.
--Bell 1 gb Fibe Internet + TV + Home Phone $75 + tax
--- 2 Fido 3 gb data plan $0 for 12 months Using with Fongo App
Sr. Member
Dec 12, 2007
551 posts
134 upvotes
Canada
nanubains wrote: Just found about this thread from my friend.

Looking to refinance
Property value 1.2 m as assessed by Scotia
Mortgage 475k with 275k heloc balance prime plus .5
Cibc current mortgage 5 year term till 2021 mar at 2.39 %
Penalty 10k
Reason to refinance: would be using the money to close another house in Oct 2021 at 1250k

Scotia offered : 800k at 1.79% for 4 yrs plus 160k heloc at prime
This is owner occupied in brampton
Income: full time employee 225k

Is this good ?

P.s own another Property 800k with 500k mortgage which is at 3.15% but penalty is 22k . This is rented.
1.5 yrs in 5 yrs term on this one.
Assuming you want to re-finance on March 2021, you could likely get 1.74% 5 year fixed for $920k based on $1.2million value.

If you have a house rental, you may get 1.71% 5 year fixed and can roll the $22k into the mortgage if needed, however since your penalty is so high (looks like a bank penalty), it may not be worthwhile to switch in advance of your renewal date.
foundational wrote: What is the purchase price? 1.4M
How much is the down payment? 800k
Where it the property located? Vancouver
When is the closing date? December 10
Will the property be owner-occupied or a rental? Owner-occupied
You could get 5 year fixed for 1.71% with a fair penalty for your situation.
Newbie
Feb 29, 2020
3 posts
Hi.
We are considering refinance mortgage before the maturity date for the current low rate. We are ready to pay the interest penalty.
We have 5 years fixed closed mortgage with HSBC. Apr: 2.64%
We are looking for 5-year fixed. How low can we go? What is our target interest?
-How much is the mortgage owing? $205K
-Roughly, what is the current market value of the property? 270K
-Which city is the property located in? Montreal
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Mar 2020
-When is your renewal date? Mar 2025
Deal Addict
May 12, 2004
2704 posts
208 upvotes
Mississauga
Hey mortgage brokers
I am considering either breaking my mortgage before the maturity date for an 8K penalty or have been offered a 1.99% blend and extend for 5 years fixed by HSBC for no penalty. Determining if any awesome rates out there making it worth to break mortgage, or blend and extend or just wait it out.
We have 5 years fixed closed mortgage with HSBC. 2.34%
-How much is the mortgage owing? $500K
-Roughly, what is the current market value of the property? 900K
-Which city is the property located in? Milton
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Nov 2015
-When is your renewal date? May 2022
Last edited by Haris on Nov 12th, 2020 8:49 am, edited 1 time in total.
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
Haris wrote: Hey mortgage brokers
I am considering either breaking my mortgage before the maturity date for a 10K penalty or have been offered a 1.99% blend and extend for 5 years fixed by HSBC for no penalty. Determining if any awesome rates out there making it worth to break mortgage, or blend and extend or just wait it out.
We have 5 years fixed closed mortgage with HSBC. 2.34%
-How much is the mortgage owing? $500K
-Roughly, what is the current market value of the property? 900K
-Which city is the property located in? Milton
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Nov 2015
-When is your renewal date? May 2022
You can get rates in the 1.44% range but the savings wont outweigh the penalty

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
foundational wrote: What is the purchase price? 1.4M
How much is the down payment? 800k
Where it the property located? Vancouver
When is the closing date? December 10
Will the property be owner-occupied or a rental? Owner-occupied
5 yr fixed 1.74% and 5 yr variable 1.65%

Major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
sherminator wrote: Currently have a commitment at 1.65 5-year Variable and want to confirm this is the best rate I can get.

-What is the purchase price?
520k
-How much is the down payment?
-20%
-Where it the property located?
Vaughan, ON
-When is the closing date?
Dec 1st
-Will the property be owner-occupied or a rental?
Owner occupied
You will need to move quickly

5 yr fixed 1.64%
full featured fair penalty lender
20/20 prepayment

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

Top

Thread Information

There are currently 8 users viewing this thread. (2 members and 6 guests)

RFDElliot, kbosahan