Real Estate

The Official Mortgage Rates Thread

Member
Apr 15, 2007
220 posts
38 upvotes
Thornhill
Will a HELOC rate reset upon a mortgage renewal? Or do I get to keep my existing rate? I have a competitive rate with my lender and don't want to lose it
Member
Aug 31, 2001
369 posts
15 upvotes
Toronto
does any mortgage brokers work with motusbank?
Newbie
May 14, 2019
3 posts
-What is the purchase price? 330k
-How much is the down payment? 20%
-Where it the property located? Saskatoon
-When is the closing date? mid July
-Will the property be owner-occupied or a rental? Owner
Newbie
Feb 12, 2015
9 posts
1 upvote
North York, ON
Looking for feedback. Situation

Mortgage up November 2020 - Currently 5 year variable at 3.2%
CIBC has offered to convert to 3.12 fixed. Should I do it?

Current Mortgage $345K at renewal will be $262K, value of house around 2.2 million
Will I be stuck at CIBC at renewal or will another institution give me a mortgage at a good rate

Thanks everyone
Deal Addict
User avatar
Jan 11, 2006
1624 posts
146 upvotes
North York
rateconnect wrote: With a week to go before closing you will have to go with the rate you have in place

Likely would have got lower through any of the brokers on the forum potentially 2.74%

Phil
Great advice! Is it common to sign approval papers with 2 banks?

After that, they will submit to my lawyer, will they get confused for having 2 approved mortgage applications?
Newbie
May 15, 2019
2 posts
Hi everyone, I came across this forum through reddit. I am looking to obtain a mortgage and obviously am looking for the best rate available.

4 people will be cosigning the purchase agreement.
The Purchase price is $1 075 000
We are putting $600 000 (approx 56%) for a downpayment
The property is located in the Guelph area
The closing date will be some time in the fall
It will be owner occupied

We are pre approved through IG and TD but I am wondering if there are better broker rates available?
Last edited by zach309 on May 17th, 2019 12:39 pm, edited 1 time in total.
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
You can change lender at any time, with a penalty (if you have a variable rate the penalty should be 3 months interest only).

What was the original purchase price, and when did you purchase this property?
ih8banks wrote: Looking for feedback. Situation

Mortgage up November 2020 - Currently 5 year variable at 3.2%
CIBC has offered to convert to 3.12 fixed. Should I do it?

Current Mortgage $345K at renewal will be $262K, value of house around 2.2 million
Will I be stuck at CIBC at renewal or will another institution give me a mortgage at a good rate

Thanks everyone
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
May 15, 2019
1 posts
Hello. Looking for rates on a FIVE YEAR FIXED mortgage transfer/renewal:

-How much is the mortgage owing?
~$350,000
-Roughly, what is the current market value of the property?
~$700,000 based on BC Assessment
-Which city is the property located in?
Vancouver, BC
-Is the property owner-occupied or a rental?
Owner-Occupied
-Who is your current lender?
Investors Group
-Do you have a HELOC tied to the mortgage?
Nope
-Is the mortgage CMHC insured?
Yes, and we are planning to continue with the current amortization/loan amount total
When did you buy the property?
August 2014
-When is your renewal date?
September 1, 2019
Household income (for switching lenders purposes)?
~$100,000+
Other debts?
None

Have been offered 3.04% to switch to BMO through my financial panther but going to touch base with a mortgage broker that's been recommended by a friend. Just not sure what to expect or how the new stress test rules will affect switching lenders so any insight is greatly appreciated!
Sr. Member
Dec 8, 2012
585 posts
230 upvotes
Calgary
brutal wrote: Is it common to sign approval papers with 2 banks?

After that, they will submit to my lawyer, will they get confused for having 2 approved mortgage applications?
I have the same question. Just to decrease the risk and not running around looking for a lender when it's 1 week before possession
Member
Dec 3, 2008
273 posts
80 upvotes
Surrey
PaulMeredith wrote: YES, the 2.74% 5 year fixed rate is available for insured mortgages, or those with 35% or greater equity. Value of the home must be either under $1 million, OR you must have purchased the home prior to Nov. 30, 2016.

I'm assuming you have a mortgage coming up for renewal? Providing you are not in a collateral mortgage, the legal and appraisal fee would be paid for you. If you ARE in a collateral mortgage, the rate would be 2.79% with legal and appraisal paid for you.
Hi Paul do you do GVRD?
Newbie
Feb 12, 2015
9 posts
1 upvote
North York, ON
bought land in 2010 for 480K then built. I'm in for total of 1.2 million at the beginning of the mortgage.

Do you think it's a wise move to change over to a fixed mortgage right now. There won't be a penalty? So far I have always been 100% variable and done extremely well.
Jr. Member
User avatar
Jun 7, 2008
138 posts
47 upvotes
Oakville
ih8banks wrote: Looking for feedback. Situation

Mortgage up November 2020 - Currently 5 year variable at 3.2%
CIBC has offered to convert to 3.12 fixed. Should I do it?

Current Mortgage $345K at renewal will be $262K, value of house around 2.2 million
Will I be stuck at CIBC at renewal or will another institution give me a mortgage at a good rate

Thanks everyone
I wouldn't as the benefit is so small. Are you expecting rates to go up before 2020 in a substantial way? What are the terms to break the mortgage in the fixed?
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
You should qualify for a 5y fixed at 2.79% with excellent pre payment terms. The rate reflects the fact you need to lock it for more than 60 days. If the maturity date was within the next 60 days the rate would be 2.74%
folks14 wrote: Hello. Looking for rates on a FIVE YEAR FIXED mortgage transfer/renewal:

-How much is the mortgage owing?
~$350,000
-Roughly, what is the current market value of the property?
~$700,000 based on BC Assessment
-Which city is the property located in?
Vancouver, BC
-Is the property owner-occupied or a rental?
Owner-Occupied
-Who is your current lender?
Investors Group
-Do you have a HELOC tied to the mortgage?
Nope
-Is the mortgage CMHC insured?
Yes, and we are planning to continue with the current amortization/loan amount total
When did you buy the property?
August 2014
-When is your renewal date?
September 1, 2019
Household income (for switching lenders purposes)?
~$100,000+
Other debts?
None

Have been offered 3.04% to switch to BMO through my financial panther but going to touch base with a mortgage broker that's been recommended by a friend. Just not sure what to expect or how the new stress test rules will affect switching lenders so any insight is greatly appreciated!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Member
Aug 31, 2001
369 posts
15 upvotes
Toronto
1) Does motusbank offer cashback?

2) Thoughts on going for <5 year term fixed or variable mortgage given that some products offer 2-3 year term rates that are around the same as 5 year to keep flexibility to be able to renew then?

3) For variable rate mortgages, when the discount is Prime -X, confirming that the X part doesn't change for the term
Newbie
User avatar
Dec 23, 2006
49 posts
11 upvotes
Kanata
Posted earlier, but now have a firm offer in place. In the military and moving back to Canada after a posting.

Purchase price: 570
Down payment: 250K
Primary residence
Closing date: 29 July 2019
Location: Ottawa
Amortization: 25 years
Good credit score

Was offered 2.89 for 5 yr fixed from MCAP with another broker. Looks like rates have gotten lower, anything better? 5 year fixed or variable.

Looking for decent terms and conditions as well as 20/20 prepayment options if possible.

Thanks!

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