Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
You should qualify for a 2.79% based on the info posted. Same terms as Mcap.
dontpanic wrote: 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!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Feb 17, 2009
99 posts
39 upvotes
Ottawa
Received a renewal offer for 2.94% for 5 year fixed and curious to the thought for it. Plan to move in 2-4 years from now and the mortgage is portable.

-How much is the mortgage owing? 250K
-Roughly, what is the current market value of the property? 350K
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner-occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Jun 2014
-When is your renewal date? June 22, 2019
Newbie
May 12, 2019
6 posts
Hey I’m wondering what the difference is between the Interest Rate and the Annual Percentage rate! I have an offer where the interest rate is 2.89 but the Annual Percentage rate is 2.94? Are there fees hidden in there? Should the broker disclose these to me?
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
The APR is the result of the interest rate plus any fees that may apply to you, such as appraisal, default insurance, compounding frequency, etc

Is this a purchase where you have less than 20%?
ArianM3578 wrote: Hey I’m wondering what the difference is between the Interest Rate and the Annual Percentage rate! I have an offer where the interest rate is 2.89 but the Annual Percentage rate is 2.94? Are there fees hidden in there? Should the broker disclose these to me?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
May 12, 2019
6 posts
valuemortgage wrote: The APR is the result of the interest rate plus any fees that may apply to you, such as appraisal, default insurance, compounding frequency, etc

Is this a purchase where you have less than 20%?
Yes that’s right it is!
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
So the APR you see includes the cost of default (CMHC) insurance. This is normal.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
May 16, 2019
2 posts
1 upvote
Seeking a 5 year fixed or variable mortgage.

Purchase of a property:
-What is the purchase price? $725K
-How much is the down payment? $200K
-Where it the property located? Calgary, AB
-When is the closing date? Current builder estimate: End of June/Early July
-Will the property be owner-occupied or a rental? Owner-occupied

In addition, I own a rental property and have just listed it as the tenant gave notice she will be out as of the end of June. We sold our primary residence last year and are currently staying with family as the house is being built. We have been pre-qualified with TD, but seeking better rates. Thanks in advance!
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
Hearzy wrote: Received a renewal offer for 2.94% for 5 year fixed and curious to the thought for it. Plan to move in 2-4 years from now and the mortgage is portable.

-How much is the mortgage owing? 250K
-Roughly, what is the current market value of the property? 350K
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner-occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Jun 2014
-When is your renewal date? June 22, 2019

You can get 2.74% on a 5 yr fixed that is portable

The product has 20/20 prepayment options and its good for 60 days

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
dontpanic wrote: 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!
You would be eligible for 2.79% 5 yr fixed great prepayment 20/20 and 90 day hold


2.74% is available but cant lock for another 12 days

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
Sedul wrote: does any mortgage brokers work with motusbank?
They are advertising 2.99% you can get better rates through any of the brokers on the forum Paul,Andre, Kevin,Connor or myself

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1668 posts
292 upvotes
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!
You would be eligible for 2.79% with a 120 day rate hold 20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Sr. Member
Nov 9, 2017
621 posts
61 upvotes
Are these charges from FCT merited for a mortgage transfer from one lender to another?
Property doesn't have CMHC and is over 35% paid. Seems excessive to me because discharge of $300 is charged by current lender + $95 for administration and then the new lender wants me to pay all this too (they are taking the tab for $150 of it but they are still above my expectation of $0 or the original fee of $75). I asked them what the "Premium" was since I don't have insurance but they couldn't explain and said all these charges are needed to make the transfer. Are they all needed?

Image

I am told to pick FCT or my lawyer to do this so not sure who costs less.
Newbie
Oct 22, 2013
53 posts
8 upvotes
Etobicoke, ON
Do you have an answer to your question. Can we sign two approval and choose one .

What is the rate you are being offered ?
For me TD is 2.84 5 year variable


Dennisrfd wrote: 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
Newbie
Oct 22, 2013
53 posts
8 upvotes
Etobicoke, ON
Who is waiting for may 29th news release from BOC
Will this be a cut or unchanged ?
Sr. Member
User avatar
Jul 25, 2015
526 posts
247 upvotes
Burnaby, BC
Ram421 wrote: Who is waiting for may 29th news release from BOC
Will this bwe a cut or unchanged ?/]
The rate will remain flat.

Top

Thread Information

There are currently 9 users viewing this thread. (2 members and 7 guests)

valuemortgage, vancity23