Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
What is the current estimated property value? Is this your primary residence or a rental property? Depending on those factors, rates could be as low as 2.74%

Scotia wants to meet you in person so that the can tell you what they already know???
allan.ligon wrote: Anyone can help me on my mortgage renewal due on July 15th? Still have 21yrs and 7months with $383,000 left on my mortgage and a $19K heloc. My current rate with Scotia is 2.97 5yrs fixed. Scotia wants me to meet in person before they provide my the new rate for my renewal.

RBC offered me 2.99 3 or 4 yrs fixed. Still shopping around so if anyone can recommend something to me that would be great! TIA
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Sep 2, 2010
10 posts
valuemortgage wrote: What is the current estimated property value? Is this your primary residence or a rental property? Depending on those factors, rates could be as low as 2.74%

Scotia wants to meet you in person so that the can tell you what they already know???
Current estimated value of the house is 700-750k and this is my primary residence. Wow 2.74%? where can I get this rate? Is this from the major banks or monoline lenders?

I don't understand why scotia wants to meet in person. The branch where we got the mortgage froM is a long drive from our house now. They said I canmot renew to a different branch closer to me also! What a hassle!
Last edited by allan.ligon on May 27th, 2019 6:26 pm, edited 1 time in total.
Deal Addict
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Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
So the rate should be available to you. This is with a great monoline lender.
allan.ligon wrote: Current estimated value of the house is 700-750k and this is my primary residence. Wow 2.74%? where can I get this rate? Is this from the major banks or monoline lenders?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Sep 2, 2010
10 posts
valuemortgage wrote: So the rate should be available to you. This is with a great monoline lender.
Is this rate fixed or variable? Can you help me get in touch with this lender? PM me please. Thanks
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
Fixed rate! PM sent.
allan.ligon wrote: Is this rate fixed or variable? Can you help me get in touch with this lender? PM me please. Thanks
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Sr. Member
Nov 9, 2017
635 posts
67 upvotes
This is an excerpt from a lender Standard Charge Terms agreement. What is the monthly and half-yearly rates and why are they different? I am assuming they tie into AIR and APR as well.

Image
Newbie
May 26, 2019
3 posts
dahnir wrote: Hi Mortgage Pros,

Looking for some advice. Today I visited a presentation centre for new pre-construction homes. As part of the "Agreement of Purchase and Sale" the builder requires that firm mortgage approval is obtained within the 10-day cooling off period after signing the Agreement of Purchase and Sale. I confirmed with the sales rep that this is not a pre-approval but a commitment from a lender. I am trying to understand how this would work, given that the closing date would be in 2021. It seems that most rate hold periods are 60/90/120. Seeing as this closing date is more than a year away, how would this work?

The vendor also said they partner with RBC and that they would be able to provide this firm approval with a "rate cap" (presumably in the event that rates go up), but the rates were >4% on a 5 year fixed.

-What is the purchase price? 750k
-How much is the down payment? 20-35%
-Where it the property located? Pickering
-When is the closing date? 2021
-Will the property be owner-occupied or a rental? Owner occupied

Unrelated, I have some other questions, would be great if some wisdom could be imparted:
  • The posts here generally have an interest rate and holding period. Is this for an approved mortgage? Pre-approval? How does pre-approval fit into all of this?
  • Is 35% down payment some sort of magic number? I've seen in several posts that a lower mortgage rate can be obtained after hitting this down payment percentage.
Thanks in advance!
Yes you have to meet the bank and do the full mortgage approval flow as if the transaction date was today. You do not have to sign anything (except the credit check authorization) so you are not bound to the bank. Basically, the builder needs a confirmation from the bank that the mortgage could be funded today.
Sr. Member
Nov 22, 2009
730 posts
768 upvotes
Toronto
Hi all, first time buyer looking for information:

-What is the purchase price? 400k
-How much is the down payment? 200k
-Where it the property located? Queen and Sudbury
-When is the closing date? Pending the sale of my parents' house (listing next week)
-Will the property be owner-occupied or a rental? Owner occupied

I used the stress test calculator and I will not pass unless I increase the down to 225k. Is this the only option available? Also wondering if the HSBC 2.85% fixed 5-year would be my best option.

Thanks!
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
Online calculators tend to be very inaccurate, so talk to a mortgage professional and make sure your debt ratios are properly calculated. Best rates with such a large downpayment start at 2.74%, on a 5y fixed.
flaris wrote: Hi all, first time buyer looking for information:

-What is the purchase price? 400k
-How much is the down payment? 200k
-Where it the property located? Queen and Sudbury
-When is the closing date? Pending the sale of my parents' house (listing next week)
-Will the property be owner-occupied or a rental? Owner occupied

I used the stress test calculator and I will not pass unless I increase the down to 225k. Is this the only option available? Also wondering if the HSBC 2.85% fixed 5-year would be my best option.

Thanks!
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Jr. Member
Jun 8, 2009
110 posts
23 upvotes
Toronto
What is funny is how the word Calculated is spelled wrong in a few ways in this spreadsheet headings. Not sure I would want to do business with this institution.

Anyway the monthly vs semi annually refers to how the interest gets compounded. Loans are usually monthly, mortgages in Canada are semi annually.
The APR then varies according to the method used.
snowhite445 wrote: This is an excerpt from a lender Standard Charge Terms agreement. What is the monthly and half-yearly rates and why are they different? I am assuming they tie into AIR and APR as well.

Image
Newbie
Oct 22, 2013
54 posts
8 upvotes
Etobicoke, ON
Hello ,
I’m currently in talk with a mortgage specialist at RBC bank and TD .
My house value is 585k with 20 percent down & mortgage is for 468 k

TD is offering :

HELOC
2.84 for 5 year fixed
Asking for 20 % down plus 10,000 ( in order to match some ratio )
Cash back : 300- appraisal ,600- customer

RBC :

2.94 for 4 year fixed
Home line plan (HELOC)
Cash back incentive 750 + 1000 ( difference of payment for a 2.84 interest for 4 years )


Is RBC a better deal if I can get difference (2.94 -2.84) amount over a 4 year ?

Which one will be a better HELOC product ( I know it based on prime rate)

Am I missing some information about RBC Home line mortgage ?
Newbie
Jun 29, 2009
2 posts
Charlottetown
Mortgage coming up for renewal on July 12. Looking for what rates are available for the following mortgage.

-How much is the mortgage owing?
$185,000

-Roughly, what is the current market value of the property?
$350,000

-Which city is the property located in?
Charlottetown, PEI

-Is the property owner-occupied or a rental?
Owner

-Who is your current lender?
CIBC

-Do you have a HELOC tied to the mortgage?
No

-Is the mortgage CMHC insured?
No

-When did you buy the property?
2009

-When is your renewal date?
July 12, 2019

Thanks
Jr. Member
Dec 6, 2008
147 posts
6 upvotes
Hi - Wondering if anyone would be able to provide an idea of what my SO and I would be able to afford for a mortgage. Together our net pay is $6000/month, we don't have anything saved for a DP per se but combined we have $140k in a tfsa and are mulling between renting vs buying in midtown/downtown Toronto.
Deal Fanatic
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Sep 13, 2011
5287 posts
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Toronto
mrhellas71 wrote: Hi - Wondering if anyone would be able to provide an idea of what my SO and I would be able to afford for a mortgage. Together our net pay is $6000/month, we don't have anything saved for a DP per se but combined we have $140k in a tfsa and are mulling between renting vs buying in midtown/downtown Toronto.
We would need to know your gross pay before taxes, as that is the number that is used for mortgage qualification. Minimum down payment is 5%, which can come from your TFSA.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Jr. Member
Nov 5, 2014
164 posts
130 upvotes
Ottawa
politicalcanuck wrote: Hello,

We have an accepted offer to buy a 4 season cottage/secondary house in the Outaouais (near Low, QC) and are looking for the best rates for a 5 year fixed for a second mortgage. We need to satisfy our financial condition in 2 weeks and are closing in a month, so we need help ASAP.

For context, we have a current mortgage for our house in Ottawa (mortgage balance of $220K; market value of $575K).

-Purchase price? 119K
- Down Payment? 23,800 (20%)
-Which city is the property located in? Alleyn-et-Cawood, QC
-Is the property owner-occupied or a rental? Owner-occupied as a secondary home/cottage
-Who is your current lender? Nil
-Closing date: June 26, 2019

Please PM me so we can start the process. Thanks!
Can anyone help?

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