Real Estate

The Official Mortgage Rates Thread

Sr. Member
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Aug 20, 2020
521 posts
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Scarborough
crucial1 wrote: What is everyone thoughts on readvanceable mortgages in general and can they be gotten at or close to regular rates? I like the idea of having a built in HELOC I don't need to keep applying for down the road
Let me put it this way.. They are available at regular rates; not the lowest rates. it makes sense if one is savvy about using it.. otherwise, it can become like a credit card with a huge borrowing limit and can increase the risk of one being over-indebted. The other aspect is that it comes along with a collateral charge mortgage and gives undue power to the lender if one has other unsecured borrowings from the same lender (generally banks).
Neil Joseph
Mortgage Agent, Broker Lic #10530
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Jan 29, 2020
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What's the catch on the HSBC variable offer? If you try to break it, do you go to a Chinese concentration camp?
Sr. Member
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Aug 20, 2020
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Scarborough
Cashforlife wrote: What's the catch on the HSBC variable offer? If you try to break it, do you go to a Chinese concentration camp?
It's a British multinational investment bank!
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
Jan 29, 2020
411 posts
399 upvotes
NeilJoseph wrote: It's a British multinational investment bank!
Aware. Origin is The Hongkong and Shanghai Banking Corporation Limited (Chinese: 香港上海滙豐銀行有限公司)

I'm really asking if there are penalties beyond "3 months interest" but I can understand why brokers would not know unless HSBC is accepting broker business now (which is the rumour).
Last edited by Cashforlife on Dec 5th, 2020 7:05 pm, edited 2 times in total.
Jr. Member
Oct 24, 2010
145 posts
27 upvotes
Just got 5 year, 1.55% @ 30-year variable with Scotiabank
Jr. Member
Feb 6, 2010
139 posts
23 upvotes
Norfolk County
NeilJoseph wrote: It's worth checking the penalty to break from Simplii. It shouldn't be much given the outstanding amount + 10 months remaining on the term. Do let me know your current mortgage rate and I can let you know if it makes sense.
Thank you. It is 2.44%
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Jan 31, 2018
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ejohan wrote: I'm sure the brokers will echo this, but pretty much all fixed mortgages have a penalty of the HIGHER of an interest rate differential or 3 months' interest. The interest rate differential may be well above $4k in your case with so many years left in the term. I'd recommend calling Alterna to confirm the penalty amount.
Always call the lender never trust the online calculators . I always recommend calling the lender twice to confirm the amount just
incase the first call you get a rookie :)
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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boppull wrote: Hi there, I just got a renewal offer from Scotia

1.61% for 4yr fixed
1.74% for 5yr fixed

How much is the mortgage owing? 940000
-Roughly, what is the current market value of the property? 1.6M
-Which city is the property located in? Oakville
-Is the property owner-occupied or a rental? Owner occupied
-Do you have a HELOC tied to the mortgage? Yes, 100k not used
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2016
-When is your renewal date? June 2021

I am looking for a 4yr or 5yr fixed rate, not sure if what I got from scotia is good enough to take. Thanks!
1.54% 4 yr fixed major bank

1.49% monoline lender LESS punitive 5 yr term

Phil
Phil Cragg
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bigbadboss101 wrote: Is the penalty lenders dependent or is fixed mortgage always the higher of 3 month’s interest/IDP? Variable is not always 3 month’s interest?
Penalties on fixed are 3 months or the the IRD (greater of ) unless you have a restrictive product with a lende3r where it is a set penalty

RMG has the LRB product set 3 % on balance

Banks are more punitive than the monolines

Variable typically 3 months unless you have a product mentioned above with a set penalty

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Rizzy77 wrote: Bought a rental condo and we need to refinance for the down payment. So we need a new mortgage for our primary and one for the rental property. Looking for the best route to finance the situation.

-Roughly, what is the current market value of the property? 575k
-What is the current mortgage owing? 80k matures in may 2021
-How much do you want to borrow (refinance)? Add 68k
-Is the property owner-occupied or a rental?owner occupied and rental occupied
-Where is the property located? Woodstock ont
-When do you want to close on the refinance? Closing is Jan 29 on the condo
5 yr fixed 1.69% & 4 yr fixed 1.54%

Major bank

Phil
Phil Cragg
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cheapmother wrote: Property coming up for renewal:

City: Calgary, AB
Type: Rental
Assessed value of property: 318K
Mortgage outstanding: 264K

Problem is I have 3 rental houses and 2 rental condos all with mortgages. You would think this would be risky, however 2020 is turning out to be a great year with 0% vacancy and room for rent increases if I was feeling greedy enough. I am going in to Scotia next week to discuss renewal but would like to know if there are any options I have, otherwise will just have to accept whatever they are offering for a renewal :(

TIA!
It does get tricky when you have 5 plus an owner occupied home many lenders have max property restrictions

Never accept what they offer always push for the lowest rate and quote some of our rates posted on the forum

Best of luck

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Dec 10, 2006
592 posts
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Last edited by e909 on Dec 6th, 2020 6:27 am, edited 1 time in total.
Member
Oct 27, 2006
409 posts
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What are the best commercial mortgage rates available right now? Thanks!
Sr. Member
Feb 15, 2013
805 posts
266 upvotes
Toronto
Hello,

what is the best mortgage rates (details below):

Purchase price : 970000
Down Payment : 20%
Property located : Scarborough
Closing Date Feb 12th 2021
Owner occupied.
Newbie
Dec 5, 2020
1 posts
Hi. First time home buyer shopping for a mortgage with big banks. I know CIBC is offering 1.49% 4-year fixed, wonder if the other places can match to this and what's the best rates for 4/5 year variable. Thanks!

-purchase price: $770,000
-down payment: 35%/$269,000
-property located: Vancouver, BC
-closing date: Jan 15, 2020
-Owner occupied
Jr. Member
Mar 4, 2017
163 posts
65 upvotes
How does one calculate whether it is worth breaking a mortgage for? The new deals on low rates look enticing.

Furthermore will I have issues if I have a readvancable HELOC on my current mortgage with RBC?
Newbie
May 19, 2018
5 posts
1 upvote
Looking to buy/put offer this week:

-What is the purchase price? 1250k
-How much is the down payment? 350k
-Where it the property located? Vaughan
-When is the closing date? Feb 2021
-Will the property be owner-occupied or a rental? Owner occupied
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Jun 24, 2020
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TUVIOP wrote: Looking to buy/put offer this week:

-What is the purchase price? 1250k
-How much is the down payment? 350k
-Where it the property located? Vaughan
-When is the closing date? Feb 2021
-Will the property be owner-occupied or a rental? Owner occupied
1.69% five year fixed, 1.54% four year fixed available. For variable, you can get as low as 1.65% five year variable.
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Jun 24, 2020
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gskn4u wrote: Hello,

what is the best mortgage rates (details below):

Purchase price : 970000
Down Payment : 20%
Property located : Scarborough
Closing Date Feb 12th 2021
Owner occupied.
1.64% five year fixed or 1.54% four year fixed available. With 25% down, you can get 1.39% five year fixed.
Newbie
Nov 12, 2011
6 posts
NORTH YORK
Hello, I am reposting since my initial inquiry wasn't all correct.

Mortgage Renewal

-How much is the mortgage owing? 925000
-Roughly, what is the current market value of the property? 1600000
-Which city is the property located in? Oakville
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes , 100,000 not used
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016 June
-When is your renewal date? June 2021

- What would be the estimated penalty to get out (current rate 2.49 with 2% discount), currently have about 6 months left?
- What would be a reasonably good fixed rate for 4 and 5 yr term? How could I get these rates?

Thank you.

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