Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Sep 13, 2011
5168 posts
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Toronto
Debtfreeme wrote: looking for best rates via mortgage broker, renewal is up.

What is the remaining mortgage amount? $240,000
-How much is the property worth? 370,000
-Where it the property located? Kingston, ON
-When is the renewal date? Sept 30
-Will the property be owner-occupied or a rental? Owner
- HELOC? No
- No CMHC
Credit score - excellent

looking for 4 and 5 year fixed rates.

HELOC would be nice as well
You're still a bit early as the maximum rate hold on a switch is 90 days. Lowest 5 year fixed for your situation right now is 2.54%. There are shorter term rates available as well, however they are a fair bit higher. You would need to reach out end of June once you are within your 90 day window. Hopefully, rates will be a bit lower at that time.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Sep 13, 2011
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canadian469 wrote: Wanna see if we are getting a quality deal with TD on a new purchase.

Purchase price? 2.1 million
Down payment? 550k
Property location? Oakville, ON
Closing Date? July
Owner occupied? yes

Currently being offered 2.84 fix 5yr or 2.90 variable 5 yr.

Thanks
TD should be able to go lower than this for you considering the mortgage amount. Brokers can get you lower with TD, but only if you have not already applied with them directly.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Jr. Member
Sep 10, 2017
176 posts
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PaulMeredith wrote: Lowest 5 year fixed for your situation would be 2.84%. Prepayment privileges are 20/20, meaning you can increase your payments by up to 20% and/or pay up to 20% of the original mortgage balance per year, over and above your scheduled payments. You can do any combination of both as long as it doesn’t exceed 20% of the original mortgage balance. There is no limit to how many times you can make lump sum payments, as long as they fall on a scheduled payment date.


Hope you find this helpful. :)
Wonderful info once again !

Just to confirm though , does the 20/20 prepayment option not include double up as an option ?
Jr. Member
Sep 10, 2017
176 posts
34 upvotes
Eaglyeye wrote: Here are the details

-How much is the mortgage owing?
$275,000

-Roughly, what is the current market value of the property?
$725,000

-Which city is the property located in?
Toronto

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

-Who is your current lender?
RBC

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

-Is the mortgage CMHC insured?
Yes. Paid less than 20%down when buying

-When did you buy the property?
September 2013

-When is your renewal date?
October 1, 2019
The correct renewal date is September 21, 2019
Newbie
Jun 15, 2019
1 posts
Hi,

We are looking to buy a new home and looking for best 2-5 year fixed rates.

Purchase price: 291 000$
Down payment: 58 000$ (20%)
Location: Sherbrooke, QC
Closing date: July 2019
Owner-occupied

Thanks,

Louis
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Sep 13, 2011
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Eaglyeye wrote: Wonderful info once again !

Just to confirm though , does the 20/20 prepayment option not include double up as an option ?
Glad you found that helpful! :)

Not specifically, no, but it's not needed in this case. Since there is no limit to how many times you can make the lump sum payments, you can do more than double up the payments.

For example, let's say you have a $300,000 mortgage at 2.54% amortized over 25 years would have a monthly payment of $1,349.88. Doubling up would then allow you to increase this payment to $2,699.76. 20% lump sum privileges allows you to pay an additional $60,000 towards your mortgage each year. If doing monthly payments, you can do as much as $5,000 per month (if you choose to max it out and break it up evenly). This means, you would be able to increase your payments to a maximum of $6,349.88 per month. So this works out to being significantly better than double up.

The issues with RBC's prepayment privileges is that they allow you to do 10% OR double up. So you can increase your payment up to an additional $134.99 OR $1,349.88 over your regular scheduled payment. Nothing in between. Then if you want to use the lump sum privilege, you need to wait until the maturity date to do so. This gives RBC the most restrictive prepayment privileges in the industry (with the rare 'no frills' exception, however these are almost non-existent).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 1, 2016
8 posts
2 upvotes
New Westminster, BC
Have learned a lot from reading this thread, thank you all for sharing.

We are currently trying to work out a deal to purchase a home to live in and refinance our current condo mortgage at the same time (we'll be renting out the condo). Will appreciate some guidance into the process. Like for example, is there a way to have a high risk mortgage with our second property (will be owner occupied) and do the 20% down payment on the smaller one?

Current Mortgage
Property worth - $629,000
Remaining mortgage - $467,490
Property location - Coquitlam, BC
Willing to break current mortgage and pay penalties (already did our math)
Property will become a rental on August 17

New house
Property worth - $787,000
Available for down payment - $158,000 (in an ideal world, would only put $100K)
Property location - Langley, BC
Owner occupied
Closing date - August 15 2019
Deal Addict
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Dec 1, 2015
1966 posts
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Etobicoke, ON
On the new purchase you can get a 5y fixed at 2.69%
almaelise wrote: Have learned a lot from reading this thread, thank you all for sharing.

We are currently trying to work out a deal to purchase a home to live in and refinance our current condo mortgage at the same time (we'll be renting out the condo). Will appreciate some guidance into the process. Like for example, is there a way to have a high risk mortgage with our second property (will be owner occupied) and do the 20% down payment on the smaller one?

Current Mortgage
Property worth - $629,000
Remaining mortgage - $467,490
Property location - Coquitlam, BC
Willing to break current mortgage and pay penalties (already did our math)
Property will become a rental on August 17

New house
Property worth - $787,000
Available for down payment - $158,000 (in an ideal world, would only put $100K)
Property location - Langley, BC
Owner occupied
Closing date - August 15 2019
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Member
Aug 7, 2006
212 posts
44 upvotes
Toronto
Considering breaking my variable mortgage to a better fixed rate.

How much is the mortgage owing? $310k
-Roughly, what is the current market value of the property? $1250k
-Which city is the property located in? Woodbridge, ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotia STEP
-Do you have a HELOC tied to the mortgage? Yes ($0 balance)
-Is the mortgage CMHC insured? No
-When did you buy the property? Aug 2016
-When is your renewal date? Aug 2021
-Amortisation left? 16 yrs
Newbie
Jan 1, 2016
8 posts
2 upvotes
New Westminster, BC
valuemortgage wrote: On the new purchase you can get a 5y fixed at 2.69%
Thanks, and do I really need to put down 20% on the new one or can it be less?
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Jan 31, 2018
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mclazy wrote: Considering breaking my variable mortgage to a better fixed rate.

How much is the mortgage owing? $310k
-Roughly, what is the current market value of the property? $1250k
-Which city is the property located in? Woodbridge, ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotia STEP
-Do you have a HELOC tied to the mortgage? Yes ($0 balance)
-Is the mortgage CMHC insured? No
-When did you buy the property? Aug 2016
-When is your renewal date? Aug 2021
-Amortisation left? 16 yrs
What is your current rate with Scotia ?

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Dec 1, 2015
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Etobicoke, ON
Provided that everything else is fine in terms of qualifying, you would be able to put less downpayment on the new property, being it a new owner occupied place.
almaelise wrote: Thanks, and do I really need to put down 20% on the new one or can it be less?
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Jan 6, 2002
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Toronto
PaulMeredith wrote: So you can increase each payment up to 10% OR double it up. The lump sum privilege is limited to one time per year on the anniversary date.
AND. You can increase the payment by up to 10%. You can then/also make an additional payment on every pay date, an amount of $100 up to the (increased by 10%) regular payment amount. This is what I do.

The lump sum payment can be made at any point in the year. For example, the lump sum payment for year one can be made on any day in year one from 1..364. If you don't make it, you forego the option. In my case, I paid off 10% of my mortgage in Year 1, about 6 weeks into my mortgage term, and I will pay another 10% off on Day 366 as soon as mortgage term year 2 starts.

FOR EXAMPLE:

Assume I have an RBC mortgage for $100,000 that started on Feb 2nd, and my regular mortgage payment is $500. Then with RBC I:

* Increase my mortgage payment by up to 10% from $500 to $550
* One every regular mortgage withdrawal date, pay an additional amount between $100 and $550 (total $650 to $1100) to "Double Up" my payment
* Pay $10,000 immediately on Feb 3rd the day after the mortgage is opened (or any day after up until Feb 1st the next year)
* Pay another $10,000 after one year plus one day, etc.

Not claiming this is great, but it's not as restrictive as you seem to describe.
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Newbie
Jun 16, 2019
1 posts
Looking for a good rate on our new house

-What is the purchase price? $550
-How much is the down payment? 20%
-Where is the property located? Winnipeg
-When is the closing date? Next week
-Will the property be owner-occupied or a rental? Owner

We currently have a mortgage with RBC and they’re offering a blended rate for the new house at 2.95% variable for existing and 3.18% 5 year variable for the new portion. What kind of 5 year fixed or variable rates can we get with other lenders?

Thanks

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