Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
dealquestion wrote: Hello guys, please advise on the below.

I'd be interested in both variable and fixed products, 3-5 year term. Please quote with and without the HELOC option.

For a mortgage refinance:

-Roughly, what is the current market value of the property? $1.4M
-What is the current mortgage owing? $510K
-How much do you want to borrow (refinance)? Looking to amortize additional $400K
-Is the property owner-occupied or a rental? Owner-occupied
-Where is the property located? Vaughan
-When do you want to close on the refinance? Current mortgage matures in August 2022
1.54% 4 year fixed or 1.69% five year fixed available. Variable would be at 1.65% five year variable. These are without a HELOC option.
Newbie
Jul 2, 2010
17 posts
1 upvote
Thanks Phil.
I think maybe split was the wrong term. Is it possible to do a joint mortgage with 4 people?
Newbie
Jun 9, 2018
4 posts
I am looking to refinance my current mortgage. How much low rate can I get now?

-How much is the mortgage owing? $360K
-Roughly, what is the current market value of the property? $1M
-Which city is the property located in? Mississauga
-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? No
-When did you buy the property? 2018
-When is your renewal date? Dec 2021
Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
hgfedcba wrote: I am looking to refinance my current mortgage. How much low rate can I get now?

-How much is the mortgage owing? $360K
-Roughly, what is the current market value of the property? $1M
-Which city is the property located in? Mississauga
-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? No
-When did you buy the property? 2018
-When is your renewal date? Dec 2021
Are you looking to pull equity out and increase your mortgage, or just looking to switch for a lower rate? If the latter, you can get 1.49% five year fixed or 1.45% five year variable
Newbie
Dec 5, 2020
3 posts
TazZaide wrote: 1.54% 4 year fixed or 1.69% five year fixed available. Variable would be at 1.65% five year variable. These are without a HELOC option.
Thanks for your prompt response! Would the quoted fixed products be with a fair penalty lender?
Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
dealquestion wrote:

Thanks for your prompt response! Would the quoted fixed products be with a fair penalty lender?
These rates would be through a major bank for your refinance, not a fair penalty lender.
Newbie
Jul 31, 2008
45 posts
8 upvotes
Hi guys, I'm a first-time buyer. Here is my situation:

-What is the purchase price? 720k
-How much is the down payment? 144k (30 years)
-Where it the property located? Vancouver Downtown
-When is the closing date? Jan 22
-Will the property be owner-occupied or a rental? Owner occupied
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
jabone wrote: Thanks Phil.
I think maybe split was the wrong term. Is it possible to do a joint mortgage with 4 people?
Absolutely do it all the time
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
SignalControl wrote: Hi guys, I'm a first-time buyer. Here is my situation:

-What is the purchase price? 720k
-How much is the down payment? 144k (30 years)
-Where it the property located? Vancouver Downtown
-When is the closing date? Jan 22
-Will the property be owner-occupied or a rental? Owner occupied
5 yr fixed 1.64%
4 yr fixed 1.54%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 1, 2020
2 posts
I think my original post got buried so reposting. Thanks for your help!

For a mortgage transfer/renewal:

-How much is the mortgage owing? $180K
-Roughly, what is the current market value of the property? $390K
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2011
-When is your renewal date? Jan 15 2021
Newbie
Sep 17, 2008
50 posts
17 upvotes
Often when comparing the 5-year Fixed rates available for a purchase under $1M versus over $1M, the rate is typically lower for a purchase price under $1M.

Does this also hold true for Variable rates?

Or does whether the purchase price being under or over $1M not really have much of an effect on the Variable rate you would get (unlike the case with Fixed).

Thanks in advance.
Sr. Member
User avatar
Aug 20, 2020
522 posts
89 upvotes
Scarborough
Devotion wrote: Thanks! How would the rates change if I decide to use it for rental instead?
The rates will increase to 1.99% fixed 5-year /1.85% variable 5-year. PM me and I may have another option as well.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Jr. Member
Mar 23, 2007
176 posts
12 upvotes
Got the penalty amount from the lender. They use 1.32 as the lower lending rate. Hmmm.
Newbie
Dec 5, 2020
3 posts
Hello guys!

What's the common consensus, do variable rate discounts at major banks have any room to improve yet?

Appreciate your insights.
Newbie
Jun 15, 2010
27 posts
Looking for what 5-year fixed I could expect on a refinance. Payout penalty is 2300

-How much is the mortgage owing? 330000
-Roughly, what is the current market value of the property?950000
-Which city is the property located in? Victoria BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? CMLS
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? May 2017
-When is your renewal date? May 2022
Deal Addict
User avatar
Jun 24, 2020
1136 posts
211 upvotes
rhinoman wrote: Looking for what 5-year fixed I could expect on a refinance. Payout penalty is 2300

-How much is the mortgage owing? 330000
-Roughly, what is the current market value of the property?950000
-Which city is the property located in? Victoria BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? CMLS
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? May 2017
-When is your renewal date? May 2022
1.49% five year fixed available.
Member
Jan 29, 2020
412 posts
401 upvotes
coolparsi21 wrote: Guys what r u thoughts about HSBC 0.99 % 5 year Variable . Any downside to it ?
Brokers here , can u get the rate for us . I believe its better to go with broker then directly ?
I think *some* brokers who are connected with "Dominion Lending Centre" can deal with HSBC on your behalf. Mine can't, sadly.

There must be some tradeoff because this offer is more than competitive. If anyone finds out what the catch is, please post. Probably it's tied to moving all your banking over to HSBC, or there are very high prepayment penalties.
Last edited by Cashforlife on Dec 7th, 2020 12:01 pm, edited 1 time in total.
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
CarbonX1 wrote: Can someone help me here?
Yes sent you message
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3351 posts
642 upvotes
kalicokid wrote: Often when comparing the 5-year Fixed rates available for a purchase under $1M versus over $1M, the rate is typically lower for a purchase price under $1M.

Does this also hold true for Variable rates?

Or does whether the purchase price being under or over $1M not really have much of an effect on the Variable rate you would get (unlike the case with Fixed).

Thanks in advance.
Variable rate does not change with more down for properties over a million (Min 20% req)
1.65% best rate

Under a million :

20% down 1,60%
25% down 1.50%
35% down 1.40%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628

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