Real Estate

The Official Mortgage Rates Thread

Deal Addict
Jul 22, 2002
2484 posts
324 upvotes
Durham Region
Hello looking for updated rates for the following:

Mortgage amount owing at maturity:
$150,500
Approximate market value:
$700,000-$800,000
Original purchase date (month and year):
July 2010
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment):
NO
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?
NO
Do you have a second component such as a HELOC attached to your mortgage?
NO
Current lender:
Industrial Alliance
Is this your primary residence or a rental property?
Primary
Location:
Ajax, Ontario
Maturity date:
August 2, 2019

Thank you.
Jr. Member
Jun 8, 2009
110 posts
8 upvotes
Toronto
PaulMeredith wrote: As mentioned, the lowest 5 year fixed for your situation would be 2.54%. When switching your mortgage at the end of your term, legal fees and appraisal fees are always covered by the lender. The biggest exception to this is if you are in a collateral mortgage (which you are not). Aside from a collateral mortgage, there are very few lenders who will not cover your legal and appraisal fees on a switch.

If you wanted to add a HELOC to your mortgage, there are options available as well, however rates are higher. The lowest 5 year fixed for a mortgage with a HELOC attached would be 2.84%.

Sometimes you can get a HELOC with a different lender, which then allows you to get the lowest rate, AND have a HELOC as well. However, there are often additional set up costs involved. Also, lenders offering HELOCs behind another lenders mortgage are very limited, and sometimes this is not an option.

Whenever you have a HELOC attached to your mortgage, your mortgage would then get registered as a collateral charge. As mentioned above, legal and appraisal fees apply when switching a collateral mortgage at the end of your term. Appraisal is usually around $300, and legal fee varies from $600 - $900, depending on your province. There are some lenders who will cover some, or even all of these fees for you, however often the right is just slightly higher if all the fees are being covered. One way or another, there is a cost to having a collateral mortgage.
Does the mortgage with heloc give you the rate of 2.84% for both components or just the 5 yr fixed? If so what is the rate on the heloc?

Can you tell me what the best rates for an equity take out 5 yr fixed ? Excellent credit 300k on house worth 780knin Toronto? Heloc is a optional but if beneficial for rate would take.

Thanks in advance,
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
coconutjay wrote: Does the mortgage with heloc give you the rate of 2.84% for both components or just the 5 yr fixed? If so what is the rate on the heloc?

Can you tell me what the best rates for an equity take out 5 yr fixed ? Excellent credit 300k on house worth 780knin Toronto? Heloc is a optional but if beneficial for rate would take.

Thanks in advance,
No. HELOC rates are variable and is Prime +.50% for this product.

For an ETO, you're looking at 2.84% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Oct 30, 2012
197 posts
364 upvotes
What is the purchase price? $569k
How much is the down payment? 20%
Where it the property located? Toronto, ON
When is the closing date? July 15
Will the property be owner-occupied or a rental? owner-occupied

Looking for 2/3 year terms
Deal Addict
User avatar
Dec 1, 2015
1966 posts
918 upvotes
Etobicoke, ON
It is quite difficult to find a competitive rate on a 2y or 3y term, since the rates are often too close to the 5y, and right now some lenders have a higher rate on 3y terms than the 5y.

5y at 2.69% is easy. 3y would be also at 2.69%.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
Newbie
Jun 16, 2019
2 posts
Looking for information/suggestions on my options, rates and fees. I have two mortgages with Scotia STEP, one fixed up for renewal in September and one variable up for renewal September 2020. I am uncertain if I would have to pay double the legal fees to have both the collateral charges transferred to new mortgage company and going forward with one mortgage. If yes, I think this cancels out any savings I might have had with a switch.

Scotia is currently offering me 4 year 2.79 on the larger fixed mortgage and 3.06 to switch the variable to a fixed.

Mortgage amount owing at maturity: Scotia STEP Fixed: 140k @ 2.49 + Variable: $40k @ 3.4
Approximate market value: $350000+
Original purchase date: Approx. Jan 2005
Did you pay an insurance premium such as CMHC when you purchased the home?: No
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? Yes, September 2015
Do you have a second component such as a HELOC attached to your mortgage? Scotia STEP, 2 mortgages
Current lender: Scotia
Is this your primary residence or a rental property? Primary
Location: Rural Ontario
Maturity date: Fixed: Sep 3, 2019 /Variable Sep 3, 2020
Newbie
Jun 15, 2019
4 posts
Rookie2017 wrote: First time buyer here. Super excited yet very anxious during this time.

-Mortgage price: $298,000
-Where is the property located? Greater Vancouver
-When is the closing date? Mid August
-Will the property be owner-occupied or a rental? It will be owner occupied .
-Mortgage insurance? No.
-Amortization length? 30 years

I’m currently being offered 5 years fixed @ 2.97% with TD. However, BMO is offering 4 years fixed @ 2.79% with $1,000 cash back. TD allows 20/20 whereas BMO is 15/15. Both mortgages are portable.

Are these good rates? What types of rates are available for 4-5 yrs fixed with a 30 yr amortization?

Thanks!
Looks like this got lost in the mix
Deal Addict
User avatar
Dec 10, 2008
4413 posts
880 upvotes
If I have $50k in stocks, is that the same (or similar) to having $50k in cash, for the purposes of qualifying for a mortgage?
Let's hug it out
Deal Fanatic
User avatar
Sep 13, 2011
5168 posts
2056 upvotes
Toronto
RCGA wrote: If I have $50k in stocks, is that the same (or similar) to having $50k in cash, for the purposes of qualifying for a mortgage?
Yes.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5168 posts
2056 upvotes
Toronto
Rookie2017 wrote: Looks like this got lost in the mix
They are okay, but you should be able to get 2.89% with a 30 year amortization and full 20/20 prepayment privileges.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5168 posts
2056 upvotes
Toronto
Scotty05 wrote: Looking for information/suggestions on my options, rates and fees. I have two mortgages with Scotia STEP, one fixed up for renewal in September and one variable up for renewal September 2020. I am uncertain if I would have to pay double the legal fees to have both the collateral charges transferred to new mortgage company and going forward with one mortgage. If yes, I think this cancels out any savings I might have had with a switch.

Scotia is currently offering me 4 year 2.79 on the larger fixed mortgage and 3.06 to switch the variable to a fixed.

Mortgage amount owing at maturity: Scotia STEP Fixed: 140k @ 2.49 + Variable: $40k @ 3.4
Approximate market value: $350000+
Original purchase date: Approx. Jan 2005
Did you pay an insurance premium such as CMHC when you purchased the home?: No
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? Yes, September 2015
Do you have a second component such as a HELOC attached to your mortgage? Scotia STEP, 2 mortgages
Current lender: Scotia
Is this your primary residence or a rental property? Primary
Location: Rural Ontario
Maturity date: Fixed: Sep 3, 2019 /Variable Sep 3, 2020
You won't have to pay double the legal fees. Both of your mortgages are almost certainly both part of the same charge (mortgage), which is what the Scotia STEP is. You should be able to get as low as 2.64% for your situation with the legal and appraisal fee paid for you.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5168 posts
2056 upvotes
Toronto
coconutjay wrote: Does the mortgage with heloc give you the rate of 2.84% for both components or just the 5 yr fixed? If so what is the rate on the heloc?

Can you tell me what the best rates for an equity take out 5 yr fixed ? Excellent credit 300k on house worth 780knin Toronto? Heloc is a optional but if beneficial for rate would take.

Thanks in advance,
Just for the 5 year fixed. The rate on the HELOC would be prime +0.50% (4.45%). The lowest 5 year fixed for a refinance (equity take out) right now is 2.79%
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5168 posts
2056 upvotes
Toronto
hoob wrote: 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.
Looked into this a bit further, so thanks for the info! Yes, RBC will let you increase over and above the 10% increase per payment using their double up. They will let you increase by 10% and then go up to double the original payment with a minimum additional payment of $100. My original post was incorrect in saying that could not increase your payment between the 10% increase and double up, where you apparently can. I was also incorrect in saying that you can only make the payment one time per year on the anniversary date. You can only make them one time per year, that part is correct. But it can be done any time during the term. You then cannot make another prepayment until after your anniversary date.

So using your example of the $100,000 mortgage with a $500 mortgage payment. You can increase your payment to $550 and you can then use your double up privilege to go up to $1,100.

The lump sum payment can be made only a single time. So yes, you could make the lump sum payment starting with your very next payment. But if you only used $2,000 of your $10,000 allowable max, then you would not be able to make another payment again until your anniversary date, even though you had not maxed it out.

Given that most other lenders would let you increase the payment up to $2,166 using the lump sum prepayment privileges since there is no limit to how many times you can make them (providing they fall on a scheduled payment date), the RBC prepayment privileges remain the most restrictive in the industry.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Jr. Member
Jun 8, 2009
110 posts
8 upvotes
Toronto
PaulMeredith wrote: Just for the 5 year fixed. The rate on the HELOC would be prime +0.50% (4.45%). The lowest 5 year fixed for a refinance (equity take out) right now is 2.79%
Thanks for the details!
Jr. Member
Jun 26, 2007
177 posts
GTA
Hi all,

Currently have received a quote for 2.75% on a 5yr fixed at TD...see below for details:

-What is the purchase price? $880K
-How much is the down payment? 20%
-Where is the property located? Mississauga
-When is the closing date? Aug 15
-Will the property be owner-occupied or a rental? Owner

What are your thoughts? Still some wiggle room? I know that HSBC also has 5yr fixed at 2.69% but haven't checked in with them yet

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