Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 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
best rate 1.49% 5 yr fixed
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3316 posts
632 upvotes
RandomRFDAccount wrote: 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
5 yr fixed 1.49%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 24, 2018
3 posts
CarbonX1 wrote: Hi there, complete newbie here.

I'd like to get a better idea of how much mortgage I could afford. Looking to buy a 3 bed house/semi/town and rent it first.

I make 54.5k/ year, no debt, good credit score.

-What is the purchase price? I'm looking at semis/towns/houses in the 400-530k range.
-How much is the down payment? 200k
-Where it the property located? Hamilton
-When is the closing date? N/A
-Will the property be owner-occupied or a rental?Rental

Thanks
Can anybody help?
Newbie
Apr 15, 2020
54 posts
113 upvotes
Montréal
-What is the purchase price? 365,000$
-How much is the down payment? 40,000
-Where it the property located? Quebec
-When is the closing date? It’s a newly built house so somewhere in February
-Will the property be owner-occupied or a rental? Owner-Occupied
Newbie
Jun 8, 2020
6 posts
Looking to buy condo:

$80k cash
750+ credit score
No debt
If I want to pay the minimum down payment required for a condo between $500k-999k (5% of the first $500k of the purchase price, 10% for the portion of the purchase price above $500k), what is the most I can borrow and what are my options for variable/fixed rates?

-How much is the down payment? $80k
-Where it the property located? Downtown Toronto
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner occupied
Deal Addict
User avatar
Jun 24, 2020
1101 posts
205 upvotes
mix111 wrote: Looking to buy condo:

$80k cash
750+ credit score
No debt
If I want to pay the minimum down payment required for a condo between $500k-999k (5% of the first $500k of the purchase price, 10% for the portion of the purchase price above $500k), what is the most I can borrow and what are my options for variable/fixed rates?

-How much is the down payment? $80k
-Where it the property located? Downtown Toronto
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner occupied

This will depend on how much income you have. We would need to run the figures based off this.
Newbie
Nov 25, 2019
13 posts
1 upvote
Looking to extract the maximum amount of capital to re-invest and need advice.

Target property is a duplex being bought for investment purposes in Qc
Purchase price is 205,000$
Chartered appraiser has valued at 265,000$
Seller offers a loan of 110,000$ @ 0% interest over 17 months, guaranteed by a second rank mortgage wherein the first mortgage will not exceed 265,000$
Tenants have agreed to terminate their leases in 6 months. I will therefore be able to significantly increase the rental income.

I have 95,000$ cash and able to buy without a bank, but I have another excellent investment opportunity for which I need the maximum capital.

How would you finance to extract the most liquidity. Is there any way to get a mortgage for 265,000$ wherein I keep the 110,000$ offered by the sellers?
Newbie
Jun 8, 2020
6 posts
TazZaide wrote: This will depend on how much income you have. We would need to run the figures based off this.
Income is $65k/yr
Deal Addict
User avatar
Jun 24, 2020
1101 posts
205 upvotes
mix111 wrote: Income is $65k/yr
You would likely have to go for a purchase price of $400,000 at the maximum, with the full $80,000 down payment.
Jr. Member
Jan 1, 2008
141 posts
76 upvotes
For a purchase of a property:

-What is the purchase price? circa 500K
-How much is the down payment? 20% (but have 50% available)
-Where it the property located? NE Winnipeg / Oakbank
-When is the closing date? TBD but say February 2021 for now
-Will the property be owner-occupied or a rental? Owner-occupied
-Combined salaries : circa 225k$, vehicles paid off. Part of Canadian Defence Community / RCMP.

Can I get the best available rates please? (fixed / variable, possibly with a HELOC to reinvest in index based ETF)
Sr. Member
User avatar
Dec 11, 2009
639 posts
215 upvotes
Toronto, ON
Have rates dropped recently?

I have 5 years fixed at 1.6% with 30 years amortization locked in. It's for a house just above 1M with 20% down, onwer occupied, Jan 8th closing.
Member
Oct 27, 2005
339 posts
29 upvotes
With the interest rates being so low, I am thinking about a re-finance. I had an initial conversation and was told the penalties are really high (about $25,000) but the interest rate savings are substantial (3.05% now). We are aggressively trying to pay this down.

-How much is the mortgage owing? 565000
-Roughly, what is the current market value of the property?875000
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No, but it is a collateral loan, registered for $831,000. Original Mortgage of $664,800.
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2019
-When is your renewal date? June 2024
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
Bazzi wrote: With the interest rates being so low, I am thinking about a re-finance. I had an initial conversation and was told the penalties are really high (about $25,000) but the interest rate savings are substantial (3.05% now). We are aggressively trying to pay this down.

-How much is the mortgage owing? 565000
-Roughly, what is the current market value of the property?875000
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No, but it is a collateral loan, registered for $831,000. Original Mortgage of $664,800.
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2019
-When is your renewal date? June 2024
You would save about 5000 over the remaining term (3.5 years) by switching to 1.49% fixed 5-year. But you will need to pay the entire penalty out of pocket (expect $3000 which can be included into the mortgage). PM me your email id and I can send you a detailed analysis.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
Oct 27, 2005
339 posts
29 upvotes
NeilJoseph wrote: You would save about 5000 over the remaining term (3.5 years) by switching to 1.49% fixed 5-year. But you will need to pay the entire penalty out of pocket (expect $3000 which can be included into the mortgage). PM me your email id and I can send you a detailed analysis.
Thanks Neil - i'll send you a PM. I calculated a greater savings because I am further along on the amortization and it would be great to get your analysis. Thanks again.
Newbie
Dec 6, 2020
1 posts
Looking to purchase a condo or townhouse in Coquitlam or Port Coquitlam, British Columbia

-What is the purchase price? $450,000 - $500,000
-How much is the down payment? 20%
-When is the closing date? March or April 2021
-Will the property be owner-occupied or a rental? Owner Occupied
Jr. Member
Sep 3, 2006
128 posts
30 upvotes
MoreDealsPlease wrote: Have rates dropped recently?

I have 5 years fixed at 1.6% with 30 years amortization locked in. It's for a house just above 1M with 20% down, onwer occupied, Jan 8th closing.
Where did you get this rate?
Sr. Member
User avatar
Dec 11, 2009
639 posts
215 upvotes
Toronto, ON
kold wrote: Where did you get this rate?
At one of the big banks. I think they have more competitive rates for purchases over 1M lately
Newbie
Dec 6, 2020
1 posts
Looking to buy detached:

What would my purchase price be?

700+ credit score
No debt
income 165k

-How much is the down payment? $180k
-Where it the property located? Pickering
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner occupied
Newbie
Dec 6, 2020
3 posts
Hi all,

Here's what i'm looking at:

-What is the purchase price? 685k
-How much is the down payment? 15%
-Where it the property located? Hamilton, ON
-When is the closing date? March 21
-Will the property be owner-occupied or a rental? Owner

Currently getting 1.68% from CIBC for 5 years fixed. Exploring other options, would certainly consider lower variable rate
Deal Addict
Dec 10, 2012
3471 posts
836 upvotes
Canada
what's the best strategy in this case?

Currently have a mortgage with Scotia (4 year fixed @ 2.69%), now 30 months left.

-How much is the mortgage owing? 285k
-Roughly, what is the current market value of the property? 500k
-Which city is the property located in? Regina, SK
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? 2023 (30 months left)

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