Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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bradb wrote: Been offered a few early renewal rates so far, but given what I'm reading lately in this thread, looks like I should be able to do better ...

-How much is the mortgage owing? 122,000
-Roughly, what is the current market value of the property? 450,000
-Which city is the property located in? Waterloo, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Aug 2009
-When is your renewal date? Late Aug 2019

Thanks!
You would be eligible for 2.59% with no cost to switch

Phil
Phil Cragg
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Oct 9, 2011
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Ajax
valuemortgage wrote: 5y variable at P-1.25 (so 2.70% in today's numbers).

5y fixed at 2.59%
thanks for the quote. How long I can hold this rate?
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tursha wrote: -What is the purchase price? $346,000
-How much is the down payment? 20%
-Where it the property located? Toronto, Ontario
-When is the closing date? July 31/2019
-Will the property be owner-occupied or a rental? Owner-occupied

Currently have a 5 yr term fixed rate at 3.04% with time to change before closing. I'm seeing lower rates on the thread and was wondering if I should keep an eye out for lower rates.
You would have 2.64% available to you with 20% down for a 5 yr fixed term

Start the process if you are going to switch from your current offer

Phil
Phil Cragg
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Etobicoke, ON
You are just outside the 120 days period the 5y fixed ca be locked for. But based on the current trend, I think there are good chances you may be able to lock that rate soon.
fsm7268 wrote: thanks for the quote. How long I can hold this rate?
Andre Oliveira - Mortgage Agent at Valuemortgage
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Jan 31, 2018
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redhat82 wrote: -What is the purchase price? $1.3MM
-How much is the down payment? $400,000
-Where it the property located? Oakville, ON
-When is the closing date? Aug 2019
-Will the property be owner-occupied or a rental? owner-occupied
- Income: Household (~$300k)

Challenge is that current mortgage provider ($440,000 remaining mortgage) is Industrial Alliance and they are charging $18k and sometimes they say $24k to get out of mortgage. Also, they are not giving 30 year amortization which I am looking for.

Does it make financial sense to break contract and go with lower rate? If so, what rate I can get

Appreciate any help on this topic
Are they willing to allow you to port and top up the current mortgage to the 900K required (with the 25 yr limitation). If so what rate are they offering and what is your current rate on the 440k

30 yr am is 2.84% at the moment

Phil
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Vaughan
Yes, they are allowing me to port over to new house. They are offering a blended rate of 3.22% for 25 years. In this case they aren’t charging any penalty but rate is still pretty steep with no option of 30 year amp.

The rate on 440k is 3.42% fixed ( 4.5 yrs remaining)
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redhat82 wrote: Yes, they are allowing me to port over to new house. They are offering a blended rate of 3.22% for 25 years. In this case they aren’t charging any penalty but rate is still pretty steep with no option of 30 year amp.

The rate on 440k is 3.42% fixed ( 4.5 yrs remaining)
You could get 2.84% on a 30 yr am with a major bank

.38% differential over the blended rate wouldn't outweigh the penalty

If the 30 yr am is a must have then you would save almost 3500 / yr with the new rate

Sent you some info

Phil
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St Johns
I’m considering a HELOC, was offered interest at prime (big bank)

Can I get better than prime ?
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Jun 6, 2019
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I am seeing 2.49 rate mentioned in the news as current lowest (since yesterday). Is any lender offering this for those with 35+ in equity? I am in Toronto (current value 800k) owing bit under 500k. Not insured (had 20 down)
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St Johns
WorldCitizen007 wrote: I am seeing 2.49 rate mentioned in the news as current lowest (since yesterday). Is any lender offering this for those with 35+ in equity? I am in Toronto (current value 800k) owing bit under 500k. Not insured (had 20 down)
Are you referring to mortgage ?

I’m asking about HELOC
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Jun 19, 2019
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rateconnect wrote: You would have 2.64% available to you with 20% down for a 5 yr fixed term

Start the process if you are going to switch from your current offer

Phil
Thank you for the reply!

I've shown the rate to my mortgage broker and she says she's not seeing the rate and was wondering what the conditions are.
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Oct 21, 2009
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Montreal
Is the CIBC rate available in Quebec? What is the best rate in Quebec right now for insurable uninsured conventional mortgage
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Apr 8, 2012
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COOKSHIRE
Im up for renewal july 1st.. had 2.29% over 3 years.

Currently Being offered through BMO
5 year 3.24%
3 year 3.23%

What are the best rates Being offered in Québec? BMO wont budge with the 2.54% Being offered. I had an impeccable crédit but my maternity leave (took 2 months to kick in) messed that up...

Mortgage renewal 107k
Bought in 2014 with 5% cash down.

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