Real Estate

The Official Mortgage Rates Thread

Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
mikek33 wrote: I’m a little early but want to know what rates are out there for planning purposes.

Looking at refinancing and pulling some equity.

-Roughly, what is the current market value of the property?
$515K
-What is the current mortgage owing?
$203k
-How much do you want to borrow (refinance)?
$325k
-Is the property owner-occupied or a rental?
Rental
-Where is the property located?
Ottawa
- Current lender?
Scotiabank (STEP mortgage)
- Maturity date?
Sept 19, 2021 (2 yr fixed term)
For a rental you can get 1.75% variable 5-year or 1.89% fixed 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
Aug 24, 2002
428 posts
5 upvotes
Calgary
For a mortgage renewal:

-How much is the mortgage owing? $382,144
-Roughly, what is the current market value of the property? $665,000
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Lendwise
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? April 19, 2021
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
iakov wrote: For a mortgage renewal:

-How much is the mortgage owing? $382,144
-Roughly, what is the current market value of the property? $665,000
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Lendwise
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? April 19, 2021
1.44% five year fixed or 1.40% five year variable available
Sr. Member
Dec 21, 2010
603 posts
281 upvotes
Toronto
Currently on a 1.65% variable rate... originally did a 17 year amortization, with rapid by-weekly payments, but I am currently topping the payments higher.

My wife's salary was previously used in the calculation/approval of mortgage, how will not having her salary affect a renewal (by my current big 5 bank or through a reapproval from another FI at the end of term)? Lets assume she is employed now temporarily, but (in the future) at the time of renewal she would be unemployed and receiving EI/mat leave payments.

Can I change my current by-weekly payment schedule to single if I want? I know I can reduce the actual payment value. Would I be approved from another FI? I am wondering if I can reduce the payment (and increase the amortization) to where I would be approved on single income.

Approx Market Value of Home? $925K
Amount Owing? $445K
Owner Occupied
Renewal Date? Feb 2022
Newmarket
Not CHCM Insured
LOC attached currently, but with zero balance
Income: $105K + wifes EI (until employed again)
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
NeedaSuit wrote: Currently on a 1.65% variable rate... originally did a 17 year amortization, with rapid by-weekly payments, but I am currently topping the payments higher.

My wife's salary was previously used in the calculation/approval of mortgage, how will not having her salary affect a renewal (by my current big 5 bank or through a reapproval from another FI at the end of term)? Lets assume she is employed now temporarily, but (in the future) at the time of renewal she would be unemployed and receiving EI/mat leave payments.

Can I change my current by-weekly payment schedule to single if I want? I know I can reduce the actual payment value. Would I be approved from another FI? I am wondering if I can reduce the payment (and increase the amortization) to where I would be approved on single income.

Approx Market Value of Home? $925K
Amount Owing? $445K
Owner Occupied
Renewal Date? Feb 2022
Newmarket
Not CHCM Insured
LOC attached currently, but with zero balance
Income: $105K + wifes EI (until employed again)
When it comes to renewal time you do not need to requalify if your deciding to stay with the same lender your currently with.
Sr. Member
Jan 24, 2007
522 posts
168 upvotes
Toronto
Can anyone give me some insight on what rates I should be expecting? Thank you.

-What is the purchase price? $558k
-How much is the down payment? 20 %
-Where it the property located? Downtown Toronto
-When is the closing date? Late Feb 2021
-Will the property be owner-occupied or a rental? Rental
Member
Jul 31, 2018
432 posts
236 upvotes
NeilJoseph wrote: You may be able to get 1.89% fixed 5-year with a fair penalty monoline lender. Variable rate is attractive at 1.75% 5-year.
Thanks, who is a fair penalty monoline lender that I can look into which provide these rates?
preconstruction project realtor
Newbie
Jan 9, 2011
16 posts
1 upvote
Not sure how to approach this. But built my own home with personal savings and now want a mortgage-

What is the purchase price? 0
-How much is the down payment? House is paid for
-Where it the property located? Edmonton, AB
-When is the closing date? N/A
-Will the property be owner-occupied or a rental? Owner occupied
Home Value - Approx $500,000
Mortage Desired - $400,000

Thanks!
Sr. Member
Dec 21, 2010
603 posts
281 upvotes
Toronto
TazZaide wrote: When it comes to renewal time you do not need to requalify if your deciding to stay with the same lender your currently with.
But if I am trying to determine if I would qualify with a new lender, how would I go about looking to determining that?
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
rahulio9 wrote: Not sure how to approach this. But built my own home with personal savings and now want a mortgage-

What is the purchase price? 0
-How much is the down payment? House is paid for
-Where it the property located? Edmonton, AB
-When is the closing date? N/A
-Will the property be owner-occupied or a rental? Owner occupied
Home Value - Approx $500,000
Mortage Desired - $400,000

Thanks!
This would be treated as a refinance, with rates starting at 1.50% five year variable.
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
NeedaSuit wrote:
But if I am trying to determine if I would qualify with a new lender, how would I go about looking to determining that?
Based off my numbers, you can definitely bring it up to a 25 year amortization and qualify for the mortgage with just your income. Do note that if you are increasing your actual amortization, this is considered a refinance, where slightly higher rates and legal fees apply. This is assuming you have no other monthly liability.
Sr. Member
Dec 21, 2010
603 posts
281 upvotes
Toronto
TazZaide wrote: Based off my numbers, you can definitely bring it up to a 25 year amortization and qualify for the mortgage with just your income. Do note that if you are increasing your actual amortization, this is considered a refinance, where slightly higher rates and legal fees apply. This is assuming you have no other monthly liability.
Is it classified as a "refinance" even if done at the end of a term (for a new FI)?
Based off of the numbers, could I simply keep it at the 17/18 year ammortize, and be approved (generally) at a different FI (no other monthly liabilities)?
What is the limiting figure? If I knocked the mortgage owing down to $380K (with mkrt value at $925k) at renewal time.

Basically I'm trying to figure out if I should be looking to jump ship early (either extended with big 5 bank now (ugh), or if I can wait for another FI with a broker here, but not have it classified as a refinance)
Newbie
Jan 3, 2021
1 posts
-How much is the mortgage owing? $725,000
-Roughly, what is the current market value of the property? $2,100,000
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? CCS
-Do you have a HELOC tied to the mortgage? Yes, but I don't need to keep it.
-Is the mortgage CMHC insured? No
-When did you buy the property? 2001
-When is your renewal date? I have two mortgages on the property totalling $725,000. One is due May 2021 the other February 2024
Sr. Member
Dec 12, 2007
630 posts
231 upvotes
Canada
hamburglar86 wrote: -Roughly, what is the current market value of the property? $710,000
-What is the current mortgage owing? $339,000
-How much do you want to borrow (refinance)? $200,000
-Is the property owner-occupied or a rental? Owner-occupied
-Where is the property located? Stittsville (Ottawa), ON
-When do you want to close on the refinance? ASAP (within reason)
-Who is your current lender? RFA
-Do you have a HELOC tied to the mortgage? No
-When did you buy the property? 2010
-When is your renewal date? July 2025

Put off an extensive reno last summer due to COVID, but it's going ahead as of June 2021. It's not an emergency to get the refinance immediately, but I will need access to funds to start buying materials, paying initial installment to contractor in the next month or two.

Currently with RFA on a variable rate (renewed in July with a view to minimize penalty for the eventual refinance). Open to variable/fixed, other options (combined mortgage/HELOC). Excellent credit, good income, no other debt (1 car payment). What are my options here? When I renewed this past summer I worked with a broker and wasn't super impressed with the rates I was offered (saw seemingly better here, but ended up going ahead because it didn't seem worth it for what would only be a few months). Seeing as I'll be stuck with this next one for the longer term, I just don't want to get taken for a ride. Any help appreciated.
You could get as low as 1.71% 5 year fixed with a fair penalty lender assuming you are willing to pay or roll the penalty from RFA.
Sr. Member
Dec 12, 2007
630 posts
231 upvotes
Canada
rahulio9 wrote: Not sure how to approach this. But built my own home with personal savings and now want a mortgage-

What is the purchase price? 0
-How much is the down payment? House is paid for
-Where it the property located? Edmonton, AB
-When is the closing date? N/A
-Will the property be owner-occupied or a rental? Owner occupied
Home Value - Approx $500,000
Mortage Desired - $400,000

Thanks!
You could get as low 1.71% 5 year fixed with a fair penalty lender.
Sr. Member
Dec 12, 2007
630 posts
231 upvotes
Canada
DaveRobens wrote: -How much is the mortgage owing? $725,000
-Roughly, what is the current market value of the property? $2,100,000
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? CCS
-Do you have a HELOC tied to the mortgage? Yes, but I don't need to keep it.
-Is the mortgage CMHC insured? No
-When did you buy the property? 2001
-When is your renewal date? I have two mortgages on the property totalling $725,000. One is due May 2021 the other February 2024
You could get 1.74% 5 year fixed, however you may need to take penalty for the other mortgage portion.
Sr. Member
User avatar
Sep 27, 2005
799 posts
194 upvotes
-How much is the mortgage owing? $161,398
-Roughly, what is the current market value of the property? $300k
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? November 1, 2020 (currently open variable)
Last edited by mr_saturn on Jan 4th, 2021 2:59 pm, edited 1 time in total.
Deal Expert
User avatar
Feb 24, 2008
15587 posts
7026 upvotes
Gatineau
-How much is the mortgage owing? $137,000
-Roughly, what is the current market value of the property? $250,000
-Which city is the property located in? Gatineau (Quebec)
-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 (But looking to get one at renewal)
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2011
-When is your renewal date? May 1

djino
Sr. Member
Dec 12, 2007
630 posts
231 upvotes
Canada
djino wrote: -How much is the mortgage owing? $137,000
-Roughly, what is the current market value of the property? $250,000
-Which city is the property located in? Gatineau (Quebec)
-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 (But looking to get one at renewal)
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2011
-When is your renewal date? May 1

djino
You could get as low as 1.59% 5 year fixed for your situation with a fair penalty lender. No HELOC included.
Jr. Member
Aug 8, 2011
107 posts
163 upvotes
Toronto
Down payment: 220k cash
Total combined income: 140.5k
15k student loan both myself and my partner ($260 payment each)
No other monthly payments other than student loan.

What is the best rate at this time and which banks are offering ? What's the maximum I could cap out? Co-signing with partner, both credit score in the low 800s and consistent annual salary.

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