Real Estate

The Official Mortgage Rates Thread

Sr. Member
Dec 12, 2007
549 posts
133 upvotes
Canada
mrllrm wrote: Hi,
I am coming up to renewal and property has switched during the term from owner-occupied to rental investment property (tenant occupied). Does the use increase mortgage rates available?

Looking for 5 year fixed, with prepayment options (e.g. 15/15), monoline lender, no HELOC.

Thanks.
Would need more details of the property and mortgage terms (See first page of the forum), however you could get as low as 1.71% for 5 year fixed.
Member
User avatar
Mar 14, 2011
323 posts
235 upvotes
Hey there.

I am on a variable at 1.75% with TD. Wanted to see if it's worth switching. Any lenders that can can cover the switching costs and give me a variable rate under 1.5% range with cashback?

-How much is the mortgage owing? $478,000
-Roughly, what is the current market value of the property? $700,000
-Where is the property located in? Durham Region
-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
-Is the mortgage CMHC insured? No
-When did you buy the property? 2020
-When is your renewal date? 2025
Newbie
Jul 28, 2014
13 posts
7 upvotes
West Vancouver, BC
oh got it, thanks. Here's further detail:
-How much is the mortgage owing? $500k
-Roughly, what is the current market value of the property? $1M
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? First National
-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? Apr 2020
-Rate of 2.6%

Renewal offer from lender 1.75% (10 days to accept). Any reason to actually take a renewal offer (other than avoid the paperwork)? Seems better to reapply, even from same lender, to get rate hold on case rates improve before renewal date. Also, if I don't take the renewal offer within 10 days, does lender re-issue new offer?

So 1.71 best rate currently?

Thanks!!
Newbie
Aug 2, 2013
6 posts
Hello,

I am currently with RMG at 1.85% variable at Prime - 0.6%. I am looking for advise on renewals.

-How much is the mortgage owing? 245,000
-Roughly, what is the current market value of the property? 900,000
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RMG mortgages
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? April 2016
-When is your renewal date? April 30, 2021

furthermore, there are three people on the title of the mortgage. One of them recently switched to jobs to contracting, how will that impact renewal process and rates?
Newbie
Jan 2, 2021
1 posts
-How much is the mortgage owing? $580000
-Roughly, what is the current market value of the property? $700k-750k
-Which city is the property located in? Vancouver BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? February 2018
-When is your renewal date? February 1, 2020
Newbie
Jun 17, 2020
24 posts
8 upvotes
Hi ,
My current mortgage is with TD ,coming up for renewal . I am looking for 3 or 4 years fixed term . TD is offering me 1.89 for 2 or 3 years and 1.69 for 4 years fixed? Earlier i was planning to repay 30% of outstanding at the time of renewal . But looking at low interests now planning to continue for at least 3 years .
appreciate suggestions/feedback on the rates offered -

-How much is the mortgage owing? 280 K
-Roughly, what is the current market value of the property? 520 K
-Which city is the property located in? Montreal
-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
-Is the mortgage CMHC insured? No
-When did you buy the property?2019
-When is your renewal date? 2021
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
digibytes2020 wrote: Hi ,
My current mortgage is with TD ,coming up for renewal . I am looking for 3 or 4 years fixed term . TD is offering me 1.89 for 2 or 3 years and 1.69 for 4 years fixed? Earlier i was planning to repay 30% of outstanding at the time of renewal . But looking at low interests now planning to continue for at least 3 years .
appreciate suggestions/feedback on the rates offered -

-How much is the mortgage owing? 280 K
-Roughly, what is the current market value of the property? 520 K
-Which city is the property located in? Montreal
-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
-Is the mortgage CMHC insured? No
-When did you buy the property?2019
-When is your renewal date? 2021
Lower rates available on 5 yr terms at 1.49%

3 yr 1.59%
4yr 1.69%

5 yr variable 1.40%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
MichaelS51991 wrote: -How much is the mortgage owing? $580000
-Roughly, what is the current market value of the property? $700k-750k
-Which city is the property located in? Vancouver BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? February 2018
-When is your renewal date? February 1, 2020
Assuming 750k value (77% ltv)

1.64% 5 yr fixed
1.45% 5 yr variable

Confirm you put more than 20% down please

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
davesaver wrote: Hello,

I am currently with RMG at 1.85% variable at Prime - 0.6%. I am looking for advise on renewals.

-How much is the mortgage owing? 245,000
-Roughly, what is the current market value of the property? 900,000
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RMG mortgages
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? April 2016
-When is your renewal date? April 30, 2021

furthermore, there are three people on the title of the mortgage. One of them recently switched to jobs to contracting, how will that impact renewal process and rates?
Do you need the 3rd applicant's income to qualify for the deal (contract) ? If not they can remain on the mortgage title we just don't
use the income

5 yr fixed 1.44%
5 yr variable 1.40%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
JustLikePoison wrote: Hey there.

I am on a variable at 1.75% with TD. Wanted to see if it's worth switching. Any lenders that can can cover the switching costs and give me a variable rate under 1.5% range with cashback?

-How much is the mortgage owing? $478,000
-Roughly, what is the current market value of the property? $700,000
-Where is the property located in? Durham Region
-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
-Is the mortgage CMHC insured? No
-When did you buy the property? 2020
-When is your renewal date? 2025
5 yr variable 1.45% at 68% loan to value
If your property came in slightly higher drops to 1.40%

5 yr fixed 1.44%

You can roll in 3k of the penalty

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
mrllrm wrote: oh got it, thanks. Here's further detail:
-How much is the mortgage owing? $500k
-Roughly, what is the current market value of the property? $1M
-Which city is the property located in? Vancouver
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? First National
-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? Apr 2020
-Rate of 2.6%

Renewal offer from lender 1.75% (10 days to accept). Any reason to actually take a renewal offer (other than avoid the paperwork)? Seems better to reapply, even from same lender, to get rate hold on case rates improve before renewal date. Also, if I don't take the renewal offer within 10 days, does lender re-issue new offer?

So 1.71 best rate currently?

Thanks!!
you can get the below

5 yr variable 1.40%

5 yr fixed 1.49% - there is 1.44% on a quick close

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
mrllrm wrote: Hi,
I am coming up to renewal and property has switched during the term from owner-occupied to rental investment property (tenant occupied). Does the use increase mortgage rates available?

Looking for 5 year fixed, with prepayment options (e.g. 15/15), monoline lender, no HELOC.

Thanks.
Rates are at a premium on rentals vs OO

5 yr fixed 1.84%

Reach out to @AnthonyC18
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
tylere wrote: Hello looking for some rates for a new purchase


-What is the purchase price? $720,000
-How much is the down payment? 20%
-Where it the property located? Calgary, AB
-When is the closing date? Feb 15, 2021
-Will the property be owner-occupied or a rental? Owner occupied

Thank you
5 yr fixed 1.59% & 5 yr variable 1.45%

Fair penalty lenders

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
OttawaBuyer1123 wrote: Looking to buy in Ottawa. What would be the best rates?

What is the purchase price? $480k

How much is the down payment? 35% (170k)

Where it the property located? Ottawa, ON

When is the closing date? April 2021

Will the property be owner-occupied or a rental? Owner
You can get the following

1.44% 5 yr fixed & 1.40% 5 yr variable

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 25, 2018
26 posts
3 upvotes
HSBC offered me fixed rate of 1.59 for 5 years 30 amt with 3K cash back? Is that good price? Any fine prints to look for before I sign the papers? TIA
Deal Addict
User avatar
Jan 31, 2018
3326 posts
637 upvotes
coolgk wrote: HSBC offered me fixed rate of 1.59 for 5 years 30 amt with 3K cash back? Is that good price? Any fine prints to look for before I sign the papers? TIA
Please answer the questions on page 1 of the forum
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Jan 2, 2021
1 posts
Looking to lock in our mortgage rate as we currently have a 5-year variable with HSBC @ 1.34% (Prime - 1.11%)

What fixed rates are available for my situation?

-How much is the mortgage owing?
$1,118,200
-Roughly, what is the current market value of the property?
$1.8m
-Which city is the property located in?
Markham
-Is the property owner-occupied or a rental?
Owner-occupied
-Who is your current lender?
HSBC
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
April 2020
-When is your renewal date?
April 2025
Sr. Member
Aug 22, 2010
901 posts
80 upvotes
-What is the purchase price? $625K
-How much is the down payment? 15%
-Where it the property located? Downtown Toronto
-When is the closing date? March 2021
-Will the property be owner-occupied or a rental? Owner occupied
Deal Addict
User avatar
Jun 24, 2020
1114 posts
208 upvotes
IronRonin wrote: Looking to lock in our mortgage rate as we currently have a 5-year variable with HSBC @ 1.34% (Prime - 1.11%)

What fixed rates are available for my situation?

-How much is the mortgage owing?
$1,118,200
-Roughly, what is the current market value of the property?
$1.8m
-Which city is the property located in?
Markham
-Is the property owner-occupied or a rental?
Owner-occupied
-Who is your current lender?
HSBC
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
April 2020
-When is your renewal date?
April 2025
1.59% five year fixed available, or 1.49% 4 year fixed
Deal Addict
User avatar
Jun 24, 2020
1114 posts
208 upvotes
Crossover wrote: -What is the purchase price? $625K
-How much is the down payment? 15%
-Where it the property located? Downtown Toronto
-When is the closing date? March 2021
-Will the property be owner-occupied or a rental? Owner occupied
1.44% five year fixed available in your scenario.

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)