Real Estate

The Official Mortgage Rates Thread

Newbie
User avatar
Sep 24, 2006
64 posts
9 upvotes
Toronto
Need soon

refinance.

-Roughly, what is the current market value of the property?
$700000 ish
-What is the current mortgage owing?
$502000
-How much do you want to borrow (refinance)?
Max possible
-Is the property owner-occupied or a rental?
Owner occupies
-Where is the property located?
Whitby
-When do you want to close on the refinance?
2nd property closing in March 2021

Putting 20 down and would like 3 year and 5 year rate please, fixed and variable.
Thanks
Deal Addict
User avatar
Jun 24, 2020
1101 posts
205 upvotes
emlo11 wrote: Need soon

refinance.

-Roughly, what is the current market value of the property?
$700000 ish
-What is the current mortgage owing?
$502000
-How much do you want to borrow (refinance)?
Max possible
-Is the property owner-occupied or a rental?
Owner occupies
-Where is the property located?
Whitby
-When do you want to close on the refinance?
2nd property closing in March 2021

Putting 20 down and would like 3 year and 5 year rate please, fixed and variable.
Thanks
Max you’d be able to take out is $560,000 mortgage. You’d be looking at rates of 1.50% five year variable or 1.69% five year fixed
Jr. Member
Dec 8, 2001
122 posts
15 upvotes
Toronto
-How much is the mortgage owing?
$247K
-Roughly, what is the current market value of the property?
$650K
-Which city is the property located in?
Mount Albert, ON
-Is the property owner-occupied or a rental?
Owner occupied
-Who is your current lender?
ICICI
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
Feb 2016
-When is your renewal date?
Feb 12, 2021
Newbie
Dec 25, 2018
26 posts
3 upvotes
rateconnect wrote: Please answer the questions on page 1 of the forum
-What is the purchase price? 1030000
-How much is the down payment? 30%
-Where it the property located? Brampton
-When is the closing date? Jan 15
-Will the property be owner-occupied or a rental? Owner occupied

HSBC offered 1.59 five years fixed for 30 years amt. 3K cash back. Wanted to know if anything better available
Newbie
Aug 9, 2015
12 posts
Vancouver, BC
-What is the purchase price? $650,000
-How much is the down payment? The minimum required (I believe it is $40,000)
-Where it the property located? Calgary, AB
-When is the closing date? Around April 2021
-Will the property be owner-occupied or a rental? Owner-occupied

Looking for 5 yr variable and to get a pre-approval to start shopping around. Thanks!
Deal Addict
User avatar
Jun 24, 2020
1101 posts
205 upvotes
bakaris wrote: -How much is the mortgage owing?
$247K
-Roughly, what is the current market value of the property?
$650K
-Which city is the property located in?
Mount Albert, ON
-Is the property owner-occupied or a rental?
Owner occupied
-Who is your current lender?
ICICI
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
Feb 2016
-When is your renewal date?
Feb 12, 2021
1.44% five year fixed or 1.40% five year variable available in your scenario.
Deal Addict
User avatar
Jun 24, 2020
1101 posts
205 upvotes
coolgk wrote: -What is the purchase price? 1030000
-How much is the down payment? 30%
-Where it the property located? Brampton
-When is the closing date? Jan 15
-Will the property be owner-occupied or a rental? Owner occupied

HSBC offered 1.59 five years fixed for 30 years amt. 3K cash back. Wanted to know if anything better available
Good offer ! Slightly lower available on a 4 year fixed but I would still personally take that extra year of lower interest at 5 years.
Deal Addict
User avatar
Jun 24, 2020
1101 posts
205 upvotes
gavendano wrote: -What is the purchase price? $650,000
-How much is the down payment? The minimum required (I believe it is $40,000)
-Where it the property located? Calgary, AB
-When is the closing date? Around April 2021
-Will the property be owner-occupied or a rental? Owner-occupied

Looking for 5 yr variable and to get a pre-approval to start shopping around. Thanks!

Most of the rate holds quoted are for live applications only (with an accepted offer), however you can definitely reach out to any of the regular posting brokers to help get started on a pre-approval.
Newbie
Oct 24, 2019
8 posts
4 upvotes
I am having fixed rate mortgage ,Is there a way I can take benefit from current low rates without paying penalty. My current rate is 2.2%.
Newbie
Jul 31, 2018
91 posts
23 upvotes
-What is the purchase price? $385K
-How much is the down payment? 20%
-Where it the property located? Downtown Toronto
-When is the closing date? April 2021
-Will the property be owner-occupied or a rental? Rental

Any mortgage broker recommend getting mortgage from which big banks or credit union? What is the best fixed rate right now?
Sr. Member
Aug 30, 2007
872 posts
56 upvotes
Richmond
Purchasing a house, curious what rates will look like and with which lender. Looking for 5 year fixed and variable rates, both 25 year and 30 year amortization. Would like flexible prepayment privileges (at least 20% prepayment with no penalties).

Thanks!

-What is the purchase price? 1,345,000
-How much is the down payment? 25%
-Where it the property located? Burnaby, B.C.
-When is the closing date? March 8, 2021
-Will the property be owner-occupied or a rental? Owner occupied
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
maxineli wrote: -What is the purchase price? $385K
-How much is the down payment? 20%
-Where it the property located? Downtown Toronto
-When is the closing date? April 2021
-Will the property be owner-occupied or a rental? Rental

Any mortgage broker recommend getting mortgage from which big banks or credit union? What is the best fixed rate right now?
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.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
emlo11 wrote: Need soon

refinance.

-Roughly, what is the current market value of the property?
$700000 ish
-What is the current mortgage owing?
$502000
-How much do you want to borrow (refinance)?
Max possible
-Is the property owner-occupied or a rental?
Owner occupies
-Where is the property located?
Whitby
-When do you want to close on the refinance?
2nd property closing in March 2021

Putting 20 down and would like 3 year and 5 year rate please, fixed and variable.
Thanks
Taz already provided the rate for refinance. For rental you can get 1.75% variable 5-year / 1.89% fixed 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
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
You can get 1.25% variable 5-year / 1.44% fixed 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Sep 27, 2017
9 posts
-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.
Newbie
User avatar
Sep 24, 2006
64 posts
9 upvotes
Toronto
NeilJoseph wrote: Taz already provided the rate for refinance. For rental you can get 1.75% variable 5-year / 1.89% fixed 5-year
Would three year be possible?
Would like flexibility if deciding to sell.
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
emlo11 wrote: Would three year be possible?
Would like flexibility if deciding to sell.
Yes, 3-year option is available but rate is higher at 2.19% fixed. Would recommend going for variable rate as rates are not expected to rise for another 2 years at the least.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
Dec 19, 2009
802 posts
322 upvotes
Ottawa
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)
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 upvotes
Scarborough
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 can get 1.50% variable 5-year on an owner occupied property. Or 1.74% fixed 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
506 posts
88 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

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