Real Estate

The Official Mortgage Rates Thread

Jr. Member
May 26, 2008
129 posts
18 upvotes
Toronto
For a purchase of a property:

-What is the purchase price: 850,000
-How much is the down payment: 20%
-Where it the property located: Scarborough
-When is the closing date: September 2019
-Will the property be owner-occupied or a rental: Owner-occupied

I am trying to understand what will be the variable rate? I am also interested in the 4 year or 5 year fixed rate.

Thank you in advance
Deal Fanatic
User avatar
Sep 13, 2011
5166 posts
2048 upvotes
Toronto
textads wrote: For a purchase of a property:

-What is the purchase price: 850,000
-How much is the down payment: 20%
-Where it the property located: Scarborough
-When is the closing date: September 2019
-Will the property be owner-occupied or a rental: Owner-occupied

I am trying to understand what will be the variable rate? I am also interested in the 4 year or 5 year fixed rate.

Thank you in advance
Thanks for the info! Lowest 5 year fixed in your case would be 2.59%. Nothing good right now for 4 year or variable. Lowest 5 year variable for example is prime -1.10% (2.85%).

There has been heavy upward pressure on fixed rates right now, so this rate will almost certainly be going up soon (likely this week, or potentially even by end of day).

For those with 35% or greater down payment / equity, the 2.54% 5 year fixed rate is no longer available. The lowest rate for this bracket is now 2.59%. 2.54% remains available for those with less than 20% down payment and therefore CMHC insured (or mortgage renewals that were previously insured).
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jul 13, 2019
3 posts
ahlaker wrote: 2.69% into a 5-year fixed product with a HELOC attached. If you want to put it all into just one amortizing mortgage you can get 2.59% 5-year fixed. Up to $3k of your penalties can be put into the new mortgage. Good luck and happy rate hunting!
Thanks! Assuming our ratios are good enough, how much will these lenders generally allow you to refinance on such a property? 80% of market value?
Deal Addict
Sep 19, 2012
1149 posts
1426 upvotes
Calgary
SerCanada wrote: Hey guys I am looking to renew my mortgage. I am currently being offered a 5-year fixed @ 2.69 with $2,000 cash back from HSBC. My current situation is below. I am looking for peace of mind so a 4 or 5 year fixed closed mortgage. Anyone have better out there ...
-How much is the mortgage owing? - $249K
-Roughly, what is the current market value of the property? - $500K
2.59% would be available. The HSBC deal is a better offer assuming you put the $2k immediately onto your mortgage. That said, HSBC has more punitive penalties if you try and get out of your deal before maturity. Something to think about.
ToiletGrub wrote: Thanks! Assuming our ratios are good enough, how much will these lenders generally allow you to refinance on such a property? 80% of market value?
Amortizing portion up to 70% with remainder (up to 80%) on the HELOC for this particular product. Generally HELOC+amortizing loan have to be 80% or less.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Jr. Member
Feb 20, 2006
153 posts
2 upvotes
Toronto
Is it possible to get 30 year amortization with less than 20% down? First time homebuyer here.
Deal Fanatic
User avatar
Sep 13, 2011
5166 posts
2048 upvotes
Toronto
jay_sison wrote: Is it possible to get 30 year amortization with less than 20% down? First time homebuyer here.
No, unfortunately not.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Member
Feb 8, 2004
229 posts
6 upvotes
Toronto
Hello all,

My renewal is coming up very soon, and I am looking to see what is available. Currently with MCAP and the renewal they have offered (around 2.95% for both fixed and variable) is not (in my opinion) competitive.
Is there anything better out there for my situation? Thanks!

Balance: Around $350K
Roughly, what is the current market value of the property? $800K
Which city is the property located in? Toronto (Richmond Hill), ON
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? no
When did you buy the property? August, 2014
When is your renewal date? Auguts 20, 2019
Newbie
Feb 25, 2004
19 posts
4 upvotes
Good day everyone... I'm looking at renewing our current mortgage, here are the details:

-How much is the mortgage owing? - $328K
-Roughly, what is the current market value of the property? - $415K
-Which city is the property located in? - Closest city is Winnipeg, MB
-Is the property owner-occupied or a rental? - Owner Occupied
-Current mortgage is with? - RBC
-Do you have a HELOC tied to the mortgage? - No
-Is the mortgage CMHC insured? - Yes
-When did you buy the property? - 2014
-When is your renewal date? - 2 September 2019

RBC is offering 5 year fixed @ 2.84%...

I know there are better rates available, just need some written quotes to take back to RBC and get a rate match if possible.

Thanks!
Deal Addict
Sep 19, 2012
1149 posts
1426 upvotes
Calgary
cayuga2305 wrote: Hello all,

My renewal is coming up very soon, and I am looking to see what is available. Currently with MCAP and the renewal they have offered (around 2.95% for both fixed and variable) is not (in my opinion) competitive.
Is there anything better out there for my situation? Thanks!

Balance: Around $350K
Roughly, what is the current market value of the property? $800K
Which city is the property located in? Toronto (Richmond Hill), ON
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? no
When did you buy the property? August, 2014
When is your renewal date? Auguts 20, 2019
Ouch! You could get 2.59% on a renewal with a different lender. MCAP should be willing to match given they offer the same rate lol! Just call them and give them the gears!
Hockeyman wrote: I know there are better rates available, just need some written quotes to take back to RBC and get a rate match if possible.

Thanks!
Tell them you want 2.54% 5-year fixed or you’re leaving those rotten money grabbers! :)

They probably won’t match but it’s worth a shot!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Feb 25, 2004
19 posts
4 upvotes
ahlaker wrote: Ouch! You could get 2.59% on a renewal with a different lender. MCAP should be willing to match given they offer the same rate lol! Just call them and give them the gears!



Tell them you want 2.54% 5-year fixed or you’re leaving those rotten money grabbers! :)

They probably won’t match but it’s worth a shot!
I tried that... they would like to see the offer on paper
Deal Addict
Sep 19, 2012
1149 posts
1426 upvotes
Calgary
Hockeyman wrote: I tried that... they would like to see the offer on paper
Print off the screenshot and take it to them. It's on paper then Smiling Face With Open Mouth

All joking aside, if you want something formal you'd need to go through an application process (which would involve being underwritten by a lender) and you'd ultimately get a commitment letter from that lender. I'm not sure how many brokers would be willing to go through the application and approval process knowing that the deal wouldn't fund and they wouldn't get paid.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Feb 25, 2004
19 posts
4 upvotes
ahlaker wrote: Print off the screenshot and take it to them. It's on paper then Smiling Face With Open Mouth

All joking aside, if you want something formal you'd need to go through an application process (which would involve being underwritten by a lender) and you'd ultimately get a commitment letter from that lender. I'm not sure how many brokers would be willing to go through the application and approval process knowing that the deal wouldn't fund and they wouldn't get paid.
I hear ya.... I too wouldn't like putting everything all together and not having the deal go through.

But I dislike having to fight for a rate that you can get at most other institutions. I sent the advisor a screenshot of some ratehub rates. Hopefully they will play ball and match the rate. I've been an RBC client for over 30 years now so we'll see if loyalty means anything, from the way this world is going, probably means squat. I did tell RBC that I'd pack up everything and move if they couldn't match or come reasonably close.

Only time will tell...
Member
Mar 7, 2011
283 posts
216 upvotes
Ottawa
A little off topic, but wanted to hear from the brokers on here re opinions.

The broker that originally set up my mortgage 3 years ago has worked hard in the past few months to connect me with at first the best 3 yr fixed rate, and now the best 5 year fixed rate (transfer fees are all being included). My existing lender reached out as per standard protocol prior to maturity and matched the rates put together by the broker (2.57% fixed for 5).

Sticking with my existing mortgage involves would be the simplest for me, but given the work done by my broker, I feel inclined to again give them my business and deal with the paperwork, appraisals, etc necessary to transact the deal so they get something out of it.

I'm wondering how brokers on here feel about this. I'm sure it happens in the industry where work is done and the deal falls through, but was interested in the opinions here.

Perhaps a pm may be a better way to respond if someone is kind enough to consider my thoughts.
Last edited by Smokey6 on Jul 15th, 2019 4:14 pm, edited 5 times in total.
Sr. Member
User avatar
Aug 9, 2006
510 posts
1 upvote
Richmond Hill
For a purchase of a property:

-What is the purchase price? $313k (new condo)
-How much is the down payment? $64,000k
-Where it the property located? Richmond Hill
-When is the closing date? Expected in August, already got the possession of the property and paying Occupancy Rent
-Will the property be owner-occupied or a rental? Owner

Based on the above, what would be the 5 year fixed rate and 5 year variable?
**Lexus Ski Rack+ Ski Rack Adapter*** (for various models) $220
http://tinyurl.com/5sxj75

http://fishingnoram.com/ FishingNoram
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
cayuga2305 wrote: Hello all,

My renewal is coming up very soon, and I am looking to see what is available. Currently with MCAP and the renewal they have offered (around 2.95% for both fixed and variable) is not (in my opinion) competitive.
Is there anything better out there for my situation? Thanks!

Balance: Around $350K
Roughly, what is the current market value of the property? $800K
Which city is the property located in? Toronto (Richmond Hill), ON
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? no
When did you buy the property? August, 2014
When is your renewal date? Auguts 20, 2019
2.59% 5-year fixed with legal and appraisal fees covered.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

Top

Thread Information

There are currently 14 users viewing this thread. (8 members and 6 guests)

jellifry, Tipsy12, adilh53, wroom, leseuldaniel, winjones, webworm, warp155