The Official Mortgage Rates Thread

• Costs involved in changing lenders?
• How to compare penalties and terms (things other than just the rates) between the existing offer and potential new lender?
• Retired couple, any issues with obtaining financing? Excellent credit rating from what I've been told.
• Special concerns as we're not sure if we'll even be at our current location in 5 years or downsized to smaller place and impact of having to end mortgage early
• Considering rates will likely go up in the next few years - once Covid is under control - what's the thoughts on locking in now or going variable with plans to lock in when rates start to rise?
• Other things we should consider?

PaulMeredith wrote: ↑ Not odd at all, and very common. It depends on how the new mortgage is set up. Most lenders will be able to do a blended rate, which is where they take the rate that you're paying on the current money owed ($100K in this case) and then blend it together with today's rate on the new money required. This eliminates the penalty, but doesn't always work out to be the most cost effective option as you usually won't get a 'deal' on the new money needed. Scotia however stopped doing blended rates a few years ago, so they wouldn't have been able to do this for you (I believe they are the only lender that doesn't offer them). What they would do now is add a second component to your mortgage for the new money needed, while keeping your current mortgage balance and rate intact. It's a little messy as you would then have two different maturity dates, which means that you'll never be able to leave them without paying a penalty. In many cases, it works out to being cheaper to pay the penalty, and get an entirely new mortgage. Every situation can be a bit different, and the best choice is obviously the one that would save you the most money.

These two scenarios are the only ways in which lenders will waive your penalty. For the way your mortgage is set up, Scotia should be giving you a 20% discount on the penalty, so I would reach out to them to ensure this was applied.

Hope this helps make a bit more sense of your situation.

Paul

dubsadan wrote: ↑ Hi all,

Within 120 days of my renewal, so looking for some renewal rates. Will consider fixed or variable, 2 to 5 year terms.

Thanks in advance!

-How much is the mortgage owing?
450k
-Roughly, what is the current market value of the property?
1.2M
-Which city is the property located in?
Toronto
-Is the property owner-occupied or a rental?
Owner occupied
-Who is your current lender?
Meridian CU
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
May 2016
-When is your renewal date?
May 9, 2021

Jlchat wrote: ↑Hello,

First time home buyer looking for some mortgage advice. I'm currently shopping around for a mortgage. How much does annual salary and condo fees impact the mortgage rate that is offered to someone? I see all these great rates but I'm not sure if I would be able to get them. I also have seen posts about cashbacks and appraisal fees being waived. How does one go about negotiating that?

So far I have been offered 5 year variable for 25 years at 1.45%, and 30 years at 1.47%.

Location: North York, On
Condo value: $540k
Downpayment: $150k
Owner occupied
Property taxes: $2k annual
Condo fees: $522/mth
Closing date: March 31st

Leaning towards variable and 25 year amortization.

I appreciate any advice I can get. Thanks!

professormeth wrote: ↑Hello, can you please provide the rate for a 25 year and 30 year amortization? Thank you!

For a purchase of a property:

-What is the purchase price?
$560000

-How much is the down payment?
20%

-Where it the property located?
Toronto

-When is the closing date?
Mar 31

-Will the property be owner-occupied or a rental?
Owner occupied

DewDew wrote: ↑-What is the purchase price? 890000
-How much is the down payment? 20%
-Where it the property located? Brampton, ON
-When is the closing date? March 1, 2020
-Will the property be owner-occupied or a rental? Owner occupied

yondu21 wrote: ↑Hi - looking for some renewal rates. Will consider fixed or variable, 2 to 5 year terms.

-How much is the mortgage owing?
168K
-Roughly, what is the current market value of the property?
500k
-Which city is the property located in?
Mississauga
-Is the property owner-occupied or a rental?
Owner occupied
-Who is your current lender?
TD Bank
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
Nov 2017
-When is your renewal date?
Nov 1, 2022
- current rate: 2.89% fixed