Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Feb 2, 2014
8575 posts
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Toronto
Krissy107 wrote: Hi everyone,

I am a first time home buyer looking for the best 5 year fixed rate with 25 years amortization.

- What is the purchase price? 531k
- How much is the down payment? 20%
- Where it the property located? Downtown Toronto
- When is the closing date? Mid March
- Will the property be owner-occupied or a rental? Owner occupied

Thank you!
1.54% 5-year fixed and 1.40% 5-year variable.

I wouldn’t overlook variable.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
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honggil wrote: Just curious, could he not negotiate a better rate and take the early renewal? There wouldn't be any penalty right since it's an early renewal from same bank providing the mortgage.

Or are you saying don't take that 'specific' early renewal offer of 1.84%? <- If so I understand and that's clearer.
His renewal date is only 3-4 months away. He can transfer penalty free at that time and get a much better rate.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 20, 2021
2 posts
1 upvote
Looking for a quote on a new mortgage. 5 year fixed or variable, 30 year amortization.

-What is the purchase price? ~1,300,000
-How much is the down payment? 20%
-Where it the property located? Markham, ON
-When is the closing date? End of Feb
-Will the property be owner-occupied or a rental? Owner occupied
Deal Fanatic
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Feb 2, 2014
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rfdreuser wrote: Looking for a quote on a new mortgage. 5 year fixed or variable, 30 year amortization.

-What is the purchase price? ~1,300,000
-How much is the down payment? 20%
-Where it the property located? Markham, ON
-When is the closing date? End of Feb
-Will the property be owner-occupied or a rental? Owner occupied
1.54% 5-year fixed and 1.40% 5-year variable are the best rates.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Dec 12, 2013
10 posts
Vancouver
Hello,

Looking for a new mortgage and if possible HELOC.

-What is the purchase price? 1,150,000
-How much is the down payment? 600,000
-Where it the property located? nanaimo, BC
-When is the closing date? end march
-Will the property be owner-occupied or a rental? owner-occupied

thankyou
Newbie
Jan 17, 2013
3 posts
Looking for a new mortgage on a new construction house

-What is the purchase price? $659,500.00
-How much is the down payment? 10%
-Where it the property located? Welland, ON
-When is the closing date? June, 2021 (but our build is ahead of schedule, so likely sooner)
-Will the property be owner-occupied or a rental? Owner-occupied
Sr. Member
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Aug 20, 2020
568 posts
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Scarborough
andy27 wrote: Looking for a new mortgage on a new construction house

-What is the purchase price? $659,500.00
-How much is the down payment? 10%
-Where it the property located? Welland, ON
-When is the closing date? June, 2021 (but our build is ahead of schedule, so likely sooner)
-Will the property be owner-occupied or a rental? Owner-occupied
Rates are valid for 120 days only; 1.44% fixed 5-year / 1.30% variable 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Jan 21, 2021
1 posts
Hi there,

Looking at renewal:

-How much is the mortgage owing? $438K
-Roughly, what is the current market value of the property? $680-700K
-Which city is the property located in? Courtice, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2019
-When is your renewal date? April 2021

Thanks in advance for any replies.
Newbie
Nov 25, 2019
15 posts
1 upvote
Hi,

I bought a duplex (205k) with cash (95k) + a vendor take back (110k) that is to be repaid in 14 months. The duplex was valued at 265k last summer.

I'd like to finance that duplex to gather money for a down payment on another property. The vendor agreed to a subordination of their mortgage whereby the first mortgage could cover up to 100% of the value.

Is there any way that I can can a lender to finance based on the full value without having to pay back the vendor take back?

Thanks!
Deal Fanatic
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Feb 2, 2014
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Toronto
MBee14 wrote: Hi there,

Looking at renewal:

-How much is the mortgage owing? $438K
-Roughly, what is the current market value of the property? $680-700K
-Which city is the property located in? Courtice, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2019
-When is your renewal date? April 2021

Thanks in advance for any replies.
1.30% 5-year variable and 1.44% 5-year fixed are the best rates available.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
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Jun 24, 2020
1265 posts
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andy27 wrote: Looking for a new mortgage on a new construction house

-What is the purchase price? $659,500.00
-How much is the down payment? 10%
-Where it the property located? Welland, ON
-When is the closing date? June, 2021 (but our build is ahead of schedule, so likely sooner)
-Will the property be owner-occupied or a rental? Owner-occupied
If closing is before March 31, you can get 1.39% five year fixed.
Member
Oct 30, 2019
226 posts
434 upvotes
-What is the purchase price? $1,250,000
-How much is the down payment? 30%
-Where it the property located? Langley, BC
-When is the closing date? late Feb/early March
-Will the property be owner-occupied or a rental? Owner-occupied with rental bsmt
Deal Fanatic
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Feb 2, 2014
8575 posts
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Toronto
Just wanted to note these recent threads on RFD real estate section:

banks-mortgage-high-pre-payment-penalti ... m-2439647/

scotiabank-lying-penalty-break-mortgage-2430512/

2 things these threads bring to light:

1-IRD penalty can be massive. With variable rates, penalties are capped at 3 months of interest. Given variable rates are super low right now (1.25% - 1.30%), will likely remain low due to COVID, and the penalty is capped at 3 months interest, variable rates should still be considered super attractive.
2-Bank penalties are brutal. The IRD penalty banks use is much more harsh than fair penalty lenders (hence the term "fair penalty lender"). Do consider this when choosing a bank or credit union for your mortgage.

I feel bad for the OPs of these threads. But they did choose a 5-year fixed rate with a bank.
Last edited by CdnRealEstateGuy on Jan 22nd, 2021 2:26 pm, edited 1 time in total.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
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Jun 24, 2020
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bg8055 wrote: -What is the purchase price? $1,250,000
-How much is the down payment? 30%
-Where it the property located? Langley, BC
-When is the closing date? late Feb/early March
-Will the property be owner-occupied or a rental? Owner-occupied with rental bsmt
1.54% five year fixed or 1.40% five year variable available
Newbie
Jan 21, 2021
1 posts
-How much is the mortgage owing? $202,053
-Roughly, what is the current market value of the property? 327,000
-Which city is the property located in? Creston, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Canadiana
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 07/2016
-When is your renewal date? 28/07/2021

Looking to pull some equity for a reno. Is HELOC the best way to borrow? What are my options?

Thanks in advance.
Deal Fanatic
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Feb 2, 2014
8575 posts
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Toronto
Danatee wrote: -How much is the mortgage owing? $202,053
-Roughly, what is the current market value of the property? 327,000
-Which city is the property located in? Creston, BC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Canadiana
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 07/2016
-When is your renewal date? 28/07/2021

Looking to pull some equity for a reno. Is HELOC the best way to borrow? What are my options?

Thanks in advance.
How much is the reno?

1.30% 5-year variable and 1.44% 5-year fixed are the best rates.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Mar 7, 2011
3 posts
May I know which lender is offering these crazy low 1.3-1.4ish rates? The best rate I can get from big 5 banks is 1.65+....
Deal Fanatic
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Feb 2, 2014
8575 posts
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Toronto
yl89123 wrote: May I know which lender is offering these crazy low 1.3-1.4ish rates? The best rate I can get from big 5 banks is 1.65+....
None of the brokers will post the lenders' name on a public forum. The rates we post are promos and bought down. Most of the rates we post you won't get from the lender directly, so we can get a bit of hot water if we post the lenders name publicly.

The last thing we want is to get cut off by a certain lender for publically posting "unpublished promos". This thread receives a TON of traffic. Hope readers understand.

PM one of the brokers here.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 21, 2021
1 posts
Hi everyone,



Looking to buy my first house and i wanted to find good mortgage brokers.

Any ideas which are the best?



Thanks all!
Member
Jul 23, 2020
262 posts
221 upvotes
yl89123 wrote: May I know which lender is offering these crazy low 1.3-1.4ish rates? The best rate I can get from big 5 banks is 1.65+....
HSBC is advertising 1.34 right now

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