Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jan 31, 2018
3326 posts
637 upvotes
Hatsukei wrote: Hi everyone,



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

Any ideas which are the best?



Thanks all!
Any of the mortgage pros on here can help you out simply reach out

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
User avatar
Jul 31, 2004
83 posts
rateconnect wrote: Are you looking to take equity out or simply switch for a better rate ?
No, Just seeing if it's worth refinancing it. Bank just told me the penalty is $5525. I'm not sure it's going to be worth it.
Newbie
Jan 18, 2014
21 posts
4 upvotes
I am researching to see if it makes sense for me to either refinancing my current mortgage, or to keep it as it is.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $820,000
-Roughly, what is the current market value of the property? $950,000
-Which city is the property located in? Vancouver, BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 01/2019
-When is your renewal date? 01/2024

I read from the few posts earlier that Scotiabank will give 20% discount on the penalty if I keep the mortgage with them, but I cannot find that policy in their website. Can anyone share with me more details about that? Thanks in advance.
Deal Addict
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Jan 31, 2018
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xar256 wrote: No, Just seeing if it's worth refinancing it. Bank just told me the penalty is $5525. I'm not sure it's going to be worth it.
You essentially break even after penalty
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
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Jan 31, 2018
3326 posts
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atifkhan wrote: I am researching to see if it makes sense for me to either refinancing my current mortgage, or to keep it as it is.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $820,000
-Roughly, what is the current market value of the property? $950,000
-Which city is the property located in? Vancouver, BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 01/2019
-When is your renewal date? 01/2024

I read from the few posts earlier that Scotiabank will give 20% discount on the penalty if I keep the mortgage with them, but I cannot find that policy in their website. Can anyone share with me more details about that? Thanks in advance.
What is your current rate
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
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Feb 2, 2014
8533 posts
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Toronto
atifkhan wrote: I am researching to see if it makes sense for me to either refinancing my current mortgage, or to keep it as it is.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $820,000
-Roughly, what is the current market value of the property? $950,000
-Which city is the property located in? Vancouver, BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 01/2019
-When is your renewal date? 01/2024

I read from the few posts earlier that Scotiabank will give 20% discount on the penalty if I keep the mortgage with them, but I cannot find that policy in their website. Can anyone share with me more details about that? Thanks in advance.
Rate will be 1.30% 5-year variable and 1.44% 5-year fixed.

Need to know the penalty and rate to determine if it's worth it.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Dec 12, 2007
549 posts
133 upvotes
Canada
rogernizzle wrote: For refinancing:

-Roughly, what is the current market value of the property? $233k
-What is the current mortgage owing? $149k
-How much do you want to borrow (refinance)? $34k
-Is the property owner-occupied or a rental? Owner-occupied
-Where is the property located? Winnipeg
-When do you want to close on the refinance? ASAP

Ideally I would want a readvanceable mortgage + extending the amortization.
You could get 1.65% 5 year fixed for your re-finance situation. (Borrow more + extend AM, but no LOC attached).
Newbie
Jan 22, 2021
1 posts
Me too researching to see whether it makes sense to refinance my current mortgage

For a mortgage transfer/renewal:

-How much is the mortgage owing? $616,627
-Roughly, what is the current market value of the property? $850,000
-Which city is the property located in? Ajax, On
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 06/2018
-When is your renewal date? 06/2023
- Current interest rate? 3.24

I have not contacted Scotia to know what they can offer me or what the penalty will be.
I really appreciate inputs from any mortgage experts here, thanks!
Newbie
Jun 7, 2017
24 posts
2 upvotes
GTA
calisbroke wrote: Some rates require better ratios than others. In this case you’re not likely qualify for the absolute best rates (0.99% variable and 1.39% 5-year fixed) but it’ll be close. It will all depend on the application and final calculations. That said, 1.25% on a variable and 1.39% on a 5-year fixed are likely attainable.
How can he get this rate? How can he contact you?
Newbie
Jun 7, 2017
24 posts
2 upvotes
GTA
calisbroke wrote: Some rates require better ratios than others. In this case you’re not likely qualify for the absolute best rates (0.99% variable and 1.39% 5-year fixed) but it’ll be close. It will all depend on the application and final calculations. That said, 1.25% on a variable and 1.39% on a 5-year fixed are likely attainable.
How can he get this rate? How can he contact you?
Newbie
Jan 18, 2014
21 posts
4 upvotes
CdnRealEstateGuy wrote: Rate will be 1.30% 5-year variable and 1.44% 5-year fixed.

Need to know the penalty and rate to determine if it's worth it.
Thanks. In December, Scotiabank told me the penalty is 40k.

Can you share with me any insights about the 20% discount if I stay with Scotiabank? Thanks again.
Deal Addict
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Jun 24, 2020
1114 posts
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rmohan75 wrote: Me too researching to see whether it makes sense to refinance my current mortgage

For a mortgage transfer/renewal:

-How much is the mortgage owing? $616,627
-Roughly, what is the current market value of the property? $850,000
-Which city is the property located in? Ajax, On
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 06/2018
-When is your renewal date? 06/2023
- Current interest rate? 3.24

I have not contacted Scotia to know what they can offer me or what the penalty will be.
I really appreciate inputs from any mortgage experts here, thanks!
Definitely find out the penalty to see if the savings outweighs the costs to switch, but you can get 1.44% five year fixed or 1.30% five year variable with costs covered to switch(legal and appraisal).
Sr. Member
User avatar
Dec 2, 2008
784 posts
291 upvotes
rmohan75 wrote: Me too researching to see whether it makes sense to refinance my current mortgage

For a mortgage transfer/renewal:

-How much is the mortgage owing? $616,627
-Roughly, what is the current market value of the property? $850,000
-Which city is the property located in? Ajax, On
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 06/2018
-When is your renewal date? 06/2023
- Current interest rate? 3.24

I have not contacted Scotia to know what they can offer me or what the penalty will be.
I really appreciate inputs from any mortgage experts here, thanks!
You definitely need to find out the exact penalty but anecdotally I’d say you’re likely to save thousands in a switch : ))))
Jr. Member
Dec 1, 2007
102 posts
34 upvotes
My mortgage term is coming due in the fall and I'm starting to put some thought into planning my approach: Should I just renew with BMO or shop around, should I look to renew with an OFI right now or wait until the term is up? I will be interested in both variable and fixed but I'm leaning towards variable as I may want to consider selling this home within the next 5 years. At the same time, I'm also looking to have another home purchased in the next few weeks as we are actively looking. This mortgage will not be in my name but in my partner's name as she will be a first time home owner.

For a mortgage transfer/renewal:

-How much is the mortgage owing? approx 500k
-Roughly, what is the current market value of the property? approx 900k
-Which city is the property located in? Markham,ON
-Is the property owner-occupied or a rental? owner occupied
-Who is your current lender? BMO
-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? sept 2016

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