Real Estate

The Official Mortgage Rates Thread

Sr. Member
User avatar
Aug 20, 2020
521 posts
88 upvotes
Scarborough
bousty wrote: Hi there,

My partner and I are looking to purchase a condo this spring and have been pre-approved for mortgage with Scotiabank - 1.73% 5-Year Fixed (30 Year Amortization). Are there better rates out there? We have shopped around to TD, CIBC, BMO, and RBC with no luck.

-What is the purchase price? $650,000
-How much is the down payment? $130,000
-Where it the property located? Toronto, Ontario
-When is the closing date? May 2021
-Will the property be owner-occupied or a rental? Owner-occupied
You can get 1.54~1.59% fixed 5-year on a LIVE deal.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Deal Fanatic
User avatar
Sep 13, 2011
5528 posts
2435 upvotes
Toronto
Ac131313 wrote: Who is offering 1.44 5 year fixed rn? The lowest I've been able to get so far is 1.54 with HSBC. 220k down on a mortgage of 800k, 850+ credit score both applicants.
The 1.44% 5 year fixed is available through any of the regular posting brokers on this board. Feel free to reach out to any of us and we'd be happy to get you set up!
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Jr. Member
Oct 31, 2009
111 posts
71 upvotes
Toronto
I have 4 years fixed mortgage, 29 months and 19 days left, Scotiabank is rounding up and calculating on 24 months term. This is no definition of the rounding in my contract. This rounding is costing me an additional $10K in penalty. Does anyone have more experience with this? share their wisdom?

29 months and 19 days should be rounded up to 30 months or am I doing something incorrectly?
Newbie
Jan 31, 2011
1 posts
Maple
Hello,

Looking at purchasing a second property to live in while current home is renovated.
Looking for a 1 year term.

-What is the purchase price? $750,000
-How much is the down payment? $250,000
-Where it the property located? Barrie, ON
-When is the closing date? End of April
-Will the property be owner-occupied or a rental? Owner occupied

Thanks for looking.
Member
Nov 24, 2019
306 posts
411 upvotes
Saskatoon
Well I really don't want to talk to HSBC again and give them any more of my time, but their 1.29% variable switch offer has me wondering what all may be available from brokers

For a mortgage transfer/renewal:

-How much is the mortgage owing? 276k
-Roughly, what is the current market value of the property? 350-360k
-Which city is the property located in? Outlook, SK
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Tangerine - 2.19% fixed 3 year, 30 year amortization
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2, 2020
-When is your renewal date? July 2, 2023

Just checked Tangerine's online prepayment calculator, my penalty to break is currently $3500, but in ~2 weeks it will be $2350. They also give me the option to blend and extend to 5 years, rate would be 1.98% doing that, so weighing either waiting, extending, or breaking. Would want to keep my original 30 year amortization. Thanks
Deal Addict
Jan 17, 2010
3956 posts
955 upvotes
Toronto, ON
Hi all, coming to renew in May - Quick question - is a 1.35% 5-year variable rate with a big 5 bank (25 year AM) a good quote? Would be sticking with the same bank so no hassle really. Wondering if I should push for 1.3%.
Newbie
Nov 16, 2011
18 posts
4 upvotes
TORONTO
Any lenders (under than Tangerine at P-0.1%) doing HELOCs at Prime?
Deal Addict
User avatar
Jun 24, 2020
1116 posts
209 upvotes
honggil wrote: Hi all, coming to renew in May - Quick question - is a 1.35% 5-year variable rate with a big 5 bank (25 year AM) a good quote? Would be sticking with the same bank so no hassle really. Wondering if I should push for 1.3%.
It’s a good quote!
Newbie
Jan 24, 2021
1 posts
Hello, looking to renew a mortgage and set up a HELOC at the same time.

-How much is the mortgage owing? 327000
-Roughly, what is the current market value of the property? 530000
-Which city is the property located in? Lethbridge Alberta
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Merix/Lendwise
-Do you have a HELOC tied to the mortgage? Not yet
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? May 24
Newbie
Jun 16, 2019
4 posts
Signed a 5-year fixed mortgage Dec 2019. Given the low interest rates, wondering if I'll realize any savings by renewing early and paying the prepayment penalty.

- How much is the mortgage owing? $177,000
- Roughly, what is the current market value of the property? $520,000
- Which city is the property located in? Edmonton
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? Lendwise
- Do you have a HELOC tied to the mortgage? No
- When did you buy the property? 11/2014
- When is your renewal date? 12/2024
- Current interest rate? 2.64
- Penalty? $7,000 (approx.)
Deal Addict
User avatar
Jun 24, 2020
1116 posts
209 upvotes
Gchanga wrote: Signed a 5-year fixed mortgage Dec 2019. Given the low interest rates, wondering if I'll realize any savings by renewing early and paying the prepayment penalty.

- How much is the mortgage owing? $177,000
- Roughly, what is the current market value of the property? $520,000
- Which city is the property located in? Edmonton
- Is the property owner-occupied or a rental? Owner-occupied
- Who is your current lender? Lendwise
- Do you have a HELOC tied to the mortgage? No
- When did you buy the property? 11/2014
- When is your renewal date? 12/2024
- Current interest rate? 2.64
- Penalty? $7,000 (approx.)
You would likely only break even if you switched now to 1.44% five year fixed after paying the penalty.
Member
Jul 15, 2019
387 posts
266 upvotes
-What is the purchase price? $477,081.05
-How much is the down payment? 5%
-Where it the property located? Ottawa, ON
-When is the closing date? July 19, 2021
-Will the property be owner-occupied or a rental? Owner occupied

I know this isn't within the 120 days of rate holds, however, the builder is requiring I submit to them my final approval by Feb 1st. Is this normal? If so I'd like to get this process started asap.

Thank you,
Deal Addict
Dec 6, 2002
1046 posts
134 upvotes
Manulife just came out with new "unpublished rates" :

OFFERS FOR NEW DEALS ONLY CLOSING BY MARCH 31ST 2021
1.59% - 5 year fixed on Manulife Select HIGH RATIO
1.64% - 5 year fixed on Manulife Select INSURED LENDER SWITCH
1.69% - 5 year fixed on Manulife ONE Fixed Rate Sub Account (Insurable)
Newbie
Dec 27, 2014
91 posts
90 upvotes
Toronto, ON
nyliquidpk wrote: I have 4 years fixed mortgage, 29 months and 19 days left, Scotiabank is rounding up and calculating on 24 months term. This is no definition of the rounding in my contract. This rounding is costing me an additional $10K in penalty. Does anyone have more experience with this? share their wisdom?

29 months and 19 days should be rounded up to 30 months or am I doing something incorrectly?
I'm not one of the experts on here, in fact quite the opposite, however I've just been going through this with my own bank.

They will 'round' to the nearest 'term' they have. To my knowledge, no one would have a 30 month term, it would be 24 months, or 36 months.

Hopefully that made sense?

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