Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 24, 2012
18 posts
78 upvotes
SCARBOROUGH
rateconnect wrote: Reach out to any of the mortgage pros on the forum to do a full analysis of your file

Too many factors to throw a number at you :

Current mortgage payment
Property taxes
Expected rent
Property taxes on new

Phil
ok. thank you. I'll PM you and hopefully you can help. However, the answer to the details you've asked for are,
  • Current mortgage payment - $1300 Accelarated Bi-weekly
  • Property taxes - $3900
  • Expected rent ~ $2500
  • Property taxes on new - ~ $6000 based on a property listed at $1.2M that we had some interest in but we think its out of reach.
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
1SPiKE1 wrote: I'm looking to move from existing mortgage to a new lender to take advantage of the lower rates

-How much is the mortgage owing? 386k
-Current market value of the property? 867k
-Property located? BC
-Is the property owner-occupied or a rental? Owner occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No

My current rate is 2.82, and shopping around, I've gotten this quote:
1.69 with $2000 cashback, 20/20 prepayment for 5 year fixed. First 3 years calculated with IRD, last 2 years calculated with 3 months interest.

I'm wondering if there's a better rate at a fair penalty lender for 5 year fixed and 5 year variable.

Thanks in advance!
1.39 fixed /1.25% variable
fair penalty lender
5 yr terms

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
delwar wrote: Hello there, I am new to this forum. Here the details of the property:

-What is the purchase price? $925,000
-How much is the down payment? $185,000
-Where it the property located? Milton ON
-When is the closing date? April 30, 2021
-Will the property be owner-occupied or a rental? Owner-occupied
5 yr fixed 1.54%
5 yr variable 1.35-1.40%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
Subaru10 wrote: Refinance
-Roughly, what is the current market value of the property? 3m
-What is the current mortgage owing? 900k
-How much do you want to borrow (refinance)? 1900k
-Is the property owner-occupied or a rental? Owner occupied
-Where is the property located? Toronto
-When do you want to close on the refinance? March
1.35% variable
1.49% 5 yr fixed

Cash back from the lender

Major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
Rajnissh25 wrote: Hello Mortgage Professionals

I would really appreciate it if you can lead me and help me to connect with mortgage specialist. I am planning to buy my first home for primary use as residence. I have been offered 1.84% by TD bank on 20% down payment, wondering if I can get better rates and also get to connect with specialist to process my application.

-What is the purchase price? 330k
-How much is the down payment? 20%
-Where is the property located? Charlottetown
-When is the closing date? March 25
-Will the property be owner-occupied or a rental? Owner
Much better rates available

1.54% 5 yr fixed fair penalty lender

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Member
Dec 13, 2009
368 posts
223 upvotes
Phil, also looking for a rate:

Purchase price of 1,034,900
Down payment of 280,000
Located in Vaughan
Closing March 29
Owner occupied.

Would prefer major lender, cash back if available, 15-20% top ups, and mortgage portability on 5 year fixed term if possible as well.
Last edited by Thadealhunter on Feb 14th, 2021 7:01 am, edited 1 time in total.
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
Thadealhunter wrote: Phil, also looking for a rate:

Purchase price of 1,034,900
Down payment of 180,000
Located in Vaughan
Closing March 29
Owner occupied.

Would prefer major lender, cash back if available, 15-20% top ups, and mortgage portability on 5 year fixed term if possible as well.
You can get 1.35% variable / 1.49% 5 yr fixed, 15/15 prepayment and its portable. Cashback available
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Jun 24, 2012
11 posts
6 upvotes
SCARBOROUGH
My mortgage is up for renewal soon, my lender sent me an offer, I'm looking for a better deal out there: (prefer major bank)
-How much is the mortgage owing? 498k
-Roughly, what is the current market value of the property? 1.4M
-Which city is the property located in? Aurora, 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? yes, prefer HELOC
-Is the mortgage CMHC insured? no
-When did you buy the property? 2016
-What was the purchase price? 879k
-When is your renewal date? Aug, 2021
Sr. Member
Dec 13, 2010
638 posts
917 upvotes
Vancouver
Hi folks,

Looking to see if it is worth breaking current mortgage for lower rates. Am currently on a variable at 1.85% (prime minus 0.6) and HELOC at 2.45% (prime plus 0.5). No balance on the HELOC at the moment, do not need to refinance for additional money. Would like to see if it is worth the switch, keeping a variable on the mortgage, plus HELOC at as low a rate as possible:

-How much is the mortgage owing?
$477,000
-Roughly, what is the current market value of the property?
$860,000
-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?
yes (zero balance)
-Is the mortgage CMHC insured?
no
-When did you buy the property?
2011
-What was the purchase price?
$560,000
-When is your renewal date?
July 2024
Deal Addict
User avatar
Jul 16, 2003
4155 posts
1265 upvotes
Thanks for your inputs Neil and Phil
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Newbie
Feb 12, 2021
1 posts
Currently in a mortgage at 3.42%. We are wanting to refinance and get an extra 50k in order to do some Renovations on our property. Renewal is in Dec but the penalty to break my terms is 4K. Would it be worth breaking this early?

-How much is the mortgage owing? 350
-Current market value of the property? 650
-Property located? BC
-Is the property owner-occupied or a rental? Owner occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No

Thanks for the info!!
Newbie
Mar 13, 2015
50 posts
12 upvotes
Toronto, ON
Hello,

Looking to see if it is worth breaking current mortgage for lower rates. Currently on a variable at 1.85% (prime - 0.6) - no HELOC. Do not need to refinance for additional money. Would like to see if it is worth the switch, keeping a variable on the mortgage, plus HELOC at as low a rate as possible:

-How much is the mortgage owing?
$420,000
-Roughly, what is the current market value of the property?
$1 to 1.1 million
-Which city is the property located in?
Vaughan, 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?
no
-When did you buy the property?
2019
-What was the purchase price?
$898,000
-When is your renewal date?
October 2024

Would prefer a big 5 bank, but open to other lenders (depending on who). Would also like to see if the bank / lender will cover cost like appraisal / legal for switching and any cashback offered.
Deal Addict
User avatar
Jun 24, 2020
2310 posts
439 upvotes
Thadealhunter wrote: Phil, also looking for a rate:

Purchase price of 1,034,900
Down payment of 180,000
Located in Vaughan
Closing March 29
Owner occupied.

Would prefer major lender, cash back if available, 15-20% top ups, and mortgage portability on 5 year fixed term if possible as well.

On a home with a purchase price of $1 million+, you must put a minimum of 20% down. Rates would be at 1.54% five year fixed or 1.35% five year variable. Can prepay 15% annually or double up on your monthly payments.
Deal Addict
User avatar
Jun 24, 2020
2310 posts
439 upvotes
bluesforever9 wrote: Hello,

Looking to see if it is worth breaking current mortgage for lower rates. Currently on a variable at 1.85% (prime - 0.6) - no HELOC. Do not need to refinance for additional money. Would like to see if it is worth the switch, keeping a variable on the mortgage, plus HELOC at as low a rate as possible:

-How much is the mortgage owing?
$420,000
-Roughly, what is the current market value of the property?
$1 to 1.1 million
-Which city is the property located in?
Vaughan, 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?
no
-When did you buy the property?
2019
-What was the purchase price?
$898,000
-When is your renewal date?
October 2024

Would prefer a big 5 bank, but open to other lenders (depending on who). Would also like to see if the bank / lender will cover cost like appraisal / legal for switching and any cashback offered.
You have over $7800 in savings available if you switch to 1.25% five year variable. This does not factor in your penalty. The lender covers the legal and appraisal fees to switch and the mortgage comes with 20/20 prepayment features.
Deal Addict
User avatar
Jun 24, 2020
2310 posts
439 upvotes
ICELYICE wrote: My mortgage is up for renewal soon, my lender sent me an offer, I'm looking for a better deal out there: (prefer major bank)
-How much is the mortgage owing? 498k
-Roughly, what is the current market value of the property? 1.4M
-Which city is the property located in? Aurora, 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? yes, prefer HELOC
-Is the mortgage CMHC insured? no
-When did you buy the property? 2016
-What was the purchase price? 879k
-When is your renewal date? Aug, 2021
Major bank rates start at 1.54% five year fixed or 1.45% five year variable. You have lower available at 1.39% five year fixed or 1.25% five year variable from a monoline lender.
Newbie
Nov 21, 2013
5 posts
2 upvotes
Calgary
Hi,

I would like to see what are the best rates for the refinancing:
Mortgage has been paid off, current HELOC is 297K.
Single house, owner occupied, valued at 460K.
Province: AB
Looking for the 5 years, fixed term, mortgage 300-350K.

Many thanks in advance.
Newbie
Jun 24, 2012
11 posts
6 upvotes
SCARBOROUGH
Thanks! Do you have 4 year fix rate? Does the lender cover all the transfer fee?
Last edited by ICELYICE on Feb 14th, 2021 8:14 am, edited 1 time in total.
Newbie
Jun 24, 2012
11 posts
6 upvotes
SCARBOROUGH
TazZaide wrote: Major bank rates start at 1.54% five year fixed or 1.45% five year variable. You have lower available at 1.39% five year fixed or 1.25% five year variable from a monoline lender.
Thanks! Do you have 4 year fix rate? Does the lender cover all the transfer fee?
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
ICELYICE wrote: My mortgage is up for renewal soon, my lender sent me an offer, I'm looking for a better deal out there: (prefer major bank)
-How much is the mortgage owing? 498k
-Roughly, what is the current market value of the property? 1.4M
-Which city is the property located in? Aurora, 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? yes, prefer HELOC
-Is the mortgage CMHC insured? no
-When did you buy the property? 2016
-What was the purchase price? 879k
-When is your renewal date? Aug, 2021
Depending on when it was purchased in 2016, you can get 1.30% variable 5-year/1.39% fixed 5-year. You can get a HELOC post the transfer.
Neil Joseph
Mortgage Agent, Broker Lic #10530

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