Real Estate

The Official Mortgage Rates Thread

Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
JaSkapem wrote: @TazZaide & @CdnRealEstateGuy My post was waiting for moderator approval yesterday I was hoping you could have a look at my situation:

I am currently 0.5 years into my 5-year variable closed mortgage with TD. My rate is 2.15% (TD Prime -0.45%)

-How much is the mortgage owing? $720,000
-Roughly, what is the current market value of the property? $920,000
-Which city is the property located in? Ottawa, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2020
-What was the purchase price? $910,000
-When is your renewal date? Aug 2025

What would be the lowest rate available for me? Thank you for your help
You can possibly get 1.30% (Prime minus 1.15%) variable 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Mar 2, 2021
3 posts
2 upvotes
-How much is the mortgage owing?
$395k

-Roughly, what is the current market value of the property?
$925k

-Which city is the property located in?
Victoria, BC

-Is the property owner-occupied or a rental?
Owner-occupied with a suite that is not legal

-Who is your current lender?
RBC

-Do you have a HELOC tied to the mortgage?
Yes, currently not used

-Is the mortgage CMHC insured?
No

-When did you buy the property?
August 2020

-What was the purchase price?
$830k

-When is your renewal date?
2025

My Variable rate is at 1.75%, I heard they dropped more. Looking to see if it's worthwhile/possible to switch to a lower rate.

Thanks,

D
Member
Aug 20, 2010
211 posts
49 upvotes
-What is the purchase price? - ~$1,618,000
-How much is the down payment? ~ $800,000
-Where it the property located? kleinburg
-When is the closing date? - June 9th 2021
-Will the property be owner-occupied or a rental? - Owner Occuipied

Hello,
Looking for the lowest possible fixed rate available to me along with a HELOC if possbile. I reached out to the couple of big 5 banks but their rates have been much higher then what i've seen posted here.

Feel free to message me directly as i'd like to get the process going ASAP
Member
May 27, 2007
286 posts
103 upvotes
Vaughan
-What is the purchase price? --> 1,010,000
-How much is the down payment? --> 20%
-Where it the property located? --> Toronto,ON
-When is the closing date? --> May 15, 2021
-Will the property be owner-occupied or a rental? --> rental
Sr. Member
May 3, 2010
773 posts
460 upvotes
Two mortgages coming up for renewal. If you can offer a great rate on 5 years fixedplus transfer cashback, please IM me:

Property 1:
- Mortgage Amount: $840,000
-Where it the property located? --> Vaughan, ON
-When is the renewal date? June 1
-Will the property be owner-occupied or a rental? --> Occupied
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2016
-What was the purchase price? $1,450,000
- Original Ammortization: 30 years, 25 remaining. Want to keep the amortization as is.



Property 2:
- Mortgage Amount: $280,000
-Where it the property located? --> Toronto, ON
-When is the renewal date? July 1
-Will the property be owner-occupied or a rental? --> Rental
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? June 2012
-What was the purchase price? $365,000
- Original Ammortization: 30 years, 20.5 remaining. Want to keep the amortization as is.
Newbie
Mar 12, 2013
28 posts
2 upvotes
Hello Mortgage Experts and Forum Community!

Love this forum. Thank you for spreading this financial awareness.

I have a question for the mortgage experts. One of my two mortgages is coming up for renewal (Mortgage #1 - rental property). Later in the year, we wish to upgrade our primary residence (Mortgage #2) and will require a bigger mortgage as a result. The question is - does it matter whether I choose variable or fixed rate on my Mortgage #1 renewal from the perspective of how the TDS ratio will be calculated when we try to get a bigger Mortgage #2? i.e. when we negotiate Mortgage #2, would the lenders apply the BoC qualification rate on just that Mortgage #2 (and use the actual payment amount for Mortgage #1 - regardless of fixed or variable) or would they apply the BoC qualification rate to both Mortgages?
Sr. Member
Jan 26, 2009
521 posts
153 upvotes
North York
-How much is the mortgage owing?
$350,000
-Roughly, what is the current market value of the property?
$1,400,000
-Which city is the property located in?
Toronto
-Is the property owner-occupied or a rental?
Owned
-Who is your current lender?
NBC
-Do you have a HELOC tied to the mortgage?
NBC All In One
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
July 18, 2011
-What was the purchase price?
$535,000
-When is your renewal date?
July 18, 2021
Member
Sep 12, 2018
404 posts
222 upvotes
TazZaide wrote: 1.34% five year fixed or 1.20% five year is available provided your closing is before March 31.
Who is offering this rate?
2017 - Koodo - $35/5GB
2019 - Zoomer - $40/6GB
2020 - Telus - 2x $40/25GB
2022 - Koodo - 2x $35/50GB
2022 - PS5 - $207 - SDM Big Redemption Event
2022 - OLED 55" - $350 - Skyworth OLED 55"
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
talespin wrote: Hello Mortgage Experts and Forum Community!

Love this forum. Thank you for spreading this financial awareness.

I have a question for the mortgage experts. One of my two mortgages is coming up for renewal (Mortgage #1 - rental property). Later in the year, we wish to upgrade our primary residence (Mortgage #2) and will require a bigger mortgage as a result. The question is - does it matter whether I choose variable or fixed rate on my Mortgage #1 renewal from the perspective of how the TDS ratio will be calculated when we try to get a bigger Mortgage #2? i.e. when we negotiate Mortgage #2, would the lenders apply the BoC qualification rate on just that Mortgage #2 (and use the actual payment amount for Mortgage #1 - regardless of fixed or variable) or would they apply the BoC qualification rate to both Mortgages?
It doesn't matter if the mortgage on the other property is variable /fixed but the monthly payment due. So, in the current scenario where the variable rates are much lower than fixed, the former may be favorable (also depends on where the rates are when you choose to upgrade). Benchmark qualification rates apply only to the subject property.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Jul 2, 2019
3 posts
2 upvotes
Kitchener, ON
-What is the purchase price? $650,000
-How much is the down payment? $130,000
-Where it the property located? Kitchener, ON
-When is the closing date? May 20, 2021
-Will the property be owner-occupied or a rental? Owner-Occupied

Currently have a rate saved with Scotia for 1.89% 5-year fixed. Figured I'd check these forums see how it stacks up.

Thanks
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
yu119995 wrote: -How much is the mortgage owing?
$350,000
-Roughly, what is the current market value of the property?
$1,400,000
-Which city is the property located in?
Toronto
-Is the property owner-occupied or a rental?
Owned
-Who is your current lender?
NBC
-Do you have a HELOC tied to the mortgage?
NBC All In One
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
July 18, 2011
-What was the purchase price?
$535,000
-When is your renewal date?
July 18, 2021
You can possibly get 1.74% fixed 5-year but you are currently outside the 120 day window.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
Davidrates wrote: -How much is the mortgage owing?
$395k

-Roughly, what is the current market value of the property?
$925k

-Which city is the property located in?
Victoria, BC

-Is the property owner-occupied or a rental?
Owner-occupied with a suite that is not legal

-Who is your current lender?
RBC

-Do you have a HELOC tied to the mortgage?
Yes, currently not used

-Is the mortgage CMHC insured?
No

-When did you buy the property?
August 2020

-What was the purchase price?
$830k

-When is your renewal date?
2025

My Variable rate is at 1.75%, I heard they dropped more. Looking to see if it's worthwhile/possible to switch to a lower rate.

Thanks,

D
You can get 1.20% 5-year variable. Definitely worth switching.

Penalty will be about $1700. You will be saving .55% per year in interest, which is over $8,000 over the next 4 years.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
yu119995 wrote: -How much is the mortgage owing?
$350,000
-Roughly, what is the current market value of the property?
$1,400,000
-Which city is the property located in?
Toronto
-Is the property owner-occupied or a rental?
Owned
-Who is your current lender?
NBC
-Do you have a HELOC tied to the mortgage?
NBC All In One
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
July 18, 2011
-What was the purchase price?
$535,000
-When is your renewal date?
July 18, 2021
1.59% 5-year fixed and 1.20% 5-year variable are the best rates available.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 29, 2012
36 posts
10 upvotes
Montreal
-What is the purchase price? --> 500K
-How much is the down payment? --> 20%
-Where it the property located? --> Montreal, QC
-When is the closing date? --> June 30, 2021
-Will the property be owner-occupied or a rental? --> owner-occupied

Thanks
Newbie
Mar 3, 2021
1 posts
@CdnRealEstateGuy (Kevin)

For a purchase of a property:

-What is the purchase price? 499900
-How much is the down payment? 100k
-Where it the property located? ottawa, on
-When is the closing date? may 3
-Will the property be owner-occupied or a rental? owner

Hi, just starting to shop for rates, i have a lock in at 1.74 from a broker. at meridian i think.
house is purchased pending home inspection. what would a good rate be for a 30y, and 25y fixed.
Newbie
Mar 12, 2013
28 posts
2 upvotes
NeilJoseph wrote: It doesn't matter if the mortgage on the other property is variable /fixed but the monthly payment due. So, in the current scenario where the variable rates are much lower than fixed, the former may be favorable (also depends on where the rates are when you choose to upgrade). Benchmark qualification rates apply only to the subject property.
Thanks, Neil. That's very clear.
Newbie
Jul 23, 2006
14 posts
1 upvote
I have a mortgage with TD about 9 months ago at 1.95% (prime - 0.65). TD suggested me to lock in to lower the rate to 1.67 5 years. And I am afraid that the mortgage will go up soon. I am wondering if there are better rate out there.

-How much is the mortgage owing? ~$970,000
-Roughly, what is the current market value of the property? $1,65mil
-Which city is the property located in? Richmond Hill
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? May 28, 2020
-What was the purchase price? ~1.6mil
-When is your renewal date? May 2025
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
UnluckyWizard wrote: -What is the purchase price? $650,000
-How much is the down payment? $130,000
-Where it the property located? Kitchener, ON
-When is the closing date? May 20, 2021
-Will the property be owner-occupied or a rental? Owner-Occupied

Currently have a rate saved with Scotia for 1.89% 5-year fixed. Figured I'd check these forums see how it stacks up.

Thanks
You can possibly get 1.74~1.84% fixed 5-year.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Jul 2, 2019
3 posts
2 upvotes
Kitchener, ON
Thanks Neil, what's the best way to go about potentially locking in a rate at 1.74%? (Sorry, new to the forums not sure if I should PM)
Deal Addict
User avatar
Jun 24, 2020
4121 posts
868 upvotes
UnluckyWizard wrote: -What is the purchase price? $650,000
-How much is the down payment? $130,000
-Where it the property located? Kitchener, ON
-When is the closing date? May 20, 2021
-Will the property be owner-occupied or a rental? Owner-Occupied

Currently have a rate saved with Scotia for 1.89% 5-year fixed. Figured I'd check these forums see how it stacks up.

Thanks
1.64% five year fixed is available in your scenario.

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