Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jan 31, 2018
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lindmar wrote: Who is giving 2.34? restricted?
Meridian Credit union full featured

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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XcaliburZero wrote: Hello! Up for renewal in November.

-$400k left at maturity
-Located in Moose Jaw, SK
-When is the closing date? November
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
Need more info please

Was the file previously insured
What is the current value
Any lines of credit tied to the property
Current lender

Can quote once we have the above

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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IrinaI751476 wrote: Hello!
I'm looking to a mortgage refinance:

-Roughly, what is the current market value of the property? $880,000
-What is the current mortgage owing? $26,000 + 80,000 HELOC
-How much do you want to borrow (refinance)? $140,000 mtg fixed + max possible HELOC (500-600K)
-Is the property owner-occupied or a rental? Owner (13y)
-Where is the property located? North Delta, BC
-When do you want to close on the refinance? Nov 2019
Both me and my husband have excellent credit score over 850 and our total income will be over 200,000/y (just starting my job now)
Best rate through the broker channel would be 2.59% 5 yr fixed with an loc

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
Newbie
Apr 14, 2016
17 posts
11 upvotes
Hello, wondering what would be the best rate please -

Purchase price = 300-500k
Downpayment = 20% (or significantly more if it makes rate more attractive)
Income = approx 200k combined
Credit scores = both good
Debts = none
Province of purchase - Nova Scotia
Looking for basic mortgage rate (sounds like only fixed makes sense right now) and heloc please, thank you !
Newbie
Sep 22, 2019
1 posts
Hello!

I'm looking to a mortgage refinance to hopefully take advantage of the current rates. I’m currently on a variable. 3.30% with 2 years left on the term.

-Roughly, what is the current market value of the property? $493,000
-What is the current mortgage owing? $191,033.48
-How much do you want to borrow (refinance)? $191,033.48
-Is the property owner-occupied or a rental? Owner (7 yr)
-Where is the property located? Richmond, BC
-When do you want to close on the refinance? Oct,2019
I have a good credit score. My total income will be over 90k/yr
-Debts = None
Member
May 30, 2008
223 posts
36 upvotes
Saskatchewan
ahlaker wrote:

How much is the house worth? Did you pay CMHC insurance when you bought it? Need that info to accurately get a rate.

Good luck everyone!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
$565,000, insured.
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Sep 19, 2012
1253 posts
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Calgary
XcaliburZero wrote: $565,000, insured.
Insured rates can get 2.39% in SK but application needs to be put in right now (as in, in the next 3 hours because rates are increasing tonight). That would be MCAP Value Flex (bonafide sales clause). You can do a 2.39% with RMG but that comes with a very steep prepayment penalty (3% of the mortgage balance if you prepay before the 5-year term is up).

You could also get into a Manulife mortgage at 2.64% with a boatload of cash back - say $3500 or so. After accounting for the cash back the effective rate is something like 2.39% (assuming you put the cash back right onto the mortgage and assuming you can pay the extra $50/month for the higher rate).

Other options include HSBC at 2.59% with up to $2k in cash back or Motusbank at 2.49% (but you have to pay fees, unless you're a spectacular negotiator). Lots of options!
lindmar wrote: 5 year? Meridian offered me 2.49%
You betcha. Branches offer it at 2.49% but we get to "buy down" (ie: sacrifice some of our commission) to get it down to 2.34%. Same as the 2.39% insured deal, that we can get down to 2.24%. The drawback is that turnaround times at the branch are quick whereas we brokers get tossed into a queue and it'll take 5 business days (minimum) to get the file looked at.
MrRoboto69 wrote: Purchase price = 300-500k
Downpayment = 20% (or significantly more if it makes rate more attractive)
Income = approx 200k combined
Credit scores = both good
Debts = none
Province of purchase - Nova Scotia
Looking for basic mortgage rate (sounds like only fixed makes sense right now) and heloc please, thank you !
Get the down payment up to 35% and you can get 2.39% unrestricted from RFA. As of right now the best deal in NS, as far as I can tell Smiling Face With Open Mouth. Anything less than 35% down payment is probably best with Motusbank at 2.49%.
dnbcdeal wrote: I'm looking to a mortgage refinance to hopefully take advantage of the current rates. I’m currently on a variable. 3.30% with 2 years left on the term.
-Roughly, what is the current market value of the property? $493,000
-What is the current mortgage owing? $191,033.48
-How much do you want to borrow (refinance)? $191,033.48
-Is the property owner-occupied or a rental? Owner (7 yr)
-Where is the property located? Richmond, BC
-When do you want to close on the refinance? Oct,2019
I have a good credit score. My total income will be over 90k/yr
-Debts = None
Ask the current lender what they'll lock you in at. Probably your best bet is RFA at 2.44% 5-year fixed. Why? Your mortgage is too small so costs don't get covered unless broker (me!) pays for them from commission. To do 2.39% on your deal and pay for switch costs I'd be left with virtually no commission - that's why 2.44% is the rate (and not 2.39%!). That said, isn't everything negotiable? Winking Face

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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Mar 28, 2004
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The only time I used a broker, it wasn't a great experience. I WOULD use a broker in this case for a great deal.

2.34% on a decent, low restriction mortgage sounds good. 35% down is doable.
Newbie
Sep 22, 2019
5 posts
Hello,

Wife and I are looking to buy a new home as first time buyers. Would appreciate some inputs on possible mortgage rates.

One Q I have is the impact of a job switch on possible rates - wife will be back at work after Mat Leave and will likely look for a new job (better pay). I am interviewing with a well known company as well. Combined income is likely to go up by about 30k if we both switch.

Purchase price = 600-650k
Downpayment = 90-100k
Income = approx 160k combined
Credit scores = both 750+
Debts = Auto-Loan $25k
Province of purchase - Ontario (GTA)

Thanks!
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Feb 2, 2014
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Toronto
freewheelin76 wrote: So literally my only fee would have been w/e scotia's discharge fee would have been. I'm going to have to confirm if my original loan was in fact standard charge. I don't recall an amount higher than the value of the home originally but again this was 10 years ago and this is my second renewal.
If you have the STEP product, then it’s a collateral charge. If not, you’re good, just the discharge.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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lindmar wrote: The only time I used a broker, it wasn't a great experience. I WOULD use a broker in this case for a great deal.

2.34% on a decent, low restriction mortgage sounds good. 35% down is doable.
You can do 2.34% with min 20% down

The brokers on this forum have years of experience and will get you the very best rates
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
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Jan 31, 2018
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XcaliburZero wrote: Hello! Up for renewal in November.

-$400k left at maturity
-Located in Moose Jaw, SK
-When is the closing date? November
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
Best rate is 2.39% 5 yr fixed
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Jan 12, 2017
352 posts
170 upvotes
Looking for the best rate on a 5 year fixed for the following:

-What is the purchase price? Over a million
-How much is the down payment? 20%
-Where it the property located? GTA
-When is the closing date? Beginning of November
-Will the property be owner-occupied or a rental? Owner

Thanks
Last edited by Mickey21444 on Sep 23rd, 2019 11:20 pm, edited 1 time in total.
Sr. Member
Apr 1, 2005
656 posts
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Leslieville
for refinance - asking for someone

-Roughly, what is the current market value of the property? $1m
-What is the current mortgage owing? $250k
-How much do you want to borrow (refinance)? as much as possible, to fund a small business
-Is the property owner-occupied or a rental? owned
-Where is the property located? Markham, On
-When do you want to close on the refinance? asap

Are there still products for refinance based on ltv? looking to see if it's possible to refinance primary residence to increase cashflow for a small business. Income is not stable right now due to start up of new business.

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