Real Estate

The Official Mortgage Rates Thread

Newbie
Jul 27, 2018
19 posts
1 upvote
Bought well, reno and lucky there have been recent transactions to support. Mostly thankful.
Newbie
Mar 25, 2021
2 posts
For a mortgage renewal:
I got offered 1.45% 5-year variable rate for early renewal in April.

-How much is the mortgage owing? 380,000
-Roughly, what is the current market value of the property? 800,000
-Which city is the property located in? Ajax
-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? Not sure
-When did you buy the property? 2016
-What was the purchase price? 500,000
-When is your renewal date? Aug 2021 but would like to do an early renewal in April

Can I get a better rate with the same bank or do I need to switch? Also, can my credit score of 825+ help get a better rate?
Newbie
Mar 25, 2021
1 posts
Hello,
I have a mortgage with 2 segments. The largest is up for renewal soon and was thinking to roll both segments and a Heloc balance (120K, from recent renovations) into one mortgage.

-How much is the mortgage owing? 2 segments: 1) 300K (fixed, up for renewal), 2) 145K (variable, current 1.55%)
-Roughly, what is the current market value of the property? 1.2 Million
-Which city is the property located in? Burlington
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? rbc
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? yes
-When did you buy the property? 2018
-What was the purchase price? 900K
-When is your renewal date? Segment 1 May 2021, Segment 2 Aug 2023

Thanks for any advice.
Newbie
Mar 9, 2021
3 posts
1 upvote
rateconnect wrote: Rate below the 5 yr increased over night 3 & 4 now good options

3 yr 1.44%
4 yr 1.54%
5 yr 1.74%

Variable 5 yr 1.2%

Phil
Just got confirmation that the lowest I can get with my current lender is 2.19% for 5 year or 1.55% variable. It took an annoyingly long time to get this out of them and it isn't really worth the fee to switch at the moment.
I am assuming the rates from @rateconnect are higher than this original quote but curious if you can still get me something better. I'll switch if it is worth it.
Much appreciated.
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
peggyle18 wrote: Hello, I'm looking at two different options. One mortgage transfer and one mortgage refinance:

For the mortgage transfer:

-How much is the mortgage owing? $404,000
-Roughly, what is the current market value of the property? ~$680,000
-Which city is the property located in? Whitby
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Meridian Credit Union
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2018
-What was the purchase price? $545,000
-When is your renewal date? Next month

For the mortgage refinance:

-Roughly, what is the current market value of the property? ~$680,000
-What is the current mortgage owing? $404,000
-How much do you want to borrow (refinance)? $540,000
-Is the property owner-occupied or a rental? Owner-occupied
-Where is the property located? Whitby
-When do you want to close on the refinance? Anytime in the next 6 months

Interested in 5 year rates

Thanks so much!
On a transfer see below

3 yr fixed 1.44%
4 yr fixed 1.64%
5 yr fixed 1.89%
5 yr variable 1.25%

Best refi
5 yr variable 1.35% major bank includes cash back
5 yr fixed 2.09%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
Averroes wrote: Hello, I'm looking for a mortgage for a new purchase.

5 year fixed rate and 5 year variable, 25 year amortization.

-What is the purchase price? $1,860,000
-How much is the down payment? $460,000 (25%)
-Where is the property located? Oakville, Ontario
-When is the closing date? mid-June
-Will the property be owner-occupied or a rental? Owner-occupied

830+ credit scores for me and my spouse. Household income of 300k pre-tax.

Thanks.
Best deal is on the 5 yr variable 1.35% with additional cash back from a major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
Thriftypete wrote: Looking for refinancing. Can I get 5yr Var, 3, 4, 5 fixed? Any cashback or cover on fees? Thx.

-Roughly, what is the current market value of the property? $750 to $900k
-What is the current mortgage owing? $0
-How much do you want to borrow (refinance)? $550k
-Is the property owner-occupied or a rental? Rental - Full duplex
-Where is the property located? Penticton
-When do you want to close on the refinance? No rush, a couple of months or soon whatever is best.
On a rental the best deal is on the variable side

Likely 1.60-1.65% with additional cash back major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
vtec777 wrote: Asking for my in-laws. Their current mortgage rate is 3.67% and the line of credit is 6.7%. They would like to leave the amortization at 19years. They are currently with Scotia Bank, the penalty today is $8400. Looking for fixed rate.

They are looking to refinance:

-Roughly, what is the current market value of the property? ~ $425000
-What is the current mortgage owing? $192000
-How much do you want to borrow (refinance)? $35000
-Is the property owner-occupied or a rental? owner-occupied
-Where is the property located? Wasaga Beach ON
-When do you want to close on the refinance?
5 yr fixed 2.09%
5 yr variable likely 1.45% with additional cash back major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
josephx wrote: For a mortgage renewal:
I got offered 1.45% 5-year variable rate for early renewal in April.

-How much is the mortgage owing? 380,000
-Roughly, what is the current market value of the property? 800,000
-Which city is the property located in? Ajax
-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? Not sure
-When did you buy the property? 2016
-What was the purchase price? 500,000
-When is your renewal date? Aug 2021 but would like to do an early renewal in April

Can I get a better rate with the same bank or do I need to switch? Also, can my credit score of 825+ help get a better rate?
Great credit score but it won't get you a better rate than someone who has a 700 beacon.

You can get 1.20% 20 pts lower which is decent savings

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
triumphonda wrote: Just got confirmation that the lowest I can get with my current lender is 2.19% for 5 year or 1.55% variable. It took an annoyingly long time to get this out of them and it isn't really worth the fee to switch at the moment.
I am assuming the rates from @rateconnect are higher than this original quote but curious if you can still get me something better. I'll switch if it is worth it.
Much appreciated.
update below for you

3 yr 1.44%
4 yr 1.64%
5 yr 1.89%

Variable 5 yr 1.2%
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Mar 25, 2021
2 posts
Thanks for the quick response.

Do I have to go with a different lender to get the 1.20% rate? If so, do I have to wait till my mortgage maturity in Aug to make the switch?

Im thinking If i do a 4 month early renewal with TD, I'll build up some early savings.
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
josephx wrote: Thanks for the quick response.

Do I have to go with a different lender to get the 1.20% rate? If so, do I have to wait till my mortgage maturity in Aug to make the switch?

Im thinking If i do a 4 month early renewal with TD, I'll build up some early savings.
You can only do an early renewal with your existing lender. If you want the 1.20% 5-year variable, you will have switch lenders on your maturity date.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
May 3, 2010
773 posts
460 upvotes
I re-upped my rental property with TD at 1.35% variable 5 years. This was the best deal I got for an investment property from all lenders.
Sr. Member
May 3, 2010
773 posts
460 upvotes
Tallin wrote: Orig post
How much is the mortgage owing? 960k
-Roughly, what is the current market value of the property? 1.95M
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No but open to one
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-What was the purchase price? 1.5
-When is your renewal date? May 2024

Additional details. MCAP break fee 29k if I stay (includes a 10% discount) offering variable of 1.55 prime minus .900. If I pay down by 200k before breaking the fee goes down to by another 5k or so.

Update
————————————-

So Mcap came back at 5 year variable closed with prime -1% = 1.45. Will reduce the penalty by 10% making it 29k

Switching means paying other penalties and losing the break discount of 10% and maybe getting 1.35.

Seems like I’m stuck at mcap, no real savings to be had otherwise. Anything I’m missing? In this scenario it looks like saving 45 k or so.
29k penalty that too after a 10% discount??? I thought MCAP was a fair penalty lender??
Member
Aug 26, 2017
435 posts
534 upvotes
Renewal:
-How much is the mortgage owing? 140k
-Roughly, what is the current market value of the property? 1.1mil
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-What was the purchase price? 905k
-When is your renewal date? August 2021
Sr. Member
May 24, 2013
793 posts
286 upvotes
Renewal:
-How much is the mortgage owing? 317k
-Roughly, what is the current market value of the property? Purchased for 420k two years ago, whatever that is in todays money
-Which city is the property located in? Windsor Ontario
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Meridian
-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? 420k
-When is your renewal date? May 2021

Meridian offered me 1.79% 5 year fixed to stay. Worth it?
Newbie
Jul 27, 2018
19 posts
1 upvote
I’m sure they feel it’s quite fair - for them lol. I guess I signed up for it so it’s my fault.
Deal Addict
May 18, 2015
1803 posts
851 upvotes
Ottawa,Ont
I am looking to move to preferably a big 5 with a variable rate. Please PM me best options

-How much is the mortgage owing? 420,000
-Roughly, what is the current market value of the property? 750,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? owner occupied
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Canada Guaranty
-When did you buy the property? 2018
-What was the purchase price? 455,000
-When is your renewal date?Just signed a blend/extend. Penalty is currently 3 months interest @2.24 fixed
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
GameChannel wrote: 29k penalty that too after a 10% discount??? I thought MCAP was a fair penalty lender??
They are.

3.09% contract rate on a million dollar mortgage with over 3 years left. If you use the bank IRD penalty and use the original discount to calculate the IRD penalty, the amount would have been significantly higher.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Aug 16, 2020
16 posts
10 upvotes
-What is the purchase price? 1,400,000
-How much is the down payment? 20%
-Where it the property located? Oshawa
-When is the closing date? n/a
-Will the property be owner-occupied or a rental? owner-occupied

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