Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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Gchanga wrote: I have a mortgage up for renewal on Dec 1st 2019. What rate should I expect?

- Owing: 188k
- Market Value: 520k
- City: Edmonton, AB
- Owner-occupied
- Current lender: BMO
- HELOC: No
- CMHC insured: N/A
- Bought: Nov 2014
- Amortization Date: Dec 2034
5 yr fixed 2.59% is the best rate

20/20 prepayments

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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NicholasL52961 wrote: Looking for a 5-year fixed mortgage on a second property in Montreal. 10% down on $200k purchase, so insured loan. Who has the best rates?
2.54% 5 yr fixed restrictive carries a 2.75% penalty if you were to break early

OR

2.59% on a regular product

20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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JTN416 wrote: Purchase price: $540k
Down payment: 20%
Location: North York, ON
Owner occupied
Closing: Nov 29

What rates can I expect? Thanks in advance! :)
5 yr fixed 2.69% 20/20 prepayment options regular product

Good luck

Phil
Phil Cragg
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Oct 3, 2009
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GTA
I am up for renewal Jan 16 2020. I have received renewal rates from my lender. My lender says offer expires Nov.7.1019.
Can't I hold rates for 120 days or is it for new purchases only.
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Feb 2, 2014
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dualturbo wrote: I am up for renewal Jan 16 2020. I have received renewal rates from my lender. My lender says offer expires Nov.7.1019.
Can't I hold rates for 120 days or is it for new purchases only.
No, it’s for anything (purchases, transfers or refinances).

If you want a quote, please answer the questions on the thread summary on page 1.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Oct 28, 2019
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I have a renewal coming up on March 3rd 2020.
CIBC just sent me a ''special offer'' for a early renewal which is 4 years at 2.72% closed fixed if i accept until the end of november


Owing : 99k
Market value : around 240k
City : Longueuil, QC
Owner-occupied
Current lender : CIBC
Heloc : No
Bought in 2017

Should i accept this ''early renewal offer'' at 2.72% ? should i wait until march 2020 and get a ''normal'' renewal ? Could i negociate with CIBC to improve this ''early renewal offer'' ?

Thanks !
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Aug 19, 2002
3039 posts
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ahlaker wrote: I'm not sure how they get to 2.39% on a contract rate for 5-year fixed. I'm pretty sure that's an effective rate, and even then I'm not sure it's possible. I think the best you could do with a broker is MCAP Fusion at 2.59% (capped at a mortgage of $950k). To get down to "effective rate" of 2.39% you'd have to get ~$7750 in cash back which I don't believe is possible. Perhaps you could get $4500 (or so) cash back but that gets you an effective rate of 2.48%(ish). You can goto Motusbank and get a contract rate of 2.49% and your payments would be $50 a month less than the MCAP broker option (and you wouldn't have this effective rate stuff to worry about).

All depends on what you want to do - do you want a broker to run your deal for you or can you do Motusbank on your own? IMO, 2.39% contract rate (or effective rate) does not exist through brokers for your situation. My advice: shop around the big banks and see what they can do for you - if you score something with a contract rate in the 2.4x% range you've done well. If I was in your shoes I wouldn't pay more than 2.49% for a fixed rate mortgage (of any term).

Good luck!

Nikola Alaica, CPA, CA | Ahlaker Financial | Tax, Accounting, Mortgages
Thanks for the recommendation to go at it myself. I ended up negotiating with HSBC, TD and Meridian. HSBC offered their standard 2.59%, then got TD down to an effective 2.49%. Meridian ended up making it easy for me by offering 2.44%. A lot of work going back and forth, but there's nothing like working for something and getting it.
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Feb 6, 2011
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Which lenders have better prime rate discount? motusbank?0
Member
Dec 21, 2010
281 posts
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Toronto
goob3r wrote: Thanks for the recommendation to go at it myself. I ended up negotiating with HSBC, TD and Meridian. HSBC offered their standard 2.59%, then got TD down to an effective 2.49%. Meridian ended up making it easy for me by offering 2.44%. A lot of work going back and forth, but there's nothing like working for something and getting it.
What is the difference between standard and effective rate?
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tsinoboy wrote: Which lenders have better prime rate discount? motusbank?0
Rates start at Prime -1.25% 5-year variable via monoline lenders (broker channel).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Nov 30, 2009
422 posts
47 upvotes
I was advised to post this in this thread by another member. Hopefully I could get a positive response on this scenario.
co-signing-parent-approval-separate-pre-con-2324922/

There is a scenario that my wife is looking into possibly co-signing a separate property with her mom for the mortgage amount of $165,000.00 to $200,000.00. My question is, will my wife and I still be able to get approved for a mortgage for a pre-construction property we originally signed for when it finishes construction mid next year?

To paint a better picture my income is approximately $83,500.00 and my wife's is approximately $80,000.00.

We also selected approximately $30,000.00 in upgrades on the pre-construction so the total price will be around $672,900.00 with a minimum down payment of $134,580.00 (it most likely will be more depending on the profits on the sale of our current property). So we'll need a mortgage of at least $538,320.00.

So to summarize, given that my wife will potentially co-sign with her mom on a $165,000.00 - $200,000.00 mortgage, will we have any issues with our own property mid next year when it comes time based on the above?

Breakdown of the individual properties below.

Mother-in-law's Property:
$165,000.00 to $200,000.00 mortgage
$21,000.00 + $80,000.00 income
$4,000.00 property taxes

Our Upcoming Pre-con:
$538,320.00 mortgage. Potentially less depending on transferred profits from sale of current property.
$83,500.00 + $80,000.00 income
$2,800 property taxes
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Aug 19, 2002
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NeedaSuit wrote: What is the difference between standard and effective rate?
Effective meaning they had promotional cash back, the branch threw in some money as incentive too. I took the total amount they gave me and divided it by 5 years and subtracted the amount from the interest rate. So effectively I had a lower yearly rate.
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Jan 31, 2018
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DRGN89 wrote: I was advised to post this in this thread by another member. Hopefully I could get a positive response on this scenario.
co-signing-parent-approval-separate-pre-con-2324922/

There is a scenario that my wife is looking into possibly co-signing a separate property with her mom for the mortgage amount of $165,000.00 to $200,000.00. My question is, will my wife and I still be able to get approved for a mortgage for a pre-construction property we originally signed for when it finishes construction mid next year?

To paint a better picture my income is approximately $83,500.00 and my wife's is approximately $80,000.00.

We also selected approximately $30,000.00 in upgrades on the pre-construction so the total price will be around $672,900.00 with a minimum down payment of $134,580.00 (it most likely will be more depending on the profits on the sale of our current property). So we'll need a mortgage of at least $538,320.00.

So to summarize, given that my wife will potentially co-sign with her mom on a $165,000.00 - $200,000.00 mortgage, will we have any issues with our own property mid next year when it comes time based on the above?

Breakdown of the individual properties below.

Mother-in-law's Property:
$165,000.00 to $200,000.00 mortgage
$21,000.00 + $80,000.00 income
$4,000.00 property taxes

Our Upcoming Pre-con:
$538,320.00 mortgage. Potentially less depending on transferred profits from sale of current property.
$83,500.00 + $80,000.00 income
$2,800 property taxes
You will be fine I am sitting at approx. 36% TDS and you need to be below 44% relative to your income

I would be happy to send my calculations to you send me a PM

Note I used 200k on other property and 538k on the new one

Do you have any other debt ?

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
Member
Nov 30, 2009
422 posts
47 upvotes
rateconnect wrote: You will be fine I am sitting at approx. 36% TDS and you need to be below 44% relative to your income

I would be happy to send my calculations to you send me a PM

Note I used 200k on other property and 538k on the new one

Do you have any other debt ?

Phil
Only other debt we have is some student debt of about $10,000.00, line of credit debt and HELOC which we’ll pay off with the profits when we sell our current property.

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