Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
1811 posts
346 upvotes
Lacoste17 wrote: -How much is the mortgage owing? $180,000 approx
-Roughly, what is the current market value of the property? $700,000 range
-Which city is the property located in? Oshawa, ON
-Is the property owner-occupied or a rental? Owner occupied.
-Who is your current lender? Home Trust
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Not sure. Don't think so
-When did you buy the property? September 2003
-When is your renewal date? Dec 1, 2019

Home Trust sent the renewal papers stating 3.99% 1-yr fixed. The last few years my parents have been doing 1-yr fixed rates. I wonder if it would be better to go 5-yr variable route instead. However, my parents may sell this year, so I am not sure if its best to stick with 1-yr fixed. Want to try and save them some money. Thanks for the help!
Is there any reason they wouldn't qualify on the A side rather than renewing with a B rate?

You can get variable rates in the 2.75% range

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Jr. Member
Dec 11, 2017
125 posts
59 upvotes
Two questions about renewals:

1. If my term expires and mortgage converts to open, when I wish to change to a closed/fixed rate will that be considered an all-new mortgage which requires setup fees, credit check, appraisal etc?

2. During the second term in a renewal scenario, regarding RBC's 10/10 privileges, is my single annual 10% pre-payment based on the original mortgage amount from the initial term, or is it based on the remaining balance amount at renewal?
Member
Jul 14, 2009
209 posts
69 upvotes
How much is the mortgage owing? $670k
-Roughly, what is the current market value of the property? $900k
-Which city is the property located in? Bradford, ON
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? Financial institute
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-When is your renewal date? Feb 1, 2023

I wanted to remortgage this property as my current rate is way higher than what I see offered here. Please let me know what are the better rates and institutions I can check.
Sr. Member
May 20, 2017
583 posts
319 upvotes
ON
How much is the mortgage owing? ~250k
-Roughly, what is the current market value of the property? ~ $700k
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? March, 2020
Deal Addict
User avatar
Jan 31, 2018
1811 posts
346 upvotes
Elec2016 wrote: How much is the mortgage owing? ~250k
-Roughly, what is the current market value of the property? ~ $700k
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? March, 2020
2.54% restrictive (carries a 3% penalty if breaking early) & 2.59% 5 yr fixed term is the best rate for your situation

Depending when in March you may need to wait

Phil
Last edited by rateconnect on Nov 4th, 2019 8:12 pm, edited 1 time in total.
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1811 posts
346 upvotes
mefromparadise wrote: How much is the mortgage owing? $670k
-Roughly, what is the current market value of the property? $900k
-Which city is the property located in? Bradford, ON
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? Financial institute
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-When is your renewal date? Feb 1, 2023

I wanted to remortgage this property as my current rate is way higher than what I see offered here. Please let me know what are the better rates and institutions I can check.
Many of the great rates you see myself & other brokers posting are for owner occupied properties.

Unfortunately rental rates are higher - 2.89% likely your best rate for under 70% loan to value (appraisal would need to come in higher) or 2.99% with another lender

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
7828 posts
2176 upvotes
Toronto
Elec2016 wrote: How much is the mortgage owing? ~250k
-Roughly, what is the current market value of the property? ~ $700k
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? March, 2020
2.54% 5-year fixed would be the best rate for your transfer. Max 120 day rate hold though.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Aug 3, 2016
20 posts
3 upvotes
Looking for renewal:
-How much is the mortgage owing? 410000
-Roughly, what is the current market value of the property? 920000
-Which city is the property located in? Vancouver, BC
-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? Feb 2018
-When is your renewal date? Feb 2020

Thanks in advance
Member
Dec 8, 2008
367 posts
180 upvotes
Meowiejuie wrote: I just renewed with TD @ 5 yr fixed / 2.59% . You should call them and have an exception request submitted. They originally offered me 2.98% as well.
What exactly did you say? I also have an online offer of 2.98% but I called in and they said that's the best they can do
Thanks
Newbie
Sep 23, 2018
62 posts
57 upvotes
Looking for inputs for best rates.

-What is the purchase price? $5,00,000
-How much is the down payment? 20% ($100,000)
-Where it the property located? Ottawa
-When is the closing date? Dec 2019 (flexible)
-Will the property be owner-occupied or a rental? Owner-occupied


TIA.
Member
Dec 25, 2010
376 posts
58 upvotes
Toronto
Looking for refinancing at a lower interest rate:
-How much is the mortgage owing? 581000
-Roughly, what is the current market value of the property? 950000
-Which city is the property located in? Georgetown, ON
-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? No
-Is the mortgage CMHC insured? No
-When did you buy the property? April 2018
-When is your renewal date? April 2024

I got a rate at 2.89% at TD so far but not sure about the collateral mortgage piece of it. I currently have a 3.39% interest rate.

Thanks!
Jr. Member
Feb 6, 2011
172 posts
31 upvotes
Amount 290K renewal Jan272020, Contacted the bank and said they match cash back of other lender.

I wonder which lender have 3yr variable or 3 yr fixed?
Newbie
Jul 18, 2017
8 posts
3 upvotes
FTHB- 5 yr fixed rate, no reason to believe we will have to break mortgage but still wary of excessive break fees

-What is the purchase price? 770,000
-How much is the down payment? 210,000
-Where it the property located? Richmond Hill Ontario
-When is the closing date? Jan 2020
-Will the property be owner-occupied or a rental? Owner Occupied

Thank you for any input
Newbie
Dec 30, 2007
34 posts
ottawa
Hello, looking for renewal:
-How much is the mortgage owing? 600000
-Roughly, what is the current market value of the property? 1500000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? owner occupied
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? no
-Is the mortgage CMHC insured? No
-When did you buy the property? March2016
-When is your renewal date? March2020

Thanks in advance
Newbie
Jun 17, 2011
11 posts
3 upvotes
Aylmer, QC
rateconnect wrote: Honestly given the amount of the mortgage your best strategy would be to push the current lender to offer an aggressive rate

Phil
Hi Phil. What would you say is the rough cutoff amount for a mortgage renewal to be worth switching vs. best to negotiate with current lender?

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