Real Estate

The Official Mortgage Rates Thread

Banned
Sep 19, 2012
1253 posts
1860 upvotes
Calgary
Alanrfd wrote: What are the features? Fair penalty lender / portability?
Only high ratio or 20% down, too?
Presumably you’re asking about the 2.24% deal. It’s with MCAP and is their Value Flex. The deal needs to close by December 31, 2019. This has a bonafide sales clause - make sure you understand what that means. The rate applies to high ratio or 30%+ equity deals (purchases or transfers).

Hope that helps everyone!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Apr 24, 2008
49 posts
23 upvotes
Hello,

Shopping for a rate:

What is the purchase price? 920000
How much is the down payment? 27%
owner occupied
Income: 100K Self Employed

Other Loans:
Car - monthly 500
Condo, investment property (320000 value)
Maintenance fee - $630/monthly

Please advise or PM me.

Thank you
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Jan 31, 2018
1778 posts
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abduls16 wrote: Hello,

Shopping for a rate:

What is the purchase price? 920000
How much is the down payment? 27%
owner occupied
Income: 100K Self Employed

Other Loans:
Car - monthly 500
Condo, investment property (320000 value)
Maintenance fee - $630/monthly

Please advise or PM me.

Thank you
When is the closing date ?
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
1778 posts
338 upvotes
Wisenot wrote: My situation -

I have 160k left on my motgage
Current property valuue - 460,000

---------------------------------------------------------------

For a purchase of a property:

-What is the purchase price? 750,000
-How much is the down payment? 20%
-Where it the property located? East - (Pickering, Ajax, Withby)
-When is the closing date? - Maybe 2020
-Will the property be owner-occupied or a rental? Owner


I need advise on the best interest rate I can get?
We have a very good credit.
On a firm agreement you could have 2.39% good for 90days

5 yr fixed term

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
May 11, 2007
99 posts
14 upvotes
Toronto
PaulMeredith wrote: The lowest 5 year fixed has now dropped to 2.29% (or 2.24% if insured) is available through any regular posting broker on this board for both purchases and switches. The following criteria need to be met to qualify for this rate:

- 35% or greater down payment or LESS than 20% down payment (therefore CMHC insured)
- property value must be under $1 million. (For renewals, the property value can be over $1 million providing you purchased the property prior to November 30th, 2016 and have never refinanced.)
- Closing must be prior to December 31st, 2019.

Therefore, you would qualify for this rate.
This is the most frustrating rule for me, I understand how the rule affects me, I understand that it's based on insurance, but it's a pretty rule for Toronto and that I happened to move in 2018 instead of 2016. I strongly dislike that my 562k mortgage representing less than 50% of the value of my property must cost me an extra 10k more out of pocket over 5 years compared to someone's mortgage of 562k for a property worth 702k. Argh.

Wish there was a way around it somehow. Hoping some great rate comes out for my home with 562k owing, value over 1m, purchased in 2018.
Sr. Member
Nov 1, 2003
960 posts
218 upvotes
I'm looking for a transfer/renewal and my term is up on Jan 15, 2020.

Original purchase price $459,000
Original down payment >20%
Amount of mortgage today $197,160.20
Toronto
My parents live in this condo so not owner-occupied
Newbie
Apr 12, 2015
3 posts
Toronto
Whats the best mortgae rate I can get on a refinance?

-Current Mortgage Balance? $240k
-Current Market Value? - 400k
-New Mortgaeg amount (after refinacing)? - 320k
-Where it the property located? Hamilton ON
-When is the closing date? Feb 2020
-Household income? $130k
-Will the property be owner-occupied or a rental? rental
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Jan 31, 2018
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AzharC234 wrote: Whats the best mortgae rate I can get on a refinance?

-Current Mortgage Balance? $240k
-Current Market Value? - 400k
-New Mortgaeg amount (after refinacing)? - 320k
-Where it the property located? Hamilton ON
-When is the closing date? Feb 2020
-Household income? $130k
-Will the property be owner-occupied or a rental? rental
Unfortunately rental rates are higher than owner occupied properties

2.89% 5 yr fixed

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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GPS wrote: I'm looking for a transfer/renewal and my term is up on Jan 15, 2020.

Original purchase price $459,000
Original down payment >20%
Amount of mortgage today $197,160.20
Toronto
My parents live in this condo so not owner-occupied
This would be treated as a 2nd home best rate is 2.69% 5 yr fixed term

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
7774 posts
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Toronto
Andernut wrote: This is the most frustrating rule for me, I understand how the rule affects me, I understand that it's based on insurance, but it's a pretty rule for Toronto and that I happened to move in 2018 instead of 2016. I strongly dislike that my 562k mortgage representing less than 50% of the value of my property must cost me an extra 10k more out of pocket over 5 years compared to someone's mortgage of 562k for a property worth 702k. Argh.

Wish there was a way around it somehow. Hoping some great rate comes out for my home with 562k owing, value over 1m, purchased in 2018.
Frustrating is a very nice word. I’ve been complaining about this rule since day one. It would make sense that they would do a sliding scale, but simply avoiding million dollar purchase is idiotic.

I thought they did that to lessen their exposure to the real estate market, but then they introduced the first time home buyer incentive, so I don’t know.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Sep 26, 2016
4 posts
I have a conditional approval for 3.14% from Scotiabank for a 30 year Rental property in BC that's ~400sq ft on 20% down.

Anyone can beat this with a fairly quick turnaround time? We're having trouble finding lenders that will lend on a 400sq ft. Subject removal is this Friday.
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Jan 31, 2018
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AshishG003271 wrote: I have a conditional approval for 3.14% from Scotiabank for a 30 year Rental property in BC that's ~400sq ft on 20% down.

Anyone can beat this with a fairly quick turnaround time? We're having trouble finding lenders that will lend on a 400sq ft. Subject removal is this Friday.
I did one recently with TD on exception

Rate is only marginally better at 2.99%

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 26, 2016
4 posts
rateconnect wrote: I did one recently with TD on exception

Rate is only marginally better at 2.99%

Phil
TD seems to require a 25 year amortization, or a higher % down for this exception. That won't work for us.
Newbie
Nov 17, 2019
2 posts
1 upvote
For a purchase of a property: (Condo)

-What is the purchase price? 345000
-How much is the down payment? 66.66%
-Where it the property located? Kelowna BC
-When is the closing date? - Jan 04 2020
-Will the property be owner-occupied or a rental? Owner

5-Year fixed rates?

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