Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
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Feb 2, 2014
8001 posts
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Toronto
Odbear wrote: How much is the mortgage owing? $303,000
-Roughly, what is the current market value of the property? $500,000
-Which city is the property located in? Edmonton
-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? 2013
-When is your renewal date? April 2021

Looking to sell above property and purchase a new property.

For a purchase of a property:

-What is the purchase price? 950,000
-How much is the down payment? 190,000 (from proceeds of sale of above property)
-Where it the property located? Edmonton
-When is the closing date? Jan 30
-Will the property be owner-occupied or a rental? Owner occupied
If you're able to close this year, which will be tight, 2.29% 5-year fixed is the best rate.

Keep in mind, you have to pay the penalty and only $3k of it can be added to the mortgage...the rest you have to pay cash.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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Xbowop wrote: New property, what is the best rate these days?

-What is the purchase price? 1,300k
-How much is the down payment? 500k (could be more, but I hope to qualify to 800k mortgage and limit the downpayment)
-Where is the property located? North York, ON
-When is the closing date? February 2019
-Will the property be owner-occupied or a rental? Owner Occupied
2.74% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Dec 8, 2013
34 posts
13 upvotes
Just a heads-up to anyone considering Motusbank. I've been working with them for the last 3 months for my renewal. While they may seem to have great posted rates, dealing with them is a painfully slow process. I thought I was the only one until I started reading reviews and others complaining of the same problem (check out the google reviews as an example). It's a new lender, so unfortunately I had to be one of the guinea pigs. I went with the raving recommendations offered here for their rates & terms, but now regret it.

Major complaint is that it's almost impossible to get a hold of the agent assigned to your file by phone. The only way to reach out is via their online messaging app. Answers can be delayed by weeks at times for simple questions. They pick and choose the questions to answer, so you have to follow up many times to get clarifications. For time sensitive mortgages, I definitely recommend you stay away from Motusbank. If you don't want to waste your time and money too, I would stay away (I unfortunately am already invested with an appraisal and thankfully have some patience and time to go through this).

I hope that helps anyone reading this. I sure hoped someone informed me of this as I would have certainly steered clear.
Newbie
Jul 22, 2011
37 posts
10 upvotes
Calgary
What is the purchase price? 500-600k
-How much is the down payment? 20%
-Where is the property located? Calgary, AB
-When is the closing date? Dec 2019 or Jan 2020
-Will the property be owner-occupied or a rental? Owner Occupied

Thanks folks!
Deal Addict
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Nov 23, 2006
1051 posts
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Calgary
How much is the mortgage owing? ~550,000 at the moment
-Roughly, what is the current market value of the property? ~1,350,000
-Which city is the property located in? Calgary
-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
-Is the mortgage CMHC insured? No
-When did you buy the property? March 2017
-When is your renewal date? Feb 28 2020
Alberta Auto, Home, Business and Travel Insurance Broker
Newbie
Nov 22, 2019
2 posts
mortgageshopper2002 wrote: Hi everyone - looking for advice on a re-finance of a residential condo in Vancouver.

Current assessed value: $542,000
Mortgage owing $236,600
We also have a HELOC with no balance but a limit of $40,000
We want to borrow an additional $50k-$100k depending on the rate offered, and okay with getting rid of the HELOC
No CMHC insurance
The property is a rental
in downtown Vancouver, BC
would want to close on the refinance before the end of the year but no rush really

Here are the current options on the table for us right now:

-Stick with Vancity right now at 2.59% on the mortgage and 4.35% on the HELOC until Nov 2020 when our current term ends and then figure something out?
-Ask Vancity for refinancing?
-Tangerine has offered refinancing at 2.89% on the mortgage, 3.45% on the HELOC (prime - 0.5%) and $1500 to cover refinancing fees. . . the heloc rate is great but I'm really more interested in accessing money through the mortgage itself if I can.
Anyone?
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Feb 2, 2014
8001 posts
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Toronto
PhilipT wrote: What is the purchase price? 500-600k
-How much is the down payment? 20%
-Where is the property located? Calgary, AB
-When is the closing date? Dec 2019 or Jan 2020
-Will the property be owner-occupied or a rental? Owner Occupied

Thanks folks!
Do you have an accepted offer as of yet? The rates you see posted here are for approvals only (after you have an accepted offer).

Best rate is 2.49% 5-year fixed with 20% down.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
8001 posts
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guessboi wrote: How much is the mortgage owing? ~550,000 at the moment
-Roughly, what is the current market value of the property? ~1,350,000
-Which city is the property located in? Calgary
-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
-Is the mortgage CMHC insured? No
-When did you buy the property? March 2017
-When is your renewal date? Feb 28 2020
2.74% 5-year fixed would be the best rate for a million dollar plus property.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 21, 2019
2 posts
1 upvote
PaulMeredith wrote: Looks like you have the details on the terms. Nothing else to be concerned about with these offers. Lowest rate is 2.24% for a high ratio 5 year fixed mortgage. With a closing of December 15th, you'll need to get an application in ASAP.

Myself, as well as the other regular posting brokers on this board offer mortgages through many different lenders, including the major banks. The lowest rates right now happen to be with MCAP, so that is the lender you'll hear mentioned in most cases for closings prior to December 31st.
Thanks mate, really helpful feedback. It so easy to forget what some of you do every day, many will only do 2 or 3 times in our lives, and we really, vehemently, aggressively, do NOT want to f*** it up.

Cheers.
Banned
Sep 19, 2012
1253 posts
1862 upvotes
Calgary
mortgageshopper2002 wrote: Hi everyone - looking for advice on a re-finance of a residential condo in Vancouver.
Current assessed value: $542,000
Mortgage owing $236,600
We also have a HELOC with no balance but a limit of $40,000
We want to borrow an additional $50k-$100k depending on the rate offered, and okay with getting rid of the HELOC
No CMHC insurance
The property is a rental
in downtown Vancouver, BC
would want to close on the refinance before the end of the year but no rush really
Here are the current options on the table for us right now:
-Stick with Vancity right now at 2.59% on the mortgage and 4.35% on the HELOC until Nov 2020 when our current term ends and then figure something out?
-Ask Vancity for refinancing?
-Tangerine has offered refinancing at 2.89% on the mortgage, 3.45% on the HELOC (prime - 0.5%) and $1500 to cover refinancing fees. . . the heloc rate is great but I'm really more interested in accessing money through the mortgage itself if I can.
Tangerine is at 2.89% is not terrible for a rental refinance. Try HSBC, they might be good too. Vancity may offer a decent rental rate too. IMO 2.6x% on a rental refinance is a great deal, 2.7x% is probably a "good" deal, and 2.8x% is probably market. Good luck!
Negotiator wrote: However, the catch is that originally, property was amortized for 25yrs (now left 20yrs), but we would like to renew for 25 or even 30yrs. Our current lender say they can't do it without refinancing, offering us bad rate as part of the deal.
They're not wrong: extending the amortization is considered a refinance. This means you can't insure it and therefore you get a "bad rate".
YPM604 wrote: which lenders offer second position HELOC? rate? fees?
How much will having a HELOC affect credit score?
Thank!
Best 2nd position HELOC is with Motusbank with the interest rate being around prime. Some report getting the full p-0.2% (as they advertise) while others report paying a bit of a premium (so p+0%ish). Note that Motusbank are fickle when it comes to customer service. Some folks get good quick service, some others get crappy service. No different than any service provider I suppose - YMMV!
guessboi wrote: How much is the mortgage owing? ~550,000 at the moment
-Roughly, what is the current market value of the property? ~1,350,000
-Which city is the property located in? Calgary
-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
-Is the mortgage CMHC insured? No
-When did you buy the property? March 2017
-When is your renewal date? Feb 28 2020
Try all the big banks along with Spark, Connect First, ATB and Servus (ie: big CUs around here). I'm assuming you paid more than $1M for your property back in 2017 so sadly you've got an "uninsurable" mortgage (so monoline lenders with these 2.4x% and lower rates won't be within your reach). If you can get something like 2.5x% for a 5-year fixed you've done an absolutely amazing job whereas market is around 2.7x%.

Good luck everyone!
Last edited by ahlaker on Nov 25th, 2019 6:02 pm, edited 1 time in total.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Nov 24, 2019
1 posts
Hello,

I am looking to see if we would qualify for the following and what rate we would get, as we are just beginning our first home shopping process. Is the purchase price a reasonable assumption for our income?

-What is the purchase price?
$700-750k

-How much is the down payment?
10% - so $70-75k. If needed we can put down up to 85k comfortably.

-Where it the property located?
Burlington, ON

-When is the closing date?
Not sure. Will be some time in the new year so we won't qualify for the 2.29% deal going around.

-Will the property be owner-occupied or a rental?
Owner.

Household income is $130k, we have a car payment of about $490/month that is done in April.

Thanks!
Jr. Member
Feb 6, 2011
173 posts
31 upvotes
agilowen wrote: Just a heads-up to anyone considering Motusbank. I've been working with them for the last 3 months for my renewal. While they may seem to have great posted rates, dealing with them is a painfully slow process. I thought I was the only one until I started reading reviews and others complaining of the same problem (check out the google reviews as an example). It's a new lender, so unfortunately I had to be one of the guinea pigs. I went with the raving recommendations offered here for their rates & terms, but now regret it.

Major complaint is that it's almost impossible to get a hold of the agent assigned to your file by phone. The only way to reach out is via their online messaging app. Answers can be delayed by weeks at times for simple questions. They pick and choose the questions to answer, so you have to follow up many times to get clarifications. For time sensitive mortgages, I definitely recommend you stay away from Motusbank. If you don't want to waste your time and money too, I would stay away (I unfortunately am already invested with an appraisal and thankfully have some patience and time to go through this).

I hope that helps anyone reading this. I sure hoped someone informed me of this as I would have certainly steered clear.
Wasting your time is no good. Thank you for sharing your experience. I'm now back to look for new lender or maybe stay with the big banks. Hard to find a good broker nowadays.
Deal Fanatic
User avatar
Sep 13, 2011
5309 posts
2283 upvotes
Toronto
Innsertnamehere wrote: Hello,

I am looking to see if we would qualify for the following and what rate we would get, as we are just beginning our first home shopping process. Is the purchase price a reasonable assumption for our income?

-What is the purchase price?
$700-750k

-How much is the down payment?
10% - so $70-75k. If needed we can put down up to 85k comfortably.

-Where it the property located?
Burlington, ON

-When is the closing date?
Not sure. Will be some time in the new year so we won't qualify for the 2.29% deal going around.

-Will the property be owner-occupied or a rental?
Owner.

Household income is $130k, we have a car payment of about $490/month that is done in April.

Thanks!
Thanks for the info! You're not going to qualify for this purchase based on your income unfortunately. Are you paid any bonus, overtime or commission income that could be used to bring your income up over the $130,000? Or is that your max? Generally, you'll need to have been at your jobs for at least two years in order to use fluctuating income.

If you estimate property tax at $4,000, and assume your buying a house (no maintenance fee), then the absolute MAX purchase price would be around $690,000 (using $75,000 for down payment).

I'd suggest reaching out to a broker to get pre-qualified to ensure everything looks solid with your application before you start shopping.

Paul
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5309 posts
2283 upvotes
Toronto
kingsha wrote: Hi there. I am looking for advice. I am currently in the beginning of my 5-year fixed term but rates seem to be dropping day by day. My current goal is to pay-off my house as soon as possible. Can an expert please advise if I should consider breaking my term and reducing my rate (if possible, feasible and/or recommended). Current rate is a 2.99% fixed for a 5-year term.

-How much is the mortgage owing? $450,000
-Roughly, what is the current market value of the property? $800,000
-Which city is the property located in? Milton, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Alterna
-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 2023
-Current rate = 2.99%
-Desired Rate = Something lower than that. I see numbers from 2.2x% to 2.5x% being referenced commonly on this thread as of late.
The lowest 5 year fixed in your situation would be 2.29%, providing we can get your mortgage closed by December 31st. I just did a calculation for a file similar to yours, and the savings we well into the thousands. If you could please find out your penalty from Alterna and then let us know and we can then crunch some numbers for you.

Paul
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5309 posts
2283 upvotes
Toronto
agilowen wrote: Just a heads-up to anyone considering Motusbank. I've been working with them for the last 3 months for my renewal. While they may seem to have great posted rates, dealing with them is a painfully slow process. I thought I was the only one until I started reading reviews and others complaining of the same problem (check out the google reviews as an example). It's a new lender, so unfortunately I had to be one of the guinea pigs. I went with the raving recommendations offered here for their rates & terms, but now regret it.

Major complaint is that it's almost impossible to get a hold of the agent assigned to your file by phone. The only way to reach out is via their online messaging app. Answers can be delayed by weeks at times for simple questions. They pick and choose the questions to answer, so you have to follow up many times to get clarifications. For time sensitive mortgages, I definitely recommend you stay away from Motusbank. If you don't want to waste your time and money too, I would stay away (I unfortunately am already invested with an appraisal and thankfully have some patience and time to go through this).

I hope that helps anyone reading this. I sure hoped someone informed me of this as I would have certainly steered clear.
Thanks for the info. This is exactly why I always say that the rate is just one component of your mortgage. The person you have handling your mortgage for you can be just as important as rate, if not more so. While it's nice to save a few dollars per month on your mortgage, you have to ask yourself what you are prepared to put up with, and the quality of the advice are you looking for along the way. You can have a great experience with your mortgage or you can have a nightmare.

There are many great mortgage professionals out there on both the bank and the broker side. Unfortunately, there are more bad ones than good ones....again, on both sides. Never assume just because someone has a shiny bank logo on their business card that you're being offered fair treatment and getting quality advice. The same applies to mortgage brokers. Just because they hold a license does ensure solid advice and a great experience.

For the vast majority, a mortgage is the largest financial investment of your lifetime. Make sure you take the time to research the person you have helping you out. Ask a lot of questions, and don't just assume that you'll be in good hands... regardless of where they work. One of the biggest mistakes you can make is choosing to work with someone based on rate alone.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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