Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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dchabby wrote: Hello - our current mortgage is due February 20, 2020 so just looking for some options as far as renewing our mortgage.

Went into Scotiabank on the weekend and was offered 2.9% on a 5 year fixed.

Mortgage amount owing at maturity (or current mortgage amount if unknown) - $248,000
Approximate market value - $700,000
Original purchase date (month and year) - December 2014
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment) - no
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? - no
Do you have a second component such as a HELOC attached to your mortgage? - no
Current lender - MCAP
Is this your primary residence or a rental property? - primary residence
Location - Waterdown, Ontario
Maturity date - February 20, 2020

TIA !
2.49% 5 yr fixed restrictive - carries a 2.75% penalty if you break mid term

OR

2.54% regular product

Both have 20/20 prepayments

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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ruutu37 wrote: Looking for renewal on property that was originally purchased as my primary residence but started renting when I moved cities. I own my primary residence in BC currently.

-How much is the mortgage owing? $265,000
-Roughly, what is the current market value of the property? $310,000
-Which city is the property located in? Edmonton, AB
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? no
-Is the mortgage CMHC insured? yes
-When did you buy the property? April 2015
-When is your renewal date? April 2020
-current rate: 3.05% 5-year variable
Rental rates are not as competitive as owner occupied see below

2.95% 5 yr fixed

Phil
Phil Cragg
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rateconnect wrote: 2.49% 5 yr fixed restrictive - carries a 2.75% penalty if you break mid term

OR

2.54% regular product

Both have 20/20 prepayments

Phil
Thanks Phil - which lender is that with ?

and would there be any fees involved in making the switch from MCAP ?
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Feb 2, 2014
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dchabby wrote: Hello - our current mortgage is due February 20, 2020 so just looking for some options as far as renewing our mortgage.

Went into Scotiabank on the weekend and was offered 2.9% on a 5 year fixed.

Mortgage amount owing at maturity (or current mortgage amount if unknown) - $248,000
Approximate market value - $700,000
Original purchase date (month and year) - December 2014
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment) - no
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? - no
Do you have a second component such as a HELOC attached to your mortgage? - no
Current lender - MCAP
Is this your primary residence or a rental property? - primary residence
Location - Waterdown, Ontario
Maturity date - February 20, 2020

TIA !
As Phil stated, 2.49% and 2.54% 5-year fixed are the current best rates.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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swashington wrote: Hi there, I have a general question that I hope the experts can help shed some light on for my situation. My wife and I are considering selling our home in Vaughan to purchase something of equal or lesser value in downtown Toronto. At the same time there's a possibility that I may change jobs before or during this process which from what I understand will be seen as job instability by the lenders. I'm curious whether we'd still be able to qualify for the mortgage we need in this scenario where I do end up changing jobs just before or during this move despite landing a higher paying job.

Current position:
Est. home value - $1.2MM
Current mortgage - ~$300k @ 2.79% 4yr fixed
My current income: $120k/yr gross
Wife current income: $45k/yr gross
Other debts: none

Potential move scenario:
Est. home purchase price - $800-900k
Est. home reno budget - $200k
Est. mortgage for both purchase and renos - ~$300k
Est. income: $120k/yr gross or above
Wife income: $45k/yr gross
Other debts: none

In the potential move scenario, if I were to change jobs, would my wife and I still be able to qualify for approx. a $300k mortgage?

TIA to all the pros.
Switching jobs will not hurt in the approval process. Will it be a salaried position and is there a probationary period at the new position?

You would be eligible for some of the best rates at < 65% loan to value --- current rate on your situation on live deals would be 2.49% 5 yr fixed

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
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Dec 9, 2019
4 posts
rateconnect wrote: Switching jobs will not hurt in the approval process. Will it be a salaried position and is there a probationary period at the new position?

You would be eligible for some of the best rates at < 65% loan to value --- current rate on your situation on live deals would be 2.49% 5 yr fixed

Phil
Yup it would be salaried and likely with a 3-6mth probationary period. Thanks for the input Phil! I was nervous switching jobs while looking to move would've made it tough to get a mortgage.
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2017PD wrote: I have a Term HELOC coming due in January and would like to lock in my revolving portion at the same time. We do not have a mortgage on the house, just this HELOC.
-How much is the mortgage owing? 298k term + 165k revolving
-Roughly, what is the current market value of the property? 1.6MM
-Which city is the property located in? Burlington
-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? Yes
-Is the mortgage CMHC insured? no
-When did you buy the property? 2009
-When is your renewal date? January 2020
This is one of the problems with a collateral charge. Some lenders won't allow TD to postpone their HELOC even if you're switching the termed portion. There are some that will of course, but you're somewhat limited. Goes without saying that TD will also need to say "yes" to being in 2nd position on their HELOC (which isn't certain, they can always say no). Did you consider switching the whole thing and getting a HELOC elsewhere?
chiisana wrote: Still little early for renew, so just getting some info for high level planning.
Trying to figure out what'd be best for variable rate (not enough faith to believe rates will go up in the foreseeable future).
Todays best variable rates start at p-1.25%. The "worst" rate is Motusbank at p-1.21% (advertised) but that has a bonafide sales clause. Spreads to prime right now are pretty great - if you're an interest rate bear variable rates (or short-term rates) can be quite appealing.
alegs34 wrote: Hello all. Would like some input as to a reasonable rate for a short term mortgage. My renewal is soon but I am considering selling the property to a family member in the next 4-5 months so open is probably best
Try and ask RBC to switch it into a HELOC (they'll probably say no - they did that to me). Open rates are expensive unless you can get a HELOC and then they're cheaper. Again, talk to RBC.
dchabby wrote: Hello - our current mortgage is due February 20, 2020 so just looking for some options as far as renewing our mortgage.
Went into Scotiabank on the weekend and was offered 2.9% on a 5 year fixed.
Mortgage amount owing at maturity (or current mortgage amount if unknown) - $248,000
Approximate market value - $700,000
Original purchase date (month and year) - December 2014
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment) - no
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? - no
Do you have a second component such as a HELOC attached to your mortgage? - no
Current lender - MCAP
Is this your primary residence or a rental property? - primary residence
Location - Waterdown, Ontario
Maturity date - February 20, 2020
Scotia's rate is pretty horrible. Deals where you have more than 35% equity or deals that were originally CMHC insured get the best 5-year fixed rates. Scotia and the rest of the banks are really only competitive on purchases with 20% DP or "uninsurable" deals (ie: rentals, purchase price > $1M, refinances). There are lenders out there that will go as low as 2.44% on a 5-year fixed in your situation on an unrestricted deal (fair prepayment penalty and no bonafide sales clause).

Good luck everyone!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
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swashington wrote: Yup it would be salaried and likely with a 3-6mth probationary period. Thanks for the input Phil! I was nervous switching jobs while looking to move would've made it tough to get a mortgage.
It depends on the lender. There are some lenders that are a hard no if you are on work probation. But there are a few lenders we have access to that will proceed given you have relevant work history.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Can someone in here please help us with a renewal?

Renewal on Jan 01/2020
Amount : $284,290
Principal residence : No

Please help. Ty.
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Maplecountry wrote: Can someone in here please help us with a renewal?

Renewal on Jan 01/2020
Amount : $284,290
Principal residence : No

Please help. Ty.
Can you answer the questions on page 1 of this thread to get an accurate quote.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Sauga
CdnRealEstateGuy wrote: Can you answer the questions on page 1 of this thread to get an accurate quote.
How much is the mortgage owing?
$284,300
-Roughly, what is the current market value of the property?
$900,000
-Which city is the property located in?
Oshawa
-Is the property owner-occupied or a rental?
Rental
-Who is your current lender?
TD
-Do you have a HELOC tied to the mortgage?
NO
-Is the mortgage CMHC insured?
NO
-When did you buy the property?
2016 (Closed in Feb)
-When is your renewal date?
Jan 01/2020
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Maplecountry wrote: How much is the mortgage owing?
$284,300
-Roughly, what is the current market value of the property?
$900,000
-Which city is the property located in?
Oshawa
-Is the property owner-occupied or a rental?
Rental
-Who is your current lender?
TD
-Do you have a HELOC tied to the mortgage?
NO
-Is the mortgage CMHC insured?
NO
-When did you buy the property?
2016 (Closed in Feb)
-When is your renewal date?
Jan 01/2020
What is TD offering you to renew?

The low rates you see quoted here are not for rentals unfortunately.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Maplecountry wrote: TD : 3.03%
Lowest 5 year fixed for a rental property would be 2.89% at the moment.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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