Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
User avatar
Feb 2, 2014
7773 posts
2157 upvotes
Toronto
nuropa wrote: We are looking to purchase a home or duplex in next few months. Have preapproval from HSBC at 5 yr fixed for 2.79%.

Location: Burnaby BC
Purchase: 1,500,000
Down payment: 1,000,000
Planned Mortgage ~500k

Checked rate hub and it also shows 2.79 available for 5 yr fixed and wonder if there are better rates available.

Thanks
2.74% 5-year fixed, but only available for approvals (you need an accepted offer first).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Dec 10, 2019
1 posts
rateconnect wrote: Based on your salary alone you would qualify for approx. 775k mortgage amount using an avg annual income of 150k

How much do you intend to put down you seem to have a large DP available

Phil
Thanks much, Phil. That's good to know re: the mortgage. I have had some fluctuation with T4s reflecting 150k total paid out in 2016 and 115k in 2017 and 175k in 2018 due to the timing of commissions, but hopefully recent paystubs will speak to this better.

We intend to put down 20% initially (~165,000) and then based on prepayment privileges pay off a chunk of the principal in the first couple years of the term from the condo sale funds.
Jr. Member
Aug 24, 2014
199 posts
206 upvotes
Hello everyone. Just wanted to see what lower options are available before I consult with my local credit union tomorrow. They were advertising 2.59% for fixed 5yrs but who knows if they'll approve or not. RMG also pre-approved me for 2.79% but more options the better!

Anyways,
-What is the purchase price?
$880,000
-How much is the down payment?
$270,000
-Planned mortgage amount
$610,000
-Where it the property located?
Vancouver,BC
-When is the closing date?
February,2020
-Will the property be owner-occupied or a rental?
Owner-occupied
-Gross annual income
84k myself, and 48k from my wife totalling around $132k. Both stable position w/ 15+ yr experience
-Balance on credit card/line of credit
None. Always paid CC in full
-Bank Loans/lease payments
No debt whatsoever
Deal Fanatic
User avatar
Sep 13, 2011
5279 posts
2267 upvotes
Toronto
lcyCold wrote: Hello everyone. Just wanted to see what lower options are available before I consult with my local credit union tomorrow. They were advertising 2.59% for fixed 5yrs but who knows if they'll approve or not. RMG also pre-approved me for 2.79% but more options the better!

Anyways,
-What is the purchase price?
$880,000
-How much is the down payment?
$270,000
-Planned mortgage amount
$610,000
-Where it the property located?
Vancouver,BC
-When is the closing date?
February,2020
-Will the property be owner-occupied or a rental?
Owner-occupied
-Gross annual income
84k myself, and 48k from my wife totalling around $132k. Both stable position w/ 15+ yr experience
-Balance on credit card/line of credit
None. Always paid CC in full
-Bank Loans/lease payments
No debt whatsoever
Lowest is a 5 year fixed at 2.64%, so if your local credit union is offering 2.59%, then that would be your lowest rate option. It's very possible that they are only offering that for high ratio (insured) mortgages, which they'll advise you in the meeting if that is the case.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Dec 11, 2019
1 posts
Hello, my bank (National Bank) has quoted me 2.79% for a 5 year fixed rate mortgage for our new home, to be closed on January 29.

My current home, to be sold, has a mortgage of 2.54% - new mortgage will be a hybrid amount, with 2.54% applied from the balance owing on my current home (200k). The rest of the new mortgage will be at the 2.79% rate.

Is there a 5-year fixed rate lower than 2.79% out there? I know I will pay fees if I switch banks, but the interest rate over 5 years might be worth it if low enough. Thanks!

-What is the purchase price?
$650000
-How much is the down payment?
$130000
-Planned mortgage amount
$520,000
-Where it the property located?
Gatineau, QC
-When is the closing date?
January 29,2020
-Will the property be owner-occupied or a rental?
Owner-occupied
-Gross annual income
135k myself, and 88k from my wife totalling around $223k. Both stable positions.
-Balance on credit card/line of credit
None for me. Wife has about 20k in a line of credit (school).
-Bank Loans/lease payments
20k (interest free) on one vehicle, 30k (interest free) on 2nd vehicle.
Newbie
Dec 11, 2019
4 posts
Hello,

I have a split rate mortgage with Scotia (2 partitions). Mort 1 comes due in May, and Mort 2 comes due in Oct. I've been offered an early renewal rate for mort 1 of 2.73% for 5 yr fixed. If I accept, will Scotia take advantage when it's time to renew mort 2? Will I get an sub-par rate?

thank you
Jr. Member
Jan 21, 2012
125 posts
25 upvotes
Toronto
Hi ,

I am looking to renew the mortgage on my primary residence in Toronto. Could you please review the following?

House value = $600K
Mortgage balance = $300K

The existing lender is offering me the following terms
1. 5-yr fixed at 2.69%
2. 5 -yr fixed - value flex with the sale clause - at 2.59%

Thanks
Deal Addict
User avatar
Jan 31, 2018
1770 posts
337 upvotes
RaOne1 wrote: Hi ,

I am looking to renew the mortgage on my primary residence in Toronto. Could you please review the following?

House value = $600K
Mortgage balance = $300K

The existing lender is offering me the following terms
1. 5-yr fixed at 2.69%
2. 5 -yr fixed - value flex with the sale clause - at 2.59%

Thanks
2.49% restrictive product carries 2.75% penalty on balance if you break prior to end of term

2.59% full featured product

Both 5 yr terms with 20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 11, 2019
4 posts
Hello,

I have a split rate mortgage with Scotia (2 partitions). Mort 1 comes due in May, and Mort 2 comes due in Oct. I've been offered an early renewal rate for mort 1 of 2.73% for 5 yr fixed. If I accept, will Scotia take advantage when it's time to renew mort 2? Will I get an sub-par rate?

thank you
Newbie
Apr 30, 2019
2 posts
2 upvotes
New construction house closing in March 2020.
Purchase price: $700,000
Down payment : 20%
Income last year sales job: 135k
Student loans: 27k
Good credit

This is an investment property so was thinking variable mortgage so I can have the option to sell in a year or 2
Deal Addict
User avatar
Jan 31, 2018
1770 posts
337 upvotes
ChronoTrigger2Plz wrote: Hello, my bank (National Bank) has quoted me 2.79% for a 5 year fixed rate mortgage for our new home, to be closed on January 29.

My current home, to be sold, has a mortgage of 2.54% - new mortgage will be a hybrid amount, with 2.54% applied from the balance owing on my current home (200k). The rest of the new mortgage will be at the 2.79% rate.

Is there a 5-year fixed rate lower than 2.79% out there? I know I will pay fees if I switch banks, but the interest rate over 5 years might be worth it if low enough. Thanks!

-What is the purchase price?
$650000
-How much is the down payment?
$130000
-Planned mortgage amount
$520,000
-Where it the property located?
Gatineau, QC
-When is the closing date?
January 29,2020
-Will the property be owner-occupied or a rental?
Owner-occupied
-Gross annual income
135k myself, and 88k from my wife totalling around $223k. Both stable positions.
-Balance on credit card/line of credit
None for me. Wife has about 20k in a line of credit (school).
-Bank Loans/lease payments
20k (interest free) on one vehicle, 30k (interest free) on 2nd vehicle.
2.69% is available on a 20% down file for Quebec

5 yr fixed term

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1770 posts
337 upvotes
Pacon12 wrote: Hello,

I have a split rate mortgage with Scotia (2 partitions). Mort 1 comes due in May, and Mort 2 comes due in Oct. I've been offered an early renewal rate for mort 1 of 2.73% for 5 yr fixed. If I accept, will Scotia take advantage when it's time to renew mort 2? Will I get an sub-par rate?

thank you
What is the property value
Amount owing
Was it insured by cmhc
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Dec 11, 2019
4 posts
rateconnect wrote: What is the property value
Amount owing
Was it insured by cmhc
Not insured. $1.4M value. 750k owing. 300 mort 1 and 450 mort 2
Newbie
Nov 25, 2019
9 posts
1 upvote
I am looking to restructure my loans as I am purchasing one or two investment properties. I have about $150,000 cash which I would like to put towards my home mortgage (not tax deductible) - but have access to via a HELOC for a down payment on a new rental property closing Feb 1, 2020.

I cannot place my liquid towards my home mortgage unless I re-mortgage or wait until April 29, 2020. So I am considering paying a penalty on my home mortgage and switch banks.

Home:
-How much is the mortgage owing? $384,000
-Roughly, what is the current market value of the property? $490,000
-Which city is the property located in? Gatineau, Qc
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? April 29, 2019
-When is your renewal date? April 29, 2024

New investment property:
For a purchase of a property:

-What is the purchase price? $320,000
-How much is the down payment? $64,000
-Where it the property located? Gatineau, Qc
-When is the closing date? Feb 1, 2020
-Will the property be owner-occupied or a rental? Rental

Thank you!
Newbie
Dec 11, 2019
2 posts
Hello

My primary residence mortgage renewal is coming up and would like to see what would be my options upon renewal. What would be the best rate available.

-How much is the mortgage owing?
$280,000
-Roughly, what is the current market value of the property?
$900,000
-Which city is the property located in?
Ajax, ON
-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?
Oct 2014
-When is your renewal date?
01 April 2020
-current rate: 2.79% 2-year fixed

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