Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 20, 2019
2 posts
lancer123 wrote: I'm looking for a great rate for mortgage renewal with HELOC attached

-How much is the mortgage owing? 133k in April 23, 2020 when mortgage expires
-Roughly, what is the current market value of the property? 761k
-Which city is the property located in? Richmond, BC
-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? Yes, 35k LOC tied to mortgage
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? April 23, 2020

I am looking for a rate similar to Motusbank at 2.79% 5 yr fixed, but more importantly, would like a good rate for HELOC where Motusbank is offering 3.75%.
Any takers/advice on the above? Have not received any response at all.
Banned
Sep 19, 2012
1253 posts
1865 upvotes
Calgary
lancer123 wrote: I am looking for a rate similar to Motusbank at 2.79% 5 yr fixed, but more importantly, would like a good rate for HELOC where Motusbank is offering 3.75%.
You're outside the rate hold period for Motusbank (they hold only for 90 days). You're also actually outside the majority of rate hold periods (+120 days). IMO you'll have a hard time finding anything as good the combined HELOC and mortgage option with Motusbank. Maybe the best you'll do is 2.74% to switch into a "fair penalty" lender (similar to Motusbank) but you'll end up paying fees to switch out of your CIBC collateral charge (presumably you're in their Home Power Plan?). My advice (even though it sends business away) is to hold out and try and get it all done with Motusbank in about a month (of course check back here to make sure nothing has changed). Also, YMMV with Motusbank as some report that their service is painfully slow.
freeman9 wrote: Hi I have one mortgage up for renewal in Jan (the other is in June for ~$200,000).
-How much is the mortgage owing? ~$130,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? No
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? Jan 9, 2019
What are the bests rates I can get now and what's my best strategy?
Thanks in advanced.
What is Scotia offering you? What's the rate on your other segment ($200k)? You're in a bit of a pickle because you have staggered maturities. Best rates right now are probably around 2.64% for your renewal (5-years fixed). Use that as a guidepost to see whether the status quo is a "good deal".

Good luck!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Sr. Member
Jul 20, 2007
598 posts
171 upvotes
CdnRealEstateGuy wrote: 2.84% 5-year fixed for both 25 year and 30 year amortizations are the best rates available.
Thank you! Am I better off porting for 6 months at p-85bps and then fixing or taking a fixed rate now, I’m your opinion?

Thanks!
Newbie
Dec 22, 2019
1 posts
Montreal - South Sho…
Good morning,

I’m looking for some help on rates available to me.

For a purchase of a property:

-What is the purchase price? 488000$
-How much is the down payment? 20% 97600$
-Where it the property located? Saint-Constant, Québec
-When is the closing date? First week of February
-Will the property be owner-occupied or a rental? Occupied

Extra info:
My spouse is on maternity and need loaner to accept 100% of her revenue before going on leave. Her return date is September 2020.

I appreciate your help on this!
Best regards,
Sean
Newbie
Dec 20, 2019
3 posts
ahlaker wrote: What is Scotia offering you? What's the rate on your other segment ($200k)? You're in a bit of a pickle because you have staggered maturities. Best rates right now are probably around 2.64% for your renewal (5-years fixed). Use that as a guidepost to see whether the status quo is a "good deal".

Good luck!
Scotia is close to 3% for both. How do I go about getting the 2.64? Thanks.
Newbie
Dec 20, 2019
3 posts
rateconnect wrote: 5 yr fixed likely 2.69-2.74% for a 5 yr fixed term

5 yr variable 2.75% or prime -1.20%

Phil
Thanks; how do I go about inquiring about those rates?
Deal Addict
User avatar
Jan 31, 2018
2780 posts
507 upvotes
freeman9 wrote: Thanks; how do I go about inquiring about those rates?
Reach out to myself or any of the other brokers on the forum
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
8244 posts
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Toronto
Alias wrote: Thank you! Am I better off porting for 6 months at p-85bps and then fixing or taking a fixed rate now, I’m your opinion?

Thanks!
I can't answer this question without knowing the penalty of breaking the existing mortgage.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 21, 2013
2 posts
1 upvote
Calgary
Hi everyone, looking for ~500K mortgage, 20% down, 5 years fixed, AB, excellent credit rating. Please let me know the best available rate. Many thanks in advance.
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Feb 2, 2014
8244 posts
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Toronto
delissio wrote: Hi everyone, looking for ~500K mortgage, 20% down, 5 years fixed, AB, excellent credit rating. Please let me know the best available rate. Many thanks in advance.
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
May 25, 2019
7 posts
3 upvotes
I'm looking at buying a pre-construction townhouse (targeted completion July 2020) in Cochrane, Alberta to be my new primary residence and keeping my existing condo in Calgary as a rental property. Before I move forward with anything, I want to be sure I can be approved to carry both properties. The existing condo I have was purchased for $454,000 and the mortgage is currently around $320,000 and the place I am looking at buying has a purchase price of $289,900 (including GST) and I'd put 20% down for a mortgage of $232,000. What would be the next steps for me in the process and what kind of rates should I expect?

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