Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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abrasif6 wrote: Bump.
Best 5 yr fixed term would be 2.89%
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Phil Cragg
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Wbblunt wrote: bump?
5 yr fixed term 2.74% for a collateral switch

Phil
Phil Cragg
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Jake86 wrote: Had posted some months back but posting again as closing date is nearer for new condo townhouse

-What is the purchase price? $637900
-How much is the down payment? $230000
-Where it the property located? Brampton
-When is the closing date? End of March
-Will the property be owner-occupied or a rental? Owner Occupied
-Is the mortgage CMHC insured? No
-When did you buy the property? 2020 - New property
The best rate would be 2.64%
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This rate is only good until end of day tomorrow with the lender

Reach out to any of the brokers on the forum to secure offer

Phil
Phil Cragg
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lightmist16 wrote: Hello - I'm looking for advice.

Recently got pre-approved for a mortgage with TD Bank and am wondering if the rate is too high.

First Time Home Buyer
Annual income - $106k
Zero Debt
Down Payment Available - $120k
Location - Vancouver, BC

My broker (Canwise) went through TD and came back with:
Principal amount - $480,000
Annual Interest rate - 3.19000% per year
Term - 5 years fixed

Anyone have an opinion on this amount and rate?

Thanks in advance!
Its a preapproval better rates available once you have a live deal/firm offer in place

Phil
Phil Cragg
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Highest Order wrote: Do any lenders offer any credit towards the penalty? I'd switch, but 3 months of interest makes it a break even at best for now.

I still have 7 months left in the current term - rates might go up even more by then :/ Would be nice to lock-in the rates we have now.
Unfortunately not. But you can roll up to $3k into the mortgage transfer.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
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Sep 23, 2018
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Looking for rates.

-What is the purchase price? $520k
-How much is the down payment? $120k
-Where it the property located? Kanata
-When is the closing date? End of March
-Will the property be owner-occupied or a rental? Owner Occupied
-Is the mortgage CMHC insured? No
-Year of the property? 2019
Member
May 5, 2009
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Received some mail from my current provider asking to renew by Jan 31st at 2.82%/4 yrs Want to see if this is valid or not a good offer

-How much is the mortgage owing? 350,000
-Roughly, what is the current market value of the property? 850,000
-Which city is the property located in? Acton Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Simplii Financial
-When is your renewal date? May 29th 2020

Within 120 days now. What would best rate be currently
Last edited by MikeK157 on Feb 28th, 2020 6:27 am, edited 1 time in total.
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ankysrulz wrote: Looking for rates.

-What is the purchase price? $520k
-How much is the down payment? $120k
-Where it the property located? Kanata
-When is the closing date? End of March
-Will the property be owner-occupied or a rental? Owner Occupied
-Is the mortgage CMHC insured? No
-Year of the property? 2019
You can get 2.74% on a 5 yr fixed with the 120k down
If you can put 25% down rate would be in the 2.70% range

Full featured products 20/20 prepayments

Phil
Phil Cragg
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MikeK157 wrote: Received some mail from my current provider asking to renew by Jan 31st at 2.82%/4 yrs Want to see if this is valid or not a good offer

-How much is the mortgage owing? 350,000
-Roughly, what is the current market value of the property? 850,000
-Which city is the property located in? Acton Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Simplii Financial
-When is your renewal date? May 29th 2020
You can get lower rates for 5 yr terms

Once you hit the 120 till renewal mark reach out to any of the brokers on the forum

Phil
Phil Cragg
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Nov 20, 2007
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General question: If I lock in a rate 120 days out from my renewal, and rates drop, am I committed at the higher rate or can you back out of it?

Thanks,
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fitzy7 wrote: General question: If I lock in a rate 120 days out from my renewal, and rates drop, am I committed at the higher rate or can you back out of it?

Thanks,
You can switch out to the lower rate

Phil
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davisml wrote: We have a paid off condo in Toronto (no mortgage) with an MPAC assessment of $750K with recent comparable sales at $1M. We want to open a HELOC.
Is there any point in shopping around for a rate with a broker or should we just open a HELOC with Motusbank at 3.75% (Prime - 0.2%)?
Prime -.20% is a great rate for a standalone HELOC.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
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davisml wrote: We have a paid off condo in Toronto (no mortgage) with an MPAC assessment of $750K with recent comparable sales at $1M. We want to open a HELOC.
Is there any point in shopping around for a rate with a broker or should we just open a HELOC with Motusbank at 3.75% (Prime - 0.2%)?
No point in shopping around as you won't find a rate on a HELOC even remotely close to that. Go for it! :)
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Nov 16, 2010
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Toronto
Just found this thread and curious about rates for a renewal coming up.

-How much is the mortgage owing? About $477k
-Roughly, what is the current market value of the property? $850k
-Which city is the property located in? Markham
-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? no
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? Feb 2020

Thanks in advance for the help.
Jr. Member
Jun 12, 2006
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Hi folks.

Starting to do some research for mortgage renewal.

-How much is the mortgage owing? $334,000
-Roughly, what is the current market value of the property? $539,000
-Which city is the property located in? British Columbia
-Is the property owner-occupied or a rental? Rental
-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? 1997
-When is your renewal date? July 2020

Thanks for your help.

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