Real Estate

The Official Mortgage Rates Thread

Member
Sep 30, 2004
316 posts
37 upvotes
Hi
Looking for a 5yr fixed closed mortgage

-How much is the mortgage owing? $246,000 and want to consolidate a $50k credit line into new mortgage
-Roughly, what is the current market value of the property? $825,000
-Which city is the property located in? Burlington
-Is the property owner-occupied or a rental? Owner
-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? Feb 2020

Thanks
Deal Addict
Sep 19, 2012
1157 posts
1455 upvotes
Calgary
PaulMeredith wrote: The only real disadvantage to a collateral mortgage is when it comes to switch lenders at the end of your term. With a standard charge mortgage, the legal and appraisal fees are covered for you. The only fee you would pay would be the discharge fee from your current lender (around $300 in Ontario), which gets added to the new mortgage amount. With a collateral charge however, the legal and appraisal fees would apply. (around $1,100 in total, + the discharge). There are some lenders who will cover some, or even all of these fees for you, however the rate is often 0.05% higher for the fees to be covered. One way or another, you're paying the fees.
Perhaps it's the only disadvantage for most people, but I think there are more severe disadvantages out there. IMO the biggest disadvantage is a borrowers restriction on getting a HELOC (or another secured loan) with another lender. Collateral charges often tie up the entire value of the property and can't be "separated". So if a borrower has a mortgage and HELOC with TD, they normally can't switch only the mortgage over to another lender nor can they get another HELOC (say with Motusbank) in order to take advantage of a cheap rate.

The other danger (IMO) with a collateral charge is the fact that your property is securing the value of all your debt with that particular lender. Carrying on the example with TD and one of their mortgages: if a borrower has a credit card with TD, suddenly that credit card is secured by your house (ie: the collateral charge). Technically speaking if you defaulted on the credit card TD could put you in default of all of your loans and take your house (!!). An extremely unlikely scenario but one that could happen.
Kira318 wrote: -How much is the mortgage owing? $675,000
-Roughly, what is the current market value of the property? Appraisal 2 years ago 2 million now I would say 1.5 million
-Which city is the property located in? Richmond Hill Ontario
-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? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2012
-When is your renewal date? March 2020
I can do 2.65% on a 5-year fixed. Fair penalty lender (take a look here or here) for more info.
charlie222 wrote: i am seeking a quote, i am looking to purchase a rental property in the GTA, approximate price of $800,000. i currently own 1 property so this would be my 2nd property and 2nd mortgage.
My advice would be to go talk to the big banks as they are generally the most competitive on rental properties. I've seen people have success when leverage their current lender on a rental property (ie: go talk to "existing property" lender and see what they can do).
gregroy wrote: I'm coming up for renewal in <90 days, looking for renewal quote:
-How much is the mortgage owing? $192,000
-Roughly, what is the current market value of the property? $320,000
-Which city is the property located in? Ottawa, 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? 2015
-When is your renewal date? March 30th
I see 2.69% with a fair-penalty lender (have a look at my comment above!).
lightmist16 wrote: Recently got pre-approved for a mortgage with TD Bank and am wondering if the rate is too high.
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?
The amount is probably fine and will be more or less the same with all "prime" lenders. The rate is crummy as all hell. I wouldn't pay a cent more than 2.79% on any term. Depending on how quickly you close you could possibly get as low as 2.74%. If I went with a fixed rate deal, I'd away from TD (and the rest of the big banks) given the formula they use for prepayment penalties unless the big bank rate was 0.15%+ better than a "fair penalty" lender.
Wbblunt wrote: Looking at rates for a renewal coming up.
-How much is the mortgage owing? About $227k
-Roughly, what is the current market value of the property? $550k
-Which city is the property located in? Saskatoon
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? STEP LOC with 0 Balance
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? Apr 2020
I would say go for 2.74% on a 5-year fixed without paying any collateral charge switch fees.

Good luck everyone! Back at it again tomorrow. Go off to SK for the christmas period and be totally behind in this thread!!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Aug 1, 2010
42 posts
23 upvotes
Mortgage refinance

-Roughly, what is the current market value of the property? 485,000$
-What is the current mortgage owing? 0$
-How much do you want to borrow (refinance)? At least 371,000$
-Is the property owner-occupied or a rental? Rental
-Where is the property located? Beloeil
-When do you want to close on the refinance? Anytime in the next 2 months
Newbie
Jan 7, 2020
5 posts
Hi
I am currently Looking for best rates regarding new purchase (2nd property)

-mortgage loan needed? $501K
-what is the purchase price of the property? $626K
-Which city is the property located in? Caledon
-Is the property owner-occupied or a rental? Owner Occupied
-downpayment? 20%
-What are you looking for? 3 yr or 5 yr fixed rates 30 years
Newbie
Jan 9, 2020
3 posts
Hi, looking for rates for my renewal


-How much is the mortgage owing? $182,000
-Roughly, what is the current market value of the property? $260,000
-Which city is the property located in? St. John's, Newfoundland
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? February 2020

Currently Scotia is offering me 3.01%/5yr fixed.

My previous mortgage was 4yr @2.64%

Thanks for the help
Deal Addict
User avatar
Jan 31, 2018
1677 posts
307 upvotes
VickK82692 wrote: Hi
I am currently Looking for best rates regarding new purchase (2nd property)

-mortgage loan needed? $501K
-what is the purchase price of the property? $626K
-Which city is the property located in? Caledon
-Is the property owner-occupied or a rental? Owner Occupied
-downpayment? 20%
-What are you looking for? 3 yr or 5 yr fixed rates 30 years
You can get 2.74% on a 5 yr fixed term
Full featured product
20/20 prepayments

3 yr term is actually 5pts higher

Good luck

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1677 posts
307 upvotes
price31 wrote: Mortgage refinance

-Roughly, what is the current market value of the property? 485,000$
-What is the current mortgage owing? 0$
-How much do you want to borrow (refinance)? At least 371,000$
-Is the property owner-occupied or a rental? Rental
-Where is the property located? Beloeil
-When do you want to close on the refinance? Anytime in the next 2 months
Unfortunately rental rates are priced higher than owner occupied properties

likely 3.04% on a refinance in Quebec
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Jan 9, 2020
3 posts
Hi, looking at renewal rates

-How much is the mortgage owing? $182k
-Roughly, what is the current market value of the property? $260k
-Which city is the property located in? St. John,s, NL
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? Feb 2020

Current offer from Scotia is 3.01%/5yr fixed.

Previous mortgage was 2.64%/4yr fixed.

Thank you
Newbie
Dec 18, 2017
57 posts
12 upvotes
Just signed an offer:

-What is the purchase price?
$770,000

-How much is the down payment?
20-25%

-Where it the property located?
Toronto

-When is the closing date?
Feb 20, 2020

-Will the property be owner-occupied or a rental?
Owner occupied
Member
Sep 30, 2004
316 posts
37 upvotes
Bunp. Looking for renewal option
RFD-obsessed wrote: Hi
Looking for a 5yr fixed closed mortgage

-How much is the mortgage owing? $246,000 and want to consolidate a $50k credit line into new mortgage
-Roughly, what is the current market value of the property? $825,000
-Which city is the property located in? Burlington
-Is the property owner-occupied or a rental? Owner
-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? Feb 2020

Thanks
Deal Addict
User avatar
Jan 31, 2018
1677 posts
307 upvotes
canuckavelli1 wrote: Just signed an offer:

-What is the purchase price?
$770,000

-How much is the down payment?
20-25%

-Where it the property located?
Toronto

-When is the closing date?
Feb 20, 2020

-Will the property be owner-occupied or a rental?
Owner occupied
Best rates below

2.74% with 20% down & 2.65% if you can do 25%

You will need to move quickly due to the time frame

Reach out to any of the brokers on the forum

Congrats

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1677 posts
307 upvotes
Van Dutch wrote: -How much is the mortgage owing? $90K
-Roughly, what is the current market value of the property? $400-450K
-Which city is the property located in? Hamilton
-Is the property owner-occupied or a rental? Owner Occupied
-Who is your current lender? Simplii Financial
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015ish
-When is your renewal date? May 2020

Currently offered 2.84% for 4 years with current lender. Can this be negotiated and what rate would be used? Gotta accept the rate by January 31st to lock in 2.84% 4 years if this is the best option available.
You can get 2.85% on a 5 yr through the broker channel

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
Sep 19, 2012
1157 posts
1455 upvotes
Calgary
pecanbb wrote: Could I get a quote on the below:
-What is the purchase price? 320,000
-How much is the down payment? 20% (however, upon completion I would like to increase my payment)
-Where it the property located? Burnaby, BC
-When is the closing date? Oct 1, 2019
-Will the property be owner-occupied or a rental? Owner-occupied
Best five year rate is probably with XMC. You can get 2.75% on a 5-year fixed. They are a fair penalty lender. You’d need to find a broker willing to do this sized deal for you as they won’t get paid much to do it. Next best is probably Motusbank and HSBC at 2.79% (both again for 5-years). I don’t think there is anything better for a shorter-term out there. My advice: look for a broker willing to do XMC at 2.75% or go it alone with Motusbank at 2.79% (stay away from HSBC as their prepayment penalty is not consumer friendly).

coco92 wrote: Hi!
-first time home buyers
-$110,000 combined income
-20% down
-purchase price of $500,000-550,000
-30 year amortization (fixed mortgage) and 25 year amortization (fixed mortgage)
Thanks
See above for 25 year amortization. Depends on what province you live in. There are some credit unions (Assiniboine in Manitoba) offering as low as 2.79% on a 5-year fixed with a 30-year amortization. I wouldn’t pay more than 2.89% for a 30 year amortization.

skillz369 wrote: Hi All,
-How much is the mortgage owing? $250K
-Roughly, what is the current market value of the property? $750K
-Which city is the property located in? Brampton
-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? Early 2000s
-When is your renewal date? April 2020
I could get you 2.69% on a 5-year fixed. You’ve got a collateral charge so there are lenders that won’t cover the legal fee to switch but will allow you to add the fee to the new mortgage. This particular lender won’t cover the collateral charge switch fee. They will cover the discharge and any appraisal fee though. This is a fair penalty lender with 20/20 prepayment privileges.

D0LLYJ wrote: Hi, I am new at this and this was my first renewal and I was not prepared. I wish I found out about this thread earlier. I recently signed a renewal with TD because I was worried about rates increasing couple weeks ago. I ended up signing a renewal for 5 years at 2.92% fixed with a term portion renewal start date of January 14, 2020. Was this a mistake? I see a lot of posts for lower rates now. Not sure if there are any suggestions on how to proceed/if there is any action I can take as the renewal start date is soon but I am looking forward to your advice/thoughts. Curious if there are any options or ideas to consider moving forward.
You can try and call them and ask to switch into an open mortgage, but if they say no, then you are out of time and the savings aren’t good enough to make it worth switching. You’ll have to pay a discharge and legal fees (cause of a collateral charge) which will run you at least $1k. The 3-month interest penalty to terminate will be about $800. That means you need to save $1800 to make it worthwhile to switch. Handy dandy mortgage calculator says you’d need a rate of 2.56% in order to make it worthwhile. Sadly that rate for a switch doesn’t exist right now.
echho wrote: -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
If you close within 45 days I can get you 2.67% on a 5-year fixed. Fair penalty lender and all fees to switch covered.
bubs wrote: -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.
Rental rates generally suck in the broker channel. Try with the big banks as they are generally more competitive on those. You may also want to reach out to the Credit Unions in BC as some of them have competitive rental rates. Either way you're too early as most "good" rates can only be held for up to 120 days.
RFD-obsessed wrote: Looking for a 5yr fixed closed mortgage
-How much is the mortgage owing? $246,000 and want to consolidate a $50k credit line into new mortgage
-Roughly, what is the current market value of the property? $825,000
-Which city is the property located in? Burlington
-Is the property owner-occupied or a rental? Owner
-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? Feb 2020
This is going to be a refinance as you're adding money to the existing mortgage (and it's not part of a collateral charge HELOC). If you can get the 2.65% that @rateconnect quoted you that's an absolute steal. I suspect the best (other) refinance rates are generally somewhere around the 2.79% range for a 5-year fixed.

Good luck everybody!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
VickK82692 wrote: Hi
I am currently Looking for best rates regarding new purchase (2nd property)

-mortgage loan needed? $501K
-what is the purchase price of the property? $626K
-Which city is the property located in? Caledon
-Is the property owner-occupied or a rental? Owner Occupied
-downpayment? 20%
-What are you looking for? 3 yr or 5 yr fixed rates 30 years
Rates start at 2.74% 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
Newbie
Nov 30, 2019
2 posts
Any special offers right now for me? 5 yr fixed?
-What is the purchase price?
$570,000
-How much is the down payment?
$287,000 (therefore $283,000 mortgage amount)
-Where it the property located?
Adjala Tosorontio
-When is the closing date?
Around February 14th
-Will the property be owner-occupied or a rental?
Owner occupied

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