Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
Feb 22, 2011
7251 posts
7665 upvotes
Toronto
-How much is the mortgage owing? $250,000
-Roughly, what is the current market value of the property? $650,000
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? RMG
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2015
-When is your renewal date? June 2020
Deal Addict
May 2, 2006
1204 posts
152 upvotes
Hi,
My 1 year mortgage term is up for renewal Feb 1. I have about 15k remaining on the mortgage with plans to drop a 10k prepayment (allowed 40k per year) before Feb 1. I should be left with about 5k in the mortgage. I had initially planned to pay off the entire mortgage but was side tracked with other expenses. However I will be able to pay off the remaining balance by mid march. So my question is do I renew for a 6 month term (and pay off early with prepayments) or just allow the mortgage to auto convert to an open mortgage with a slightly higher interest rate and pay it off in full in a few months? Mortgage is non-collateral.

Thanks in advance
Deal Fanatic
User avatar
Sep 13, 2011
5480 posts
2397 upvotes
Toronto
whodaphucru wrote: Starting to do some research for mortgage renewal.

-How much is the mortgage owing? $351,000
-Roughly, what is the current market value of the property? $700,000
-Which city is the property located in? Haliburton, ON (Waterfront Cottage)
-Is the property owner-occupied or a rental? Vacation/ Second home
-Who is your current lender? CIBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2009
-When is your renewal date? April 2020

Thanks for your help.
Thanks for the info! Providing that this is a year round cottage, then the lowest 5 year fixed rate would be 2.64%. With a cottage property, the heating and water systems need to be acceptable to the lender. For example, if the cottage is heated by wood or oil stove, then this would be an issue. If water system is from the lake, then the system would need to be equipped with a reverse-osmosis water filtration system. Given the value of your cottage, I would think that the heating and water systems would be adequate, but worth mentioning nevertheless. :)
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5480 posts
2397 upvotes
Toronto
techcriumsmom wrote: My friend is in a pickle and could use some mortgage advice. She is separating from her common law partner. As part of the separation agreement, in lieu of child support, alimony, etc., her spouse is willing to give her the house and make the mortgage payments on it until the kids are 18. She currently doesn't work and won't qualify for a mortgage herself.

The house and mortgage is only in her spouses name. Is there a way she can get added onto the title and mortgage?
This is a really challenging situation. The wife could be added to the title, however the husband would need to stay on as well. She would not qualify on her own, even if the separation agreement confirms that he will be the one making the payments. What I would suggest here is reaching out to a local bank or credit union. They may consider approving her with him on simply as a guarantor. it might be a bit of a long shot, but worth a try for sure.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5480 posts
2397 upvotes
Toronto
Atmreza2007 wrote: Hello, looking to refinance our mortgage, who has the best rate and reliable?
We would need a bit more info in order to quote you a rate. If you could please answer the following, which will allow us to better assess your situation for a refinance:

How much is owed on the mortgage now?
What is the approximate value of the home?
When is your maturity date?
Which province are you in?
Is this an owner occupied home or a rental?
Which lender are you with right now?
What rate are you currently paying?
How much money are you looking to borrow for the new mortgage, and what is the purpose of the additional funds?

Let us know and we can further advise!

Paul
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Newbie
Dec 2, 2018
3 posts
7 upvotes
How much is owed on the mortgage now? 150000
What is the approximate value of the home? 800k
When is your maturity date? March1
Which province are you in? ON
Is this an owner occupied home or a rental? Occupied
Which lender are you with right now? BMO
What rate are you currently paying? 3
How much money are you looking to borrow for the new mortgage, and what is the purpose of the additional funds? Pay off by 7 years
Deal Fanatic
User avatar
Sep 13, 2011
5480 posts
2397 upvotes
Toronto
Corinthein wrote: Hi,
My 1 year mortgage term is up for renewal Feb 1. I have about 15k remaining on the mortgage with plans to drop a 10k prepayment (allowed 40k per year) before Feb 1. I should be left with about 5k in the mortgage. I had initially planned to pay off the entire mortgage but was side tracked with other expenses. However I will be able to pay off the remaining balance by mid march. So my question is do I renew for a 6 month term (and pay off early with prepayments) or just allow the mortgage to auto convert to an open mortgage with a slightly higher interest rate and pay it off in full in a few months? Mortgage is non-collateral.

Thanks in advance
Congratulations on being so close to mortgage free! Open rates are usually around 7%, however rate hardly even matters since you will only owe $5K and are planning on paying it off 6 weeks after maturity date. Even at 7%, you're only going to pay about $40 in interest over this period. Go with the open rate!

Regardless of which option you choose, the difference here will only be around $15 either way. The open rate will still work out to be the cheapest option for you, even if it's only saving you a few dollars.

Congratulations once again! :)
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Deal Addict
May 2, 2006
1204 posts
152 upvotes
PaulMeredith wrote: Congratulations on being so close to mortgage free! Open rates are usually around 7%, however rate hardly even matters since you will only owe $5K and are planning on paying it off 6 weeks after maturity date. Even at 7%, you're only going to pay about $40 in interest over this period. Go with the open rate!

Regardless of which option you choose, the difference here will only be around $15 either way. The open rate will still work out to be the cheapest option for you, even if it's only saving you a few dollars.

Congratulations once again! :)
Great advice and information as always Paul! Thank you for your time.
Deal Fanatic
User avatar
Feb 2, 2014
8244 posts
2309 upvotes
Toronto
Corinthein wrote: Hi,
My 1 year mortgage term is up for renewal Feb 1. I have about 15k remaining on the mortgage with plans to drop a 10k prepayment (allowed 40k per year) before Feb 1. I should be left with about 5k in the mortgage. I had initially planned to pay off the entire mortgage but was side tracked with other expenses. However I will be able to pay off the remaining balance by mid march. So my question is do I renew for a 6 month term (and pay off early with prepayments) or just allow the mortgage to auto convert to an open mortgage with a slightly higher interest rate and pay it off in full in a few months? Mortgage is non-collateral.

Thanks in advance
Open. Difference in a 6 month closed and an open will be about 1% annually I'm guessing (which is .08% monthly). Pretty much nothing on a $5000 balance.

PS-Don't assume the lender will put you into an open mortgage...some lenders auto-renew you as a closed mortgage. Give them a call and request it.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 21, 2017
13 posts
Montreal, QC
Hello brokers, my sister's mortgage is up for renewal. Here's the information you need to give me a rate:

How much is owed on the mortgage now? 161K
What is the approximate value of the home? 330K
When is your maturity date? April 7, 2020
Which province are you in? Montreal, QC
Is this an owner occupied home or a rental? Owner-occupied
Which lender are you with right now? Desjardins
What rate are you currently paying? Variable 5-yr 3.37%

More than 20% down when purchased. There's an unused HELOC attached.

Looking for 5yr fixed or variable.

Thanks!
Newbie
Jan 10, 2020
1 posts
Purchased a new home: already approved by 4 Canada's largest banks, best rate 2.84% plus 2000$ first time buyer incentive cibc.

Here's the information you need to give me a rate:

How much is owed on the mortgage now? 639k
What is the approximate value of the home? 800k
When is your maturity date? New mortgage
Which province are you in? Toronto
Is this an owner occupied home? Yes

Looking for 5yr fixed or variable.

Thanks!
Newbie
Jan 9, 2020
3 posts
bump, thanks
Olincoln wrote: 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
Jan 10, 2020
1 posts
Looking for best rates and advice please .

House: 340 000
Deposit: 30 000

It’s a duplex so I will rent the first floor, expected income of 12000/month.

Closing date: feb 29 2020

Income: 57000
Credit score: excellent 850-ish


I’ve been dealing with Desjardins - 2,84 fixed 5 years but they’ve been pushing me to buy a bunch of extra insurance etc.

Looking for better deal and advice!

Thanks!
Newbie
Dec 11, 2005
6 posts
1 upvote
North Vancouver
Looking to refinance, just entered the 120 day for a May renewal.

Banks and brokers are quoting 3.04% with all fees covered, but this sounds a little high based on current rates for a switch - not sure what the premium is for a refi. Thanks!

-How much is the mortgage owing? 250,000 at maturity, looking at 70,000 cash out for a total of 320,000.
-Roughly, what is the current market value of the property? 1.2M
-Which city is the property located in? Vancouver, BC
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? Street Capital, standard charge
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2011
-When is your renewal date? May 8
Newbie
Jan 10, 2020
2 posts
Just wanted to ask for self employed individuals, do lenders look at gross or net income?

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