Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 18, 2017
50 posts
11 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
1568 posts
248 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
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Jan 31, 2018
1568 posts
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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
1043 posts
911 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
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User avatar
Feb 2, 2014
7379 posts
1869 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
President's Club Award Winner At The Mortgage Architects
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
Newbie
Jan 9, 2020
2 posts
Looking for rate and advice please.

Currently with Scotia at Prime minus 0.75, so 3.2%.
Up for renewal at end of July.
Balance = $178,000
Was a 30 year mortgage, with 25 years left on it now. Willing to move to a 25 year mortgage for a better rate.

Also have a HELOC at Prime, so 3.95%
Balance = $382,000

Two questions:

1. What kind of rate am I looking at for the renewal of the mortgage?

2. What can I do about this HELOC as I am clearly overypaying interest. I make regular payments to the HELOC and am essentially treating it as a mortgage. Should I consolidate it into a 2nd mortgage? Or wrap both the 1st mortgage and HELOC into a new mortgage? I'm open to anything.

Thank you for your advice.
Newbie
Jan 9, 2020
2 posts
I am looking for the best rate 5 yrs fixed full product mortgage:

-What is the market value of the property? $850000
-Down payment? 10%
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? -
-Is the mortgage CMHC insured? Yes
-Closing date: Feb 2020

Right now I have an approval from TD for 2.79%. But I am looking for better rate with discounted breaking penalty
Jr. Member
Jun 12, 2006
144 posts
1 upvote
Bump. Looking for rates please.
bubs wrote: 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.
Deal Fanatic
User avatar
Feb 2, 2014
7379 posts
1869 upvotes
Toronto
Clange wrote: 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
2.64% 5-year fixed is the best rate. Standard terms and conditions.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
User avatar
Feb 2, 2014
7379 posts
1869 upvotes
Toronto
jdlpc1 wrote: Looking for rate and advice please.

Currently with Scotia at Prime minus 0.75, so 3.2%.
Up for renewal at end of July.
Balance = $178,000
Was a 30 year mortgage, with 25 years left on it now. Willing to move to a 25 year mortgage for a better rate.

Also have a HELOC at Prime, so 3.95%
Balance = $382,000

Two questions:

1. What kind of rate am I looking at for the renewal of the mortgage?

2. What can I do about this HELOC as I am clearly overypaying interest. I make regular payments to the HELOC and am essentially treating it as a mortgage. Should I consolidate it into a 2nd mortgage? Or wrap both the 1st mortgage and HELOC into a new mortgage? I'm open to anything.

Thank you for your advice.
You can roll it into the mortgage. Most mortgages can only be held for 120 days, so you're too early for a rate hold.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Deal Fanatic
User avatar
Feb 2, 2014
7379 posts
1869 upvotes
Toronto
alin212 wrote: I am looking for the best rate 5 yrs fixed full product mortgage:

-What is the market value of the property? $850000
-Down payment? 10%
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? -
-Is the mortgage CMHC insured? Yes
-Closing date: Feb 2020

Right now I have an approval from TD for 2.79%. But I am looking for better rate with discounted breaking penalty
2.49% 5-year fixed is the best rate available.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Newbie
Nov 30, 2019
2 posts
CdnRealEstateGuy wrote: 2.64% 5-year fixed is the best rate. Standard terms and conditions.
Is that rate obtainable through a broker? I contacted one who quoted 2.79 over the phone. Is there any information I can pass on in order to try and get this rate?
Newbie
Jul 8, 2014
40 posts
9 upvotes
Westmount, QC
Looking for best rates regarding to the renewal in May

-How much is the mortgage owing? About $260k
-Roughly, what is the current market value of the property? $850k
-Which city is the property located in? Kirkland, Quebec
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? no
-Is the mortgage CMHC insured? No
-When did you buy the property? 2018
-When is your renewal date? May 2020

Thanks in advance for the help.

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