Real Estate

The Official Mortgage Rates Thread

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Mar 28, 2005
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CdnRealEstateGuy wrote: If TD is taking too long, then I would commit to another lender and not use the new lender as a backup.
I had this type of problem with CIBC years ago - it kept being - yes, essentially approved, we just need this one additional document - and then another document, and then something else.
Seemed there was a big disconnect between the mortgage specialist at the branch and whoever at head office needed to sign off on it.
I eventually got fed up and went with a broker.
Newbie
Jan 12, 2020
1 posts
Looking to purchase my first property in Toronto

-What is the purchase price?
900,000
-How much is the down payment?
90,000
-Where it the property located?
Downtown Toronto
-When is the closing date?
TBD - ~90 days
-Will the property be owner-occupied or a rental?
Owner occupied

TD is offering 5 year fixed, insured at 2.87%. Contacted a broker who said she couldn't do better than 2.99%. Any thoughts will be gratefully received.
Newbie
Jan 12, 2020
1 posts
Hello,

I need mortage information on the below.

For a purchase of a property:

-What is the purchase price? - 550K-600K
-How much is the down payment? 20%
-Where it the property located? - Toronto
-When is the closing date? Not decided yet. End of March or End of April
-Will the property be owner-occupied or a rental? - rental
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Dec 2, 2008
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krs wrote: Does the credit score actually matter?
Yes definitely

Some lenders/products have a minimum beacon score to qualify
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Jan 31, 2018
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CdnRealEstateGuy wrote: I'm not going to speak for Phil or Paul, but a lot of brokers would not be comfortable with this.

This is a lot of time a broker and lenders needs to give to get you an approval. If you do not intend to close on the mortgage, then I believe you will have a hard time getting another approval after disclosing this.

If TD is taking too long, then I would commit to another lender and not use the new lender as a backup.
I completely agree with you Kevin ! Funding ratios are important with lenders and if there is very little chance of the deal going to the finish line
then its hard to justify doing the work.

Phil
Phil Cragg
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Bigboy007 wrote: Hi, could you please quote the following for me? Thanks!
Purchase price: $850,000.00
Down payment amount (or percentage): 20% to 25%
Primary residence or rental property: Primary residence
Location: Ottawa
Closing date: Jun. 2020
5 yr fixed quotes below both full featured products

20% down 2.74%
25% down 2.69%

You are a bit early in the process to lock the above rates -- when in June?
Phil
Phil Cragg
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RawrLemon wrote: Hi, just wanted some rates for my renewal this year.

-How much is the mortgage owing? $480,000
-Roughly, what is the current market value of the property? $670,000
-Which city is the property located in? Edmonton
-Is the property owner-occupied or a rental? Owner
-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? May 2015
-When is your renewal date? May 2020
5 yr fixed 2.59% 20/20 prepayments 120 day hold

Reach out to any of the brokers on the forum

Phil
Phil Cragg
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Jan 16, 2007
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Just curious, did my post on page 3699 get missed?
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Jan 31, 2018
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abduls16 wrote: Hello,

Is there a broker who can get me an approval (conditions are pretty straight forward) as a backup?
My situation is as follows:
I've got a closing coming up on Feb 11, 2020 and I've gotten an approval for it already. Good to go.
However, my down payment depends on my re-finance off my current residential property is the issue. TD has been working on my application since Dec 9th. It's now been over a month and I'm still waiting for an answer. I'm only looking for a backup, just incase TD comes back with a negative response. Please advise.

Thank you.
To add to Kevins point is this a lender/branch who you really want to go with ?

Any of the brokers on the forum would have had you approved within 72 hrs max

Phil
Phil Cragg
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joshnet wrote: Just seeing about a mortgage renewal.

-How much is the mortgage owing? $115,000
-Roughly, what is the current market value of the property? $187,000
-Which city is the property located in? Riverview, New Brunswick
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Royal Bank of Canada
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? June 2009
-When is your renewal date? April 2020
Josh

On a previously insured file likely 2.74% for a mortgage less than 150k

Phil
Phil Cragg
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joshnet wrote: Thanks for the response!
My pleasure
Phil Cragg
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Apr 24, 2008
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rateconnect wrote: To add to Kevins point is this a lender/branch who you really want to go with ?

Any of the brokers on the forum would have had you approved within 72 hrs max

Phil
Thanks Kevin and Phil.
That’s good to know that you can easily get things sorted out within 72 hours if all the docs are submitted and there’s no hiccups in between. After the approval, how soon can I get access to the funds? I’ve got a lawyer who can assist on expediting the process as long as he gets the instructions from the lender ASAP.

Also, to answer Phil’s question, I would prefer the Big5 but the way things are going and I don’t have much time and will consider other options as well.

Am I cutting it too close? Tomorrow’s Jan 14th and closing is on Feb 11, 2020.

Thank you.
Newbie
Jan 6, 2020
1 posts
Hi,
I find this thread extremely helpful and I am looking to renew the term on my mortgage and would like an idea of rates and potential fees fees from switching.

-How much is the mortgage owing?
$355,000
-Roughly, what is the current market value of the property?
-A real estate agent just estimated the value at $1,025,000
-Which city is the property located in?
Mississauga Ontario
-Is the property owner-occupied or a rental?
Owner Occupied
-Who is your current lender?
DUCA Financial
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
When putting the down payment on the property initially I had enough to cover the 20% so CMHC was not required.
-When did you buy the property?
March 24, 2015
-When is your renewal date?
March 24, 2020
Newbie
Apr 24, 2008
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krs wrote: I had this type of problem with CIBC years ago - it kept being - yes, essentially approved, we just need this one additional document - and then another document, and then something else.
Seemed there was a big disconnect between the mortgage specialist at the branch and whoever at head office needed to sign off on it.
I eventually got fed up and went with a broker.
How long did you have to wait till you decided to move on? How far was your closing?

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