Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jan 31, 2018
1668 posts
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Cdingo wrote: Hi all, looking to upgrade from a condo to townhouse in the burbs of Vancouver.

For a purchase of a property:

-What is the purchase price? 999,900 before GST (Total 1,049,895‬)
-How much is the down payment? 210k (20%) - 260k
-Total mortgage amount: 790k - 840k
-Where is the property located? Coquitlam, BC
-When is the closing date? March/April 2020
-Will the property be owner-occupied or a rental? Owner occupied

Thanks in advance.
2.89% full featured product 5 yr term 20/20 prepayment

Phil
Last edited by rateconnect on Jan 15th, 2020 9:22 pm, edited 1 time in total.
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
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Lanehouse wrote: Bumping for some help with this... thanks!
About 2.89% 5-year fixed for a million dollar purchase.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
May 5, 2006
34 posts
Thanks in advance.

I am looking to renew the term on my mortgage and would like an idea of rates & potential fees for switching.

-How much is the mortgage owing? $175,000
-What is the current market value of the property? ~$650,000
-Which city is the property located in? Vancouver, BC
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes. But not used.
-Is the mortgage CMHC insured? No , When originally purchased with 20% down.
-When did you buy the property? Dec 1st 1997
-When is your renewal date? Mid Feb, 2020

Can you advise best rate , and also what rate if sticking with either TD/RBC.
5yr fixed and variable
Newbie
Jan 14, 2020
2 posts
Hello,

I would Like to know if all the mortgages rates posted here are for Ontario only ? Are they also available in Quebec ?

Thanks
Newbie
Sep 27, 2017
29 posts
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Hello all! Coming to a renewal in 3.5 months need to know what my possible rates would be

1. Renew:
-How much is the mortgage owing? $404k
-Roughly, what is the current market value of the property? $720k
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes, not used.
-Is the mortgage CMHC insured? No
-When did you buy the property? April 30, 2018
-When is your renewal date? April 30 2020
Newbie
Sep 27, 2017
29 posts
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anishladha wrote: Hello all! Coming to a renewal in 3.5 months need to know what my possible rates would be

1. Renew:
-How much is the mortgage owing? $404k
-Roughly, what is the current market value of the property? $720k
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes, not used.
-Is the mortgage CMHC insured? No
-When did you buy the property? April 30, 2018
-When is your renewal date? April 30 2020


Sorry, should state I’m interested in 1 or 2 yr fixed or 5 yr variable on a 25 or 30 yr amortization.
Newbie
Jan 14, 2020
1 posts
Do I typically need to have an accepted offer before shopping for rates? FTHB here, and I'm looking at around 470-500K mortgage at 25 yrs amortization. It will be CMHC insured as my down payment will be 10%.
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AdetayoR86560 wrote: Do I typically need to have an accepted offer before shopping for rates? FTHB here, and I'm looking at around 470-500K mortgage at 25 yrs amortization. It will be CMHC insured as my down payment will be 10%.
Yes, the rates you see posted here are for approvals only (after you have an accepted offer).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 3, 2007
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simsin wrote: Hi Guys, what is the best possible interest for 25 years fixed for the following scenario?

A purchase of a semi-detached home:
-What is the purchase price? 305K
-How much is the down payment? 20%
-Where it the property located? Montreal
-When is the closing date? End February
-Will the property be owner-occupied or a rental? owner-occupied
bump there anything possible that is lower than 2,84% right now in Quebec?

Thank you!
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anishladha wrote: Hello all! Coming to a renewal in 3.5 months need to know what my possible rates would be

1. Renew:
-How much is the mortgage owing? $404k
-Roughly, what is the current market value of the property? $720k
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes, not used.
-Is the mortgage CMHC insured? No
-When did you buy the property? April 30, 2018
-When is your renewal date? April 30 2020
2.75% 5-year variable would be your best bet.

Just a note, you cannot increase the amortization or else it’s a refinance...rates will be much higher. Remaining amortization has to stay the same.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Feb 2, 2014
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OlivierP6389 wrote: Hello,

I would Like to know if all the mortgages rates posted here are for Ontario only ? Are they also available in Quebec ?

Thanks
Some of the rates here are for all of Canada, some excluding QC, some Ontario only...

I would recommend answering the questions on page 1 if you would like a quote.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Sep 13, 2011
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Toronto
AdetayoR86560 wrote: Do I typically need to have an accepted offer before shopping for rates? FTHB here, and I'm looking at around 470-500K mortgage at 25 yrs amortization. It will be CMHC insured as my down payment will be 10%.
As already mentioned, yes, the lowest rates become available once you have an accepted offer in place. Just make sure you reach out to a broker or bank to determine the maximum you'll qualify if you have done done so already.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Sep 13, 2011
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simsin wrote: bump there anything possible that is lower than 2,84% right now in Quebec?

Thank you!
I don't see anything lower than this in Quebec, no. Sounds like you've got a great rate!
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
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Sep 13, 2011
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anishladha wrote: Hello all! Coming to a renewal in 3.5 months need to know what my possible rates would be

1. Renew:
-How much is the mortgage owing? $404k
-Roughly, what is the current market value of the property? $720k
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes, not used.
-Is the mortgage CMHC insured? No
-When did you buy the property? April 30, 2018
-When is your renewal date? April 30 2020
As mentioned, the lowest 5 year variable rate would be 2.75% (Prime -1.20%) right now. The minimum term length for a switch is 3 years, so nothing would be available for 1-2 years without having to refinance. It sounds to me like you'll likely be breaking this mortgage within the next couple of years?
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 10, 2020
3 posts
Thanks for the wonderful information in this thread. I think I got missed:

Interested to know if I can do better:

-How much is the mortgage owing? $242,000
-Roughly, what is the current market value of the property? $350,000
-Which city is the property located in? Halifax, NS
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First National
-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? April 2020

Renewal offer was 2.99% 3-yr and 2.79% 5-yr fixed, P-1.10% (2.85%) 5-yr variable. I'm considering all 3 options (3-yr/5-yr fixed, or 5-yr variable).

I could probably contribute a fair bit more to the principal if that changes anything.

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