Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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Toronto
Fiixerupper1231 wrote: Hi there,

Renewal coming up in February:

-How much is the mortgage owing? $310,000
-Roughly, what is the current market value of the property? $600,000
-Which city is the property located in? Downtown Toronto
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2017
-When is your renewal date? Feb 2020
For a transfer, you're looking at 2.69% 5-year fixed. All standard terms and conditions. Fair penalty lender. Legal and appraisal fees covered!
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Jan 13, 2017
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Hi guys

I have mortgage renewal coming up for primary house and a rental. Should i switch for better rates one property at a time or doing both at same time will give me better rate?
Moderator
Sep 27, 2003
9951 posts
2577 upvotes
Newmarket
My renewal is not due till August, but figured I'd start budgeting as my rate will go up.

My balance will be $487,000
Market Value approximately $750,000
Located in Newmarket, ON
Owner Occupied
I'm with IA
CMHC Insured
Purchased 2015

Assuming my renewal was now, what kind of rates would I be looking at? I'm currently at 2.39 with 5/5.
Would I have to transfer, or could I simply renew?
RFD Forums Moderator
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Jan 2, 2007
437 posts
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Toronto
So based on the last few posts if my current lender is offering 2.69% 5 year fixed to renew (mid February) I should probably take it and likely can't do better elsewhere.
Deal Fanatic
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Feb 2, 2014
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WorldIRC wrote: My renewal is not due till August, but figured I'd start budgeting as my rate will go up.

My balance will be $487,000
Market Value approximately $750,000
Located in Newmarket, ON
Owner Occupied
I'm with IA
CMHC Insured
Purchased 2015

Assuming my renewal was now, what kind of rates would I be looking at? I'm currently at 2.39 with 5/5.
Would I have to transfer, or could I simply renew?
2.49% - 2.54% 5-year fixed is the best rate for insured mortgages.

IA is now out of the residential mortgage market, so we can't place your mortgage there. The above rates are with a different lender, so you would have to transfer the mortgage.

Legal and appraisal fees are covered. You just pay IA's discharge/transfer fees which get added to the mortgage being transferred.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
7775 posts
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Toronto
jess24 wrote: So based on the last few posts if my current lender is offering 2.69% 5 year fixed to renew (mid February) I should probably take it and likely can't do better elsewhere.
If your mortgage is insured, then there are better rates out there. If not, 2.69% 5-year fixed is definitely fair.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
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ilostmyid wrote: Hi guys

I have mortgage renewal coming up for primary house and a rental. Should i switch for better rates one property at a time or doing both at same time will give me better rate?
The lenders will be different, as the lender offering the best owner-occupied rate doesn't offer the best for rentals.

So yes, do them separately. If you want a quote, please answer the questions on page 1 of the thread summary.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Oct 23, 2002
432 posts
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Montreal
Asking out of curiosity for a June/July townhouse acquisition:

What is the purchase price?
<$500,000

How much is the down payment?
At least $100,000

Where it the property located?
The Lower Mainland around Vancouver, Burnaby, Richmond, or New Westminister

Will the property be owner-occupied or a rental?
Owner occupied
Deal Fanatic
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Feb 2, 2014
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Tyrant wrote: Asking out of curiosity for a June/July townhouse acquisition:

What is the purchase price?
<$500,000

How much is the down payment?
At least $100,000

Where it the property located?
The Lower Mainland around Vancouver, Burnaby, Richmond, or New Westminister

Will the property be owner-occupied or a rental?
Owner occupied
It depends on how much you’re putting down. Rates for non-insured mortgages start at 2.69% 5-year fixed.

However, MAX 120 day rate hold, so you’re too early to lock it in now. Also, you need to have an accepted offer first, as the low rates posted here are for approvals only.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 15, 2020
1 posts
For a purchase of a property:

-What is the purchase price? around 513000
-How much is the down payment? 10%
-Where it the property located? North York
-When is the closing date? February 28
-Will the property be owner-occupied or a rental? owner-occupied

HSBC has 2.49% posted special rate going on right now, looking for something even lower if possible.
looking for 5 yr fixed term, 25 year amortization. please and thank you!
Moderator
Sep 27, 2003
9951 posts
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Newmarket
CdnRealEstateGuy wrote: 2.49% - 2.54% 5-year fixed is the best rate for insured mortgages.

IA is now out of the residential mortgage market, so we can't place your mortgage there. The above rates are with a different lender, so you would have to transfer the mortgage.

Legal and appraisal fees are covered. You just pay IA's discharge/transfer fees which get added to the mortgage being transferred.
If they've left the residential market does that mean they wouldn't renew? They haven't advised us of anything at this point.

Any idea what their discharge fees are?
RFD Forums Moderator
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Sep 13, 2011
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whiteberrystar wrote: For a purchase of a property:

-What is the purchase price? around 513000
-How much is the down payment? 10%
-Where it the property located? North York
-When is the closing date? February 28
-Will the property be owner-occupied or a rental? owner-occupied

HSBC has 2.49% posted special rate going on right now, looking for something even lower if possible.
looking for 5 yr fixed term, 25 year amortization. please and thank you!
Lowest 5 year fixed rate right now is 2.49%, and you can get this rate without having to deal with HSBC. The 2.49% is with a fair penalty lender, and does not have any unique terms or restrictions with it.
Definitely nothing lower than this.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 15, 2020
1 posts
Hello to all, looking to purchase a townhouse in the Canmore.

For a purchase of a property:

-What is the purchase price? 700k
-How much is the down payment? 140k (20%)
-Total mortgage amount: 560k
-Where is the property located? Canmore, AB
-When is the closing date? MAY 2020
-Will the property be owner-occupied or a rental? Owner occupied

Does it make a difference with 25% down?
Thanks in advance.
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Feb 2, 2014
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Toronto
WorldIRC wrote: If they've left the residential market does that mean they wouldn't renew? They haven't advised us of anything at this point.

Any idea what their discharge fees are?
I believe they aren’t taking any new business. But I doubt they will offer anything competitive for your renewal and a broker cannot assist.

Discharge fee is usually around $300.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 15, 2020
1 posts
Looking to buy a house/townhouse around 1.1m. Able to put down a 35% downpayment. In 2018 I made 30k; 2019, started a company, made around the same. How can I get a mortgage? It will be owner-occupied.

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