Real Estate

The Official Mortgage Rates Thread

Newbie
Jan 8, 2015
18 posts
2 upvotes
North York, ON
Thanks for your reply - when we called in March they told us about 11k but then we got busy. We just called now and they said 21k.

Is it possible that the penalty would have changed that much in the 2 months or are we getting poor info from them?
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
dan668 wrote: Looking for the best fixed and variable rates. I am a first time home buyer, the co-purchaser is not.

-What is the purchase price? $605000
-How much is the down payment? $35500 (minimum)
-Where it the property located? Port Severn
-When is the closing date? June 24th, 2021
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks
You have 0.99% 3 year variable or 1.10% five year variable available. For fixed you have 1.64% five year fixed.
Newbie
May 30, 2021
2 posts
Good afternoon

-What is the purchase price? 750,000
-How much is the down payment? 350,000
-Where it the property located? Calgary, AB
-When is the closing date? August 2, 2021
-Will the property be owner-occupied or a rental? Owner

Looking for 5-year fixed, 25 yr amort, w/ HELOC

Thanks!
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
Cristina19 wrote: Thanks for your reply - when we called in March they told us about 11k but then we got busy. We just called now and they said 21k.

Is it possible that the penalty would have changed that much in the 2 months or are we getting poor info from them?
If the penalty is $21k, it's not worth switching.

If the penalty is $11k, it's worth it.

Double check the penalty with TD.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
May 30, 2021
1 posts
I have a condo that's paid off probably worth (650k), and have some money in the bank, I'm retired with very little income. Anyone knows if I can use my condo for and qualify for a mortgage to buy a house? If so how much mortgage will I be able to get?
Newbie
May 30, 2021
1 posts
Hi everyone,

I was directed here to get some advice and look for better options. I was pre approved by a broker and was given 3 rates dependant on how many years fixed. After speaking to the builders broker, I’m getting some conflicting information and now unsure on making a finalized deal. I was discharged from bankruptcy Dec 2019 and was told I was eligible to use the first time homebuyer’s incentive.

-What is the purchase price? 386k
-How much is the down payment? 20%
-Where it the property located? Calgary Ab
-When is the closing date? Sept-dec 2021
-Will the property be owner-occupied or a rental? Owner

Look forward to hearing some feedback
Thank you in advance
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
sillyworld wrote: I have a condo that's paid off probably worth (650k), and have some money in the bank, I'm retired with very little income. Anyone knows if I can use my condo for and qualify for a mortgage to buy a house? If so how much mortgage will I be able to get?
If you mean you want to refinance the condo to pull our cash for buying a new property, you would need to qualify with your personal income.
Newbie
Sep 9, 2020
7 posts
17 upvotes
Is it generally harder to obtain a mortgage if the condo unit size is less than 500 square feet?

This is in Vancouver
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
itsxrw wrote: Is it generally harder to obtain a mortgage if the condo unit size is less than 500 square feet?

This is in Vancouver
There are lenders that can facilitate condos less than 500 square feet.
Member
User avatar
Sep 21, 2008
494 posts
31 upvotes
YYZ/YUL
Can anyone confirm how the new rules will work for someone who bought prior to June 1 but is yet to close? I've heard conflicting info, from it'll be based on the mortgage application date to it'll depend on the APS date.



Also..

Purchase price: $1,286,900
Downpayment: 20% ($257,380)
Location: Toronto
Closing: Sept 15
Owner occupied

Ideally I'm looking to amortize over 30 years. Thanks!
Newbie
Aug 17, 2019
46 posts
24 upvotes
I have a renewal coming up, I have 2.05% 5 yr fixed from the current lender, looking to see if there is something better out there.

How much is the mortgage owing? 265k
-Roughly, what is the current market value of the property? 800k
-Which city is the property located in? Grand Bend, ON
-Is the property owner-occupied or a rental? Short term rental
-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? 2016
-What was the purchase price? 400k
-When is your renewal date? July 14
Deal Fanatic
User avatar
Sep 13, 2011
7036 posts
3630 upvotes
Toronto
itsxrw wrote: Is it generally harder to obtain a mortgage if the condo unit size is less than 500 square feet?

This is in Vancouver
If the smaller condo is common for the area, then you shouldn't have an issue getting a mortgage on a condo less than 500 sq. ft. Options may be a bit more limited however. The smaller it is, the harder it becomes. If a bachelor, or under 400 sq ft, then options become increasingly limited.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Addict
Jul 16, 2003
1316 posts
488 upvotes
-How much is the mortgage owing?
$710k
-Roughly, what is the current market value of the property?
$1mil
-Which city is the property located in?
Stouffville
-Is the property owner-occupied or a rental?
Owner Occupied
-Who is your current lender?
Scotiabank
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
December 3, 2018 (2.5 years)
-What was the purchase price?
800k
-When is your renewal date?
December 3, 2021

I got 5 years variable @ 1.27% (-1.18%)
3 year fixed 1.76%; 5 year fixed @2.00%

Wondering if these are good enough for renewal? I also want to refinance or get a HELOC later on, would taking either or hinder that ability?
Newbie
Aug 9, 2011
3 posts
TORONTO
Any advice here? Have trouble wrapping my head around the various options, each with differing rates, etc. so would appreciate any input.
gingerp wrote: Mortgage is up for renewal and I'm trying to figure out the best way to finance a large renovation... Mortgage + HELOC or refinancing the whole thing? Looking to borrow an additional $500K-$600K, but the renovation wouldn't start for 6-12 months from the renewal date.

How much is the mortgage owing? $270,000 (13 yrs remaining)
-Roughly, what is the current market value of the property? $1,300,000
-Which city is the property located in? Toronto, ON
-Is the property owner-occupied or a rental? Owner
-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? April 2011
-What was the purchase price? $630,000
-When is your renewal date? August 2021
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
Obi Wan wrote: Can anyone confirm how the new rules will work for someone who bought prior to June 1 but is yet to close? I've heard conflicting info, from it'll be based on the mortgage application date to it'll depend on the APS date.



Also..

Purchase price: $1,286,900
Downpayment: 20% ($257,380)
Location: Toronto
Closing: Sept 15
Owner occupied

Ideally I'm looking to amortize over 30 years. Thanks!
Each lender has different protocols.

But there are lenders who will grandfather you if the APS was signed before June 1.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
JL2002 wrote: -How much is the mortgage owing?
$710k
-Roughly, what is the current market value of the property?
$1mil
-Which city is the property located in?
Stouffville
-Is the property owner-occupied or a rental?
Owner Occupied
-Who is your current lender?
Scotiabank
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
Yes
-When did you buy the property?
December 3, 2018 (2.5 years)
-What was the purchase price?
800k
-When is your renewal date?
December 3, 2021

I got 5 years variable @ 1.27% (-1.18%)
3 year fixed 1.76%; 5 year fixed @2.00%

Wondering if these are good enough for renewal? I also want to refinance or get a HELOC later on, would taking either or hinder that ability?
You are still outside the window to block a rate but you can potentially do better. Currently, these options are available
1.1% variable 5-year / 1.49% fixed 3-year / 1.79% fixed 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
gingerp wrote: Any advice here? Have trouble wrapping my head around the various options, each with differing rates, etc. so would appreciate any input.
You would be better off reaching out to a mortgage broker of your choice and having a consultation. I would not recommend undertaking a massive renovation under a regular mortgage.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Apr 8, 2021
29 posts
32 upvotes
Primary home refinance question

Current loan amount: $500K @ 25 years CMHC insured
Appraised amount: $850K
Equity take out: $180K
Refinance: $680K @ 30 years with monoline

My broker says that I cannot get a HELOC with my new 30 year amortization - I need to stay at 25 year amortization to get HELOC. Is that true?
Sr. Member
Nov 22, 2006
605 posts
494 upvotes
Our mortgage is up for renewal in September. How early should we start shopping around? How close to the renewal date do you have to be to lock in?

We're also interested adding a HELOC. We're currently with First National and I don't think they offer home equity loans/HELOC (unless I'm mistaken). I assume we should be including the HELOC requirement as we're shopping around?

  • How much is the mortgage owing? 529k
  • Roughly, what is the current market value of the property? $1M
  • Which city is the property located in? Markham, ON
  • Is the property owner-occupied or a rental? Owner-occupied
  • 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? 2016
  • What was the purchase price? 758k
  • When is your renewal date? Sep 17
Sr. Member
User avatar
Aug 20, 2020
875 posts
142 upvotes
Scarborough
DesignMan wrote: Primary home refinance question

Current loan amount: $500K @ 25 years CMHC insured
Appraised amount: $850K
Equity take out: $180K
Refinance: $680K @ 30 years with monoline

My broker says that I cannot get a HELOC with my new 30 year amortization - I need to stay at 25 year amortization to get HELOC. Is that true?
I guess you are looking for a re-advanceable mortgage and so yes.. you will have that constraint if looking to refinance to 30-year amortization with a monoline lender. But you have other options to do so. You can get 1.40% variable 5-year/2.29% fixed 5-year with attractive pricing on HELOC portion.
Neil Joseph
Mortgage Agent, Broker Lic #10530

Top

Thread Information

There are currently 6 users viewing this thread. (5 members and 1 guest)

Nichpawl, mario35, macmachine, TazZaide, Gaurv123