Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jan 31, 2018
1541 posts
241 upvotes
yashgandhi wrote: Hi my mortgage is coming up for renewal in next 20 days. Could you please provide rate for 3 or 4 years fixed?

Details below:

-How much is the mortgage owing? $350,000
-Roughly, what is the current market value of the property? $780,000
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner
-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? 2014
-When is your renewal date? Feb 2020
You would need to go into an open as the process takes about 30 days start to finish

5 yr 2.69%
4 year 3.04%
3 yr 2.89%

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1541 posts
241 upvotes
gundamwingZero wrote: is 2.94 a good rate for a first time home buyer? (not sure if I am asking the correct question Smiling Face With Open Mouth)...
this is a pre-approved rate though...
credit score for the household is above 750 (EQ and TU)...
Preapprovals are for peace of mind that you qualify for the amount your seeking

When you have a firm offer then any of the brokers on the forum can lock you into best rates

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Jr. Member
Feb 7, 2015
166 posts
123 upvotes
rateconnect wrote: Many of the lenders we deal with have min mortgage amounts that unfortunately you wouldn't meet

Best would be to negotiate with your current lender

Phil
Just curious what's roughly the estimated minimum mortgage amounts that lenders deal with?
Deal Fanatic
User avatar
Feb 2, 2014
7352 posts
1857 upvotes
Toronto
yashgandhi wrote: Hi my mortgage is coming up for renewal in next 20 days. Could you please provide rate for 3 or 4 years fixed?

Details below:

-How much is the mortgage owing? $350,000
-Roughly, what is the current market value of the property? $780,000
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner
-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? 2014
-When is your renewal date? Feb 2020
2.69% 5-years fixed. Legals and appraisal fees covered. All 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
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7352 posts
1857 upvotes
Toronto
gundamwingZero wrote: is 2.94 a good rate for a first time home buyer? (not sure if I am asking the correct question Smiling Face With Open Mouth)...
this is a pre-approved rate though...
credit score for the household is above 750 (EQ and TU)...
Don’t waste your time rate shopping for a preapproval. All the promo rates you see posted here are for approvals only. Get preapproved to find out your max purchase price and start rate shopping 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
President's Club Award Winner At The Mortgage Architects
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7352 posts
1857 upvotes
Toronto
pwareham wrote: How much is the mortgage owing? $241,000
-Roughly, what is the current market value of the property? $450,000
-Which city is the property located in? Halifax
-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? 2012
-When is your renewal date? April 2020

There is a 50% chance I will be able to pay it off in full in 12-18 months.
Go variable then as penalty is capped at 3 months interest. You’re looking around 3% 5-year variable.
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
PLATINUM CLUB Award Winner At Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7352 posts
1857 upvotes
Toronto
ChaoL21954 wrote: What is the rate for 3 year fixed? Thanks.
Can you answer the questions on page 1 for an accurate quote on the 3 year?
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
PLATINUM CLUB Award Winner At Century 21 Innovative
Newbie
User avatar
Jan 15, 2020
3 posts
CdnRealEstateGuy wrote: Can you answer the questions on page 1 for an accurate quote on the 3 year?
-How much is the mortgage owing? $420,000
-Roughly, what is the current market value of the property? $1M
-Which city is the property located in? Woodbridge ON
-Is the property owner-occupied or a rental? owner occupied
-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? 2014
-When is your renewal date? March 15th, 2020

Thank you
Newbie
Sep 27, 2013
20 posts
150 upvotes
Vancouver
Hi I am buying a house and looking for a good 3/4/5 years fixed rate.

-What is the purchase price? 1.45M
-How much is the down payment? 1.45M*20%=290k
-Where it the property located? Vancouver
-When is the closing date? March 2nd
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
Newbie
Jan 17, 2020
1 posts
Hello, purchasing a house and looking for best 5 year fixed rate.

Purchase Price - $510,000
Down Payment 5% - $25,500
Location - Ottawa
Closing Date - April 30th
Owner Occupied

I also have a current mortgage for condo to sell, details:

Mortgage Owing - $205,000
Current Market Value - $300,000
Location - Ottawa
Owner Occupied
Current Lender - Street Capital
HELOC - No
CMHC Insured - Yes
Purchase Date - 2012, renewed in fall 2017 for another 5 year term ending 2022

Thanks for your help.
Newbie
Sep 20, 2012
23 posts
MONTRÉAL
etiennetf wrote: Hey guys, we’re about to start shopping for a renewal

-How much is the mortgage owing? ~300,000
-Roughly, what is the current market value of the property? ~600,000
-Which city is the property located in? Montreal, Quebec
-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, but we’d like to get one with the renewal
-Is the mortgage CMHC insured? Yes
-When did you buy the property? May 2015
-When is your renewal date? May 6th 2020

We’re open to fixed and variable. Current rate is 2.64% fixed. Finishing my 5 year term in may.
Bump, to get a bit of help :)
Member
Nov 13, 2016
266 posts
168 upvotes
Hello guys,

Is it too early to lock in rates if renewal is on May 28, 2020?

-How much is the mortgage owing? $275000
-Roughly, what is the current market value of the property? $850000
-Which city is the property located in? Woodbridge
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes, 0 balance
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? May 28

I am learning towards 5yr variable rate but don't mind looking at 5yr fixed offers.

Thanks
CD
Newbie
Oct 13, 2011
8 posts
Halifax
CdnRealEstateGuy wrote: Go variable then as penalty is capped at 3 months interest. You’re looking around 3% 5-year variable.
Are you able to quote or refer me to someone in Nova Scotia that could supply that rate?
Newbie
Oct 13, 2011
8 posts
Halifax
pwareham wrote: Are you able to quote or refer me to someone in Nova Scotia that could supply that rate?
I presume I’d be looking for a quote in the form of Prime minus X% correct?
Deal Fanatic
User avatar
Feb 2, 2014
7352 posts
1857 upvotes
Toronto
ChaoL21954 wrote: -How much is the mortgage owing? $420,000
-Roughly, what is the current market value of the property? $1M
-Which city is the property located in? Woodbridge ON
-Is the property owner-occupied or a rental? owner occupied
-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? 2014
-When is your renewal date? March 15th, 2020

Thank you
2.79% 3-year fixed, 2.69% 5-year fixed or 2.75% 5-year variable.
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
PLATINUM CLUB Award Winner At Century 21 Innovative

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