Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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Toronto
divx wrote: Renewal around May, so I'm not in any rush, which bank is offering 2.69%? I may be able to get CIBC to match it. 350k mortgage about 5 years ago, down to around 250k for renewal, so I'm looking for 4-5 year term.
There a few lenders offering that rate. Once you’re within 120 days, @rateconnect, @PaulMeredith or myself can help you get it.
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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Adrielle wrote: Anyone can help me to get a quote? Thanks
For a rental in QC, a lender like Desjardins should be competitive. What are they offering for your renewal?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jun 11, 2008
7 posts
CdnRealEstateGuy wrote: For a rental in QC, a lender like Desjardins should be competitive. What are they offering for your renewal?
They are offering me 2,84 for 5 year fixed with refinancing option.
Newbie
Jan 17, 2020
1 posts
1 upvote
Hi all,

Am looking to buy a property and would like some quotes on the best mortgage rates:

-What is the purchase price? $1.1 million
-How much is the down payment? $400k
-Where is the property located? GTA
-When is the closing date? End of 2020
-Will the property be owner-occupied or a rental? Owner occupied.

If you are a mortgage broker please feel free to DM me. Thanks!
Sr. Member
Apr 20, 2011
537 posts
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Scarborough
True North Mortgage is offering me 2.69% for 5-year fixed mortgage renewal. I am never dealt with them. Any issues or restrictions that i need to know if I am going to go with them?

I was previously with RBC, but see no reason to stay with big bank.

Also when renewing is it worth it pay legal fess (~$800) to remove lien and have amortization of 25 years, or should I pay no lien and have amortization of 20 years? I always thought the higher amortization period was better.
Newbie
Jul 17, 2018
61 posts
7 upvotes
Sorry if this has been asked. Is the general advice here, all else being equal, to seek the longer amortization period and make extra payments?
Newbie
Nov 24, 2018
21 posts
15 upvotes
Good mornings folks,
I would appreciate your expertise here as well:

-What is the purchase price? $648,669
-How much is the down payment? $422,669
-Where it the property located? Victoria, BC
-When is the closing date? March 2020
-Will the property be owner-occupied or a rental? Owner-occupied (living with roommate who will be paying me)

Additional information:
- it’s a new development condo and is expected to be finished by mid March 2020.
-First time home buyer

Thank you
Sr. Member
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Dec 2, 2008
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GooseAkuma wrote: Sorry if this has been asked. Is the general advice here, all else being equal, to seek the longer amortization period and make extra payments?
If I’m understanding your question correctly it’s neither. But it’s a good question nevertheless

All else being equal the general advice here is driven by getting the lowest rate in the present. And really is kind of has to be.

How people structure their debt or use their mortgage to help finance investments or other life needs is so specific to each individual and moment in time. These are important conversations to have your broker though because unlike the lenders themselves, brokers have a huge amount of products to help you strategize the best way to achieve your goals in this area
Member
Jan 18, 2007
337 posts
24 upvotes
Kind of interested in ammortization questions as well. There are a few people asking (quoted below).

I didn't realize changing the amortization during renewal is equivalent to refinancing which means additional lawyer fees. So I'm also wondering what effect attempting to get longer amortization has on the effective rate (i.e. interest + all fees added up and APR calculated on that amount) and how the effective refinance rate compares to some of the lowest rates offered in the thread.

Or in other words how likely are brokers to cover the refinance fee in the current market?
dainfamous41 wrote: True North Mortgage is offering me 2.69% for 5-year fixed mortgage renewal. I am never dealt with them. Any issues or restrictions that i need to know if I am going to go with them?

I was previously with RBC, but see no reason to stay with big bank.

Also when renewing is it worth it pay legal fess (~$800) to remove lien and have amortization of 25 years, or should I pay no lien and have amortization of 20 years? I always thought the higher amortization period was better.
GooseAkuma wrote: Sorry if this has been asked. Is the general advice here, all else being equal, to seek the longer amortization period and make extra payments?
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Feb 2, 2014
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Adrielle wrote: They are offering me 2,84 for 5 year fixed with refinancing option.
For a rental, that's a good rate.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
dainfamous41 wrote: True North Mortgage is offering me 2.69% for 5-year fixed mortgage renewal. I am never dealt with them. Any issues or restrictions that i need to know if I am going to go with them?

I was previously with RBC, but see no reason to stay with big bank.

Also when renewing is it worth it pay legal fess (~$800) to remove lien and have amortization of 25 years, or should I pay no lien and have amortization of 20 years? I always thought the higher amortization period was better.
Any of the brokers here can get the same rate and product. It's all standard terms and conditions.

It's up to you if you want to extend the amortization and bring down the payment.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
GooseAkuma wrote: Sorry if this has been asked. Is the general advice here, all else being equal, to seek the longer amortization period and make extra payments?
It depends on your personal situation. Don't overextend yourself by taking on a monthly payment that is too high...you don't want to run into cashflow issues in your life.

It's better to chose a comfortable monthly payment and use the prepayments to bring down the balance if you wish.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
duckhawk1 wrote: Good mornings folks,
I would appreciate your expertise here as well:

-What is the purchase price? $648,669
-How much is the down payment? $422,669
-Where it the property located? Victoria, BC
-When is the closing date? March 2020
-Will the property be owner-occupied or a rental? Owner-occupied (living with roommate who will be paying me)

Additional information:
- it’s a new development condo and is expected to be finished by mid March 2020.
-First time home buyer

Thank you
2.69% 5-year fixed, all standard terms and conditions.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
budric wrote: Kind of interested in ammortization questions as well. There are a few people asking (quoted below).

I didn't realize changing the amortization during renewal is equivalent to refinancing which means additional lawyer fees. So I'm also wondering what effect attempting to get longer amortization has on the effective rate (i.e. interest + all fees added up and APR calculated on that amount) and how the effective refinance rate compares to some of the lowest rates offered in the thread.

Or in other words how likely are brokers to cover the refinance fee in the current market?
Rates are typically higher and you have to cover the legal fees.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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