Real Estate

The Official Mortgage Rates Thread

Newbie
Jan 18, 2020
2 posts
For a mortgage transfer/renewal:

-How much is the mortgage owing? $75,766
-Roughly, what is the current market value of the property? $800,000
-Which city is the property located in? Ottawa
-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? Yes, 0 balance
-Is the mortgage CMHC insured? No
-When did you buy the property? 2005
-When is your renewal date? Mar 19, 2020

Looking for rates for 5, 4 and 3 year fixed closed final term. Thanks.
Newbie
Oct 14, 2013
28 posts
9 upvotes
Ajax
How much is the mortgage owing? $252,000
-Roughly, what is the current market value of the property? $750,000
-Which city is the property located in? Ajax
-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. Would like to add one
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2010
-When is your renewal date? June 2020

Realize I'm a bit early here, just poking around. Looking for 4 and 5 year fixed rates.

TIA
Newbie
Jun 2, 2008
65 posts
11 upvotes
Toronto
Hi,
I am looking for pre-approval of the mortgage,
-What is the purchase price? $1.2k
-How much is the down payment? $240K
-Where it the property located? GTA
-Do you own the current house? Yes
-Roughly, what is the current market value of the owned house? $750,000
-Mortgage left on the current house: 50k
-Combined family income:170k
Please let me know if I can get the pre-approval for 1.2k.
Thanks
Newbie
Jan 31, 2011
22 posts
Toronto
Hello All,

Our mortgage renewal is coming up - I am looking for an idea what can we expect out there.

Renew:
-How much is the mortgage owing? 165k
-Roughly, what is the current market value of the property? 750k
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? NBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2006
-When is your renewal date? end March 2020

Thanks.
Deal Addict
User avatar
Jan 31, 2018
1663 posts
287 upvotes
reinkraft wrote: Hello All,

Our mortgage renewal is coming up - I am looking for an idea what can we expect out there.

Renew:
-How much is the mortgage owing? 165k
-Roughly, what is the current market value of the property? 750k
-Which city is the property located in? Brampton
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? NBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2006
-When is your renewal date? end March 2020

Thanks.
Best rates on a 5 yr fixed term 2.69%
Full featured product
20/20 prepayment options

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
5136 posts
1927 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.
True North is a mortgage brokerage, not a lender. They do however have Think Financial, which is a lender owned by True North Mortgage. You would be able to get the same rate through any regular posting broker on this board, which would not come with any unique or unusual terms or conditions.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5136 posts
1927 upvotes
Toronto
Minnieeggroll wrote: 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!
For a closing the end of 2020, you are way too early to be able to start shopping for mortgage rates. While some banks may offer you rate holds for this amount of time, you will not find anything competitive until you are within 120 days of your closing date. I would suggest you repost again at that time and we'd be happy to quote you some rates.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Jan 31, 2018
1663 posts
287 upvotes
abbyss wrote: Hi,
I am looking for pre-approval of the mortgage,
-What is the purchase price? $1.2k
-How much is the down payment? $240K
-Where it the property located? GTA
-Do you own the current house? Yes
-Roughly, what is the current market value of the owned house? $750,000
-Mortgage left on the current house: 50k
-Combined family income:170k
Please let me know if I can get the pre-approval for 1.2k.
Thanks
Many variables at play here :

What is the intention with the current home ? Selling or converting to a rental
If keeping how much are the property taxes and estimated rental income
Any other debts- car loans, installment loans & credit card balances

How much are the property taxes on the new home

To calculate on the new home :

Mortgage obligations at the stress test on a 30 yr am equate to 62.7k annually (960k mortgage)
Add the property taxes
Add 1800 min for heat

The sum of the above cannot exceed 66,300 (39% of your gross) annually so for sure you will need more down

Reach out to any of the brokers on the forum to help you determine max amt for which you qualify

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1663 posts
287 upvotes
Wnaker wrote: How much is the mortgage owing? $252,000
-Roughly, what is the current market value of the property? $750,000
-Which city is the property located in? Ajax
-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. Would like to add one
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2010
-When is your renewal date? June 2020

Realize I'm a bit early here, just poking around. Looking for 4 and 5 year fixed rates.

TIA
2.49% would be your best bet on a 5 yr fixed term just a few weeks away

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1663 posts
287 upvotes
dheudje wrote: For a mortgage transfer/renewal:

-How much is the mortgage owing? $75,766
-Roughly, what is the current market value of the property? $800,000
-Which city is the property located in? Ottawa
-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? Yes, 0 balance
-Is the mortgage CMHC insured? No
-When did you buy the property? 2005
-When is your renewal date? Mar 19, 2020

Looking for rates for 5, 4 and 3 year fixed closed final term. Thanks.
You will have legals due to the collateral charge of approx. $800
Due to the size of the mortgage rates likely in the 2.79-2.89 on a 5 yr term

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
5136 posts
1927 upvotes
Toronto
anishladha wrote: Sorry, should state I’m interested in 1 or 2 yr fixed or 5 yr variable on a 25 or 30 yr amortization.
Thanks for the info! When switching your mortgage to another lender at the end of your current term, the new mortgage would be a continuation of where your last mortgage left off. For example, if you started with a 30 year amortization and 5 years has passed, then the maximum amortization would be 25 years. If you started with 25 years, then it would be 20. If you wanted to go back up to 30 years, then it would be considered a refinance, which means legal and appraisal fees would also apply, as would a higher rate (in most cases).

The minimum term length or a switch is 3 years. If you wanted 1-2 years, then your best bet would likely be to stay with Scotia. The lowest 5 year variable rate for your situation would be prime -1.20% (2.75%).
The lowest 5 year fixed would be just sightly lower than this at 2.70%.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Jan 31, 2018
1663 posts
287 upvotes
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
Best rates on a 5 yr fixed 2.65%
Full featured product
20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
5136 posts
1927 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?
Great question! I'll generally suggest to take the longest amortization possible when rate is the same. You can then increase your payment to match that of the 25 year amortization option. If you maintain that payment throughout the term, then you have something that is 100% equal to having a 25 year amortization, yet you have the flexibility to revert back to the lower payment at any time. This can really come in handy if you need to increase your cash flow, or if you want to purchase a rental property and need to lower your debt to income ratio to qualify.

You'll want to ensure you choose a lender with flexible prepayment privileges. Some of the banks will limit you to only 10/10 prepayment privileges, and will limit you to a lump sum payment only one time per year. Most of them however will let you double up your payments, which would allow you to use this strategy.

Some will want to start with a 25 year amortization no matter what, however the initial amortization is quite irrelevant as soon as you start using you prepayment privileges. With the more flexible prepayment privileges available from some lenders, a 30 year mortgage could be paid off in less than 4 years, without incurring a penalty. The initial amortization is meaningless in this sense.

Hope you find this helpful :)

Paul
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Jan 18, 2020
2 posts
rateconnect wrote: You will have legals due to the collateral charge of approx. $800
Due to the size of the mortgage rates likely in the 2.79-2.89 on a 5 yr term

Phil
Thanks, appreciate it. Can you also let me know what the rates would be if I wanted to pay off the loan in a 4 year final term?


Reminder:
-How much is the mortgage owing? $75,766
-Roughly, what is the current market value of the property? $800,000
-Which city is the property located in? Ottawa
-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? Yes, 0 balance
-Is the mortgage CMHC insured? No
-When did you buy the property? 2005
-When is your renewal date? Mar 19, 2020
Jr. Member
Apr 27, 2016
105 posts
77 upvotes
Renewal or transfer
How much is the mortgage owing? $95k
Roughly, what is the current market value of the property? $165K
Which city is the property located in? St.-Lambert, Quebec
Is the property owner-occupied or a rental? Owner
Who is your current lender? Industrial Alliance
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? No
When did you buy the property? 2009
When is your renewal date? March 15 2020

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