Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
User avatar
Feb 2, 2014
7775 posts
2157 upvotes
Toronto
AliZaidi89 wrote: What is the best rate I can get for the below property

-What is the purchase price? 217000
-How much is the down payment? 20%
-Amortization? 30 yrs
-Will the property be owner-occupied or a rental? Owner

RBC is quoting me 2.99% 5 year fixed.
Please provide the property location.
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
7775 posts
2157 upvotes
Toronto
dainfamous41 wrote: Yes it does, thank you for the information. I should have clarified. At time of purchase, my amortization was 25 years. Now its 19 years, 6 months.

So basically in my case because I am renewing and I am not concerned with lowering my payment, I should probably stick with the remaining amortization of 19 years, 6 months?
Correct.
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
7775 posts
2157 upvotes
Toronto
SpeakerSnow wrote: Bump - I think my post got delayed - TIA!
2.69% 5-year fixed, legal and appraisal fees covered.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
CdnRealEstateGuy wrote: I think Phil gave you a quote for a transfer, not a refinance.

For a refinance, you're looking at 2.89% 5-year fixed and you will lose your CMHC insurance. You also have to pay legal and appraisal fees.
Thanks Kevin !
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 12, 2013
90 posts
44 upvotes
Mississauga
Hi
I have a 590k mortgage CMHC insured with RMG due for renewal in May this year. The product listed on signed paperwork is RMG Low Rate Basic on variable rate. I transfered to RMG from NBC, so there is a collateral charge attached.

What is the best strategy comes May to minimize fees I would need to pay at the end should I prefer to make a switch?
Should I stay with RMG, switch to a non-collateral product which then makes it easy (no/low fees) to switch to a different institution? Not sure if possible, so just asking.

-How much is the mortgage owing? $590k
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RMG/MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2014
-When is your renewal date? May10, 2020
Newbie
Aug 7, 2019
25 posts
3 upvotes
CdnRealEstateGuy wrote: Please provide the property location.
What is the best rate I can get for the below property

-What is the purchase price? 217000
-How much is the down payment? 20%
-Location? South shore Montreal
-Amortization? 30 yrs
-Will the property be owner-occupied or a rental? Owner

RBC is quoting me 2.99% 5 year fixed.
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
winjones wrote: Hi
I have a 590k mortgage CMHC insured with RMG due for renewal in May this year. The product listed on signed paperwork is RMG Low Rate Basic on variable rate. I transfered to RMG from NBC, so there is a collateral charge attached.

What is the best strategy comes May to minimize fees I would need to pay at the end should I prefer to make a switch?
Should I stay with RMG, switch to a non-collateral product which then makes it easy (no/low fees) to switch to a different institution? Not sure if possible, so just asking.

-How much is the mortgage owing? $590k
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RMG/MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2014
-When is your renewal date? May10, 2020
You do not have a collateral charge with RMG

When you transferred from NB did you switch the amount owing over to RMG or did you refinance (take extra funds)

You could be eligible for 2.49% on a 5 yr fixed term

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
AliZaidi89 wrote: What is the best rate I can get for the below property

-What is the purchase price? 217000
-How much is the down payment? 20%
-Location? South shore Montreal
-Amortization? 30 yrs
-Will the property be owner-occupied or a rental? Owner

RBC is quoting me 2.99% 5 year fixed.
For Quebec that is pretty much the best rate on a 30 yr am

Better rates available on 25 yrs in the 2.84% range

phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Expert
User avatar
Oct 26, 2003
33051 posts
3467 upvotes
Winnipeg
so who besides True North mortgage offers 2.69% 5 year fixed rate? does it have to be a broker or would bank just offer that straight up?
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
divx wrote: so who besides True North mortgage offers 2.69% 5 year fixed rate? does it have to be a broker or would bank just offer that straight up?
Any of the brokers on the forum can get you that rate or potentially lower.

Much depends on your situation please provide more details

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
7775 posts
2157 upvotes
Toronto
divx wrote: so who besides True North mortgage offers 2.69% 5 year fixed rate? does it have to be a broker or would bank just offer that straight up?
As @PaulMeredith pointed out, True North is not a lender, they are broker similar to Phil, Paul and myself. Any of us can get that rate from a couple lenders offering it. Most likely we are offering it via the same lenders.
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
7775 posts
2157 upvotes
Toronto
winjones wrote: Hi
I have a 590k mortgage CMHC insured with RMG due for renewal in May this year. The product listed on signed paperwork is RMG Low Rate Basic on variable rate. I transfered to RMG from NBC, so there is a collateral charge attached.

What is the best strategy comes May to minimize fees I would need to pay at the end should I prefer to make a switch?
Should I stay with RMG, switch to a non-collateral product which then makes it easy (no/low fees) to switch to a different institution? Not sure if possible, so just asking.

-How much is the mortgage owing? $590k
-Roughly, what is the current market value of the property? $1.2M
-Which city is the property located in? Mississauga
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RMG/MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2014
-When is your renewal date? May10, 2020
As Phil pointed out, you no longer have a collateral charge mortgage. And since the term is over, the LRB product has no effect on the transfer.

Best rate is 2.49% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Apr 20, 2011
545 posts
24 upvotes
Scarborough
PaulMeredith wrote: Some mortgages can be more restrictive than others, which is why you should not choose a mortgage based on rate alone. The lowest rate mortgage does not always mean it will be the best fit for you, nor the lowest cost mortgage option. Here is a list of common restrictions found with major mortgage lenders, and which lenders carry these restrictions: 

- Bonafide sale clause where you can only break the mortgage early if you can sell your home (some products with MCAP and BMO). 

- Higher than normal penalties (Industrial Alliance, plus some products with Merix and RMG.  Plus, all of the big banks on fixed rate mortgages (penalties to break a mortgage with the big banks can be as much as 500% higher than most non-bank lenders).
 
- limited prepayment privileges (Industrial Alliance and RBC. Other major banks may also limit you to making a single lump sum payment per year)

- Higher than industry prime rate (TD). 

- Collateral mortgages (TD, Tangerine, National Bank, and HSBC.  Plus, a mortgage from any lender that contains a HELOC or second component of any kind). 

- Variable rate mortgage that is compounded monthly as opposed to semi-annually (Merix, CMLS, TD, RBC, BMO, CIBC, National Bank). 

The above covers just about everything.  Aside from that, most mortgages are fairly similar. Hope you find this helpful :)

Paul
Thanks that really helps! Are there any other different terms and conditions a mortgage brokerage would have vs. a big bank?
Deal Expert
User avatar
Oct 26, 2003
33051 posts
3467 upvotes
Winnipeg
rateconnect wrote: Any of the brokers on the forum can get you that rate or potentially lower.

Much depends on your situation please provide more details

Phil

-How much is the mortgage owing? $240k
-Roughly, what is the current market value of the property? $480K
-Which city is the property located in? Saskatoon
-Is the property owner-occupied or a rental? Rental
-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? 2015
-When is your renewal date? May 1, 2020

If you can get this rate with CIBC for renewal then I won't need to switch provider, should be less paperwork.

Top

Thread Information

There are currently 3 users viewing this thread. (2 members and 1 guest)

sugy, Tmack