Real Estate

The Official Mortgage Rates Thread

Newbie
Jan 8, 2020
2 posts
1 upvote
DOES ANYONE KNOW A GOOD MORTGAGE COMPANY IN TORONTO? i got reffered to homewise mortgages from Justo Brokerage. Do you guys know if they are any good?
Deal Addict
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Jan 31, 2018
1758 posts
334 upvotes
katmorningside wrote: DOES ANYONE KNOW A GOOD MORTGAGE COMPANY IN TORONTO? i got reffered to homewise mortgages from Justo Brokerage. Do you guys know if they are any good?
Any of the brokers on the forum will get you the best rates reach out

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Feb 2, 2014
7760 posts
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Toronto
katmorningside wrote: DOES ANYONE KNOW A GOOD MORTGAGE COMPANY IN TORONTO? i got reffered to homewise mortgages from Justo Brokerage. Do you guys know if they are any good?
If you answer the questions on page 1 of this thread, myself, Paul or Phil will give you an accurate quote.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Mar 23, 2008
787 posts
36 upvotes
Scarborough
Hi All,

Looking for some advice here for upcoming pre-construction closing. We received a conditional mortgage approval back in 2017 with a lower appraised value (40k under).

Fast-track to present, the offer is still valid and we're getting a 3.04% 5-year fixed rate. I'd like to shop around however, a friend of ours that recently closed their property in the same development (and same house/price) got appraised substantially less (100k under). My concern is that if we get another quote and appraisal that we would have to come up with an additional 100K on top of our 20% which may be an issue.

House price: 870,000
Appraised value: 830,000
Down Payment: 174,000

What options do we have as our closing is in 2 months.

Thanks
Newbie
Jan 20, 2020
2 posts
Hello,

My family and I have signed an offer to purchase and are now looking at our financing options. I have been highly recommended to this thread for general advice and rate quotes. We have an appointment with a broker's office tomorrow morning (True North Mortgage) but are open to entertaining other brokers depending on advice and quotes.

First, the questions:
For a purchase of a property:

-What is the purchase price? ~1.3m
-How much is the down payment? Depends on advice, see below.
-Where it the property located? Toronto
-When is the closing date? March
-Will the property be owner-occupied or a rental? Rental
The situation is that we have inherited a house where we have full equity. The house is almost identical to the property we're purchasing.

We are looking for advice on how we should structure the mortgage on the new house together with a home equity product (HELOC?) on our current house.
e.g. what % down do we put on a mortgage to get the best rates relative to the higher interest on the HELOC. Hopefully that is clear.

We are looking for advice on how to accomplish both sides of this, the mortgage on the new house and the equity on the current house. If anyone is aware of what options are available to us we would love to hear about them.

Also, looking at rates right now I mentioned True North Mortgage. We are located in Toronto and they have strong reviews. Does anyone have any experience with them they could share? Further, their rates for HELOC are listed as 4.45% (Prime +0.50%).
Looking at Tangerine (because they're mentioned on this forum and is where I have my main chequeing account) they have rates listed at 3.85%. ("Tangerine Prime" - 0.1%).

Am I missing something? Why would Tangerine's rate be considerably lower than the True North broker's posted rate? Appreciate any insight there.

Some other concerns. The house which we will use the equity from for the down payment is split among 4 people. We will all be on the new purchase as well. Are there complications associated with this that we should be aware of? Is this in our favour or against it?

We appreciate any advice you have. Again, we are also open to moving forward with a broker on this site depending on advice and rates.
Deal Fanatic
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Feb 2, 2014
7760 posts
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Toronto
01s0uljah wrote: Hi All,

Looking for some advice here for upcoming pre-construction closing. We received a conditional mortgage approval back in 2017 with a lower appraised value (40k under).

Fast-track to present, the offer is still valid and we're getting a 3.04% 5-year fixed rate. I'd like to shop around however, a friend of ours that recently closed their property in the same development (and same house/price) got appraised substantially less (100k under). My concern is that if we get another quote and appraisal that we would have to come up with an additional 100K on top of our 20% which may be an issue.

House price: 870,000
Appraised value: 830,000
Down Payment: 174,000

What options do we have as our closing is in 2 months.

Thanks
If the appraisal comes in at $830k, then you will have to put down $206,000. If not, you will have to pay the CMHC insurance with $174,000 down.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Dec 31, 2014
7 posts
1 upvote
Toronto, ON
Looking for a mortgage renewal. Would like to know what’s the best rate available.

Current Variable Mortgage with CIBC coming up for renewal.
Mortgage amount :$266,000
Approximate market value:$550,000
Original purchase date (month and year): Apr 2015
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment);No
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender;CIBC
Is this your primary residence or a rental property? Rental
Location: North York
Maturity date: Apr 1 2020
Deal Addict
User avatar
Jan 31, 2018
1758 posts
334 upvotes
driftz wrote: Looking for a mortgage renewal. Would like to know what’s the best rate available.

Current Variable Mortgage with CIBC coming up for renewal.
Mortgage amount :$266,000
Approximate market value:$550,000
Original purchase date (month and year): Apr 2015
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment);No
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender;CIBC
Is this your primary residence or a rental property? Rental
Location: North York
Maturity date: Apr 1 2020
Best rate would be 3% on a full featured product for a rental
5 yr fixed term
20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Aug 16, 2014
253 posts
228 upvotes
Oshawa, ON
Hey RFD,

Looking to renew my mortgage as it’s just become eligible. Any help would be appreciated on a great interest rate.
coming up for renewal.

Currently on 5 year fixed rate with BMO at 2.59%
Mortgage amount :$265,000
Approximate market value:$500,000
Original purchase date (month and year): July 2015
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment); YES
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender;BMO
Is this your primary residence or a rental property? Primary
Location: Courtice
Maturity date: July 1 2020
Newbie
Jan 20, 2020
2 posts
Hey RFD,

Looking to buy mortgage for first time home buyer in BC. Its new build which will be completed in March for condo:

For a purchase of a property:

-What is the purchase price? ~485k (Including GST)
-How much is the down payment? 20%
-Where it the property located? Surrey, BC
-When is the closing date? Feb
-Will the property be owner-occupied or a rental? Owner Occupied

Also, i and my fiance will be both listed on property and we both are PNP approved by BC. IS there any issue or additional taxes we are looking for ?
Deal Addict
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Jan 31, 2018
1758 posts
334 upvotes
JordanTO wrote: Hey RFD,

Looking to renew my mortgage as it’s just become eligible. Any help would be appreciated on a great interest rate.
coming up for renewal.

Currently on 5 year fixed rate with BMO at 2.59%
Mortgage amount :$265,000
Approximate market value:$500,000
Original purchase date (month and year): July 2015
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment); YES
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance? No
Do you have a second component such as a HELOC attached to your mortgage? No
Current lender;BMO
Is this your primary residence or a rental property? Primary
Location: Courtice
Maturity date: July 1 2020
You are still a few weeks away from the 120 day lock in

Best rates would be 2.49% on a previously insured deal in Ontario
5 yr fixed term

Keep an eye on the forum and reach out to Paul, Kevin or myself closer to end of Feb

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
Sep 19, 2012
1250 posts
1847 upvotes
Calgary
Been a while since I posted and I’ve tried to PM as many folks as I could. Generally speaking the only rate I see that’s better than what I see posted here is a switch rate with 25%+ equity. I have a lender (who doesn’t like to be named in public!) that can do that at 2.64% for a five year fixed. XMC will do that rate too for a purchase!

Other rates that have been mentioned are insured purchase and switches at 2.49% on a 5-year fixed (HSBC on purchases nationwide or Alterna in Ontario).

Purchases with 20%-25% down: 2.74% seems to be the consensus best rate (5-year fixed) and that would be with XMC.

I think the best refinance rate is Motusbank at 2.89% (YMMV with them and you could get 2.79% if you negotiate well).

There may be other lenders out there that can beat those rates as I don’t see every single lender (nor does any broker frankly). Keep doing your due diligence!

Good luck all!
Last edited by ahlaker on Jan 23rd, 2020 1:35 pm, edited 1 time in total.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Deal Fanatic
User avatar
Feb 2, 2014
7760 posts
2148 upvotes
Toronto
jeebee wrote: @rateconnect or @CdnRealEstateGuy do either of you have any thoughts for us here?
2.94% - 3.04% 5-year fixed is the best rate I'm seeing for rentals.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 20, 2020
1 posts
-What is the purchase price?
749,000

-How much is the down payment?
160,000

-Where it the property located?
Toronto, Ontario

-When is the closing date?
N/A, Still searching

-Will the property be owner-occupied or a rental?
Owner occupied or Rental. I would like to see rates for both

First time home buyer

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