Real Estate

The Official Mortgage Rates Thread

Newbie
Sep 12, 2013
90 posts
44 upvotes
Mississauga
rateconnect wrote:
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

Thx Phil, CDNRealEstateGuy, Paul
This is a good surprise to me. I thought my collateral charge carried over when I switched from NBC to RMG/MCAP. I did not take any more money when I did the transfer.

I know you guys would know this via your responses. But is there a simple way to validate directly with RMG or checking my online portal?Or there is no need to 100% sure it is not a collateral mortgage?

Thx
Deal Fanatic
User avatar
Feb 2, 2014
7768 posts
2152 upvotes
Toronto
winjones wrote: Thx Phil, CDNRealEstateGuy, Paul
This is a good surprise to me. I thought my collateral charge carried over when I switched from NBC to RMG/MCAP. I did not take any more money when I did the transfer.

I know you guys would know this via your responses. But is there a simple way to validate directly with RMG or checking my online portal?Or there is no need to 100% sure it is not a collateral mortgage?

Thx
RMG doesn't do collateral. I know them extremely well, as do Paul and Phil. You're good, don't worry.
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
7768 posts
2152 upvotes
Toronto
GooseAkuma wrote: Hello. Newbie here.

Is there a difference in mortgage rates between properties in Toronto vs Vancouver or Detached home vs townhouse?

I contacted a couple of mortgage brokers (friends of a friend of a friend type) who all want us to submit an application for pre-approval but and advised we can get better rates with a live offer. Is that just the process that all mortgage brokers have to go through? Being pre-approved allows for better negotiating power when there is a live offer. Does it make sense to submit pre-approval applications to various mortgage brokers or once you are pre-approved you can take the pre-approval to another broker if they can offer better live rates?
Toronto vs Vancouver, maybe. Most credit unions just operate in their province, and we all have different credit unions. Both BC and ON have a ton of different credit unions. So if the best rate is with a credit union in Ontario, you can't get it.

Detached vs townhome, no.

Best rates are for approvals only, which we often mention in this thread.

Lastly, you can still get pre-approved. Nobody is saying not to get pre-approved. But you won't get the best rates posted here until you have an accepted offer.
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
7768 posts
2152 upvotes
Toronto
eronius_monk wrote: Looking for a home renovation loan.
We own the $800,000 house outright.
Combo income around $130,000.
Reno including consolidating 2 fixed term loans $100,000
Looking to pay off in 10 yrs.
Currently with Td.

Offers so far.

2.85% on 5 yr fixed
Registration fee $600

2.85% of 5 yr fixed
$1500 in legal fees covered for switching banks
( would cost $200 to TD to break the 2 fixed term loans ).

Am i in the ballpark of a good deal with either or should i be striving for something better?

TIA
Yes, those are fair rates for your transaction.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jan 8, 2020
2 posts
-How much is the mortgage owing?
725K
-Roughly, what is the current market value of the property?
1.3 mil
-Which city is the property located in?
Halton, Ontario
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
CIBC
-Do you have a HELOC tied to the mortgage?
Yes
-Is the mortgage CMHC insured?
No
-When did you buy the property?
2017
-When is your renewal date?
1st April,2020
Jr. Member
Jul 17, 2018
128 posts
56 upvotes
CdnRealEstateGuy wrote: Best rates are for approvals only, which we often mention in this thread.

Lastly, you can still get pre-approved. Nobody is saying not to get pre-approved. But you won't get the best rates posted here until you have an accepted offer.
Thanks. So if I'm confident that I will be approved for a mortgage, there's no point to get "pre-approved" first? I might as well wait until I have an accepted offer then apply for mortgage with a mortgage broker?
Banned
Sep 19, 2012
1253 posts
1859 upvotes
Calgary
Mike15 wrote: I'm in a situation where additional borrowing makes sense as a "refinancing" of existing debt, but it's sounding beneficial to keep the mortgage at insured rates and use a HELOC (preferably one you can lock a lower, fixed rate inside of) in 2nd position to consolidate the other debts.
Goes without saying but whether it's better to keep the insured deal intact will wholly depend on the mix of interest rates between the insured and uninsured segments. You'd probably have to switch into a collateral charge mortgage in order to have multiple fixed loan segments. Big banks may be your best bet for that.
eronius_monk wrote: Looking for a home renovation loan.
We own the $800,000 house outright.
..
2.85% on 5 yr fixed
Registration fee $600
2.85% of 5 yr fixed
$1500 in legal fees covered for switching banks
The rate is pretty good. Best refinance rate I can see is something like 2.79% with Motusbank. It'll be up to your negotiation though as to whether you get it and whether they cover your switch costs.
GooseAkuma wrote: So if I'm confident that I will be approved for a mortgage, there's no point to get "pre-approved" first? I might as well wait until I have an accepted offer then apply for mortgage with a mortgage broker?
You betcha. That's exactly what you should do!

Good luck everyone!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Jr. Member
User avatar
Mar 16, 2008
182 posts
7 upvotes
Mississauga
Looking for renewal options please:

Mortgage owed - 370K
Current market value - $750K
Location - Mississauga, Ontario
Owner-occupied or rental - Owner occupied
Current lender - MCAP
HELOC - No
CMHC insured - No
Year bought - 2015
Renewal date - May 15, 2020
Banned
Sep 19, 2012
1253 posts
1859 upvotes
Calgary
moon_man33 wrote: Looking for renewal options please:
Mortgage owed - 370K
Current market value - $750K
Location - Mississauga, Ontario
Owner-occupied or rental - Owner occupied
Current lender - MCAP
HELOC - No
CMHC insured - No
Year bought - 2015
Renewal date - May 15, 2020
I can get you 2.64% on a five year fixed. Fair penalty lender. All costs to switch covered (discharge, legal and appraisal). I don't see shorter-term rates that are lower than that.

If variable tickles your fancy you can get one with a bonafide sales clause at p-1.25% (MCAP). Bonafide sales clauses aren't as penal when you're in a variable rate deal (Why? One of the reasons to switch a mortgage would be lower rates, but as overall rates get cheaper, typically variables go along for the ride). No bonafides sales clause is available at p-1.17% if you were so inclined.

Good luck!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Sr. Member
Mar 23, 2008
787 posts
36 upvotes
Scarborough
Thanks for this.

The appraisal was done in 2017 for the precon and my mortgage specialist confirmed that no additional appraisal is required. I'm getting a rate of 3.04% on a 5 year fixed.

I don't want to risk shopping around and getting an updated appraisal as I think it will come in even lower and ending up having to front more money down.

What's the going rate with the big banks on a 5 year fixed?
Deal Fanatic
User avatar
Sep 13, 2011
5275 posts
2265 upvotes
Toronto
GooseAkuma wrote: Thanks. So if I'm confident that I will be approved for a mortgage, there's no point to get "pre-approved" first? I might as well wait until I have an accepted offer then apply for mortgage with a mortgage broker?
No, this could end up being a big mistake. I would highly suggest reaching out to bank or broker first to get pre-approved, or at least to discuss your situation with them. While it's quite likely you'll be okay, it's not a good idea to make that assumption. I've seen many in the past that were confident that they would qualify, yet they do not. I'm seen some that were flat out shocked that they didn't qualify for the number they were looking for. What might seem logical to you, might contradict what can be done in the mortgage world. It can defy logic at times, so always make sure you have a mortgage professional at least look over your application first to ensure everything looks solid.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5275 posts
2265 upvotes
Toronto
01s0uljah wrote: Thanks for this.

The appraisal was done in 2017 for the precon and my mortgage specialist confirmed that no additional appraisal is required. I'm getting a rate of 3.04% on a 5 year fixed.

I don't want to risk shopping around and getting an updated appraisal as I think it will come in even lower and ending up having to front more money down.

What's the going rate with the big banks on a 5 year fixed?
You should be able to get 2.89% - 2.94% through a major bank. Appraisal may or may not be required.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Addict
User avatar
Jul 22, 2004
1704 posts
42 upvotes
ETOBICOKE
Hello all, may go another route. What is the best Heloc rate for a home in toronto. no mortgage, value 900,000. looking to have a heloc for as much as I can carry.

Thanks in advance!
Looking for an educational source to help pass your G1 written driving test? Check out DrivingTests101.com
It helped me pass my test and had a lot of great resources!
Newbie
Jan 8, 2020
2 posts
Hi There,

I am looking for good rates for renewal of my mortgage. Details are below. TIA
-How much is the mortgage owing?
725K
-Roughly, what is the current market value of the property?
1.3 mil
-Which city is the property located in?
Halton, Ontario
-Is the property owner-occupied or a rental?
Owner
-Who is your current lender?
CIBC
-Do you have a HELOC tied to the mortgage?
Yes
-Is the mortgage CMHC insured?
No
-When did you buy the property?
2017
-When is your renewal date?
April
Deal Addict
User avatar
Jan 31, 2018
1766 posts
336 upvotes
Blazin_Sunfire wrote: Hello all, may go another route. What is the best Heloc rate for a home in toronto. no mortgage, value 900,000. looking to have a heloc for as much as I can carry.

Thanks in advance!
Prime +.5% is the best thru the broker channel max 65% ltv
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628

Top

Thread Information

There are currently 7 users viewing this thread. (5 members and 2 guests)

brommabull2, krs, alexinvestor, CDA, stovjeni