Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
1763 posts
336 upvotes
dbreaka wrote: -What is the purchase price? - 404,000
-How much is the down payment? - 30,000
-Where it the property located? - Scarborough (Markham and Sheppard condo)
-When is the closing date? - Dec 02, 2020
-Will the property be owner-occupied or a rental? - Owner occupies

Other relevant questions/notes:
- New condo build
- I am a first time home buyer
- I am 26 years old
- Current annual income is $43,000
- Guarantor annual income is $90,000
2.49% available to you on a 5 yr fixed term
20/20 prepayments
Full featured product

Reach out to any of the brokers on the forum to help

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
5271 posts
2259 upvotes
Toronto
shaolin_x wrote: Actually I'm in the process of a separation and looking to buy out my ex so I can keep the house. I will require approximately 195k to pay out her equity plus about 188k that's remaining on the mortgage. I'm currently paying 3.04% with TD. Any suggestions or options would be greatly appreciated

Thanks
Thanks for the info! You may still be able to accomplish this in the 2.69% - 2.79% range. Any of the regular posting brokers on this board would be happy to help you out!
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5271 posts
2259 upvotes
Toronto
dbreaka wrote: -What is the purchase price? - 404,000
-How much is the down payment? - 30,000
-Where it the property located? - Scarborough (Markham and Sheppard condo)
-When is the closing date? - Dec 02, 2020
-Will the property be owner-occupied or a rental? - Owner occupies

Other relevant questions/notes:
- New condo build
- I am a first time home buyer
- I am 26 years old
- Current annual income is $43,000
- Guarantor annual income is $90,000
You're still way too early to start shopping around for rates. Competitive rates do not become available until you are within 120 days of your closing date. I'd suggest posting again late summer and we'd be happy to help you out!
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Member
Aug 16, 2006
432 posts
112 upvotes
PaulMeredith wrote: You're still way too early to start shopping around for rates. Competitive rates do not become available until you are within 120 days of your closing date. I'd suggest posting again late summer and we'd be happy to help you out!
Hey Paul,

The builder is looking for a letter from a financial institution called "Mortgage Commitment" in the next 10 days.

How do you recommend I go about getting one?
Newbie
Jul 16, 2016
18 posts
4 upvotes
Hi! Looking for advice as to whether or not there's any chance a lender would give me a mortgage for a property if I were looking in this range:

-What is the purchase price? - 700,000
-How much is the down payment? - 100,000
-Where it the property located? - BC
-When is the closing date? - none, early stages
-Will the property be owner-occupied or a rental? - Owner occupied

More info:
- I'm self employed and have been since 2012 with all the tax returns to prove it and have always been up-to-date on those
- Annual income on the last two years of taxes averages out to 120,000
- I will be making more than that this year, probably to the tune of 170k.
- Credit score is good (IIRC two years ago when I got the car it was 781), I have a car payment for around $500 a month and no other debts

Thank you!
Newbie
Aug 22, 2008
15 posts
2 upvotes
Fantastic and thoughtful reply. This thread makes RFD.
Newbie
Aug 22, 2008
15 posts
2 upvotes
Mortgage quote for five year fixed and ten year as well SVP.

-What is the purchase price? - 1,100,000
-How much is the down payment? - 225,000
-Where it the property located? - Ottawa, Ont
-When is the closing date? - May 1st
-Will the property be owner-occupied or a rental? - Owner occupied

More info:
- I'm PS and with spouse we make $250k
- Credit score is good 800+
- One car loan at $500 month for next three years...
Newbie
Nov 15, 2018
5 posts
Hello my mortgage is due for renewal in Mar/Apr 2020.

-How much is the mortgage owing? - $233,000
-Roughly, what is the current market value of the property? - $515,000
-Which city is the property located in? - Ottawa, ON
-Is the property owner-occupied or a rental? - Owner-occupied
-Who is your current lender? - TD Bank
-Do you have a HELOC tied to the mortgage? - No
-Is the mortgage CMHC insured? - No
-When did you buy the property? - Apr 1, 2017
-When is your renewal date? - Apr 1, 2020
Deal Addict
User avatar
Jan 31, 2018
1763 posts
336 upvotes
accord2018 wrote: Hello my mortgage is due for renewal in Mar/Apr 2020.

-How much is the mortgage owing? - $233,000
-Roughly, what is the current market value of the property? - $515,000
-Which city is the property located in? - Ottawa, ON
-Is the property owner-occupied or a rental? - Owner-occupied
-Who is your current lender? - TD Bank
-Do you have a HELOC tied to the mortgage? - No
-Is the mortgage CMHC insured? - No
-When did you buy the property? - Apr 1, 2017
-When is your renewal date? - Apr 1, 2020
You can get rates as low as 2.64% on a 5 yr fixed term
20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1763 posts
336 upvotes
tedsel wrote: Mortgage quote for five year fixed and ten year as well SVP.

-What is the purchase price? - 1,100,000
-How much is the down payment? - 225,000
-Where it the property located? - Ottawa, Ont
-When is the closing date? - May 1st
-Will the property be owner-occupied or a rental? - Owner occupied

More info:
- I'm PS and with spouse we make $250k
- Credit score is good 800+
- One car loan at $500 month for next three years...
Best rate for a property of a million is 2.84% 5 yr fixed term 90 day & 2.89% for a 120 day hold

Full featured products

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1763 posts
336 upvotes
teneues wrote: Hi! Looking for advice as to whether or not there's any chance a lender would give me a mortgage for a property if I were looking in this range:

-What is the purchase price? - 700,000
-How much is the down payment? - 100,000
-Where it the property located? - BC
-When is the closing date? - none, early stages
-Will the property be owner-occupied or a rental? - Owner occupied

More info:
- I'm self employed and have been since 2012 with all the tax returns to prove it and have always been up-to-date on those
- Annual income on the last two years of taxes averages out to 120,000
- I will be making more than that this year, probably to the tune of 170k.
- Credit score is good (IIRC two years ago when I got the car it was 781), I have a car payment for around $500 a month and no other debts

Thank you!
Reach out to any of the brokers on the forum to take a closer look at your file

It will be very close based on the information provided need to look at your income in more detail

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Jul 16, 2016
18 posts
4 upvotes
rateconnect wrote: Reach out to any of the brokers on the forum to take a closer look at your file

It will be very close based on the information provided need to look at your income in more detail

Phil
Ah cool, thanks. I'm not close enough to want to waste anyone's time with it just yet (though I should be in a few months), just the online affordability calculators have given me a mortgage range anywhere from $300k to $650k and so I wanted a better idea as to whether it was completely wishful thinking and I definitely won't get anything over $450k or whatever or not.
Newbie
Apr 25, 2017
68 posts
37 upvotes
Hello,

I'm looking to put in an offer for a pre-construction home that's expected to close in Feb 2021 (might get delayed by a few months). I need a mortgage pre-approval in order for my offer to be expected. What's my best option?
-What is the purchase price? 870k
-How much is the down payment? 174k (20%)
-Where it the property located? Durham region
-When is the closing date? Builder set Feb 2021
-Will the property be owner-occupied or a rental? Owner (first time buyer)

More details:
Current income: 120k
Credit score: 740
No liens
Newbie
Nov 3, 2005
5 posts
1 upvote
Port Coquitlam
Hello,

Looking for advice if anyone has some to share about converting a property to a rental and buying a new property.

We are looking to withdraw $600k in equity from a $1M home with 105K left remaining in the mortgage.
Purchase a new home with the $600k in equity - downpayment (325k), payoff original mortgage(105k), renovations and investment(100k).

For those that may have done a deal like this what is the best way to structure the mortgages on two properties with one as a rental? I've been advised that creating a revenue-neutral rental property (or close to neutral with minimal profit) is the best way to go for tax purposes. This would allow the largest downpayment on the new property.

I'm assuming finding a good accountant that knows real-estate would be the best way to find the answers?

Any advice would be greatly appreciated.

Thank you.
Deal Fanatic
User avatar
Feb 2, 2014
7763 posts
2150 upvotes
Toronto
dbreaka wrote: -What is the purchase price? - 404,000
-How much is the down payment? - 30,000
-Where it the property located? - Scarborough (Markham and Sheppard condo)
-When is the closing date? - Dec 02, 2020
-Will the property be owner-occupied or a rental? - Owner occupies

Other relevant questions/notes:
- New condo build
- I am a first time home buyer
- I am 26 years old
- Current annual income is $43,000
- Guarantor annual income is $90,000
2.49% 5-year fixed is the best rate, but you're too far out to get it.

The lender may very well want the guarantor to go on title, so the guarantor would be a co-applicant (not a guarantor)....just a heads up.

My office is at Markham and Finch if you have any questions.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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