Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
1766 posts
337 upvotes
AlexV42653 wrote: Hi, I just see all these posts about 2.64% and 2.74% rates for 5yrs not insured. Where do you get these rates? Best I found was 2.79% but was collateral.

Purchase price: 285,000
Down payment: 20% but could be more if better
Amortization: 25 yrs but flexible to less if better
Location: Quebec

Thank you

-Alex
Rates depend on loan to value required and also location - some rates only available in Ontario from Credit Unions etc

Best rate in Quebec 20% down is 2.79% but it is not a collateral mortgage 5 yr term

Rates drop if you put 30% down to 2.74% (not a big difference) & 2.69% if 35% down

Good luck Alex

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Nov 3, 2005
5 posts
1 upvote
Port Coquitlam
Hi Kevin,

We haven't purchased the new home yet as we are still looking - Vancouver is in a hot market and we have missed out on a few properties.

The process I'm considering is breaking my current variable rate mortgage @ 3.13% - ~900. Refinancing the current home to become a rental and withdraw enough equity to make a down payment on a new house or townhouse. I understand the rental mortage should be around 15+ points higher in interest.

Cheers,
Craig
Sr. Member
Nov 8, 2011
658 posts
232 upvotes
NEPEAN
-How much is the mortgage owing? $189,000
-Roughly, what is the current market value of the property? $389,000
-Which city is the property located in? Thunder Bay, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? August 2021

Existing mortgage rate is 2.44% with renewal in August 2021.

We are looking to pull equity (80% of appraised value) to finance a house addition/renovation. Meridian can refinance with a draw mortgage that will roll into a 5 year fixed upon work completion, and rate is 3.04%.

We are also trying to find out if its better to go with a HELOC with Motusbank for the addition/renovation, and then combine everything upon renewal in August 2021. This would retain our 2.44% rate on the remaining $189k, and the HELOC (which would be fully utilized) would have a rate of prime - 0.2% + 0.25% (for being second position) = prime + 0.05%.

Can anyone help us calculate which way is best to access the 80% of equity we have right now? Thanks in advance!
Newbie
Mar 6, 2006
10 posts
8 upvotes
Montreal
Hello my mortgage is due for renewal in end of Apr 2020.

-How much is the mortgage owing? $346,270.43
-Roughly, what is the current market value of the property? $500,000
-Which city is the property located in? South Shore, Quebec
-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
-Is the mortgage CMHC insured? no
-When did you buy the property? 2016
-When is your renewal date? April 27,2020

Anything in the 2.59% range for fixed rate?

thanks in advance
Deal Fanatic
User avatar
Sep 13, 2011
5278 posts
2267 upvotes
Toronto
ash_hunter wrote: Hello my mortgage is due for renewal in end of Apr 2020.

-How much is the mortgage owing? $346,270.43
-Roughly, what is the current market value of the property? $500,000
-Which city is the property located in? South Shore, Quebec
-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
-Is the mortgage CMHC insured? no
-When did you buy the property? 2016
-When is your renewal date? April 27,2020

Anything in the 2.59% range for fixed rate?

thanks in advance
Nothing that low in Quebec. Lowest 5 year fixed for your situation would be 2.69%. Not too much higher than what you were hoping for, and likely quite a bit better than what CIBC is offering you.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Sr. Member
Jun 18, 2006
550 posts
24 upvotes
Hello I am looking at renewing my mortgage
-How much is the mortgage owing? $538,000
-Roughly, what is the current market value of the property? $1.3M
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? MCAP
-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 22 2020

Looking for a fair penalty lender, may need to move in the next 5 years.

Thanks in advance
Deal Fanatic
User avatar
Sep 13, 2011
5278 posts
2267 upvotes
Toronto
nickwa wrote: -How much is the mortgage owing? $189,000
-Roughly, what is the current market value of the property? $389,000
-Which city is the property located in? Thunder Bay, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date? August 2021

Existing mortgage rate is 2.44% with renewal in August 2021.

We are looking to pull equity (80% of appraised value) to finance a house addition/renovation. Meridian can refinance with a draw mortgage that will roll into a 5 year fixed upon work completion, and rate is 3.04%.

We are also trying to find out if its better to go with a HELOC with Motusbank for the addition/renovation, and then combine everything upon renewal in August 2021. This would retain our 2.44% rate on the remaining $189k, and the HELOC (which would be fully utilized) would have a rate of prime - 0.2% + 0.25% (for being second position) = prime + 0.05%.

Can anyone help us calculate which way is best to access the 80% of equity we have right now? Thanks in advance!
Thanks for the info! The most economical choice here would be to keep your mortgage intact with Meridian and add the HELOC in 2nd position with Motus. If you didn't have to pay a penalty to break your mortgage, then refinancing at today's lowest refinance rate of 2.89% would be just marginally better by the time your current mortgage comes up for maturity. However, that isn't the case, and the penalty to break your mortgage with Meridian can be steep (Meridian is not a fair penalty lender).

The rate on the Motus HELOC is great, so I would go with that option! Then when your current mortgage comes up for renewal in August of next year, we can then quote you some rates to consolidate everything.

Hope you find this helpful. :)

Paul
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5278 posts
2267 upvotes
Toronto
hymack wrote: Hello I am looking at renewing my mortgage
-How much is the mortgage owing? $538,000
-Roughly, what is the current market value of the property? $1.3M
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? MCAP
-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 22 2020

Looking for a fair penalty lender, may need to move in the next 5 years.

Thanks in advance
Thanks for the info! Lowest 5 year fixed for your situation would be 2.64%. Fully featured mortgage with full 20/20 prepayment privileges. Fair penalty lender. Your legal and appraisal costs are covered!
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Sr. Member
Nov 8, 2011
658 posts
232 upvotes
NEPEAN
PaulMeredith wrote: Thanks for the info! The most economical choice here would be to keep your mortgage intact with Meridian and add the HELOC in 2nd position with Motus. If you didn't have to pay a penalty to break your mortgage, then refinancing at today's lowest refinance rate of 2.89% would be just marginally better by the time your current mortgage comes up for maturity. However, that isn't the case, and the penalty to break your mortgage with Meridian can be steep (Meridian is not a fair penalty lender).

The rate on the Motus HELOC is great, so I would go with that option! Then when your current mortgage comes up for renewal in August of next year, we can then quote you some rates to consolidate everything.

Hope you find this helpful. :)

Paul

Thanks Paul - the HELOC seemed to make sense from the rudimentary calculations I did as well. Meridian refinance for us right now is sitting at 3.04% (with no penalty) but HELOC should still come out ahead, especially since it wouldn't be fully used until the fall, so less interest initially.
Newbie
Jun 10, 2006
22 posts
1 upvote
Out of curiosity for the following scenario, based on likely house-hunting later this year:

-What is the purchase price? 1,600,000 (also, does the rate change if it is 1,500,000 or lower?)
-How much is the down payment? 350,000
-Where it the property located? Oakville
-Will the property be owner-occupied or a rental? Owner-occupied
Newbie
Aug 9, 2018
37 posts
29 upvotes
Hi all,
The time has come for me to look for a renewal rate on my house. Please let me know what the best rates are for 5-year fixed and 5-year variable.

-How much is the mortgage owing? about 235k at end of 2019, around 230k by end of term.
-Roughly, what is the current market value of the property? about 600k
-Which city is the property located in? Montreal, QC
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes, it's the collateral STEP package. However, balance of the HELOC is $0 and not needed.
-Is the mortgage CMHC insured? No
-When did you buy the property? April 2015
-When is your renewal date? April 24, 2020

Thank you!
Newbie
Mar 6, 2006
10 posts
8 upvotes
Montreal
PaulMeredith wrote: Nothing that low in Quebec. Lowest 5 year fixed for your situation would be 2.69%. Not too much higher than what you were hoping for, and likely quite a bit better than what CIBC is offering you.
Thanks Paul!
Member
User avatar
Sep 9, 2006
217 posts
11 upvotes
Hello,
Looking for mortgage renewal coming up in ~ 60 days.

-How much is the mortgage owing? ~ $400K
-Roughly, what is the current market value of the property? ~ $725K
-Which city is the property located in? - Markham, ON
-Is the property owner-occupied or a rental? - Owner-occupied
-Who is your current lender? - HSBC
-Do you have a HELOC tied to the mortgage? - No
-Is the mortgage CMHC insured? - No
-When did you buy the property? - March 2014
-When is your renewal date? - March 28, 2020

Lowest offer I have received is 2.84% on a 3 and 5 year fixed.

Looking to see if I can beat that here.

Thank you,
jD.
justDeals is not a member of any public groups and a very unsatisfied Questrade customer.
Deal Fanatic
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Feb 2, 2014
7772 posts
2155 upvotes
Toronto
justDeals wrote: Hello,
Looking for mortgage renewal coming up in ~ 60 days.

-How much is the mortgage owing? ~ $400K
-Roughly, what is the current market value of the property? ~ $725K
-Which city is the property located in? - Markham, ON
-Is the property owner-occupied or a rental? - Owner-occupied
-Who is your current lender? - HSBC
-Do you have a HELOC tied to the mortgage? - No
-Is the mortgage CMHC insured? - No
-When did you buy the property? - March 2014
-When is your renewal date? - March 28, 2020

Lowest offer I have received is 2.84% on a 3 and 5 year fixed.

Looking to see if I can beat that here.

Thank you,
jD.
2.64% 5-year fixed is the best rate for your renewal. All standard terms and conditions.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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