Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
1771 posts
337 upvotes
vinl87 wrote: Hi,

What is the best rate I can get for 30 year amortization? I got pre-approved from Scotia bank

-What is the purchase price? $695000
-How much is the down payment? 20% (probably 150k-190k and it's coming from the sale of my current property)
-Where it the property located? Surrey, BC
-When is the closing date? March 30th 2020
-Will the property be owner-occupied or a rental? Owner-occupied
best rates below

2.65% 25 yr am
2.89% 30 yr am

Both full featured products 20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Feb 2, 2020
1 posts
Please reply what is the best rate for my situation. Also, how much time it will take to process and what kind of documentation will be needed (especially as I am self-employed).
Who will be the lender? Want to make sure lender is reliable. Please PM to me. I created my RFD account today only, cannot message anyone.

-What is the purchase price? - 796k
-How much is the down payment? - 35%
-Where is the property located? - Waterloo, ON
-When is the closing date? - 25th March
-Will the property be owner-occupied or a rental? - Owner-occupied
-Good credit score and no other debt
-Self employed
Newbie
Jan 7, 2019
26 posts
1 upvote
hi all,

I need some advice, my closing date is fast approaching (end of Feb), and I am being offered 2.74% fixed 3-year and 5-year.. I am not sure which to go with as this is my first time purchasing a home. Can someone let me know what are some things to think about in order to decide.
Deal Addict
User avatar
Jan 31, 2018
1771 posts
337 upvotes
CdnLearner wrote: Please reply what is the best rate for my situation. Also, how much time it will take to process and what kind of documentation will be needed (especially as I am self-employed).
Who will be the lender? Want to make sure lender is reliable. Please PM to me. I created my RFD account today only, cannot message anyone.

-What is the purchase price? - 796k
-How much is the down payment? - 35%
-Where is the property located? - Waterloo, ON
-When is the closing date? - 25th March
-Will the property be owner-occupied or a rental? - Owner-occupied
-Good credit score and no other debt
-Self employed
You would have 2.49% available to you on a full featured product
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
1771 posts
337 upvotes
pecanbb wrote: hi all,

I need some advice, my closing date is fast approaching (end of Feb), and I am being offered 2.74% fixed 3-year and 5-year.. I am not sure which to go with as this is my first time purchasing a home. Can someone let me know what are some things to think about in order to decide.
Can you tell us how much your putting down

You are likely eligible for a better rate and still have time to lock

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Feb 2, 2014
7774 posts
2157 upvotes
Toronto
CdnLearner wrote: Please reply what is the best rate for my situation. Also, how much time it will take to process and what kind of documentation will be needed (especially as I am self-employed).
Who will be the lender? Want to make sure lender is reliable. Please PM to me. I created my RFD account today only, cannot message anyone.

-What is the purchase price? - 796k
-How much is the down payment? - 35%
-Where is the property located? - Waterloo, ON
-When is the closing date? - 25th March
-Will the property be owner-occupied or a rental? - Owner-occupied
-Good credit score and no other debt
-Self employed
2.49% 5-year fixed is the best date, assuming you qualify of course.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Nov 8, 2011
658 posts
232 upvotes
NEPEAN
One more question for the brokers in regards to HELOC. Is anyone able to match or come close to Motusbank on HELOC in 2nd position (4%)?
Member
User avatar
Dec 26, 2006
223 posts
12 upvotes
Hello anyone had luck with banks like TD, Scotia , cibc Or Rbc to get better rate ? Like 2.65

Closing on 15 March
Down payment 20%
720,000 purchase price
Member
Dec 21, 2010
286 posts
91 upvotes
Toronto
Asking for a colleague, for a renewal, he'll reach out after PM is available to him:

-What is property worth? - 960k
-How much equity? - 27%
-Where is the property located? - Sauga ON
-When is the renewal date? - 30th April
-Is the property be owner-occupied or a rental? - Owner-occupied
-Current Lender? CIBC
-CMHC Insurance? No
-LOC attached? yes, with no balance
Sr. Member
Mar 23, 2008
787 posts
36 upvotes
Scarborough
I'm closing end of March with similar purchase price. I got 2.99 with 20% with RBC but holding out for another few weeks. Catching new that rates will drop because of coronavirus.
Newbie
Jan 31, 2018
41 posts
15 upvotes
aroundworld wrote: -How much is the mortgage owing? 95k
-Roughly, what is the current market value of the property? 222k
-Which city is the property located in? south shore of montreal
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? no
-Is the mortgage CMHC insured? yes when did buy the house
-When did you buy the property? 2010
-When is your renewal date? april 2020
any rate for province of quebec :)

thanks
Deal Fanatic
User avatar
Sep 13, 2011
5279 posts
2268 upvotes
Toronto
118dmdx wrote: Hi there, what's the best rate I could get for below:

-What is the purchase price? $480,000
-How much is the down payment? $280,000 (part of this will be paid using an existing a HELOC)
-Where it the property located? Vaughan, Ontario
-When is the closing date? Mid-March
-Will the property be owner-occupied or a rental? Rental

Thanks
Lowest 5 year fixed rate on a rental property right now would be 2.99%.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
5279 posts
2268 upvotes
Toronto
dainfamous41 wrote: Did the rate drop on Friday?
picturethismister wrote: I'm curious to know this as well.
Yes and no. It depends on the rate you are referring to. Some rates dropped while others did not. If you can post the answers to the questions asked on page one, we can let you know what the current rates are for your situation.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)

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