Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
User avatar
Feb 2, 2014
7774 posts
2157 upvotes
Toronto
Byst11 wrote: -What is the purchase price?
405k
-How much is the down payment?
8.5%
-Where it the property located?
New Westminster
-When is the closing date?
April 1st
-Will the property be owner-occupied or a rental?
Owner - First time homebuyer

25 years
2.44% 5-year fixed is the best rate.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Feb 10, 2020
2 posts
Dear Mortgage Brokers, I need help assessing if my mortgage broker got us a good deal on this pre-approval.

First-time home buyers

-What is the purchase price?
350k - 440k

-How much is the down payment?
We can go as high as 35% on 440k, but would prefer to go lower to have more liquidity.

-Where it the property located?
Ottawa, ON
looking for a condo in an area where property taxes as well as condo fees will be quite high - not sure if that matters when determining the mortgage rate

-When is the closing date?
TBD - hasn't found the condo yet

-Will the property be owner-occupied or a rental?
Owner-occupied

Mortgage broker got us a pre-approval from a "mortgage services company" -- not a bank, not a credit union at 2.79%, 5-year fixed, 25 years amortization. The advertised rate at this institution for a 5-year fixed mortgage is 3.34%, according to their website.

Thanks for your help!
Member
Apr 22, 2015
237 posts
72 upvotes
Ottawa, ON
Need some input for a renewal (variable/fixed rates and lengths). Thanks in advance.

-How much is the mortgage owing? 341K
-Roughly, what is the current market value of the property? 700K
-Which city is the property located in? Stittsville, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Simplii
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2012
-When is your renewal date? June 2020
Newbie
Feb 10, 2020
1 posts
Whats the best 5 year fixed?

-What is the purchase price? ~179k
-How much is the down payment? 35.8k (20%)
-Where it the property located? Kamloops, BC
-When is the closing date? - May 1
-Will the property be owner-occupied or a rental? owner occupied
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
ayosnato wrote: Need some input for a renewal (variable/fixed rates and lengths). Thanks in advance.

-How much is the mortgage owing? 341K
-Roughly, what is the current market value of the property? 700K
-Which city is the property located in? Stittsville, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Simplii
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2012
-When is your renewal date? June 2020
5 yr fixed at 2.44% is your best rate
Full featured

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Feb 10, 2020
1 posts
Hi, looking for a renewal on a 5y fixed:

For a mortgage transfer/renewal:
-How much is the mortgage owing? 182k
-Roughly, what is the current market value of the property? 600k
-Which city is the property located in? Montreal, Qc
-Is the property owner-occupied or a rental? 50% Owner-occupied/ 50% Rental (Duplex)
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2009
-When is your renewal date? 1 April 2020
Newbie
Feb 10, 2020
2 posts
Looking Mortgage rate (5year & 3year Fixed) for 2nd home/Rental property

NEW PURCHASE- rental property
-$465000 price
-$372,000 Mortgage Amount
-$2200 projected rent income per month
-$3500 annual property taxes
-20% down payment (Not borrowed)
-Closing - May 2020

EXISTING PROPERTY- Primary Residence
-$675,000 approximate value
-$398,000 existing mortgage
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? YES
-When did you buy the property? 2016
-When is your renewal date? May 2021

-$110,000 gross household annual income
-no debt (aside from the above mortgage)
Newbie
Oct 1, 2017
85 posts
7 upvotes
Hi there. Can I please get a quote on the following for a mortgage renewal? Thanks for your help.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $306k
-Roughly, what is the current market value of the property? $550k
-Which city is the property located in? richmond hill
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? cibc
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? may 2015
-When is your renewal date? may 8, 2020
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
SSlinky wrote: Hi, looking for a renewal on a 5y fixed:

For a mortgage transfer/renewal:
-How much is the mortgage owing? 182k
-Roughly, what is the current market value of the property? 600k
-Which city is the property located in? Montreal, Qc
-Is the property owner-occupied or a rental? 50% Owner-occupied/ 50% Rental (Duplex)
-Who is your current lender? MCAP
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? 2009
-When is your renewal date? 1 April 2020
You can get 2.59% on a previously insured file in Quebec
full featured

Phil
Last edited by rateconnect on Feb 12th, 2020 9:01 am, edited 1 time in total.
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Feb 11, 2020
1 posts
Whats the best 5 year fixed?

-What is the purchase price? ~900k
-How much is the down payment? 180k (20%)
-Where it the property located? Vaughan, ON
-When is the closing date? No closing date, my partner and I are just looking around for houses
-Will the property be owner-occupied or a rental? owner occupied
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
Mastaice wrote: Hi there. Can I please get a quote on the following for a mortgage renewal? Thanks for your help.

For a mortgage transfer/renewal:

-How much is the mortgage owing? $306k
-Roughly, what is the current market value of the property? $550k
-Which city is the property located in? richmond hill
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? cibc
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? may 2015
-When is your renewal date? may 8, 2020
5 yr fixed 2.44% on a previously insured file
full featured 20/20

Reach out to the brokers on the forum to secure rate

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
kumarram wrote: Looking Mortgage rate (5year & 3year Fixed) for 2nd home/Rental property

NEW PURCHASE- rental property
-$465000 price
-$372,000 Mortgage Amount
-$2200 projected rent income per month
-$3500 annual property taxes
-20% down payment (Not borrowed)
-Closing - May 2020

EXISTING PROPERTY- Primary Residence
-$675,000 approximate value
-$398,000 existing mortgage
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? YES
-When did you buy the property? 2016
-When is your renewal date? May 2021

-$110,000 gross household annual income
-no debt (aside from the above mortgage)
Rental rates are unfortunately higher

Likely in the 2.94% range

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Aug 7, 2006
212 posts
44 upvotes
Toronto
Looking for an updated quote as there's a chance we may have to go over 1M.

Scenario 1:
-What is the purchase price? $900k
-How much is the down payment? $600k
-Where it the property located? Toronto, ON
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner

Scenario 2
-What is the purchase price? $1M-1.2M
-How much is the down payment? $600k
-Where it the property located? Toronto, ON
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner

Could someone help me with this again?
Deal Addict
User avatar
Jan 31, 2018
1778 posts
338 upvotes
mclazy wrote: Looking for an updated quote as there's a chance we may have to go over 1M.

Scenario 1:
-What is the purchase price? $900k
-How much is the down payment? $600k
-Where it the property located? Toronto, ON
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner

Scenario 2
-What is the purchase price? $1M-1.2M
-How much is the down payment? $600k
-Where it the property located? Toronto, ON
-When is the closing date? TBD
-Will the property be owner-occupied or a rental? Owner

Could someone help me with this again?
Scenario 1

Would give you rate of 2.49% 5 yr fixed
full featured

Scenario 2

Rate would be 2.74% require a high min beacon score
Again full featured 5 yr fixed

Reach out to any of the brokers

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628

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