Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
User avatar
Sep 13, 2011
5149 posts
1965 upvotes
Toronto
GooseAkuma wrote: What is the typical percentage difference between a home for under $1M vs one that is over? We are looking at a complex where one unit is just under $1M and one that is just under.
The rate doesn't change with down payment on properties valued at over $1 million. Regardless of whether you have 20% down or 50% down, the rate would still be the same. Lowest 5 year fixed rate on properties valued at over $1 million right now is 2.74%.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Newbie
Feb 13, 2020
1 posts
Renewal
-How much is the mortgage owing? Approx 395k
-Roughly, what is the current market value of the property? 500K
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-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 28, 2020
Deal Addict
User avatar
Apr 6, 2008
1608 posts
125 upvotes
Toronto
Rocket899 wrote: My mortgage doesnt renew until next may, but i was toying with the idea of taking equity in the house via HELOC to purchase a rental property. How exactly does that process work?
When you take equity out from your house, it is considered refinance and may involve legal and appraisal costs. And, if you are breaking the mortgage, then penalties as well. Subject to qualifying on your income and credit, you can refinance up to a maximum of 80% of the appraised value of your home. You can basically do it in a couple of ways;

1. Go to your existing lender. They may either do it as a second charge on your mortgage OR do as one single charge by offering a mix of mortgage and HELOC.
2. Go to another lender through a mortgage broker or directly and that lender may do a total refinance or may some times go behind your first lender and only do a HELOC in 2nd charge.

When you are doing as a second charge, you do not need to pay penalties of breaking the mortgage but only legal and appraisal costs but on a single charge, there may be mortgage breaking penalties.

However, if you are in Ontario and do qualify based on your income, credit and liabilities, I may get you HELOC in 2nd position without any costs to you, meaning you would not have to pay any legal or appraisal costs.
No advertising and external sites in sigs - Mods
Member
Jul 27, 2014
296 posts
157 upvotes
Montreal, QC
Renewal time.

Current Mortgage: RBC 2.49% Fixed 4 year accelerated biweekly

RBC has offered me 5 year fixed @ 2.79% when I was at the bank on another matter a couple of days ago.
I haven't agreed to anything with them yet, and they can hold that rate for me until Feb 19th.

I'm down to move my mortgage wherever, I just want the best rate to save money.

-How much is the mortgage owing? 291,000
-Roughly, what is the current market value of the property? 500,000
-Which city is the property located in? Montreal, QC
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes ($0)
-Is the mortgage CMHC insured? no
-When did you buy the property? 2016
-Maturity Date: May 30 2020

Thanks for your help.
Deal Addict
Sep 19, 2012
1141 posts
1366 upvotes
Calgary
dunrau wrote: Renewal
-How much is the mortgage owing? Approx 395k
-Roughly, what is the current market value of the property? 500K
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-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 28, 2020
2.44% on a 5-year fixed is available from a couple of lenders. These would be so-called "full featured" mortgages (ie: fair prepayment penalty, no bonafide sales clause, "standard 20/20" prepayment privileges).
fearex wrote: Renewal time.
RBC has offered me 5 year fixed @ 2.79% when I was at the bank on another matter a couple of days ago.
I haven't agreed to anything with them yet, and they can hold that rate for me until Feb 19th.
I'm down to move my mortgage wherever, I just want the best rate to save money.
-How much is the mortgage owing? 291,000
-Roughly, what is the current market value of the property? 500,000
-Which city is the property located in? Montreal, QC
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes ($0)
-Is the mortgage CMHC insured? no
-When did you buy the property? 2016
-Maturity Date: May 30 2020
Thanks for your help.
You could get as low as 2.49% on MCAPs Value Flex (it has a bonafide sales clause). This would be a 5-year fixed. Lender wouldn't cover legal fees since you're in a RBC collateral charge, but you may be able to find a broker that'll throw in cash back to cover that cost.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
ahlaker wrote: You could get as low as 2.49% on MCAPs Value Flex (it has a bonafide sales clause). This would be a 5-year fixed. Lender wouldn't cover legal fees since you're in a RBC collateral charge, but you may be able to find a broker that'll throw in cash back to cover that cost.
2.54% 5-year fixed is the floor rate on the Value Flex promo.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Sr. Member
Apr 20, 2011
537 posts
21 upvotes
Scarborough
Any thoughts on whether 5 year fixed rate is going to go lower between now and middle of March?
Newbie
Nov 1, 2018
2 posts
1 upvote
Renewal for me.

-How much is the mortgage owing? Approx 230 K
-Roughly, what is the current market value of the property? 280 K
-Which city is the property located in? St. John's, NL
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Paradigm Quest (TMG)
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Genworth
-When did you buy the property? April 2015
-When is your renewal date? April 15, 2020
Newbie
Oct 8, 2008
3 posts
1 upvote
I'm looking into purchasing my first property. I don't have a specific home to make an offer on, but am trying to plan things out.

-What is the purchase price? $400-450k
-How much is the down payment? Up to 20%
-Where it the property located? Midland, ON
-When is the closing date? Unknown
-Will the property be owner-occupied or a rental? Owner Occupied

What sort of rate should I expect? I have run the numbers on intellimortgage, but am not sure if there is any bait and switchery that goes on there. Another question I have is about preapproval. Intellimortgage seemed to suggest that getting preapproved often means worse rates, and their rates are not available for preapproval. Is it wise to seek preapproval? Does it hurt your credit score to do so? If I was preapproved, could I still then use something like intellimortgage and use the preapproval as a back up?

If this is the wrong thread then I apologize. Thanks!
Deal Addict
User avatar
Jan 31, 2018
1668 posts
291 upvotes
gengfawn wrote: Renewal for me.

-How much is the mortgage owing? Approx 230 K
-Roughly, what is the current market value of the property? 280 K
-Which city is the property located in? St. John's, NL
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Paradigm Quest (TMG)
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Genworth
-When did you buy the property? April 2015
-When is your renewal date? April 15, 2020
2.54% 5 yr fixed
Full featured product
20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Jun 2, 2017
1 posts
For a purchase of a property:

-What is the purchase price? 312K
-How much is the down payment? Flexible with 20%-25%
-Where it the property located? Vaudreuil-Dorion, Quebec (Brand new construction)
-When is the closing date? March 25, 2020
-Will the property be owner-occupied or a rental? Owner occupied
Newbie
Feb 13, 2020
2 posts
1 upvote
Looking for a mortgage refinance:

-Roughly, what is the current market value of the property?
$610,000

-What is the current mortgage owing?
$188,000 (currently with TD Canada Trust. Mortgage mature April 1, 2021)

-How much do you want to borrow (refinance)?
$188,000 + $100,000 = $288,000
-Is the property owner-occupied or a rental?
Owner occupied
-Where is the property located?
St THOMAS, ON

-When do you want to close on the refinance?
June 2020

TD has offered me 3.01% to refinance with them The penalty to break my current mortgage would be roughly $1650. Just wondering if it would be worth while to switch lender or stay with TD once penalties are factored in? Thanks in advance
Newbie
Aug 22, 2008
13 posts
2 upvotes
Mortgage quote for five year fixed and ten year as well SVP.
- What is the purchase price? - 999,000
- How much is the down payment? - 200,000 (can go to 30% if it saves on rate)
- 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: Combined income with spouse is $250k verifiable thru pay statements and tax records
- House originally built in 1800s
- Credit score is 800+
- One car loan at $500 month for next three years..
- Irrevocable Sale Date - 20 Feb 20

Interested in 25/30 year amortization offers for five year rate and 25 yr amortization for 10 year rate. Big 5 bank currently offering 2.69% for 25 and 2.74% for 30 yr with 20/20 prepayments.
Newbie
Jan 17, 2019
70 posts
52 upvotes
Here is a question for the pros.

Say i purchase a townhouse rental new build for $250,000 a couple years ago with the intention to use a HELOC for the down payment, it is approaching completion and now the property would be worth $350,000.

Even though i bought the property for $250,000, would it be possible to get a mortgage up to the $350,000 appraised value to then use extra funds to re-pay the HELOC immediately?
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
esaul17 wrote: I'm looking into purchasing my first property. I don't have a specific home to make an offer on, but am trying to plan things out.

-What is the purchase price? $400-450k
-How much is the down payment? Up to 20%
-Where it the property located? Midland, ON
-When is the closing date? Unknown
-Will the property be owner-occupied or a rental? Owner Occupied

What sort of rate should I expect? I have run the numbers on intellimortgage, but am not sure if there is any bait and switchery that goes on there. Another question I have is about preapproval. Intellimortgage seemed to suggest that getting preapproved often means worse rates, and their rates are not available for preapproval. Is it wise to seek preapproval? Does it hurt your credit score to do so? If I was preapproved, could I still then use something like intellimortgage and use the preapproval as a back up?

If this is the wrong thread then I apologize. Thanks!
2.65% 5-year fixed is the best rate with 20% down. 2.44% 5-year fixed is the best rate with less than 20% down.

However, you need to have an accepted offer before you can get an approval for these rates.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

Top

Thread Information

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

shaqbambu, sputnik99112