Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Jan 31, 2018
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Acheewawa wrote: I'm looking to renew either into a 2 year or 5 year term or whatever gives me the best rate.

-How much is the mortgage owing? It will be approx $215,000
-Roughly, what is the current market value of the property? $340,000
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? March 2018
-When is your renewal date? June 2020

We also have great credit and multiple rentals and prefer 30 year AM.

Thanks!
Best rate would be 2.54% on a 5 yr fixed - if you increase your amortization then it becomes a refi and is subject to higher rates
What is the remaining amortization at renewal

You also mentioned multiple rentals can you let me know how many total properties including owner occupied.

It may limit options depending on the answer to above

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
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Jan 31, 2018
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TFTInc wrote: I'm looking to renew a 5 year fixed term.

-How much is the mortgage owing? It will be approx $269,000
-Roughly, what is the current market value of the property? approx $575,000
-Which city is the property located in? Halifax, NS
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? RMG
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? March 2018
-When is your renewal date? May 2020

Thanks!
Best rate is 2.54% on a 5 yr full featured product
20/20 prepayments

Reach out to any of the brokers on the forum

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Newbie
Apr 6, 2019
23 posts
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Hi Friends,

Can you please give insights on whether fixed rates are expected to drop further or rise? I am about to convert my variable term mortgage to fixed rate, but just wanted insights if this would be the right time or should I wait for some time.

Thanks
Newbie
Feb 14, 2020
2 posts
Hello - looking to get an idea of what rates we might be able to access for purchase of a property. We haven't finished negotiating a price yet so I've given a range - we are also flexible with down payment but would go as low as 20%.

-What is the purchase price? between 425k to 499k
-How much is the down payment? We could do anywhere from 20% to 40% but would prefer the lowest amount possible that unlocks the best rate
-Where it the property located? Prince Edward Island
-When is the closing date? Late May (targeting May 25, 2020)
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks very much!
Deal Addict
Jan 7, 2005
1291 posts
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MCAP is offering me a 5Y value-flex (2.59) or fixed (2.64). I'm in Quebec. Right now I don't plan on selling, but I am entertaining expansion plans. I'm reading various opinions defending or rejecting value-flex.

In my case we're talking about 50$ more per year going standard fixed (or 250$ total) I like the idea of a lower rate but the legalese mumbo-jumbo kind of scares me. Wouldn't mind somebody breaking it down for me.
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Feb 2, 2014
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Toronto
Acheewawa wrote: I never knew this. Could you get a 6 month or 1 year mortgage and at the end of the term, do a refinance at the new market value?
Yes, but again, max 80% of appraised value for a refinance.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
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Feb 2, 2014
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Toronto
fearex wrote: I don't think my mortgage is collatoral, it's listed as Mortgage Loan - Conventional.
It's in the RBC homeline plan.

https://www.rbcroyalbank.com/mortgages/ ... -plan.html

I'm pretty sure we are free to go wherever once our 4 year term is up at the end of May.
Conventional simply means it’s not CMHC insured.

If you have the Homeline Plan, it’s a collateral charge.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Apr 9, 2015
201 posts
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Could someone please educate me on the best options for my mortgage refinance:

-Roughly, what is the current market value of the property? $700k
-What is the current mortgage owing? $100k
-How much do you want to borrow (refinance)? $250k on top of the $100k
-Is the property owner-occupied or a rental? Rental.
-Where is the property located? Scarborough, Ontario
-When do you want to close on the refinance? The current mortgage is a 5-yr variable with TD started in 2018, so it’s been 2 yrs into the term. I can close anytime, just need to figure out the penalty.
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Jul 16, 2003
3876 posts
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Out of curiosity, is there a general rule of thumb for rate changes that I should investigate getting a new mortgage?
4 years left of a 5 year fixed
i'm at 2.84% with MCAP. Nothing standing out that I should investigate at the moment, so this is just information gathering
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Newbie
Feb 15, 2020
1 posts
Hello, looking for a first home for the family.

-What is the purchase price? $500,000 - $580,000
-How much is the down payment? $70,000
-Where it the property located? Maple Ridge, BC or a surrounding municipality
-When is the closing date? Just starting to look at properties
-Will the property be owner-occupied or a rental? Owner Occupied

Will be a high ratio 5 year fixed. We have been pre-approved by Scotiabank for $557,000 at 2.83% 25 years.

Looking to see if we can get a better rate through a broker.
Thanks
Deal Addict
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Jan 31, 2018
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goat wrote: Out of curiosity, is there a general rule of thumb for rate changes that I should investigate getting a new mortgage?
4 years left of a 5 year fixed
i'm at 2.84% with MCAP. Nothing standing out that I should investigate at the moment, so this is just information gathering
What is the balance remaining
Was the mortgage insured
Value of the home
Are you in the MCAP regular product or flex

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
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c229chen wrote: Could someone please educate me on the best options for my mortgage refinance:

-Roughly, what is the current market value of the property? $700k
-What is the current mortgage owing? $100k
-How much do you want to borrow (refinance)? $250k on top of the $100k
-Is the property owner-occupied or a rental? Rental.
-Where is the property located? Scarborough, Ontario
-When do you want to close on the refinance? The current mortgage is a 5-yr variable with TD started in 2018, so it’s been 2 yrs into the term. I can close anytime, just need to figure out the penalty.
Best rental rates are in the 2.99% range on a 5 yr fixed term

What is the rate currently to determine penalty

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
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Jul 16, 2003
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rateconnect wrote: What is the balance remaining
Was the mortgage insured
Value of the home
Are you in the MCAP regular product or flex

Phil
Not insured
$425k roughly remaining on market value of $900k+
Regular I believe
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Deal Addict
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Apr 6, 2008
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shaolin_x wrote: Can any brokers on this forum do better then 3.01% refinance?
Yes,

Brokers can do better than the rate being offered by TD.
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Nov 24, 2006
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london
Once you formally signed the paperwork for a given mortgage and it's respective interest rate (wether it's with a bank, credit union, broker etc) and say hypothetically rates drop a week or month later. Are you stuck with the intrest rate you signed up to or can you insist on getting the lower rate? If so, is there a financial penalty involved? What advice would you give regarding when to put the trigger?

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