Real Estate

The Official Mortgage Rates Thread

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Apr 6, 2008
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Toronto
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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Member
Nov 24, 2006
275 posts
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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?
Newbie
Feb 15, 2020
3 posts
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.
hi c229chen, you can get a good solution in a quick manner based upon your situation, as described above. solutions depend on a variety of factors, based upon your individual situation. any mortgage professionals would be pleased to discuss further. thanks
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Jan 31, 2018
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goat wrote: Not insured
$425k roughly remaining on market value of $900k+
Regular I believe
You would need to call MCAP to determine the penalty

Based on the information you would be eligible for some great rates 2.54% and you can roll in 3k of the penalty.

There are lower but the lender does not allow switches from MCAP

Reach out to any of the brokers

Phil
Phil Cragg
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Jan 31, 2018
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shaolin_x wrote: Can any brokers on this forum do better then 3.01% refinance?
You can get 2.74% on a refinance so yes!

5 yr fixed

Reach out to any of the brokers on the forum

Phil
Phil Cragg
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Jan 31, 2018
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shaolin_x wrote: 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?
If its not too close to the date of financing yes you can switch to get a better rate.

A competent broker will keep an eye on rates for you and get you the lower rates when available.

Banks I cant speak to whether they are going to call to offer lower rates after you sign, I suspect you would need to be proactive .

There are some brokerages that make you sign an agreement which states you cannot simply walkaway(post approval) without giving them the opportunity
to match the rates. Penalties would apply if you did I have seen set amounts to % of the mortgage amt - check what you have signed.

What have you been offered and when is closing

Good luck

Phil
Phil Cragg
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Mortgage Outlet Inc Broker License #12628
Newbie
Feb 15, 2020
3 posts
shaolin_x wrote: 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?
hello shaolin_x, i would suggest working with your mortgage professional on the best solution, part of which would be a great rate. your decision to work with the specific mortgage professional shouldn't necessarily be about rate, rather the ability of the financial institutions ability to meet your needs. i would suggest pulling the trigger when you are comfortable in finding the best solution and the financial institution that meets your needs.
Newbie
Feb 15, 2020
3 posts
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!
hi Acheewawa, sounds like you would be in a 5 year fixed, Based upon the best possible rate. you can get a good solution in a quick manner based upon your situation, as described above. Any mortgage professional would be pleased to discuss with an investor like yourself. Thanks
Newbie
Feb 15, 2020
2 posts
Need help with best options for my mortgage situation:

-current market value of the property? $900k
-current mortgage owing? $300k, 5 year renewal in June
-Bought new Property? $1.1M
-Is the property owner-occupied or a rental? Current Property will be rental, new property will be owner occupied.
-Property located in ? Oakville, Ontario
-closing? end of April.

Have pre-approval at 2. 72%
Newbie
Jan 26, 2008
64 posts
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-What is the purchase price?
roughly $1.20-1.35m

-How much is the down payment?
$350k

-Where it the property located?
Vancouver, BC

-When is the closing date?
Still looking for property

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

What is the best rate for 5 yr fixed - 30 year amort?

Thanks
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Jan 31, 2018
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riveroaks wrote: Need help with best options for my mortgage situation:

-current market value of the property? $900k
-current mortgage owing? $300k, 5 year renewal in June
-Bought new Property? $1.1M
-Is the property owner-occupied or a rental? Current Property will be rental, new property will be owner occupied.
-Property located in ? Oakville, Ontario
-closing? end of April.

Have pre-approval at 2. 72%
That is a competitive rate for purchases over a million in Ontario

Best rate is 2.74% at the moment - 5 yr fixed

Reach out to any of the brokers on the forum if you cant secure 2.72% - what term is it?

Phil
Phil Cragg
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604girl wrote: -What is the purchase price?
roughly $1.20-1.35m

-How much is the down payment?
$350k

-Where it the property located?
Vancouver, BC

-When is the closing date?
Still looking for property

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

What is the best rate for 5 yr fixed - 30 year amort?

Thanks
Best rate on a 30 yr am in BC is 2.79%

Full featured product

Phil
Phil Cragg
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Feb 15, 2020
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rateconnect wrote: That is a competitive rate for purchases over a million in Ontario

Best rate is 2.74% at the moment - 5 yr fixed

Reach out to any of the brokers on the forum if you cant secure 2.72% - what term is it?

Phil
Term is 5 year fixed.
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Jan 31, 2018
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riveroaks wrote: Term is 5 year fixed.
Thats a good rate !

Phil
Phil Cragg
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Jul 22, 2015
554 posts
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Ontario
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!
rateconnect wrote: 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
I currently have a 30 year AM, but it was a 2-year term ending in June. I'd like to renew it into a 30 year AM if there aren't additional fees, or at the very least, a 28 year AM.

3 rentals, plus 1 owner occupied. Thanks!!

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