Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 16, 2014
2 posts
Brampton, ON
Looking for mortgage quote for a five year fixed

- What is the purchase price? - 568000
- How much is the down payment? - Looking for both 10% and 20% options
- Where it the property located? - Oshawa,ON
- When is the closing date? - Apr 23
- Will the property be owner-occupied or a rental? - Owner occupied

Please advise on the best possible rates.
Newbie
Nov 17, 2019
7 posts
1 upvote
Shopping for a reasonable rate and best advise/scenario

-What is the purchase price? 825,000
-Combined income? 130,000
-How much is the down payment? 300,000
-Where it the property located? East - (Whitby)
-When is the closing date? - March 24th, 2020
-Will the property be owner-occupied or a rental? Owned
-My Current Mortgage owing? 127000
-Sold the property, waiting to close? April 24th, $500,000

I can have the builder move the closing to April as I have already signed a firm offer.

Credit score above +800
No debt
Buying with my finance with no debt and a good credit score.
Deal Addict
User avatar
Jan 31, 2018
1786 posts
341 upvotes
srinipriya wrote: Looking for mortgage quote for a five year fixed

- What is the purchase price? - 568000
- How much is the down payment? - Looking for both 10% and 20% options
- Where it the property located? - Oshawa,ON
- When is the closing date? - Apr 23
- Will the property be owner-occupied or a rental? - Owner occupied

Please advise on the best possible rates.
on <20% down 2.44% 5 yr fixed
20% down you can get 2.65%

Both full featured products
20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1786 posts
341 upvotes
Wisenot wrote: Shopping for a reasonable rate and best advise/scenario

-What is the purchase price? 825,000
-Combined income? 130,000
-How much is the down payment? 300,000
-Where it the property located? East - (Whitby)
-When is the closing date? - March 24th, 2020
-Will the property be owner-occupied or a rental? Owned
-My Current Mortgage owing? 127000
-Sold the property, waiting to close? April 24th, $500,000

I can have the builder move the closing to April as I have already signed a firm offer.

Credit score above +800
No debt
Buying with my finance with no debt and a good credit score.
5 yr fixed @ 2.49%
Full featured
20/20 prepayments

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1786 posts
341 upvotes
samsvoc wrote: Looking to purchase a condo, max price 600K, 200K down, so 400k mortgage. Going to rent out for 3 to 5 years then move in. So, what rate can I get for 3 year fixed and/or 5 year variable? Also, is it better to pull the 400K from my house, no debts, and pay cash for the condo? What would the rate be for a refinance of my house if I pull 400k? Thanks.
Rental rates are priced higher than owner occupied likely 2.89-2.94% range

On a refi you can get 2.79% full featured

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Sep 3, 2006
259 posts
86 upvotes
Montreal
I would like to know if I ca get a lower rate or not.. Shopping a rate is a lot of work and I'm a bit tired. Banks often show low rates that are only for CMHC insured and a brand new purchase. My scenario is detailed below. My bank (RBC) offered 2.84% 5 years fixed and If I go with them, I don't have the hassle of switching banks. A local broker (True North Mortgage) offered 2.79% but I would need to switch to them and it sounds like it can be expensive. I see posts here that claim I could get as low as 2.49% but these rates seem to be exclusive to Toronto. When I asked my broker about these lower rates, they said it's because houses are more expensive in Toronto than in Montreal.. Could be true, could be bullshit, I don't know. I'm about to sign and I want to make sure I can't get better eslewhere.

I would prefer a broker that can speak French but if the rate is better than 2.69%, I'm good at speaking english but I'm not familiar with mortgage terms (not even in French haha).

Thank you


How much is the mortgage owing? 242k
-Roughly, what is the current market value of the property? 400k
-Which city is the property located in? Longueuil (a city close to Montreal)
-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? No
-When did you buy the property? April 2016
-When is your renewal date? April 2020
Deal Addict
User avatar
Jan 31, 2018
1786 posts
341 upvotes
Voltz23 wrote: I would like to know if I ca get a lower rate or not.. Shopping a rate is a lot of work and I'm a bit tired. Banks often show low rates that are only for CMHC insured and a brand new purchase. My scenario is detailed below. My bank (RBC) offered 2.84% 5 years fixed and If I go with them, I don't have the hassle of switching banks. A local broker (True North Mortgage) offered 2.79% but I would need to switch to them and it sounds like it can be expensive. I see posts here that claim I could get as low as 2.49% but these rates seem to be exclusive to Toronto. When I asked my broker about these lower rates, they said it's because houses are more expensive in Toronto than in Montreal.. Could be true, could be bullshit, I don't know. I'm about to sign and I want to make sure I can't get better eslewhere.

I would prefer a broker that can speak French but if the rate is better than 2.69%, I'm good at speaking english but I'm not familiar with mortgage terms (not even in French haha).

Thank you


How much is the mortgage owing? 242k
-Roughly, what is the current market value of the property? 400k
-Which city is the property located in? Longueuil (a city close to Montreal)
-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? No
-When did you buy the property? April 2016
-When is your renewal date? April 2020
You can get better pricing in any language :)

For Quebec pricing below

2.54% 5 yr fixed restrictive carries a 2.75% penalty if you were to break mid term

2.59% is non restrictive

Other lower rates you see on the forum from myself and other brokers are not eligible for Quebec

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Sep 3, 2006
259 posts
86 upvotes
Montreal
rateconnect wrote: You can get better pricing in any language :)

For Quebec pricing below

2.54% 5 yr fixed restrictive carries a 2.75% penalty if you were to break mid term

2.59% is non restrictive

Other lower rates you see on the forum from myself and other brokers are not eligible for Quebec

Phil
Do you know who do these rates? Hypotheca and True North Mortgage don't. I'm waiting for a call from HSBC but my hopes to get a great service from them is very low.
Deal Addict
Jul 21, 2006
1064 posts
179 upvotes
Looking for a 2 years fixed mortgage renewal on my condo unit (owned) for March 1

-current market value of the property? $900k
-current mortgage owing? $250K, coming off a 2 year mortgage with BMO
-Property located in ? Markham ON
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? December 2016

Thanks!
Deal Addict
User avatar
Jan 31, 2018
1786 posts
341 upvotes
Voltz23 wrote: Do you know who do these rates? Hypotheca and True North Mortgage don't. I'm waiting for a call from HSBC but my hopes to get a great service from them is very low.
I cant speak for how the other brokers priced your deal but there are better rates available

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
1786 posts
341 upvotes
stratux wrote: Looking for a 2 years fixed mortgage renewal on my condo unit (owned) for March 1

-current market value of the property? $900k
-current mortgage owing? $250K, coming off a 2 year mortgage with BMO
-Property located in ? Markham ON
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? December 2016

Thanks!
5 yr fixed 2.49% is available

Cost covered on your switch

Phil
Phil Cragg
Mortgage Broker
Mortgage Outlet Inc Broker License #12628
Member
Sep 3, 2006
259 posts
86 upvotes
Montreal
rateconnect wrote: I cant speak for how the other brokers priced your deal but there are better rates available

Phil
Thanks for your reply. It convinced me to try with more brokers. I tried CanWise and they offer 2.54%. It was worth asking here before signing with the other broker :)
Newbie
Nov 25, 2019
9 posts
1 upvote
Hello, I have an interesting flip opportunity. If it goes through, I would only need financing for 3-4 months. I am wondering how much it would cost to finance the purchase, including interest rate and costs for putting an end to the mortgage in 2-3 months. Do short term mortgages for only a few months exist?

I have excellent credit and enough for up to 50% down.
Loan amount: 250k

Thanks for your help!  
Newbie
May 31, 2017
13 posts
2 upvotes
Hi there! We have some equity in our home and are looking to refinance to pay off some stupid debt and do some reno's. My wife's friend is a new broker and is able to get us 3.09 at TD but reading through this forum makes me thing there are much better options for us. Thank you!

We are currently half way through a 5 year fixed with First Ontario @ 3.14% . Currently awaiting the report with our penalty to terminate early.

How much is the mortgage owing? 170k
-Roughly, what is the current market value of the property? 330k
-Which city is the property located in? Welland, Ontario (just outside Niagara Falls)
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First Ontario
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? October 2012
-When is your renewal date? May 2022
Deal Addict
User avatar
Jan 31, 2018
1786 posts
341 upvotes
EFAB86 wrote: Hi there! We have some equity in our home and are looking to refinance to pay off some stupid debt and do some reno's. My wife's friend is a new broker and is able to get us 3.09 at TD but reading through this forum makes me thing there are much better options for us. Thank you!

We are currently half way through a 5 year fixed with First Ontario @ 3.14% . Currently awaiting the report with our penalty to terminate early.

How much is the mortgage owing? 170k
-Roughly, what is the current market value of the property? 330k
-Which city is the property located in? Welland, Ontario (just outside Niagara Falls)
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? First Ontario
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? October 2012
-When is your renewal date? May 2022
You can go up to 80% of the estimated value of the property

2.79% 5 yr fixed so significantly lower on a refi

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

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