Real Estate

The Official Mortgage Rates Thread

Sr. Member
Dec 8, 2020
540 posts
244 upvotes
Bc canada
Need someone who really knows what they are doing. We have Excellent credit.

How much is the mortgage owing? 390,000
-Roughly, what is the current market value of the property? 1,200,000 ( in our area can sell 1,800,000
-Which city is the property located in?
Abbotsford bc
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? Envision
-Do you have a HELOC tied to the mortgage? Yes
38,0000.
-Is the mortgage CMHC insured? Dont know
-When did you buy the property? April 2018
-When is your renewal date? April 2023
Were 3 years into a fix. Paying 3.44 now

Help!!
Member
Jul 28, 2012
206 posts
42 upvotes
How much can someone making $77k qualify for today? No debts and in Mississauga where the unit has a property tax of about $350/month. No condo fees.

I tried the different calculators. BMO and Scotia are giving me much lower numbers than TD and CIBC.

Am I missing something? I know the new stress test came into effect on June 1st. Maybe it's that??
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Jan 31, 2018
6551 posts
1247 upvotes
Dejavudiva wrote: Need someone who really knows what they are doing. We have Excellent credit.

How much is the mortgage owing? 390,000
-Roughly, what is the current market value of the property? 1,200,000 ( in our area can sell 1,800,000
-Which city is the property located in?
Abbotsford bc
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? Envision
-Do you have a HELOC tied to the mortgage? Yes
38,0000.
-Is the mortgage CMHC insured? Dont know
-When did you buy the property? April 2018
-When is your renewal date? April 2023
Were 3 years into a fix. Paying 3.44 now

Help!!
What was the original purchase price in 2018

Have you called the lender to find out the penalty?

You can get much lower rates but penalty is key

Please repost

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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Jan 31, 2018
6551 posts
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aspen300 wrote: How much can someone making $77k qualify for today? No debts and in Mississauga where the unit has a property tax of about $350/month. No condo fees.

I tried the different calculators. BMO and Scotia are giving me much lower numbers than TD and CIBC.

Am I missing something? I know the new stress test came into effect on June 1st. Maybe it's that??
less than 20% down max mortgage 340k approx

If you have 20% down where we can stretch the amortization to 30 yrs 420-430 k mortgage amount

Reach out to any of the pros on the forum

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Jul 2, 2019
11 posts
1 upvote
Hello - Currently on a 5 year variable looking to refinance to a 5 year fixed. Let me know what's possible please.



How much is the mortgage owing? 340,000
-Roughly, what is the current market value of the property? 1,000,000
-Which city is the property located in? Oshawa
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? EQ
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? August 2019
-When is your renewal date? August 2024
Deal Addict
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Jun 24, 2020
4120 posts
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YulianR76870 wrote: Hello - Currently on a 5 year variable looking to refinance to a 5 year fixed. Let me know what's possible please.



How much is the mortgage owing? 340,000
-Roughly, what is the current market value of the property? 1,000,000
-Which city is the property located in? Oshawa
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? EQ
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? August 2019
-When is your renewal date? August 2024
1.74% five year fixed available for a straight transfer in your scenario.
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
YulianR76870 wrote: Hello - Currently on a 5 year variable looking to refinance to a 5 year fixed. Let me know what's possible please.



How much is the mortgage owing? 340,000
-Roughly, what is the current market value of the property? 1,000,000
-Which city is the property located in? Oshawa
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? EQ
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? August 2019
-When is your renewal date? August 2024
If you are looking to switch to simply get a better rate no extra funds see below

3 yr fixed 1.49%
5 yr fixed 1.74%

If taking equity out

5 yr variable 1.30%
5 yr fixed 2.14%

What is your current rate and what is the current lender offering to switch into fixed

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
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Jun 24, 2020
4120 posts
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Chenx335 wrote: Good Morning Everyone,
finally within my window period for renewal.

How much is the mortgage owing?: $318,000
-Roughly, what is the current market value of the property? $900 thousand
-Which city is the property located in? North YORK
-Is the property owner-occupied or a rental? owner occupied
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? NO
-Is the mortgage CMHC insured? No
-When did you buy the property? 2016
-When is your renewal date? October 26, 2021
- 15 years amortization please

i'm looking for 4 or five years fixed please.


Thank you
1.64% 4 year fixed available in your scenario at the lowest
Newbie
Jul 2, 2019
11 posts
1 upvote
rateconnect wrote: If you are looking to switch to simply get a better rate no extra funds see below

3 yr fixed 1.49%
5 yr fixed 1.74%

If taking equity out

5 yr variable 1.30%
5 yr fixed 2.14%

What is your current rate and what is the current lender offering to switch into fixed

Phil
Thanks - Right now we are at P-1.05%. 1.99% seems to be EQs best rate for a 5 year fixed atm.
Deal Fanatic
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Jan 31, 2018
6551 posts
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YulianR76870 wrote: Thanks - Right now we are at P-1.05%. 1.99% seems to be EQs best rate for a 5 year fixed atm.
So you do have some better options

Any of the pros on the forum can assist

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3350 upvotes
Toronto
YulianR76870 wrote: Thanks - Right now we are at P-1.05%. 1.99% seems to be EQs best rate for a 5 year fixed atm.
If you're doing a straight switch for a cheaper rate, then you can do much better than 1.99% 5-year fixed.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Feb 2, 2014
5 posts
BURNABY
Hello - Currently on a 5 year variable looking to refinance to a 5 year fixed. Let me know what's possible please.



How much is the mortgage owing? 650.000
-Roughly, what is the current market value of the property? 1,250,000
-Which city is the property located in? Maple Ridge BC
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? September 2016
-When is your renewal date? September 2021

Thanks you.
Deal Addict
User avatar
Oct 29, 2002
1926 posts
252 upvotes
Vancouver
Currently own my home outright in Toronto.

Moving to BC in a few months.

Looking at places that are 2-3x value of current home.

Could pay outright, but considering a mortgage (or maybe loan is better?)

Who should I speak with to determine the best option? Would also like the ability to pay off the mortgage/loan at any time.

Thank you.
Deal Addict
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Jun 24, 2020
4120 posts
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Nikandr wrote: Hello - Currently on a 5 year variable looking to refinance to a 5 year fixed. Let me know what's possible please.



How much is the mortgage owing? 650.000
-Roughly, what is the current market value of the property? 1,250,000
-Which city is the property located in? Maple Ridge BC
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? September 2016
-When is your renewal date? September 2021

Thanks you.
You have 1.69% five year fixed available for a switch on an insured mortgage. The rate may be slightly higher(5-10pts) if you want the costs to switch covered as you have a HELOC attached to the mortgage.
Deal Fanatic
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Jan 31, 2018
6551 posts
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chowder wrote: Currently own my home outright in Toronto.

Moving to BC in a few months.

Looking at places that are 2-3x value of current home.

Could pay outright, but considering a mortgage (or maybe loan is better?)

Who should I speak with to determine the best option? Would also like the ability to pay off the mortgage/loan at any time.

Thank you.
There are some pros on the forum that can assist

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
Nikandr wrote: Hello - Currently on a 5 year variable looking to refinance to a 5 year fixed. Let me know what's possible please.



How much is the mortgage owing? 650.000
-Roughly, what is the current market value of the property? 1,250,000
-Which city is the property located in? Maple Ridge BC
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? Yes
-When did you buy the property? September 2016
-When is your renewal date? September 2021

Thanks you.
Great deals on previously insured files

1.69% 5 yr fixed
1.44% 3 yr fixed
.99% 3 yr variable
1.10% 5 yr variable

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Guru
Oct 3, 2006
10493 posts
793 upvotes
Toronto
Hi, looking to possibly refinance to a lower (variable) rate. Let me know what's available, thanks.

How much is the mortgage owing? $387,084
-Roughly, what is the current market value of the property? 600,000
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2018
-When is your renewal date? June 2023
Deal Addict
User avatar
Jun 24, 2020
4120 posts
867 upvotes
DealMaomi wrote: Hi, looking to possibly refinance to a lower (variable) rate. Let me know what's available, thanks.

How much is the mortgage owing? $387,084
-Roughly, what is the current market value of the property? 600,000
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2018
-When is your renewal date? June 2023
You have 1.10% five year variable available in your scenario.
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3350 upvotes
Toronto
DealMaomi wrote: Hi, looking to possibly refinance to a lower (variable) rate. Let me know what's available, thanks.

How much is the mortgage owing? $387,084
-Roughly, what is the current market value of the property? 600,000
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Scotiabank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? June 2018
-When is your renewal date? June 2023
What is your current variable rate? I need to the math to see if it's worth breaking.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Aug 3, 2021
2 posts
New build

-What is the purchase price? $630k
-How much is the down payment? 20%
-Where it the property located? Calgary
-When is the closing date? 31-May-2022
-Will the property be owner-occupied or a rental? Owner occupied

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