Real Estate

The Official Mortgage Rates Thread

Sr. Member
Apr 20, 2011
543 posts
23 upvotes
Scarborough
canadian gal wrote: Cannot speak to True North Mortgage practices specifically but this sounds plausible? Some lenders won’t allow rate float downs, and others will.

You may want to reach out to a broker on this forum to see if they can offer you something competitive and let them know who the initial lender was
The best they can give me is 2.49%. My renewal is in mid-March. If it keeps going down, I doubt they will give me another rate float down.
Jr. Member
Feb 3, 2019
153 posts
127 upvotes
Hello,

Looking to purchase a house


For a purchase of a property:

-What is the purchase price? - $700,000 - $750,000
-How much is the down payment? - $45,000 - $50,000
-Where it the property located? - Pickering - Ajax
-When is the closing date? - N/A. Still shopping around
-Will the property be owner-occupied or a rental? - Owner

TIA!
Deal Fanatic
User avatar
Feb 2, 2014
7754 posts
2147 upvotes
Toronto
Murkdx wrote: Hello,

Looking to purchase a house


For a purchase of a property:

-What is the purchase price? - $700,000 - $750,000
-How much is the down payment? - $45,000 - $50,000
-Where it the property located? - Pickering - Ajax
-When is the closing date? - N/A. Still shopping around
-Will the property be owner-occupied or a rental? - Owner

TIA!
You're looking around 2.39% 5-year fixed for an insured purchase.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
Sep 19, 2012
1247 posts
1845 upvotes
Calgary
shaolin_x wrote: Hello,
I'm looking for a mortgage refinance ... I'm open to either a 3 or 5 yr fixed or variable depending on what's the best value available
Would you know who specifically has the best products and at what competitive rate?
As discussed in our PMs and as I mentioned a few posts back, Tangerine at for 3-years fixed at 2.39% is the best product out there by a mile. In my opinion, the only reason (other than not knowing about it) someone shouldn't take that for a refinance is if they really believe that in 3 years rates are going to be materially higher than 2.69% (on any term). Why? Because that's what you can get today on a 2.69% for 5-years (also with Tangerine).
Predator76 wrote: Hello..
I am looking for a mortgage renewal. Here are my details.
-How much is the mortgage owing? ~265k
-Roughly, what is the current market value of the property? ~780k
-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? April 1 2015
-When is your renewal date? April 1 2020
Thank You!
You can get 2.39% on a 5-year fixed. You'd also get a portion of your discharge fee covered on the switch. No legal or appraisal fees to pay. This mortgage has a fair early termination penalty, no bonafide sales clause and 20/20 prepayment privileges (in short, a "full featured mortgage").
sprinter wrote: Hello, I'm looking for to see if I can do better than current 2.85% fixed.
-How much is the mortgage owing? $674k
-Roughly, what is the current market value of the property? $1.1M
-Which city is the property located in? East Gwillimbury
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? Mar 2015 (from builder, moved Feb 2018)
-When is your renewal date? Sep 1, 2024
If I can do better on the rate, AND can consolidate $227k of debt, I’ll be set.
Did you check what your penalty with TD is going to be? Hopefully you're less than a year into your deal so the penalty to break won't be egregious (that said, they dropped their 5-year posted rate recently so perhaps you're already hooped!).
Murkdx wrote: Hello,
Looking to purchase a house
For a purchase of a property:
-What is the purchase price? - $700,000 - $750,000
-How much is the down payment? - $45,000 - $50,000
-Where it the property located? - Pickering - Ajax
-When is the closing date? - N/A. Still shopping around
-Will the property be owner-occupied or a rental? - Owner
TIA!
Don't pay a cent more than 2.34% which is what ICICI can do on an insured purchase. You'd need to find a broker willing to buy down the rate that far, but they do certainly exist. You can only lock this up once you've got a signed offer. There are two other lenders that will go down this far: XMC is one but it'll be a restricted product (bonafide sales clause and only 10/10 prepayment privileges).

Good luck!
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Jan 1, 2019
5 posts
Closing new built for rental in end of April.

For a purchase of a rental property:

-What is the purchase price? 315K
-How much is the down payment? 20%
-Where it the property located? Ottawa
-When is the closing date?April 30th
-Will the property be owner-occupied or a rental? Rental

Primary residence mortgage is with RBC, RBC is offering 2.89% for 30yr and 2.79 for 25yr. is that good for rental? or should try at somewhere else also? thanks alot.
Jr. Member
Oct 11, 2017
110 posts
84 upvotes
Vancouver
For a purchase of a property:

-What is the purchase price? 726K
-How much is the down payment? 300-400k (25 years term)
-Where it the property located? Richmond BC
-When is the closing date? Apr 16, 2020
-Will the property be owner-occupied or a rental? Owner Occupied


5 years fixed rate, uninsured
would be great if land title can be just my sister, but guarantor will be my sister and I (income)
Sr. Member
Apr 20, 2011
543 posts
23 upvotes
Scarborough
A few questions:

1) How many days at minimum exactly do you need to renew your mortgage to process the paperwork? 10 business days?
2) If you were processing your mortgage with one broker (say TNM), but decide to switch to another lender do you incur any penalties?
Jr. Member
User avatar
Sep 20, 2015
151 posts
159 upvotes
Ottawa, ON
ahlaker wrote: Way lower than what? 5-year yield today is at 1.135%. It was at 0.5913% in June 2016. Go into the history of this thread and have a look at the rates: at that time "best rates" were around 2.19% for 5-years fixed. Right now a good rate for 5-year fixed is 2.34%. That's not much of a difference right? Sure the sell off is crazy but things have been more dire in recent memory.

EDIT: Tangerine is now offering 2.39%(!!!!) on a 3-year fixed. I can't confirm, but I'm reasonably confident that this is available for any owner-occupied property (refinance, purchase over $1M, any equity level). Anyone looking for a refinance would be well served by giving them a call and seeing what's doable! Hell, I'm super tempted to refinance with them right now (they also have a HELOC at p-0.1%) and "buy the dip".



This is the "float down" issue that was discussed a few posts back. Have a look here for a thorough discussion. TL;DR: some lenders allow you to reduce the approved rate to a lower "current rate" while others don't. YMMV even with those lenders that officially don't allow a floatdown. Negotiation is key. As with everything, do your due diligence (I keep repeating this!).
I have confirmed with Tangerine that 2.39% on a 3-year fixed is available to both Rental and owner occupied properties.
Newbie
Dec 27, 2011
7 posts
13 upvotes
VANCOUVER
I'm purchasing a condo and would like a second opinion.

For a purchase of a property:
-What is the purchase price? - $639,000
-How much is the down payment? - $128,000
-Where it the property located? - Burnaby, BC
-When is the closing date? - March 31
-Will the property be owner-occupied or a rental? - Owner

My mortgage broker is suggesting 2.69% for a 5 year-fixed. Can I do better?

Thanks!
Deal Fanatic
User avatar
Feb 2, 2014
7754 posts
2147 upvotes
Toronto
dainfamous41 wrote: A few questions:

1) How many days at minimum exactly do you need to renew your mortgage to process the paperwork? 10 business days?
2) If you were processing your mortgage with one broker (say TNM), but decide to switch to another lender do you incur any penalties?
About a month. And no penalty, but check the documents you signed with them to see if it explicitly says something.

I’m in Richmond until Monday if you have any questions.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Feb 2, 2014
7754 posts
2147 upvotes
Toronto
AComplex wrote: I'm purchasing a condo and would like a second opinion.

For a purchase of a property:
-What is the purchase price? - $639,000
-How much is the down payment? - $128,000
-Where it the property located? - Burnaby, BC
-When is the closing date? - March 31
-Will the property be owner-occupied or a rental? - Owner

My mortgage broker is suggesting 2.69% for a 5 year-fixed. Can I do better?

Thanks!
2.65% 5-year fixed is the best rate with 20% down.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jul 31, 2018
27 posts
7 upvotes
I am looking for a mortgage renewal. Here are my details.

-How much is the mortgage owing? ~450k
-Roughly, what is the current market value of the property? ~950k
-Which city is the property located in? Richmond Hill
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? May 1 2016
-When is your renewal date? May 1 2020

BOC announcing interest rates in April, should I wait until then to renew my mortgage or renew it now?
Deal Fanatic
User avatar
Feb 2, 2014
7754 posts
2147 upvotes
Toronto
maxineli wrote: I am looking for a mortgage renewal. Here are my details.

-How much is the mortgage owing? ~450k
-Roughly, what is the current market value of the property? ~950k
-Which city is the property located in? Richmond Hill
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? BMO
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? May 1 2016
-When is your renewal date? May 1 2020

BOC announcing interest rates in April, should I wait until then to renew my mortgage or renew it now?
You don’t renew now, that’s not the typical protocol for this.

You get an approval now with a closing date for May 1.

Don’t worry about rates dropping, as most lenders will offer you the lower rate if their rates drop before your closing date.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Fanatic
User avatar
Apr 1, 2001
5238 posts
451 upvotes
OttawaGuy2 wrote: I have confirmed with Tangerine that 2.39% on a 3-year fixed is available to both Rental and owner occupied properties.
Does Tangerine do conventional mortgages? (non-collateral)
Newbie
Feb 17, 2020
2 posts
1 upvote
Thanks for the advice, was able to secure 2.64% for 25 yr amortization + 2K cash back to cover legals/appraisal with RBC Conventional/Standard Mortgage
ahlaker wrote:
That's not terrible. You can get 2.74% with the broker channel but the big banks are going to be most competitive on > $1M purchases. Try the other banks (RBC, BMO, CIBC, HSBC) - I've seen CIBC offer 2.69% on a $1Million mortgage on a purchase to 80% (they agreed to cover legals and appraisal).

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