Real Estate

The Official Mortgage Rates Thread

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Jan 31, 2018
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endless402 wrote: Wife is on mat leave and I am on parental leave currently but wife will be going back to work within the next two months.


-What is the purchase price?
1.3M
-How much is the down payment?
325k to 350k (25% at least)
-Where it the property located?
Vancouver, BC
-When is the closing date?
December 15, 2021
-Will the property be owner-occupied or a rental?
Owner Occupied
No issue we can use your wifes income

1.20% 5 yr variable major bank plus additional cash back

Phil
Phil Cragg
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piblicenemy wrote: For a purchase of a property:
Prefer 5 yr fixed or variable, 30 years

-What is the purchase price?
$1,475,000
-How much is the down payment?
-20%
-Where it the property located?
Hamilton, Ontario
-When is the closing date?
Nov 10, 2021
-Will the property be owner-occupied or a rental?
Owner Occupied
Best deal is on the variable side 1.20% plus additional cash back major bank

Phil
Phil Cragg
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NightCoffee wrote: For a purchase of a property:

I'm interested in both variable and fixed, 25 yr amort.

-What is the purchase price?
600k
-How much is the down payment?
120-150k
-Where it the property located?
Ayr, Ontario
-When is the closing date?
December 15, 2021
-Will the property be owner-occupied or a rental?
Owner Occupied
If you can get to 150k down rates are better 1.59%
20% down gets you 1.75%

Some lenders increased yesterday on the fixed side so these rates may not last

Phil
Phil Cragg
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darthvdr wrote: Hi,

Currently being offered early renewal from RBC, 5 yrs variable, Prime - 1.25%. Im looking for both 3 or 5 yrs fixed and variable rates with banks only.

How much is the mortgage owing? 246K
-Roughly, what is the current market value of the property? 650K
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? RBC. 5 yrs fixed at 2.39%
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? No
-When did you buy the property? November 2016
-What was the purchase price? 350K
-When is your renewal date? Nov 27, 2021.

Appreciate if you can please advise best available rates. Thank you
That is decent from a major bank

Large monoline backed by a major bank 1.05%

Phil
Phil Cragg
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tixtdpt wrote: For a purchase of a property:
Interested in 5 yr fixed or variable

-What is the purchase price?
$600,000
-How much is the down payment?
-20% - $120,000, can go up to 25%
-Where it the property located?
Ayr, Ontario
-When is the closing date?
Dec, 15, 2021
-Will the property be owner-occupied or a rental?
Owner Occupied
You can get below

1.59% with 25% down vs 1.75% 20% down

Variable 1.25%

Phil
Phil Cragg
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raghavp wrote: What is the purchase price?
1.05m
-How much is the down payment?
20%
-Mortgage amount needed?
840k
-Where it the property?
Toronto, Ontario
-When is closing
November 1st
-Will the property be owner-occupied or a rental?
Owner

Current best offer is 1.2% 5 yr variable and 1.89% 5 yr fixed with major bank (no cash back). Both 30 yr amortization. Can I do better for fixed?
Thats decent on the fixed side

1.20% with additional cash back available on the variable 5 yr

Phil
Phil Cragg
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Apr 19, 2018
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Question to the mortgage brokers on the thread. Have you heard any rumblings to changes in mortgage underwriting rules at the big 5 which would impact individuals who have >1 investment property?
Don't worry be happy - Bob
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Prestonxavier wrote: Question to the mortgage brokers on the thread. Have you heard any rumblings to changes in mortgage underwriting rules at the big 5 which would impact individuals who have >1 investment property?
Nothing on my end. Some lenders have restrictions for example 5 max plus owner occupied.

Phil
Phil Cragg
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Feb 29, 2020
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-How much is the mortgage owing? $200k
-Roughly, what is the current market value of the property? $320k
-Which city is the property located in? Montreal
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-What was the purchase price? $280k
-When is your renewal date? Feb 2025

Curretly with 5 year fixed, 8000 interest contract penalty
Looking to switch to varaible rate mortgage. Thank you!
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Aeternus wrote: -How much is the mortgage owing? $200k
-Roughly, what is the current market value of the property? $320k
-Which city is the property located in? Montreal
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? HSBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-What was the purchase price? $280k
-When is your renewal date? Feb 2025

Curretly with 5 year fixed, 8000 interest contract penalty
Looking to switch to varaible rate mortgage. Thank you!
What is your current interest rate so we can calculate potential savings

You can do as a switch with the lender allowing you to roll in 3k of penalties the rest you would have to pay out of pocket.
Rate 1.05%
If current rate is 2.49% or higher you will be ahead with the 1.05% after penalty

OR

Refinance roll in the entire amount rate is 1.25%
If current rate is 2.63% or higher you will be ahead with the 1.25% after penalty

Phil
Phil Cragg
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Feb 22, 2017
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Trying to understand my options. I work in software, have over a decade of consistent work history for employers, 800+ credit score, but this year I took a remote job for a US company that is structure in such a way that I am self employed (I invoice them monthly) - current have a mortgage of 527k on a house worth about 800, looking to buy 900k-1.1m - how will this work? I have no period without pay, and even worked solo for months before I quit my corporate job. Can I get the same 1.25 rate as others?
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Apr 29, 2020
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I've got a friend who is getting ready to apply for a mortgage. He is mid 40's, rents a house and is single with no dependents. He's is in a pretty high management position. He's had the job for about half a year. Apparently it's a really nice and well paying gig.
However, his employment history before that is not great. He hasn't kept a job for more than 1.5-2 years at best. At one point 2-3 years ago he asked me to be a guarantor for a car loan (I didn't do it). I think this was because of some financial hiccups in the past. Not sure exactly what they were.
What are his chances of getting a mortgage? Will a lender look at him more closely? Will they require a guarantor? Will they offer him a lousy rate?
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Bloodshot2 wrote: I've got a friend who is getting ready to apply for a mortgage. He is mid 40's, rents a house and is single with no dependents. He's is in a pretty high management position. He's had the job for about half a year. Apparently it's a really nice and well paying gig.
However, his employment history before that is not great. He hasn't kept a job for more than 1.5-2 years at best. At one point 2-3 years ago he asked me to be a guarantor for a car loan (I didn't do it). I think this was because of some financial hiccups in the past. Not sure exactly what they were.
What are his chances of getting a mortgage? Will a lender look at him more closely? Will they require a guarantor? Will they offer him a lousy rate?
Thanks for the question! The job history sounds fine as long as it's all within the same industry or type of work. Do you know how much he has for down payment? If he asked you to be a guarantor on a car loan I would question as to why. It could be due to credit issues. We would really need to know a bit more about his situation. If he has 20% or great down payment, then there may be alternative options as well. Rates would be higher in this case.
Paul Meredith
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daveinsurgent wrote: Trying to understand my options. I work in software, have over a decade of consistent work history for employers, 800+ credit score, but this year I took a remote job for a US company that is structure in such a way that I am self employed (I invoice them monthly) - current have a mortgage of 527k on a house worth about 800, looking to buy 900k-1.1m - how will this work? I have no period without pay, and even worked solo for months before I quit my corporate job. Can I get the same 1.25 rate as others?
If you're self employed, then most lenders will require you to have a two year history of the self employment. It's possible that this could be considered with less time, but most lenders will want to see that you've declared taxes in Canada from the new self employment for at least one year.
Paul Meredith
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PaulMeredith wrote: If you're self employed, then most lenders will require you to have a two year history of the self employment. It's possible that this could be considered with less time, but most lenders will want to see that you've declared taxes in Canada from the new self employment for at least one year.
Good to know.... Thanks for mentioning this.
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Fyi in news this morning:

Liberals proposed to reduce CMHC mortgage insurance premiums by 25 per cent, claiming the cut would save the average borrower $6,100 in costs. The party also wants to increase the insured mortgage cutoff from $1-million to $1.25-million and index it to inflation. That means for the first time in years, CMHC could provide coverage for homes worth more than $1-million.
Ivan Jokanovic | Mortgage Agent
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Dec 12, 2007
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alexcelbun wrote: -What is the purchase price? 245k
-How much is the down payment? 20%
-Where it the property located? Gatineau, QC
-When is the closing date? 27-Oct-2021
-Will the property be owner-occupied or a rental? rental

Looking to get a better offer (% and/or cash back) than the one already approved by BMO about 2 months ago (1.39 variable and 2.22 5 YR fixed)

Thanks!
If it's a house rental and willing to consider a slightly higher down payment, you could get as low as 1.97% 5 year fixed.
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Dec 12, 2007
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LDshopper wrote: Is there anything interesting available outside big banks in QC? Monoline or other lender. Especially interested in lower penalties if we sell mid term.
Could get 2% with a fair penalty as well if that's what you are looking for (over $1m in QC)
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Jun 27, 2018
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Hi all, thanks for the help!

-What is the purchase price? 599 000
-How much is the down payment? 245 000
-Where it the property located? Quebec city, Quebec
-When is the closing date? December 2021
-Will the property be owner-occupied or a rental? Owner-occupied
Newbie
Sep 11, 2007
2 posts
What is the purchase price?
$680K
How much is the down payment?
$322K
Mortgage amount needed?
$358K
Where is the property?
Calgary
When is closing?
~October 31st
Will the property be owner-occupied or a rental?
Owner

Considering both variable and fixed, as well as 25 and 30 year amortization.

Thanks in advance!

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