Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 16, 2018
9 posts
Nova Scotia
We are looking to build a second home (log cottage on a lake with acreage), and am curious what terms we may be looking at as our current lender (rbc) seems to have much more restrictions around construction mortgages than the last time we built in 2010. We're also being told most lenders no longer do construction mortgages, but not sure if true

Terms we are looking for are best 5 yr fixed vs variable rates, as well as down payment terms for a construction loan:

What is the total construction cost? ~600k
-How much is the down payment? We can put down up to 250k but would prefer to do less if possible
-Where it the property located? Nova Scotia
-When is the closing date? We'd be looking to sign contract next month, finish construction in summer '22
-Will the property be owner-occupied or a rental? Owner Occupied

Not sure if you need more details for this type of situation, pls let me know?

Appreciate any insight
Sr. Member
User avatar
Jul 4, 2005
914 posts
148 upvotes
Hi wondering what rates I can find for:

-What is the purchase price? 1.4m
-How much is the down payment? 20%
-Where it the property located? Toronto
-When is the closing date? Not set
-Will the property be owner-occupied or a rental? Occupied

Curious about both fixed and variable, 5yr
Deal Addict
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Jun 24, 2020
2310 posts
439 upvotes
Midevilshadow wrote: Hi wondering what rates I can find for:

-What is the purchase price? 1.4m
-How much is the down payment? 20%
-Where it the property located? Toronto
-When is the closing date? Not set
-Will the property be owner-occupied or a rental? Occupied

Curious about both fixed and variable, 5yr

You would be looking at around 1.20% five year variable, or around 2.14% five year fixed.
Newbie
Dec 30, 2013
82 posts
38 upvotes
VANCOUVER
Easteresa wrote: Hello,

My partner and I are looking to early renew our current mortgage.

We have been offered 5-yr 1.99% fixed or 1.05% (p-1.4%) by our current lender. Can anyone advise which is better or have a better offer? We are flexible with # of years or fixed/variable.

Location: Victoria, BC
Home value: ~$900,000
Mortgage Amount: $450,000
Owner occupied and not CMHC insured
Can you advise which lender is offering 5-yr 1.99% fixed or 1.05% (p-1.4%) ?
Deal Fanatic
User avatar
Feb 2, 2014
9649 posts
2713 upvotes
Toronto
ScottM89507 wrote: We are looking to build a second home (log cottage on a lake with acreage), and am curious what terms we may be looking at as our current lender (rbc) seems to have much more restrictions around construction mortgages than the last time we built in 2010. We're also being told most lenders no longer do construction mortgages, but not sure if true

Terms we are looking for are best 5 yr fixed vs variable rates, as well as down payment terms for a construction loan:

What is the total construction cost? ~600k
-How much is the down payment? We can put down up to 250k but would prefer to do less if possible
-Where it the property located? Nova Scotia
-When is the closing date? We'd be looking to sign contract next month, finish construction in summer '22
-Will the property be owner-occupied or a rental? Owner Occupied

Not sure if you need more details for this type of situation, pls let me know?

Appreciate any insight
Scotia was my favourite lender for construction loans...give them a shot.
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
9649 posts
2713 upvotes
Toronto
dreamer101 wrote: Can you advise which lender is offering 5-yr 1.99% fixed or 1.05% (p-1.4%) ?
Via a monoline lender. Any of the brokers here can help you out with that rate.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Oct 13, 2021
2 posts
10 upvotes
Hi mortgage pros,

Was seeking guidance on the situation below
APS pending status review at 425K with 90K down in Toronto.
Will be owner occupied.
Closing November 10th if status review looks good.
Quoted 1.5% 5 yr. variable by Scotia.

What would be my best rates?
Possible cash back amounts?
Looking to have some side hustle income included in approval calculation which Scotia was able to accept.

TIA
Newbie
Jan 18, 2010
12 posts
Ontario
Looking for some help to crunch some numbers:

Currently with MCAP on a 5 year fixed, 2 years into the term with approximately $410k balance remaining. I'm looking to sell and purchase a new house priced around the 2.5-2.6m range. Down payment for the new house will come from the equity from the sale of my existing property, and it will come to be roughly 50%-60% of purchase price of the new house. Where it gets complicated is with my existing mortgage with MCAP, since its a 5 year closed I'm going to have to pay IRD.. which I don't want to do. I called MCAP and they mentioned I have the option of porting the mortgage over to the new property, which would reduce the penalty but wouldn't eliminate it. The agent suggested I work with a broker to get some more details on how this scenario will play out.

Looking for suggestions and thoughts on what's my best option:
1. Bite the bullet and pay the IRD, possibly reducing that by doing several lump sum payments?
2. Port my existing mortgage over, and stick with MCAP
- Should I do a "port and increase"?
- Or should I do a straight port? If I do a straight port, will I be able to get a second lender to finance the rest of the mortgage?

Thanks!!
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
Geewillikahs wrote: Hi mortgage pros,

Was seeking guidance on the situation below
APS pending status review at 425K with 90K down in Toronto.
Will be owner occupied.
Closing November 10th if status review looks good.
Quoted 1.5% 5 yr. variable by Scotia.

What would be my best rates?
Possible cash back amounts?
Looking to have some side hustle income included in approval calculation which Scotia was able to accept.

TIA
You can get 25 pts lower at 1.25% that is not a great rate

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
gsi2a wrote: Looking for some help to crunch some numbers:

Currently with MCAP on a 5 year fixed, 2 years into the term with approximately $410k balance remaining. I'm looking to sell and purchase a new house priced around the 2.5-2.6m range. Down payment for the new house will come from the equity from the sale of my existing property, and it will come to be roughly 50%-60% of purchase price of the new house. Where it gets complicated is with my existing mortgage with MCAP, since its a 5 year closed I'm going to have to pay IRD.. which I don't want to do. I called MCAP and they mentioned I have the option of porting the mortgage over to the new property, which would reduce the penalty but wouldn't eliminate it. The agent suggested I work with a broker to get some more details on how this scenario will play out.

Looking for suggestions and thoughts on what's my best option:
1. Bite the bullet and pay the IRD, possibly reducing that by doing several lump sum payments?
2. Port my existing mortgage over, and stick with MCAP
- Should I do a "port and increase"?
- Or should I do a straight port? If I do a straight port, will I be able to get a second lender to finance the rest of the mortgage?

Thanks!!
Have they told you the penalty and what is your current interest rate ?
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
Midevilshadow wrote: Hi wondering what rates I can find for:

-What is the purchase price? 1.4m
-How much is the down payment? 20%
-Where it the property located? Toronto
-When is the closing date? Not set
-Will the property be owner-occupied or a rental? Occupied

Curious about both fixed and variable, 5yr
You can get 1.20% 5 yr variable and 2.14% 5 yr fixed

Both with major banks and cash back available

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Jan 18, 2010
12 posts
Ontario
rateconnect wrote: Have they told you the penalty and what is your current interest rate ?
As of today the penalty would be 6.6k, my current rate is 2.44 fixed.

Thanks
Newbie
Aug 12, 2013
4 posts
Hamilton
rateconnect wrote: You can get 1.20% 5 yr variable and 2.14% 5 yr fixed

Both with major banks and cash back available

Phil
I am in this exact same situation. My closing is in January.
Deal Addict
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Jan 31, 2018
4624 posts
836 upvotes
martinm5 wrote: I am in this exact same situation. My closing is in January.
Reach out to any of the pros Paul,Taz, Kevin or myself for advice

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
4624 posts
836 upvotes
gsi2a wrote: As of today the penalty would be 6.6k, my current rate is 2.44 fixed.

Thanks
You would be ahead by paying the penalty as the rates are lower today

2.14% 5 yr fixed
1.20% 5 yr variable

Any of the pros can work out a best plan for you

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Apr 20, 2019
11 posts
2 upvotes
Hello Pros,

Do the rates matter/differ whether it is a refinance (to take equity out) or your purchasing? Obviously with refinancing, there is the penalty to break and collateral release charge (if applicable), but just wanted to see if there were any technical differences in this matter.

Thanks!
Newbie
Jan 18, 2010
12 posts
Ontario
rateconnect wrote: You would be ahead by paying the penalty as the rates are lower today

2.14% 5 yr fixed
1.20% 5 yr variable

Any of the pros can work out a best plan for you

Phil
Thanks for the response, please PM/DM me would love to get more information on how to proceed
Deal Addict
User avatar
Jun 24, 2020
2310 posts
439 upvotes
jacksonoh wrote: Hello Pros,

Do the rates matter/differ whether it is a refinance (to take equity out) or your purchasing? Obviously with refinancing, there is the penalty to break and collateral release charge (if applicable), but just wanted to see if there were any technical differences in this matter.

Thanks!
With refinancing/purchases, the rates can differ either monoline lenders. They don’t differ with banks who offer conventional mortgages. With monoline lenders, you will find the lowest rates available where you are putting 35%+ down, or less than 20% down, as opposed to refinancing with them, where rates start higher.
Deal Fanatic
User avatar
Feb 2, 2014
9649 posts
2713 upvotes
Toronto
jacksonoh wrote: Hello Pros,

Do the rates matter/differ whether it is a refinance (to take equity out) or your purchasing? Obviously with refinancing, there is the penalty to break and collateral release charge (if applicable), but just wanted to see if there were any technical differences in this matter.

Thanks!
Depends on the lender.

With Big Banks, for example, typically the rate will be the same.

With monoline lenders, for example, refinance rates can be higher because their source of capital may be more expensive.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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