Real Estate

The Official Mortgage Rates Thread

Newbie
Dec 6, 2017
43 posts
7 upvotes
TazZaide wrote: How long do you have remaining on the term? Assuming it’s over 2 years left, then you definitely have savings available if you switch to today’s variable rates.

At the moment you have 0.90% five year variable available. This comes with 20/20 prepayment features and is from a large monoline lender. Do note that this particular rate has a bonafide sales clause, meaning you cannot break the mortgage before your term is up unless you are selling the home or refinancing with this same lender. On your renewal date you can take the mortgage to whatever lender you like.

For a variable product with no restrictions, you can get 0.95% five year variable. This would be a full featured mortgage with 20/20 prepayment features.
In both instances, the lenders cover the legal and appraisal fees to switch, and the penalty to break is 3 months interest.
Have 4 years left. No restriction is preferred. Is 0.95% five year variable from bank?
Another question, is it possible to remove one person from property title (currently it's jointly owned) during transfer? Thank you
Deal Addict
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Jun 24, 2020
2594 posts
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mosaic99 wrote:
Have 4 years left. No restriction is preferred. Is 0.95% five year variable from bank?
Another question, is it possible to remove one person from property title (currently it's jointly owned) during transfer? Thank you
It would be from a non bank lender, similar to RFA. As it’s a straight transfer, you would need to keep the same people on title and mortgage.
How much did you originally buy the property for? Was it under $1 million? You could potentially do a covenant change with RFA first and remove the person off both the title and mortgage before doing this switch, but then the property value would have to come in below 1 million to ensure you’d still qualify.
Newbie
Dec 6, 2017
43 posts
7 upvotes
TazZaide wrote: It would be from a non bank lender, similar to RFA. As it’s a straight transfer, you would need to keep the same people on title and mortgage.
How much did you originally buy the property for? Was it under $1 million? You could potentially do a covenant change with RFA first and remove the person off both the title and mortgage before doing this switch, but then the property value would have to come in below 1 million to ensure you’d still qualify.
Under $1M when purchased. prefer to remove the person off while doing the transfer if could. what's rate option from bank?
Newbie
Aug 25, 2019
8 posts
5 upvotes
AndrewHill wrote: That pre-approval rate is pretty in line with where brokers can price it right now. The only better pre-app offers might come directly from the branch level.

For live offers, I can get as low as .90%-.95% 5 year variable, and 2.13% - 2.24% on a 5 year fixed rate range would be depending on the features.
Thanks a lot for sharing this. Are these lower rates from private lenders or prime banks?
Deal Fanatic
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Feb 2, 2014
9907 posts
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Toronto
mk316 wrote: Hello,
Looking to get an idea of current rates. Looking at variable.

Purchase Price: 1,400,000
Down payment: 20%
Location: Oakville/Burlington
Amortization: 30Y
Property Type: House
Use : primary residence
Closing: Jan 2022
Income: 225K total for 2 person
Credit Score: All above 800
1.20% 5-year variable is available. 30 year AM is fine.

Do you have an accepted offer to purchase a property as of yet?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
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Jun 24, 2020
2594 posts
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mosaic99 wrote: Under $1M when purchased. prefer to remove the person off while doing the transfer if could. what's rate option from bank?
If you are removing them during the transfer it would be considered a refinance, in which case options from a bank would be at 1.25-1.30% five year variable(likely the higher amount given your mortgage size).
Member
User avatar
May 4, 2017
450 posts
188 upvotes
Vancouver, BC
jayluvztoronto wrote: Thanks a lot for sharing this. Are these lower rates from private lenders or prime banks?
The lower rates would be from mortgage finance companies, these companies specialize in mortgages, and really they specialize in insured and insurable mortgages. They can be wonderful options for the beginning of your "mortgage life-cycle" as they are generally lower rates, have more flexible prepayment, and on the fixed side calculate their penalties in a much more consumer-focused way. This can be a great advantage to paying down more principal on the home at the beginning, and once you have more equity can look at products that are better suited to tapping into the equity and borrowing more, i.e HELOC's.
Andy Hill
Mortgage Planner
Banned
Oct 8, 2021
39 posts
9 upvotes
AndrewHill wrote: Most big banks are being very aggressive on their variable-rate mortgages right now. There are also some Credit Unions that are being aggressive out west, but the lending areas are restricted. Brokers have TD and Scotia to deliver this type of product, and then local credit unions, and mortgage finance companies. BMO, and NBC will probably be very aggressive outside of the broker channel.
I guess I am still not understanding how these combined mortgage + HELOC products work (i.e. RBC Homeline, TD Home Equity, CIBC Home Power, Scotia STEP, etc.)

1. Is the HELOC component also set at same interest rate as mortgage?
2. When refinancing the mortgage (ex. $350k left) + HELOC debt ($200k), does it make the new mortgage now $550k and new HELOC at $0k at new HELOC limit or can you choose how to split the mortgage and HELOC balances?
3. Is it very expensive to break out of combined mortgage + HELOC product?
Member
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May 4, 2017
450 posts
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Vancouver, BC
riverdon61 wrote: I guess I am still not understanding how these combined mortgage + HELOC products work (i.e. RBC Homeline, TD Home Equity, CIBC Home Power, Scotia STEP, etc.)

1. Is the HELOC component also set at same interest rate as mortgage?
2. When refinancing the mortgage (ex. $350k left) + HELOC debt ($200k), does it make the new mortgage now $550k and new HELOC at $0k at new HELOC limit or can you choose how to split the mortgage and HELOC balances?
3. Is it very expensive to break out of combined mortgage + HELOC product?
No prob, they are a bit unique, and different than your current config.

1. Is the HELOC component also set at same interest rate as mortgage?
- They will be different, very similar to what you currently have. HELOCs are generally written at Prime +.50, brokers can get Prime usually on larger limits, or sometimes there are promos slightly less than Prime at lenders like Tangerine.

2. When refinancing the mortgage (ex. $350k left) + HELOC debt ($200k), does it make the new mortgage now $550k and new HELOC at $0k at new HELOC limit or can you choose how to split the mortgage and HELOC balances?
- As these products are under one lender you can choose how you'd like it set up. It's more like an umbrella charge covering X% value of your home, and you can configure it however you choose.

3. Is it very expensive to break out of combined mortgage + HELOC product?
- The mortgage and HELOC are separate if you break the product, the HELOC would be an open term, and the mortgage would have standard penalties based on the mortgage term. So a variable would have a 3mos interest penalty, and the fixed rates would be big bank IRD penalties to break a fixed-rate mortgage.

The last benefit of these products is the readvanceable part. So as you pay down the principal, the line of credit limit becomes larger.
Andy Hill
Mortgage Planner
Sr. Member
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Oct 17, 2004
768 posts
419 upvotes
Toronto
CdnRealEstateGuy wrote: 1.20% 5-year variable is available. 30 year AM is fine.

Do you have an accepted offer to purchase a property as of yet?
Thank you.
Yes, got 1.2, 1.24 offered to me, was hoping I could get better...

I saw .98 on some online ads and on other forums. Is that rate real?
I'm too poor to buy crap
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Feb 2, 2014
9907 posts
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Toronto
mk316 wrote: Thank you.
Yes, got 1.2, 1.24 offered to me, was hoping I could get better...

I saw .98 on some online ads and on other forums. Is that rate real?
It’s real, but purchase price has to be under $1M.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 12, 2021
1 posts
Hi, looking for best variable 5 years rate for refinance

Property Value: 2,000,000
Existing Mortgage: 145,000
Location: Milton
Amortization: 10 years
Property Type: House
Use : primary residence
Closing: Immediately
Income: 240K total for 2 person
Credit Score: All above 850
Looking to get $600K mortgage on refinance with 10 years amortization.
Newbie
Nov 25, 2020
20 posts
4 upvotes
Hello,
I have lived offer, need bridge loan for 2 weeks between new house and my old house possession.
Cibc offered me 1.33% 5 years variable or 1.89% 4 years fix both for 30 years AM

1. Is 1.89% 4 years fixed with 30 years AM any good?
2. Variable or fixed?


I'm looking for better mortgage rates from major banks not private lender , the closing is very soon, I suppose to meet and sign the mortgage documents next Monday.


Purchase Price: 777000
Down payment: 30%/$250000
Location: Winnipeg, Manitoba
Amortization: 30 years
Property Type: house
Use Type: Primary residence
Closing: Dec 2021
Income: 135000 for 2 people
Credit Score: 760 and 740


Thank you
Deal Fanatic
User avatar
Feb 2, 2014
9907 posts
2793 upvotes
Toronto
LX2000 wrote: Hi, looking for best variable 5 years rate for refinance

Property Value: 2,000,000
Existing Mortgage: 145,000
Location: Milton
Amortization: 10 years
Property Type: House
Use : primary residence
Closing: Immediately
Income: 240K total for 2 person
Credit Score: All above 850
Looking to get $600K mortgage on refinance with 10 years amortization.
1.25% 5-year variable is available for your refinance.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Jul 1, 2008
343 posts
81 upvotes
Brampton, ON
Hi loan experts

I am looking for a $100k or $200k loan for purchasing a land (either from business or personal) and wanted to check what is the interest rate on this kind of purchase.
Do bank give loan for it or have to go through B lenders ?
How long it takes to get the loan ?

Purchase price: $850k
Total Partners: 13 (some are cash purchase and some arranging their loan and some are still looking for options)

Credit Score, income is fine. Have cash available as well but don't want to block the cash. This could take 3-4 years to get returns.
Can someone please advise.

Thanks!
Deal Fanatic
User avatar
Feb 2, 2014
9907 posts
2793 upvotes
Toronto
desaib wrote: Hi loan experts

I am looking for a $100k or $200k loan for purchasing a land (either from business or personal) and wanted to check what is the interest rate on this kind of purchase.
Do bank give loan for it or have to go through B lenders ?
How long it takes to get the loan ?

Purchase price: $850k
Total Partners: 13 (some are cash purchase and some arranging their loan and some are still looking for options)

Credit Score, income is fine. Have cash available as well but don't want to block the cash. This could take 3-4 years to get returns.
Can someone please advise.

Thanks!
Vacant land? Residential zoning?

You’re putting $650k down?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Jul 1, 2008
343 posts
81 upvotes
Brampton, ON
Residential zoning and has one old property on it already
CdnRealEstateGuy wrote: Vacant land? Residential zoning?

You’re putting $650k down?
Newbie
May 20, 2013
2 posts
Have a paid off, owner occupied property.

Looking to take advantage of current interest rates to take out a new mortgage on it and use it for investment purposes.

Property value: ~825k
Location: Ottawa area
Credit score: 800+
Variable

Which lenders should I be looking at? What rates should I be expecting?

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