Real Estate

The Official Mortgage Rates Thread

Member
Nov 20, 2017
312 posts
242 upvotes
SaskCanesFan wrote: Interesting that their 3 year rate increased but the 5 year hasn't yet. Wouldn't surprise me if that happens soon. Crazy how much things have changed in a few weeks, I should have had a lot more applications done up early March.

And yeah, I feel like I kind of knew not to be trusting, but still underestimated just how much could go wrong in simple areas like getting a call back in a reasonable time to get an application moving.
Friend of mine is a broker and he said lenders have started (over the past few days) to lower rates on high ratio
Newbie
Jul 2, 2018
56 posts
39 upvotes
Alberta
Some questions for the brokers here and anyone else knowledgeable that could help.

I’m self employed (sole proprietor) and am trying to set myself up to be in a good position to qualify for a mortgage this time next year.

Originally I wanted to go for a stated income mortgage and have it insured with Genworths business for self program but am thinking I’d be better off just claiming less deductions (deferring CCA) for 2019 and 2020 tax years and bumping my line 150 up substantially.

My idea with this was to also throw 20-30K into RRSP’s this year to reduce my actual tax payable, and use it as part (or all) of the down payment for the property next year through the RRSP HBP.

My first question is, I understand an average of my 2019 and 2020 NOA line 150 will be used as an income benchmark, but is there a limit to how much of an increase they’ll accept from one year to the next?

Example: 50K in 2019, 110K in 2020. This would give an average of 80K, but is that too large of a difference between the two years?

I haven't filed my 2019 taxes yet (I put it off with the extension given for covid) so I can still play around with deductions and make 2019 higher/2020 lower.

Second question is with regards to RRSP contributions. I’m pretty sure this won’t affect what the lender will see as my actual income, but want to make sure. Example: 110K on line 150, but I throw 30K into RRSP’s, will they see this contribution and reduce my income for mortgage approval to 80K for that year? Again I don’t think this is the case, but just wan’t to be 100% sure I’m not screwing myself with RRSP’s.

And lastly, I haven’t figured out exactly what % I’m going to put down yet, but am considering the idea of putting up to 20%, primarily just so I don’t have to also get approval through CMHC/Genworth. Is this something worth considering? Somewhat concerned the bank will approve, but insurance would deny. 20% down would eliminate that obviously. I’m probably overthinking this part but am trying to plan ahead now.
Newbie
Dec 30, 2013
17 posts
9 upvotes
Hi all, I posted earlier about RMG offering me P-1.15% which I will be taking. I was hoping to apply for a HELOC through MCAP/FNF Canada, but was just advised that they no longer offer that. Original offer was P+1.25%.

My question now is if I renew with RMG, which other institution would be the best option for a HELOC as a standalone? Is that even an option? How much typically would that cost me and what would be the rate?

Thanks in advance.
Member
Sep 6, 2011
243 posts
76 upvotes
penniless wrote: Hi all, I posted earlier about RMG offering me P-1.15% which I will be taking. I was hoping to apply for a HELOC through MCAP/FNF Canada, but was just advised that they no longer offer that. Original offer was P+1.25%.

My question now is if I renew with RMG, which other institution would be the best option for a HELOC as a standalone? Is that even an option? How much typically would that cost me and what would be the rate?

Thanks in advance.
Hi,

How long ago did they offer this rate? I have an RMG renewal up in May and they offered P - 0.85%. Thanks!!
Newbie
Sep 22, 2006
63 posts
10 upvotes
GTA
In my opinion it’s Simplii Financial. $150 fee to set the entire thing up and are fine being in second position. I got my mortgage from MCAP last March 2019 and my HELOC a month later from Simplii.

My rate is Prime +.50 and assuming it is the same today

penniless wrote: Hi all, I posted earlier about RMG offering me P-1.15% which I will be taking. I was hoping to apply for a HELOC through MCAP/FNF Canada, but was just advised that they no longer offer that. Original offer was P+1.25%.

My question now is if I renew with RMG, which other institution would be the best option for a HELOC as a standalone? Is that even an option? How much typically would that cost me and what would be the rate?

Thanks in advance.
Newbie
Dec 30, 2013
17 posts
9 upvotes
March 13, a few days before Covid really hit the fan.
Last edited by penniless on Apr 9th, 2020 10:28 pm, edited 1 time in total.
Newbie
Dec 30, 2013
17 posts
9 upvotes
Thanks, will look into it. Do I need to coincide with my mortgage renewal or can apply anytime?
Newbie
Oct 2, 2003
29 posts
Grey-Bruce
I'm looking to do an early renewal on my mortgage - about half way through a closed mortgage, so I know I will be paying penalties, but it the rate difference will make it worth it. How best to go about this? I have just over 25% equity in my home if that matters.

Thanks!
--
Guiness
Imagine for a moment a world without hypothetical situations...
Deal Addict
User avatar
May 22, 2006
2073 posts
684 upvotes
Toronto
Does anyone recall what Tangerines variable rate spread (right now they are Prime minus zero) was when they were offering the 5-yr fixed at 2.39%? I'm wondering if it's low enough for me to ask them to switch me to variable? Im about to sign at 2.39.
Newbie
Feb 13, 2018
2 posts
Interested in my options for renewal in Feb2021. I suppose it's still early but let's see. COVID has me thinking we have an opportunity here. Open to variable or fixed. Im not fluent in this stuff so any advice would be appreciated.

Current mortgage balance $320k w Scotiabank. Payments are $860 biweekly
3 year fixed, up for renewal in Feb 2021
We built the house w a construction mortgage, early 2018.
No intentions to move within next 10 yrs
Owner occupied, wife and my combined income is $185k.
Halifax Nova Scotia
Home value is between $550k-600k
There is a HELOC but we have not borrowed anything from it.
Only other debt is ~$13k auto loan.
Deal Fanatic
User avatar
Feb 2, 2014
7775 posts
2157 upvotes
Toronto
guiness wrote: I'm looking to do an early renewal on my mortgage - about half way through a closed mortgage, so I know I will be paying penalties, but it the rate difference will make it worth it. How best to go about this? I have just over 25% equity in my home if that matters.

Thanks!
Step one is to contact your current lender and find out what the penalty is. You will need to know this to see if it's worth switching.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Nov 17, 2006
15 posts
2 upvotes
Happy Good Friday! Hope everyone is staying safe.

My wife and I are closing on a home on Jun 4. We are rate shopping

What is the purchase price? 550k
How much is the down payment? >50%
Where it the property located? Ottawa
When is the closing date? Jun 4
Will the property be owner-occupied or a rental? Owner-occupied
Property type? Home

We would like the lowest rate possible. Assuming this would be a variable mortgage.
Any assistance would be much appreciated!
Deal Fanatic
User avatar
Feb 2, 2014
7775 posts
2157 upvotes
Toronto
HghSsociety wrote: Was offered prime-.75 on 5 year variable with current lender upon renewal. At that time rates were better elsewhere reading this sub so I threw out the renewal figuring i would shop around. Then everything changed. I was called by the broker yesterday telling me that the best they were offering on a 5 year variable was prime +.10 but if i sent in my renewal they would honour the prime-.75

It looks like prime -.75 is as good as I well get these days on a 5 year variable renewal in Ontario with about 185k owing on a 800k house?
Prime -.75% is as good as it gets right now...take it.
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
7775 posts
2157 upvotes
Toronto
RockstarLeo wrote: Yep that's better than anything you can get now. Desjardins at P-0,50% with the brokers here is the next best.
Go for it!
Prime -.50% via Desjardins is no longer available unfortunately (as of yesterday).
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
7775 posts
2157 upvotes
Toronto
sassaturs wrote: Have a renewal coming up later this month. Looking for a 2 year or 3 year fixed but am open to variable as well. I have been offered 2.94% fixed by my current lender.

Mortgage renewal:
-How much is the mortgage owing? $415k
-Roughly, what is the current market value of the property? 1.0M
-Which city is the property located in? Etobicoke
-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? Feb 2016
-When is your renewal date? April 23, 2020

Thanks in advance.
2.05% 5-year variable (Prime -.40%) is the best rate via 2 monoline lenders.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

Top

Thread Information

There are currently 5 users viewing this thread. (4 members and 1 guest)

Bleys007, canibusIIII, kingkangkong, sugy