Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
May 8, 2002
4772 posts
1307 upvotes
Hello all,
Looking for any advice on whether is advantageous to break my current mortgage to get a better rate...

-How much is the mortgage owing? 140451
-Roughly, what is the current market value of the property? 600-700k.
-Which city is the property located in? Peterborough, ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2010
-When is your renewal date? 15 July 2022
-Current rate: 2.59% (fixed 5 yr term)
-Break fee: $1184 according to RateHub calculator

I inquired with my broker a couple months ago when the pandemic started, and he said it wasn't worth it. Just wanted to see if anything has changed since rates have actually started to come down now...

TIA
Newbie
Apr 26, 2012
4 posts
1 upvote
NORTH YORK
Looking for HELOC only for principal residence. Best major bank rate?

-Amount needed? $1M
-How much is the mortgage owing? $0 (free & clear)
-Roughly, what is the current market value of the property? $1.4M
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? -none-
-Do you have a HELOC tied to the mortgage? None yet
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? -none-
Deal Fanatic
User avatar
Feb 2, 2014
8001 posts
2238 upvotes
Toronto
Diggydiggy wrote: Hello all, were looking to get into our first home and contacted Ingram mortgage under the recommendation of a realtor we contacted.
I’ve been trying to absorb as much info as possible, it is quite daunting with all the info out there. Any advice would be appreciated.
Much better rates out there. Rates start at 1.85% 5-year variable (Prime -.60%).
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
8001 posts
2238 upvotes
Toronto
eded123 wrote: My broker got me an approval from Scotia Flex Value Mortgage: $400,000 mortgage, 5 year variable prime-0.10 (2.35%), 30 year amortization, HELOC $115,900, 20/20 repayment.
$500 cash promo towards legal cost.
She told me that because of the HELOC the rate is higher than normal. Is this a good mortgage rate?
And the mortgage payment shows bi-weekly or monthly but it's actually accelerated, which is also very weird. Is this a norm for Scotiabank mortgages?

Thank you in advance!
You can get 2.15% 5-year variable for a 30-year amortization. Better rates are out there.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Member
Nov 14, 2005
386 posts
10 upvotes
Looking for renewal options, want 5yr fixed.

Mortgage owing: $700,000
Market value: $1,2m
Victoria BC
Owner occupied
No HELOC
CMHC yes
2015 purchased
end of June renewal.

Thanks!
Jr. Member
Jan 10, 2012
124 posts
32 upvotes
Ottawa
We are considering purchasing a pre-con. What is the easiest way for getting a pre-approval? Should I go through my bank? I just don't want to do any commitments since the closing will be in a year and a half.
Newbie
May 24, 2020
1 posts
Hi, looking for rates for this situation:

Mortgage: $1.05 million
Purchase Price: $1.35 million
City: Toronto, ON
Owner occupied
Purchase date: July 2020

Excellent credit score, first time home buyer.
Newbie
Jul 25, 2018
5 posts
Hi I'm up for renewal pretty soon. I do all my banking with Meridian. And have the HELOC with them which has been a life saver more than once. We plan on doing a bathroom reno this year, and a kitchen reno isn't far off.
Currently at 2.69%and they are offering me 2.94%, their posted rate. I'm not happy with that.
Do I have any options where I still retain a HELOC? How likely is it that I can successfully negotiate a better rate with them? Thanks in advance!
-How much is the mortgage owing? $109K
-Roughly, what is the current market value of the property? $450k
-Which city is the property located in? Niagara Falls
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? Jun 15, 2020
Deal Fanatic
User avatar
Feb 2, 2014
8001 posts
2238 upvotes
Toronto
korkolis wrote: Hi, looking for rates for this situation:

Mortgage: $1.05 million
Purchase Price: $1.35 million
City: Toronto, ON
Owner occupied
Purchase date: July 2020

Excellent credit score, first time home buyer.
For a million dollar purchase, best rates start at 2.15% 5-year variable (Prime -.30%).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
Feb 3, 2019
167 posts
131 upvotes
Still shopping around as my closing is not for another 2 months

-What is the purchase price? $700,000
-How much is the down payment? BMO: $74,000 // RBC: $69,990
-Where it the property located? Whitby
-When is the closing date? Aug 4
-Will the property be owner-occupied or a rental? Owner-occupied

I have a couple offers from the Big 5.

Both are 5 year fixed.
RBC: 2.29% with $1000 cash back + $500 gc from source. $300 inspection waived. They're also partnered with a company that is giving me an 18 month warranty on major repairs (roof, foundation, furnace, AC(but my AC doesnt qualify)). RBC allows to pay double the mortgage every month.
BMO: 2.14% with 1st month mortgage cash back (approx $2800). BMO payment is 20/20

I was wondering if there are better rates and/or better lender with better penalties/easier to switch after 5 years.
Also because of the down payment $4000 difference, I am wondering if RBC be better if I pay double mortgage every month even though the rate is higher or if BMO will save me money in the long run.

TIA!
Banned
Sep 19, 2012
1253 posts
1863 upvotes
Calgary
junoty wrote: Hello All my father in law is buying a condo: Toronto
Purchase Price $685k
Wants a $400k mortgage
what is the best rate he can get?
Signed contract . If you message me with contact info I can pass on to FIL
3-year fixed with CMLS can be had at 1.99% with some brokers. 5-year variable at p-0.6% (CMLS again) but this one has a bonafide sales clause. Unrestricted deal can be had at p-0.6% too (another monoline lender, PM me for the name) but can only be held for 45 days. Finally, 5-year fixed can be had at 2.15%. Lots of good options. All of these deals (except the CMLS variable) are "full featured" (ie: no bonafide sales clause, "fair" early break penalty and "standard" 20/20 prepayment privileges).
grtlv wrote: Hello, Looking for rates for this situation:
Mortgage: $495,000
Purchase price: $520,000
City: Cambridge ON
Owner occupied
Purchase date: July 25th, 2020
Excellent Credit score, First Time Home Buyer.
I am looking for fixed Interest rate? What could be the best I can get for my situation.
In my view your best fixed rates are 3-year fixed with CMLS at 1.99% with select brokers, or 2.05% on a 5-year fixed (monoline lender, I can PM you the name).

GottaFocus wrote: Looking for HELOC only for principal residence. Best major bank rate?

-Amount needed? $1M
-How much is the mortgage owing? $0 (free & clear)
-Roughly, what is the current market value of the property? $1.4M
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? -none-
-Do you have a HELOC tied to the mortgage? None yet
-Is the mortgage CMHC insured? No
-When did you buy the property? 2014
-When is your renewal date? -none-
DoubleDouble wrote: Looking for HELOC only for principal residence. Best major bank rate?
-Amount needed? $250K
-How much is the mortgage owing? $0 (free & clear)
-Roughly, what is the current market value of the property? $1.5M
-Which city is the property located in? Toronto
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? -none-
-Do you have a HELOC tied to the mortgage? None yet
-Is the mortgage CMHC insured? No
-When did you buy the property? 2007
-When is your renewal date? -none-
What costs to ask lender to cover usually? (eg. registration, appraisal, other ?) Anything should be aware of or push for? Any costs to discharge registration? Thanks in advance.
Call up the banks and negotiate. The "standard" HELOC rate is p+0.5%. You can get a HELOC with CWB (Canadian Western Bank) at p+0.2% with all setup costs covered. CWB won't go in 2nd position, so it has to be a standalone HELOC. Simplii Financial will setup a HELOC at p+0.5% for a $150 charge. If I was you, I'd call each of the Big 6 and tell them CWB is offering p+0.2% with all costs to setup covered and ask them for prime with all setup costs covered. I'm sure one of them will bite. Personally I've got a CIBC HELOC at prime. Very doable.
leafblower wrote: Hello, i have a 140k mortgage up for renewal in july. Can someone provide me with the best 3 year fixed rate? >20% down.
If you have > 35% equity you can get 1.99% from CMLS.
forsaken11 wrote: This is a great thread. I am being offered 2.1% (Prime minus 0.35%), 5 year variable on a $1.5M property in GTA. Is this a good deal or can I do better? Owner occupied property, 20% down, 25 year amortization.
I also have 2.54% fixed 5 year option but I am leaning variable. Appreciate the advice. Thanks.
Did you check Scotia eHome? Brokers can do p-0.3% with MCAP or RMG. Go talk to the big banks and see what they can do for you. 2.1% on a variable isn't bad in this market.
eded123 wrote: My broker got me an approval from Scotia Flex Value Mortgage: $400,000 mortgage, 5 year variable prime-0.10 (2.35%), 30 year amortization, HELOC $115,900, 20/20 repayment.
$500 cash promo towards legal cost.
She told me that because of the HELOC the rate is higher than normal. Is this a good mortgage rate?
And the mortgage payment shows bi-weekly or monthly but it's actually accelerated, which is also very weird. Is this a norm for Scotiabank mortgages?
See above. That rate sucks. You can get a HELOC separately from Simplii Financial at p+0.5% and it'll cost you only $150 to setup. IMO your broker is doing you a disservice. p-0.3% is easily doable with MCAP or RMG. Push for that.
skthot wrote: My current 1.75% variable mortgage is coming up for renewal. What kind of rates I can get for a transfer
-How much is the mortgage owing? 376000
-Roughly, what is the current market value of the property? 549000 as per bcassesment. 515000 purchase price.
-Which city is the property located in? Surrey, BC
-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, but not used.
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2017
-When is your renewal date? 25 July 2020
You can get 1.99% on a 3-year fixed with CMLS. You can get p-0.6% on CMLS "Rate Advantage" deal (ie: 5-year variable with a bonafide sales clause). Finally, you can get p-0.55% on an unrestricted variable and 2.15% on a 5-year fixed with another monoline lender (if you want the name, PM me). You should push to get all fees to switch covered (discharge, legal and appraisal). Good luck!
joshmxpx wrote: Looking for any advice on whether is advantageous to break my current mortgage to get a better rate...
-How much is the mortgage owing? 140451
-Roughly, what is the current market value of the property? 600-700k.
-Which city is the property located in? Peterborough, ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? First National
-Do you have a HELOC tied to the mortgage? No.
-Is the mortgage CMHC insured? No
-When did you buy the property? July 2010
-When is your renewal date? 15 July 2022
-Current rate: 2.59% (fixed 5 yr term)
-Break fee: $1184 according to RateHub calculator
I inquired with my broker a couple months ago when the pandemic started, and he said it wasn't worth it. Just wanted to see if anything has changed since rates have actually started to come down now...
Confirm the penalty with FN directly. I suspect you're better off staying. The reason being you've only got 2 years left on your term and the savings over the next 2 years won't be enough to offset the penalty. You've got to forecast what the "free" renewal rate (ie: rate in 2 years where there is no penalty) is. There is a break even rate (which is dependent on your current payments). Now - if you want to lock up a low interest rate today and take away "renewal" risk 2-years from now that's also doable. You could get p-0.55% on a variable and 2.15% on a 5-year fixed (I can PM you the lender name).
cubalis wrote: Looking for renewal options, want 5yr fixed.
Mortgage owing: $700,000
Market value: $1,2m
Victoria BC
Owner occupied
No HELOC
CMHC yes
2015 purchased
end of June renewal.
Wowsers, you hit the jackpot. Giant mortgage, quick closing, living out West and an insured mortgage: there is a 1.99% 5-year fixed (!!!) out there for your situation! You also should have brokers falling all of themselves to get your deal - even a "lower" commission of 0.4% of your mortgage balance means an almost $3k payday for the broker who organizes your mortgage!
raaaaam wrote: We are considering purchasing a pre-con. What is the easiest way for getting a pre-approval? Should I go through my bank? I just don't want to do any commitments since the closing will be in a year and a half.
Talk to the builder. They've likely got lenders lined up to give pre-approvals that can be held for 1.5 years. Rates will suck, but at least you'll have something.
korkolis wrote: Hi, looking for rates for this situation:
Mortgage: $1.05 million
Purchase Price: $1.35 million
City: Toronto, ON
Owner occupied
Purchase date: July 2020
Excellent credit score, first time home buyer.
Try Scotia eHome. They are very competitive on > $1M purchases. Brokers can do RMG/MCAP and p-0.3% (2.15%) on a 5-year variable. Negotiate hard with the banks, they'll likely be able to beat that!
tsueme wrote: Hi I'm up for renewal pretty soon. I do all my banking with Meridian. And have the HELOC with them which has been a life saver more than once. We plan on doing a bathroom reno this year, and a kitchen reno isn't far off.
Currently at 2.69%and they are offering me 2.94%, their posted rate. I'm not happy with that.
Do I have any options where I still retain a HELOC? How likely is it that I can successfully negotiate a better rate with them? Thanks in advance!
-How much is the mortgage owing? $109K
-Roughly, what is the current market value of the property? $450k
-Which city is the property located in? Niagara Falls
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? Yes
-Is the mortgage CMHC insured? No
-When did you buy the property? 2010
-When is your renewal date? Jun 15, 2020
Very likely that you can't keep HELOC and switch mortgage. This is because, in all likelihood, you're in a collateral charge. You're also almost out of time to renew. Hardly anyone will be able to switch you by the 15th of June. You'd have to switch into an open which would be quite costly and eat up any savings you've got. Meridian, to a certain extent, have you over a barrel. The other problem you've got is that you've a small mortgage and lots of brokers won't bother with it as the commissions will be quite small.
Last edited by ahlaker on May 25th, 2020 12:42 pm, edited 1 time in total.
Nikola Alaica, CPA, CA | Tax, Accounting, Mortgages
Newbie
Aug 27, 2016
1 posts
It will be a new home (first personal home, have some rental properties)

-How much is the value of mortgage? 425,000
-How much is the down payment? 5%, may have to pay 10% if CMHC forced
-Roughly, what is the current market value of the property? 425,000
-Which city is the property located in? Cornwall, ON
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? N/A
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? It will be
-When is the closing date? Aug/Sep 2020

BMO has offered me 2.59% for fixed 5 years (130 days validity). Is this the best I could get or can this be improved? I am more inclined towards fixed than variable. Please advise.
Newbie
Mar 26, 2015
26 posts
3 upvotes
BC
CdnRealEstateGuy wrote: You can get 2.15% 5-year variable for a 30-year amortization. Better rates are out there.
Does taking a HELOC affect the mortgage rate? The broker said it would increase the variable rate. Is that true?

Thank you again!
Deal Fanatic
User avatar
Feb 2, 2014
8001 posts
2238 upvotes
Toronto
eded123 wrote: Does taking a HELOC affect the mortgage rate? The broker said it would increase the variable rate. Is that true?

Thank you again!
On my end with Scotia, it does not.
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
8001 posts
2238 upvotes
Toronto
Murkdx wrote: Still shopping around as my closing is not for another 2 months

-What is the purchase price? $700,000
-How much is the down payment? BMO: $74,000 // RBC: $69,990
-Where it the property located? Whitby
-When is the closing date? Aug 4
-Will the property be owner-occupied or a rental? Owner-occupied

I have a couple offers from the Big 5.

Both are 5 year fixed.
RBC: 2.29% with $1000 cash back + $500 gc from source. $300 inspection waived. They're also partnered with a company that is giving me an 18 month warranty on major repairs (roof, foundation, furnace, AC(but my AC doesnt qualify)). RBC allows to pay double the mortgage every month.
BMO: 2.14% with 1st month mortgage cash back (approx $2800). BMO payment is 20/20

I was wondering if there are better rates and/or better lender with better penalties/easier to switch after 5 years.
Also because of the down payment $4000 difference, I am wondering if RBC be better if I pay double mortgage every month even though the rate is higher or if BMO will save me money in the long run.

TIA!
If you're looking for something with cheaper penalties, best rate is 1.85% 5-year variable.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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