Real Estate

The Official Mortgage Rates Thread

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Feb 2, 2014
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gizmokrap wrote: That's great! In the event of another raise, I'll still be ahead compared to the 1.7% rate I have. Should I send you a DM?
Sure, you can reach out to me or any of the brokers.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Mar 1, 2007
5 posts
GTA
Hello Experts, first time posting here and looking for some advice on my refinancing options. Thinking of adding 40-50K to do some reno work.

-How much is the mortgage owing? $355K
-Roughly, what is the current market value of the property? $1.8M
-Which city is the property located in? Oakville
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes ($0).
-Is the mortgage CMHC insured? No
-When did you buy the property? 2012
-When is your renewal date? Last week of June 2022

Lender offering pr-1 (renewal only) 5 yrs variable, Heloc +.5.
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May 4, 2017
474 posts
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Vancouver, BC
gizmokrap wrote: Thanks for the reply. My original question was I'm currently on variable at 1.7% (would most likely go variable again), half way through my term.

With the possibility of another interest rate hike, should I stay put until the next hike and seek out lowest rate or should I seek out for lowest rate now, paying penalty and do another search once hike comes in?

Unless 1.7% is as good as it gets.
Ah gotcha! Not a bad idea to lock in a larger discount. Can get 1.40% , P-1.30% . Very similar to the product you have with RMG.
McHouse wrote: This opens my mind, I've never thought of the option to get a 2nd mortgage on the same property. Thank you very much!

Btw, my current rate is 5 ys varaible 1.53%, not a fixed rate.

A few more questions:
- Since TD's mortgage is collateral, I can only get the 2nd mortgage from TD, is that correct?
- If I want to refinance again in the future in TD, I only need to break the term of the 2nd mortgage and pay less penalty, correct?
- If I want to move the mortgage totally out of TD in the future (I can not move only one out, right?) Besides 3 months' interests, What extra fees will occur for two mortgages on the same property?

Thanks a lot!
Ah if its a variable then a bit less of an issue, that being said we have seen margins get worse so unlikely could get the same variable rate today for a refi. The only thing I would want to consider is for the next property are the numbers for the current mortgage, 2nd mortgage and new mortgage all working together. Or did you need a extend the current mortgage coupled with the 2nd mortgage back to 30 years for better qualifying.

Here are some other answers for you:

- Since TD's mortgage is collateral, I can only get the 2nd mortgage from TD, is that correct?
  • Most likely TD will be the best to add the 2nd
- If I want to refinance again in the future in TD, I only need to break the term of the 2nd mortgage and pay less penalty, correct?
  • Kinda, it would depend a bit on if the first was in a position to have a penalty. if the 2nd was just in a HELOC (open term) then there would be no penalty. YMMV with TD though if you keep the mortgage inhouse they may "blend and extend" by incorporating some of the costs into the new offered rate without the penalty.
- If I want to move the mortgage totally out of TD in the future (I can not move only one out, right?) Besides 3 months' interests, What extra fees will occur for two mortgages on the same property?
  • Not much else other than a bit more admin, they would probably ding the extra ~$300 on each mortgage for discharge. But other than that not much in terms of extra costs. You're right it would only let you move the whole thing if you left TD.
Hope the helps a bit!
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May 4, 2017
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Vancouver, BC
monster11 wrote: Bump…
Thanks for the post! You can most likely send the refinance in right away, depending on the lender and qualification. Just want to ensure the mortgage product that you close with isn't too restrictive so you can break and reset it.
Motocheck wrote: What is the purchase price?
600-650k
-How much is the down payment?
5%
-Where it the property located?
Scarborough
-When is the closing date?
Checking If eligible for mortgage
-Will the property be owner-occupied or a rental?
Owner
Family income : 152k
Debt : 65k
Credit score : above 720
First time home buyers

Can we get a mortgage..or we have to clear debt first.
Thanks for the post!

Best to run a formal pre approval here as the "debt" will need to be broken down into individual items and monthly payments. It's not really the debt that matters but more so that the actual monthly payment is, or better yet what the monthly payment the lender would attribute to that type of debt, credit card, car loan, LOC, etc..
username304446 wrote: I have the same question. I live in Calgary, AB and was quoted 1.6 % on a 30 year line of credit/variable here, but being told that rate doesn't currently exist and is only available for a 25 year. Could the experts here please confirm best available variable rate on a 30 year in Calgary? Thank you!
We have been seeing variable-rate discounts contract as of the beginning of march, one bank was specifically leading the charge, but the responses from them have been much less aggressive on large mortgages last week. I still have a couple credit unions in the lower mainland that are at 1.6% 30yr, but you're right for AB and Ontario you'd need a 25yr AM to get that right now from a monoline lender. With a 30yr AM you're most likely looking at ~1.8% with some cashback.
zned12 wrote: Hello Experts, first time posting here and looking for some advice on my refinancing options. Thinking of adding 40-50K to do some reno work.

-How much is the mortgage owing? $355K
-Roughly, what is the current market value of the property? $1.8M
-Which city is the property located in? Oakville
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? Scotia
-Do you have a HELOC tied to the mortgage? Yes ($0).
-Is the mortgage CMHC insured? No
-When did you buy the property? 2012
-When is your renewal date? Last week of June 2022

Lender offering pr-1 (renewal only) 5 yrs variable, Heloc +.5.
Reasonable options offered for Scotiabank, you have a couple of options and they will be a bit dependent on if you prefer the structure you currently have on the mortgage. Large collateral charge, and mortgage nested within that charge, or if you'd prefer a simpler mortgage with no HELOC. Depending on if and when you had made changes to the mortgage in the past, it might be possible to advance the 40-50k from the HELOC and then transfer the mortgage and HELOC balance under an "insurable" product. In that case, you could get some very competitive rates of ~1.30% (P-1.40%), and 2.69% on a 5yr fixed. These would both be much simpler products to the Scotia STEP, but would allow you to have a significant rate advantage with flexible prepayment.

The other option would be to look at the same sort of product you have now, collateral charge and also look to refinance equity out at that time. If that's the case you're looking at similar rates to what you've been offered thus far @ P-1.1% (1.6%), and 3.04% 5yr fixed.

Hope that helps a bit!
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Sep 13, 2011
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Jokerpersona wrote: For the brokers, did rates rise on Friday?

Previous rate (as of yesterday from my broker) was 1.6% for readvanceable 30 year variable. Being told by another user on the forum that doesn't exist anymore. Not seeing any indication of that anywhere, rate hub etc.

What's the rates today?
username304446 wrote: I have the same question. I live in Calgary, AB and was quoted 1.6 % on a 30 year line of credit/variable here, but being told that rate doesn't currently exist and is only available for a 25 year. Could the experts here please confirm best available variable rate on a 30 year in Calgary? Thank you!
Yes, multiple lenders increased their fixed rates Thursday and Friday of last week. Some lenders have also reduced their discounts on variable as well. The lowest rate with a 30 year amortization can vary depending the mortgage amount borrowed, but the rate can vary from 1.65% to 1.80%. Rates with a 25 year amortization can range from 1.25% to 1.80% depending on your situation. The large variance is why we ask so many questions (listed on page one of this thread) to determine the lowest rate you would be eligible for.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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Sep 13, 2011
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monster11 wrote: Hello Excepts,

Bought a townhouse from a builder in Whitby, ON as an investment property. At the closing, I will be paying 20% down. The. Price went up quiet a bit after I booked. I will be using HELOC from my primary residence to put a down payment for the Townhouse. I want to refinance the townhouse pretty much rt away after the closing. How fast I can refinance after the closing? Is there a waiting period or something?
Thanks for the post! There shouldn't be any issues with you refinancing after closing the new mortgage. Standard penalties would apply. Once you have closed the new purchase, you can then reach out to any of the regular posting brokers on this board and we'd be happy to assist you. Kevin, Phil, Taz, Andy or myself.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
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May 4, 2017
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Really big move today in the 5yr bond yield. Breaking out above it's previous highs from Feb.

We will see fixed rates on the rise over the next few days if this maintains +1.85%
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May 6, 2007
1413 posts
377 upvotes
Ottawa, On
My mortgage is coming up for renewal soon. My current lender's rate seems reasonable and it isn't a huge mortgage so I'm thinking I'll stay with them but thought I'd double-check before committing.

-How much is the mortgage owing?
120k
-Roughly, what is the current market value of the property?
750k
-Which city is the property located in?
Ottawa
-Is the property owner-occupied or a rental?
owner-occupied
-Who is your current lender?
Tangerine
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
2011
-What was the purchase price?
355k
-When is your renewal date?
May 2022
Deal Guru
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Feb 2, 2014
11231 posts
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Toronto
da_guy2 wrote: My mortgage is coming up for renewal soon. My current lender's rate seems reasonable and it isn't a huge mortgage so I'm thinking I'll stay with them but thought I'd double-check before committing.

-How much is the mortgage owing?
120k
-Roughly, what is the current market value of the property?
750k
-Which city is the property located in?
Ottawa
-Is the property owner-occupied or a rental?
owner-occupied
-Who is your current lender?
Tangerine
-Do you have a HELOC tied to the mortgage?
No
-Is the mortgage CMHC insured?
No
-When did you buy the property?
2011
-What was the purchase price?
355k
-When is your renewal date?
May 2022
Prime -1.40% 5-year variable is available, but you have to cover legal fees ($800) as Tangerine mortgages are a collateral charge.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Oct 4, 2009
3590 posts
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AndrewHill wrote: Really big move today in the 5yr bond yield. Breaking out above it's previous highs from Feb.

We will see fixed rates on the rise over the next few days if this maintains +1.85%
Indeed. Reached 1.94% so far today, level not seen since Jan 2019. Last saw 2% in Dec 2018.
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CdnRealEstateGuy wrote: Prime -1.40% 5-year variable is available, but you have to cover legal fees ($800) as Tangerine mortgages are a collateral charge.
We signed up in 2011 before tangerine (then ING) went collateral. I believe we should be grandfathered as a standard mortgage, no?

If I do need to pay the extra legal fees I'm not sure it's worth it given how little we currently owe. It's worth considering though.

Thanks!
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Jul 30, 2013
1109 posts
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GTA
-What is the purchase price? 1.15M
-How much is the down payment? 20%
-Where it the property located? Richmond Hill, ON
-When is the closing date? June 2022
-Will the property be owner-occupied or a rental? Owner-occupied

Looking for a variable rate, 25-year or 30-year amortization, could a broker please advise the best rates (for big 5 banks)?
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Jun 24, 2020
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techkid wrote: -What is the purchase price? 1.15M
-How much is the down payment? 20%
-Where it the property located? Richmond Hill, ON
-When is the closing date? June 2022
-Will the property be owner-occupied or a rental? Owner-occupied

Looking for a variable rate, 25-year or 30-year amortization, could a broker please advise the best rates (for big 5 banks)?
At the moment, big 5 banks are likely in the 1.75% five year variable range. You can get 1.54% five year variable for 25 years amortization from a lender who is not a big 5 bank, or 1.64% five year variable for 30 years.
Newbie
Mar 13, 2022
1 posts
For a purchase of a property:

-What is the purchase price? 300K to 450K
-How much is the down payment? 60K
-Where it the property located? Montreal, QC
-When is the closing date? I did not made an offer or anything, I'm looking what are the rates looking at. Let's say June 2022.
-Will the property be owner-occupied or a rental? Owner-occupied

Looking for a fixed rate, 25 year for big banks.
Please advise, thank you very much.
Newbie
Jul 12, 2015
5 posts
Toronto, ON
Looking for best rates fixed term 30 year

For a purchase of a property:

-What is the purchase price? 1,810,000
-How much is the down payment? 35%
-Where it the property located? Whitby
-When is the closing date? May 31 2022
-Will the property be owner-occupied or a rental? Owner occupied

Thank you
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Sep 12, 2017
2483 posts
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gizmokrap wrote: That's great! In the event of another raise, I'll still be ahead compared to the 1.7% rate I have. Should I send you a DM?
Hmm.. are you not looking at long term though. What if variable rates go to 5.25% within the next 5 years, which is the stress test Canada government has set for mortgage qualification. I mean they are going to justify their predictions of the higher 5.25% rates at some point. Do any of the short term savings on a variable rate offset the higher future mortgage costs? Canada will have to fight inflation.
Newbie
Feb 20, 2022
3 posts
First time home buyer looking to find a decent mortgage rate Open to both fixed and variable. I would prefer a 30 year amo and a heloc option to go with the property as well as it has appreciated considerably ever since we booked it in 2020.

-What is the purchase price? 567,000
-How much is the down payment? 20 %
-Where it the property located? Ottawa, ON
-When is the closing date? June 2022
-Will the property be owner-occupied or a rental? Owner Occupied
Deal Guru
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Feb 2, 2014
11231 posts
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Toronto
da_guy2 wrote: We signed up in 2011 before tangerine (then ING) went collateral. I believe we should be grandfathered as a standard mortgage, no?

If I do need to pay the extra legal fees I'm not sure it's worth it given how little we currently owe. It's worth considering though.

Thanks!
Yes, if you're grandfathered, then it would be a standard charge. This assumes they never re-registered the mortgage charge.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Aug 6, 2019
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reggyDeal wrote: Hmm.. are you not looking at long term though. What if variable rates go to 5.25% within the next 5 years, which is the stress test Canada government has set for mortgage qualification. I mean they are going to justify their predictions of the higher 5.25% rates at some point. Do any of the short term savings on a variable rate offset the higher future mortgage costs? Canada will have to fight inflation.
Good point. Historically variable rate was the way to go as you'd know and there's that flexibility of locking it in later down the road.

And I doubt that government would jack up the prime unannounced which means I would have time to prepare to lock it in before it gets real bad.

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