Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
qianquan wrote: Hi, want some opinions from experts. I recently signed two mortgage early renewal agreements with RBC, one on August 20, and the other one on August 25. And on the agreements, one showed the Prepayment Charge was $3690, and the other one was $16747. The RBC staff came back from vacation on 31 August, and told me she made a mistake, and input a wrong code when calculating the penalties. the penalties should be $4737.82 and $18878. And even better, she told me the penalty of the first renewal was $5774 after she confirmed with back office. I thought, WTF, I never met such things from a bank. what is your thought about this? Thanks!
When is the end of term ? If they are offering an early renewal there should be NO penalty

WTF is right

Tell us your situation better rates likely available

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
RedDuck wrote: Hello, I'm looking for the best rates available.

-What is the purchase price? 416k
-How much is the down payment? 20%
-Where it the property located? Montreal, QC
-When is the closing date? ~September 30th
-Will the property be owner-occupied or a rental? Owner occupied
5 yr fixed 1.89% available in Quebec

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
rmobdbdb wrote: Hi everyone - looking to refinance my mortgage. Currently with RBC. Our breakage fee is $25500...Is it best to stay with RB or move to another lender that can absorb the breakage fee?

-How much is the mortgage owing? - $563,000
-Roughly, what is the current market value of the property? - $910,000
-Which city is the property located in? - Mississauga, ON
-Is the property owner-occupied or a rental? -- Owner
-Who is your current lender? -- RBC
-Do you have a HELOC tied to the mortgage? -- No
-Is the mortgage CMHC insured? -- no
-When did you buy the property? - 2018
-When is your renewal date? - Nov 2025
You can get rates as low as 169% but you would have to cover the penalty less 3k that you can roll in
You would still save almost 29k after penalty

OR

Refinance roll the entire amount into new mortgage rate 1.84%
You would save $24,500 after penalty


Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Nov 16, 2015
21 posts
47 upvotes
Calgary, AB
Hello, I'm looking for the best rates available.

-What is the purchase price? 680k
-How much is the down payment? 20%
-Where it the property located? Calgary, AB
-When is the closing date? ~September 11th
-Will the property be owner-occupied or a rental? Owner occupied
Sr. Member
User avatar
Jun 24, 2020
867 posts
161 upvotes
Archiehu wrote: Hello, I'm looking for the best rates available.

-What is the purchase price? 680k
-How much is the down payment? 20%
-Where it the property located? Calgary, AB
-When is the closing date? ~September 11th
-Will the property be owner-occupied or a rental? Owner occupied
I don’t think you’ll be able to secure financing with any of the lenders here right now if your closing is 5 business days away.
Newbie
Sep 1, 2020
2 posts
Looking for better rate, if anyone in Edmonton has recommendation, please let me know. Current get offer from from cibc at 1.89% and TD 1.96% for 5 year fixed.
What is the purchase price? 650k
Morgate remainning - 467k
remanibg amorization around 20 years
-How much is the down payment? 20%
-Where it the property located? Edmonton, AB
-When is the closing date? ~Nov 11th
-Will the property be owner-occupied or a rental? Owner occupied
Banned
Sep 1, 2020
5 posts
How long does it typically take to renew a mortgage? Mine is up for renewal in December and I was wondering when I should start the process.
Newbie
Sep 2, 2020
2 posts
Hey,

My mortgage will be up for renewal soon and BMO just gave me an offer for early renewal- 1.93% for 3 yr fixed or 1.98% for 5 yr fixed. Looking to what else may be available.

How much is the mortgage owing? $185k
Roughly, what is the current market value of the property? $565k
Which city is the property located in? Ottawa
Is the property owner-occupied or a rental? Owner
Who is your current lender? BMO
Do you have a HELOC tied to the mortgage? No
Is the mortgage CMHC insured? No
When did you buy the property? Feb 2014
When is your renewal date? Feb 1 2021
Sr. Member
User avatar
Jun 24, 2020
867 posts
161 upvotes
ApeCity wrote: How long does it typically take to renew a mortgage? Mine is up for renewal in December and I was wondering when I should start the process.
Typically takes at least 4 weeks to get everything done for a renewal. You can definitely start the process now. Even if rates drop prior to your renewal, the broker can float your rate down to the new lower rates
Deal Addict
User avatar
Jan 31, 2018
2972 posts
548 upvotes
VivianC55076 wrote: Looking for better rate, if anyone in Edmonton has recommendation, please let me know. Current get offer from from cibc at 1.89% and TD 1.96% for 5 year fixed.
What is the purchase price? 650k
Morgate remainning - 467k
remanibg amorization around 20 years
-How much is the down payment? 20%
-Where it the property located? Edmonton, AB
-When is the closing date? ~Nov 11th
-Will the property be owner-occupied or a rental? Owner occupied
1.84% is available with a larger monoline

1.69% if you can do 25% down

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 2, 2020
1 posts
Hi,

Currently with First National with 2.34% (5 year fixed.) - 4 Years term completed.

Property Purchased - September 2016

Mortgage remaining - 504$

remaining amortization around 21 years

Approx Market Value - 775K$


Where it the property located? Waterloo, ON


Will the property be owner-occupied or a rental? Owner occupied


Looking for Switch for better rate. Breakage fee with First National is 3200$

Regards
Sr. Member
User avatar
Jun 24, 2020
867 posts
161 upvotes
toprprasad wrote: Hi,

Currently with First National with 2.34% (5 year fixed.) - 4 Years term completed.

Property Purchased - September 2016

Mortgage remaining - 504$

remaining amortization around 21 years

Approx Market Value - 775K$


Where it the property located? Waterloo, ON


Will the property be owner-occupied or a rental? Owner occupied


Looking for Switch for better rate. Breakage fee with First National is 3200$

Regards

You can get 1.69% five year fixed or 1.60% Five year variable with costs covered to switch.
Jr. Member
May 8, 2014
178 posts
93 upvotes
Toronto, ON
TazZaide wrote: I think your penalty just went up due to their posted rate changing. With big banks the penalties can be pretty horrendous. Anytime there’s changes in the posted rates with the big banks, your penalty will change also.
The posted rate didn't need to change so much as the reinvestment rate.

See my previous post for a more detailed explanation:

http://forums.redflagdeals.com/official ... #p31474086
A semi-competent prole, having worked in mortgages at a "Big Bank" for a day or two.
Newbie
User avatar
Sep 2, 2020
2 posts
Toronto
Hi brokers,
I am looking for a mortgage refinance. My current interest rate is 3.24% fixed with about 2.5 years left on my 5 year term.

I am hoping for a rate under 2% and hoping the new lender will offer cash back or cover the discharge fee, legal fee and property assessment fee.

Please let me know if you can help – information requested below.
Thanks!


-Roughly, what is the current market value of the property?
1.2 million

-What is the current mortgage owing?
748,000

-How much do you want to borrow (refinance)?
300,000

-Is the property owner-occupied or a rental?
Owner occupied

-Where is the property located?
Ajax, ON

-When do you want to close on the refinance?
ASAP
Newbie
Feb 4, 2004
44 posts
16 upvotes
Hello - looking to buy soon, here are the details.

-What is the purchase price? $1,400,000
-How much is the down payment? 550k
-Where it the property located? Vancouver
-When is the closing date? January 2021
-Will the property be owner-occupied or a rental? Owner-occupied

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