Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 23, 2006
2619 posts
1709 upvotes
Best rate to refinance in Quebec 5yr closed? It’s a small mortgage about 100k, looking to bump it up to 125k

Thanks
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Newbie
Dec 3, 2015
87 posts
75 upvotes
BC
Hi, currently in the market and wondering what rates I can get for 30 years amortization (uninsured), fixed/variable:

-What is the purchase price? ~600k
-How much is the down payment? 20%
-Where it the property located? Richmond, BC
-Will the property be owner-occupied or a rental? Owner-occupied

Thank you!
Deal Addict
User avatar
Jan 31, 2018
3034 posts
560 upvotes
braddie wrote: Hi, currently in the market and wondering what rates I can get for 30 years amortization (uninsured), fixed/variable:

-What is the purchase price? ~600k
-How much is the down payment? 20%
-Where it the property located? Richmond, BC
-Will the property be owner-occupied or a rental? Owner-occupied

Thank you!
5 yr fixed 1.89%
5 yr variable 1.80%

Comes with cash back from the lender if closing before Oct end

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3034 posts
560 upvotes
djredhat wrote: Best rate to refinance in Quebec 5yr closed? It’s a small mortgage about 100k, looking to bump it up to 125k

Thanks
Likely 2.04% plus legals in Quebec
5 yr fixed major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3034 posts
560 upvotes
strike66 wrote: 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
5 yr fixed 1.84% and 1.75% variable
Major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3034 posts
560 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
Even at the lower rate of 1.69% you will be behind over 1k after penalty to switch :(

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Nov 27, 2012
7 posts
1 upvote
Calgary
Hi there, our mortgage is coming up for renewal and we were looking for a fixed rate (with option to port the mortgage):

-Mortgage owing: $400,000
-Current market value: $520,000
-Located in Calgary
-Owner-occupied
-Current lender: TD
-No HELOC tied to the mortgage
-Not insured by CMHC (we did 20% down)
-Property purchased: September 2018 (Original amortization was 30 years)
-Renewal date: October 1, 2020

Thanks for all the assistance provided on this thread, appreciate the support from the community.
Newbie
Dec 12, 2013
73 posts
10 upvotes
Currently market value 737k
Mortgage amount 210k
Non insured and NO Line of credit

Current 3.09% fixed 5 years
Expire 7/2023

What rate should I do switch out if it comes with 5k penalty
Newbie
Feb 2, 2015
2 posts
Fredericton
Looking to switch for a better rate. Currently, with ATB at 2.6% (5 years fixed.) - 9 months completed.

What is the purchase price? 405k
Mortgage remaining - 318k
Approx Market Value - 460K
Property Purchased - January 2020
Remaining amortization: started 25 years mortgage in January 2020. So 24+ year remaining
-How much is the down payment? 20%
-Where it the property located? Calgary, AB
-Will the property be owner-occupied or a rental? Owner-occupied
-Breakage fee with ATB is 3k

Looking to find out the best rate and if any lender is willing to cover the penalty from ATB. ATB suggested they could lower the mortgage down to 2.29% and MAY waive the penalty. My friend recently got 1.68% with Intelli for renewal,
Newbie
Sep 2, 2020
1 posts
Hi there! Looking to see the best rate I can get please

-What is the purchase price? $965 000
-How much is the down payment? $145 000 (15%)
-Where it the property located? Toronto
-When is the closing date? Nov 2020
-Will the property be owner-occupied or a rental? Owner-occupied

Looking 5 year fixed rate and 25 year amortization
Sr. Member
User avatar
Jun 24, 2020
898 posts
164 upvotes
rifatrahman wrote: Looking to switch for a better rate. Currently, with ATB at 2.6% (5 years fixed.) - 9 months completed.

What is the purchase price? 405k
Mortgage remaining - 318k
Approx Market Value - 460K
Property Purchased - January 2020
Remaining amortization: started 25 years mortgage in January 2020. So 24+ year remaining
-How much is the down payment? 20%
-Where it the property located? Calgary, AB
-Will the property be owner-occupied or a rental? Owner-occupied
-Breakage fee with ATB is 3k

Looking to find out the best rate and if any lender is willing to cover the penalty from ATB. ATB suggested they could lower the mortgage down to 2.29% and MAY waive the penalty. My friend recently got 1.68% with Intelli for renewal,
There’s quite a bit of savings even with the 3k penalty(over 7k in savings after penalty is factored in). Unfortunately no lender covers the penalty, but you can roll in upto $3000 of it into your mortgage amount on closing with the new lender. Legal and appraisal fees are also covered. If your home value can come in at 490k, you can get 1.69% Five year fixed or 1.60% five year variable.
Sr. Member
User avatar
Jun 24, 2020
898 posts
164 upvotes
annieann wrote: Currently market value 737k
Mortgage amount 210k
Non insured and NO Line of credit

Current 3.09% fixed 5 years
Expire 7/2023

What rate should I do switch out if it comes with 5k penalty

With only 3 years left, your 5k penalty won’t offset the savings experienced if you switched now to the lowest rate available (1.60% five year variable).
Sr. Member
User avatar
Jan 11, 2009
688 posts
10 upvotes
Looking to buy a rental property on top of my existing home. Prefer 30 year amortization.

-What is the purchase price? $1.03 million
-How much is the down payment? 206k
-Where it the property located? Whitchurch-Stouffville, ON
-When is the closing date? ASAP
-Will the property be owner-occupied or a rental? Rental
Newbie
Aug 30, 2020
3 posts
Hi Just Posting my query again looks like this was missed due to lag in Posting time vs Publish time :

==================

I am a Self Employed Contractor with below details:

Annual Corporation Gross Income: 125k
Annual Individual income ( declared to CRA and paid tax ) : 85k 2019 ,
Sole Owner of the Corporation
Corporation is registered 3 years ago. With All HST / Tax paid every year.
Individual Credit Score: 780+
Down Payment : 5%
First Time Home Buyer
Property to be occupied by self

Can someone please tell me my how much mortgage I am eligible for and the rates available !!

Thanks
Last edited by ThirstyFrog on Sep 4th, 2020 8:23 am, edited 1 time in total.
Newbie
Sep 3, 2020
1 posts
Hi All,

Maybe some advice; new to the forum; just assessing if I will face any difficulties on obtaining final mortgage approval; so please hit out your recommendations:

I am a Canadian who worked abroad for 11 years with the same employer; a huge American Conglomerate and returned to Canada, I took a company transfer back home as i can work from home.
My position stays the same, my work conditions have not changed, just have the contract changed over from a French (Was based in France) to a Canadian one (Ontario) with all the normal terms and conditions; probation does not apply to me and it is confirmed by the company in the company letter that I am a inter company transfer etc. I have started getting paid my salary in Canada and have a few pay stubs already; about 1.5 months so far.

Here are my details:
Closing: 60 days
Price of House: 425K
Down payment: 10-15%, depends on the rate on offer, i could only transfer so much to make the 90 day window required to keep in bank account for the downpayment
Credit Scores: 800+, both Transunion & Equifax (I paid to double check)
Debts: No Debts, Car was bought for Cash, worth 20K
Credit Available: MBNA MC; Limit 37500, balance: 0...TD Visa: Limit 10K...balance 0
Employment: 11 years with same company
Income: 140K, salaried position, no probation
Pre-Approval: Yes, got the pre-approval
Closing: 60 days

I also provided all the details of my income previously, which thankfully was all in English, like 8 years of paystubs etc...of course salary was higher...

Let me know your thoughts what to expect...

PS, i kept my accounts open in Canada during this time that i was abroad as i knew eventually i would come back, of course using them from time to time, sometimes heavily, but always paying the balance sometimes before the statement date sometimes..my bank told me that i don't need to close accounts, but CRA or Government institutions say to do so, anyways it's a gray area.


jonathan

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