Real Estate

The Official Mortgage Rates Thread

Newbie
Aug 19, 2020
2 posts
For a purchase of a property:

-What is the purchase price? $350,000
-How much is the down payment? 20%
-Where it the property located? Victoria BC
-When is the closing date? October 15th
-Will the property be owner-occupied or a rental? owner occupied.

First time buyer. All advice appreciated. Shopping around for best possible rates and terms. I bank with TD I hear there may be additional discounts since I am a client plus cash incentive.
Member
User avatar
Aug 20, 2020
382 posts
67 upvotes
Scarborough
ironchefff wrote: Hello everyone! Could you please check below for a first time home buyer?

-What is the purchase price? $875,000
-How much is the down payment? 20%
-Where it the property located? Mississauga, ON
-When is the closing date? November 19
-Will the property be owner-occupied or a rental? Owner-occupied

Thank you!
You may get 1.69% fixed 3-year, 1.79% fixed 5-year or Prime minus 0.65% (currently 1.80%) variable 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Deal Addict
User avatar
Jan 31, 2018
3043 posts
564 upvotes
ironchefff wrote: Hello everyone! Could you please check below for a first time home buyer?

-What is the purchase price? $875,000
-How much is the down payment? 20%
-Where it the property located? Mississauga, ON
-When is the closing date? November 19
-Will the property be owner-occupied or a rental? Owner-occupied

Thank you!
You can get the following rates

5 yr fixed 1.79%
5 yr variable 1.75%

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3043 posts
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JorgeC79949 wrote: For a purchase of a property:

-What is the purchase price? $350,000
-How much is the down payment? 20%
-Where it the property located? Victoria BC
-When is the closing date? October 15th
-Will the property be owner-occupied or a rental? owner occupied.

First time buyer. All advice appreciated. Shopping around for best possible rates and terms. I bank with TD I hear there may be additional discounts since I am a client plus cash incentive.
You can get the following rates

5 yr fixed 1.79%
5 yr variable 1.75%
5 yr variable with TD likely 1.80% given the amount but you do get a cash incentive

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
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Jan 31, 2018
3043 posts
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holy_pyro wrote: I'm getting an offer from CIBC, is this a good deal or should I look around more?

For the mortgage it will be a 3 year variable rate closed at 1.87%
the HPP will be Prime +0.5%

-Roughly, what is the current market value of the property? - 700k
-What is the current mortgage owing? 310K
-How much do you want to borrow (refinance)? maximum for SM
-Is the property owner-occupied or a rental? owner-occ
-Where is the property located? Burlington ON
-When do you want to close on the refinance? January 2021.
Is the loc important to have ?

Lower rates if not

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Mar 21, 2005
36 posts
Hi

I am looking at a new purchase

What is the purchase price? $900,000
-How much is the down payment? 20%
-Where it the property located? Vaughan, ON
-When is the closing date? November 2
-Will the property be owner-occupied or a rental? Owner-occupied

Looking at 30 year amortization.

Currently getting 1.91% 5 year variable from td. What is the best rate I should be looking at getting.

Thanks
Sr. Member
User avatar
Jun 24, 2020
901 posts
166 upvotes
Varun wrote: Hi

I am looking at a new purchase

What is the purchase price? $900,000
-How much is the down payment? 20%
-Where it the property located? Vaughan, ON
-When is the closing date? November 2
-Will the property be owner-occupied or a rental? Owner-occupied

Looking at 30 year amortization.

Currently getting 1.91% 5 year variable from td. What is the best rate I should be looking at getting.

Thanks

For a 30 year, likely 1.84% five year fixed available, or 1.75% five year variable
Last edited by TazZaide on Sep 18th, 2020 11:25 am, edited 1 time in total.
Sr. Member
User avatar
Jun 24, 2020
901 posts
166 upvotes
ironchefff wrote: Hello everyone! Could you please check below for a first time home buyer?

-What is the purchase price? $875,000
-How much is the down payment? 20%
-Where it the property located? Mississauga, ON
-When is the closing date? November 19
-Will the property be owner-occupied or a rental? Owner-occupied

Thank you!

1.79% five year fixed or 1.75% five year variable available
Member
User avatar
Aug 20, 2020
382 posts
67 upvotes
Scarborough
Varun wrote: Hi

I am looking at a new purchase

What is the purchase price? $900,000
-How much is the down payment? 20%
-Where it the property located? Vaughan, ON
-When is the closing date? November 2
-Will the property be owner-occupied or a rental? Owner-occupied

Looking at 30 year amortization.

Currently getting 1.91% 5 year variable from td. What is the best rate I should be looking at getting.

Thanks
Hi Varun... you may be able to do much better than 1.91%.. Prime minus 0.70%, currently at 1.75%, variable 5-year
Neil Joseph
Mortgage Agent, Broker Lic #10530
Deal Fanatic
Aug 21, 2007
5518 posts
478 upvotes
Markham
i hve a rental with cibc up for renewal (renewal date Nov 26,2020)

they are offering to renew at 1.82 for 5 years...however i was interested in doing a refinance to pull out some equity

what rates would i be looking at? current mortgage balance 277500, property value around 600k estimated...any coverage for legal/discharge/appraisal or a cash back in lieu to cover? Currently at 30 yr amortz but no issues going to 25.

thanks!
Newbie
Mar 25, 2018
5 posts
1 upvote
How much is the mortgage owing? $900,000
-Roughly, what is the current market value of the property? 1.35m
-Which city is the property located in? Vaughan, Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Haventree Bank, 1 year fixed 4.29
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-When is your renewal date? Nov, 2020
-Household income? $125,000

Thanks.
Sr. Member
User avatar
Jun 24, 2020
901 posts
166 upvotes
Ridvan0441 wrote: How much is the mortgage owing? $900,000
-Roughly, what is the current market value of the property? 1.35m
-Which city is the property located in? Vaughan, Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? Haventree Bank, 1 year fixed 4.29
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-When is your renewal date? Nov, 2020
-Household income? $125,000

Thanks.
With the numbers and income given, it likely may be tight as a bit more income would have been needed. Best thing to do is reach out to any of the brokers that post here and see what’s available in your case/how they can make it work.
Sr. Member
User avatar
Jun 24, 2020
901 posts
166 upvotes
adeel wrote: i hve a rental with cibc up for renewal (renewal date Nov 26,2020)

they are offering to renew at 1.82 for 5 years...however i was interested in doing a refinance to pull out some equity

what rates would i be looking at? current mortgage balance 277500, property value around 600k estimated...any coverage for legal/discharge/appraisal or a cash back in lieu to cover? Currently at 30 yr amortz but no issues going to 25.

thanks!
Those are great rates for a rental.
Deal Fanatic
Aug 21, 2007
5518 posts
478 upvotes
Markham
TazZaide wrote: Those are great rates for a rental.
to clarify that rate is only for a renewal and not refinance...refinance would be looking at 1.97...still think it is a good ratE?
Sr. Member
User avatar
Jun 24, 2020
901 posts
166 upvotes
adeel wrote: to clarify that rate is only for a renewal and not refinance...refinance would be looking at 1.97...still think it is a good ratE?
For a refinance on a rental that’s a good rate

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