Real Estate

The Official Mortgage Rates Thread

Deal Fanatic
Aug 21, 2007
5492 posts
466 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
708 posts
132 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
708 posts
132 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
5492 posts
466 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
708 posts
132 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
Member
Dec 12, 2007
444 posts
116 upvotes
Canada
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!
If it is a house rental, you could get around 1.81-1.84% 5 year fixed depending on your closing date (re-finance). Usually re-finances have limited transfer costs covered.
Deal Addict
User avatar
Jan 31, 2018
2748 posts
505 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
5 yr fixed 1.84% 5 yr variable 1.75%
Major bank

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2748 posts
505 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!
Rental rates are higher thru the broker channel

Negotiate with current lender if they can stick to the 182% on the refi thats good

@AnthonyC18 has good rental rates too
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
5468 posts
2394 upvotes
Toronto
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.
Thanks for the info! As Tazz mentioned, you'd need to have more income in order to qualify for the rates most often posted on this board. Has Haventree offered you anything yet for renewal?
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Newbie
Jul 19, 2008
14 posts
Hi there,

On the hunt for homes again and looking to see what I can get.

First time home buyer here
Purchase price of the home $850,000
-How much is the down payment? 20-30%
-Where is the property located? Scarborough, ON
-When is the closing date? December?
-Will the property be owner-occupied or a rental? Owner-occupied

I was offered 1.92% for 5 years fixed from CIBC recently.

Thanks.
Deal Fanatic
User avatar
Sep 13, 2011
5468 posts
2394 upvotes
Toronto
Bey0nD wrote: Hi there,

On the hunt for homes again and looking to see what I can get.

First time home buyer here
Purchase price of the home $850,000
-How much is the down payment? 20-30%
-Where is the property located? Scarborough, ON
-When is the closing date? December?
-Will the property be owner-occupied or a rental? Owner-occupied

I was offered 1.92% for 5 years fixed from CIBC recently.

Thanks.
Thanks for the info! The lowest 5 year fixed rate for your situation would be 1.64% with a down payment of 25% or greater. Fully featured mortgage with full 20/20 prepayment privileges, and with a fair penalty lender. This rate will not be lower with a down payment greater than 25%. Rates are changing fast however and continue to drop. I've been saying for months now that we could very well see 5 year fixed rates as low as 1.50%. While we're not quite there yet, we're getting close, and it's likely we could see these rates within the next month. Time will tell of course.

With 20% down, the lowest 5 year fixed rate would be 1.79%. The maximum amortization would be 25 years on all of these rates. For 30 years, the lowest that can be expected is 1.84%.

Note that you would need to have an accepted offer in place to be eligible for these rates.
Paul Meredith
Mortgage Broker, Author
(lic. 10532)
Deal Fanatic
Aug 21, 2007
5492 posts
466 upvotes
Markham
AnthonyC18 wrote: If it is a house rental, you could get around 1.81-1.84% 5 year fixed depending on your closing date (re-finance). Usually re-finances have limited transfer costs covered.
its a condo...nov 26, 2020...for a refinance with my curent lender it would be 1.97
Newbie
Sep 16, 2020
2 posts
Hey there, wondering if someone could give me some ballpark rates:


For a purchase of a property:

-What is the purchase price? $525k
-How much is the down payment? $125k
-Where it the property located? Salmon Arm, BC
-When is the closing date? Oct 15
-Will the property be owner-occupied or a rental? Rental

For a mortgage refinance:
Whenever you are borrowing MORE money than currently owing or INCREASING the remaining amortization period, it is a refinance.


ALSO:

-Roughly, what is the current market value of the property? $600k
-What is the current mortgage owing? $0
-How much do you want to borrow (refinance)? $400k
-Is the property owner-occupied or a rental? Rental
-Where is the property located? West Vancouver
-When do you want to close on the refinance? Oct 15

thanks All!!
Newbie
Sep 17, 2020
3 posts
Hello,

Looking to refinance my condo to take advantage of low rates.

-Roughly, what is the current market value of the property? $470,000
-What is the current mortgage owing? $0 (will be paid in full as of Oct 1)
-How much do you want to borrow (refinance)? $376,000 (80% of appraisal) @ 30 year amortization
-Is the property owner-occupied or a rental? Owner-occupied.
-Where is the property located? Mississauga, Ontario
-When do you want to close on the refinance? November

CIBC has offered me 5yr fixed at 1.82% or 5yr variable 1.73 (prime - 0.72) both 30 year.

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