Real Estate

The Official Mortgage Rates Thread

Member
Dec 12, 2007
444 posts
116 upvotes
Canada
jvanbrookes wrote: 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!!
If these are house rental properties, you could get 5 year fixed for 1.81%. Same rates can be used for re-finance situations.
Newbie
Sep 16, 2020
2 posts
AnthonyC18 wrote: If these are house rental properties, you could get 5 year fixed for 1.81%. Same rates can be used for re-finance situations.
Thanks. Is that full featured with 3 month interest penalty to pay off early?
What about variable rate? And 3 yr fixed? How do I go about obtaining these rates?
Member
Dec 12, 2007
444 posts
116 upvotes
Canada
jvanbrookes wrote: Thanks. Is that full featured with 3 month interest penalty to pay off early?
What about variable rate? And 3 yr fixed? How do I go about obtaining these rates?
Yes it is. Fixed rates typically have a penalty that is the higher of 3 months interest or IRD. Worse calculation for banks.

Variable rates and shorter terms are actually higher in rates. Many great posters on this board sharing information. Brokers, direct lenders and fellow RFDers. Feel free to reach out to any of those in the community.
Jr. Member
Feb 2, 2008
147 posts
10 upvotes
AnthonyC18 wrote: You could get 5 year fixed for 1.81% for your refinance situation.
what about variable rate?
Member
Dec 12, 2007
444 posts
116 upvotes
Canada
ber0 wrote: what about variable rate?
It'd be higher at 1.89% 5 year variable, hence I tend not to mention less competitive rates.
Newbie
Mar 22, 2017
2 posts
Hi. I’m wondering if its worth breaking my existing mortgage even with a high prepayment penalty or just stick it out until the end of the term (3 years 7 months)?


How much is the mortgage owing? $350000
-Roughly, what is the current market value of the property? $695000
-Which city is the property located in? Bowmanville, Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RMG, 3.34% 5 year fixed with 3 years 7 months remaining
-Current Prepayment charge/fees - $16550 (Estimated by Lender)
-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? March 2024
-Household income? $180000
Newbie
Aug 16, 2020
3 posts
Hi, I have a new purchase closing soon, what's the best rate at this time?

What is the purchase price? $820,000
-How much is the down payment? 35%
-Where it the property located? Waterloo, ON
-When is the closing date? October 1st
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
Member
User avatar
Aug 20, 2020
233 posts
44 upvotes
Scarborough
Nate77 wrote: Hi. I’m wondering if its worth breaking my existing mortgage even with a high prepayment penalty or just stick it out until the end of the term (3 years 7 months)?


How much is the mortgage owing? $350000
-Roughly, what is the current market value of the property? $695000
-Which city is the property located in? Bowmanville, Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RMG, 3.34% 5 year fixed with 3 years 7 months remaining
-Current Prepayment charge/fees - $16550 (Estimated by Lender)
-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? March 2024
-Household income? $180000
You may get 1.54% fixed 3-year, 1.64% fixed 5-year or Prime minus 0.80% or currently 1.65% variable 5-year mortgage. You may save approx. 4000 by switching. Are you willing to pay off the penalty?
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
User avatar
Aug 20, 2020
233 posts
44 upvotes
Scarborough
tokensandchange wrote: Hi, I have a new purchase closing soon, what's the best rate at this time?

What is the purchase price? $820,000
-How much is the down payment? 35%
-Where it the property located? Waterloo, ON
-When is the closing date? October 1st
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
You may get 1.54% fixed 3-year, 1.64% fixed 5-year or Prime minus 0.80% (currently 1.65%) variable 5-year mortgage. You will not have time to find another lender; so try negotiating with the current lender.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Member
User avatar
Aug 20, 2020
233 posts
44 upvotes
Scarborough
blitzennn wrote: 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.
The rate offered by CIBC is competitive. Would you mind sharing what you intend to do with the funds? Are you planning on buying another RE asset?
Neil Joseph
Mortgage Agent, Broker Lic #10530
Deal Addict
Jul 2, 2006
1378 posts
525 upvotes
Toronto
Just renewed for 4 years fixed with TD at 1.69%. Was offered 5 years fixed at 1.85% or 5 year variable at 1.73%.
Deal Addict
User avatar
Jan 31, 2018
2748 posts
505 upvotes
tokensandchange wrote: Hi, I have a new purchase closing soon, what's the best rate at this time?

What is the purchase price? $820,000
-How much is the down payment? 35%
-Where it the property located? Waterloo, ON
-When is the closing date? October 1st
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
5 yr fixed 164% and variable 160%

You will need to reach out to a broker today and complete and application you dont have much time
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
2748 posts
505 upvotes
Nate77 wrote: Hi. I’m wondering if its worth breaking my existing mortgage even with a high prepayment penalty or just stick it out until the end of the term (3 years 7 months)?


How much is the mortgage owing? $350000
-Roughly, what is the current market value of the property? $695000
-Which city is the property located in? Bowmanville, Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RMG, 3.34% 5 year fixed with 3 years 7 months remaining
-Current Prepayment charge/fees - $16550 (Estimated by Lender)
-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? March 2024
-Household income? $180000
Minimal gains after penalty approx 1500 and you would have to pay penalty less 3k that you can roll in

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 17, 2020
3 posts
NeilJoseph wrote: The rate offered by CIBC is competitive. Would you mind sharing what you intend to do with the funds? Are you planning on buying another RE asset?
Dividend Investing. May use 10k-70k for down payment on next property that we are going to look for around March. If I refinanced for less amount say 50-75% of assessment value would that have a better rate? Forgot to mention CIBC isn't covering appraisal or lawyer fees with those rates.

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