Real Estate

The Official Mortgage Rates Thread

Member
User avatar
Aug 20, 2020
260 posts
45 upvotes
Scarborough
blitzennn wrote: 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.
If you are planning on buying a rental property then you may be able to structure this better to get some tax deductions. Don't think that the arrangement would extend to equity investments though. Worth discussing with your CPA.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Feb 11, 2020
2 posts
Hi there!

First time home buyer here
Purchase price of the home $800000
-How much is the down payment? 8%
-Where is the property located? Waterloo, ON
-When is the closing date? October?
-Will the property be owner-occupied or a rental? Owner-occupied

Thank you!
Newbie
Aug 18, 2015
58 posts
22 upvotes
Toronto, ON
Can i get a mortgage? I am a IT contractor with 350k average corporation income in last 2 years. And Notice of assessment of 80k last year
20% down and buying a house around 1 mil?excellent credit
Thanks
Sr. Member
User avatar
Jun 24, 2020
755 posts
137 upvotes
jamesyan94964213 wrote: Hi there!

First time home buyer here
Purchase price of the home $800000
-How much is the down payment? 8%
-Where is the property located? Waterloo, ON
-When is the closing date? October?
-Will the property be owner-occupied or a rental? Owner-occupied

Thank you!
Thanks for the info. 1.59% five year fixed is available for a 120 day rate hold if you have an accepted offer in your case.
Sr. Member
User avatar
Jun 24, 2020
755 posts
137 upvotes
addictivemate wrote: Can i get a mortgage? I am a IT contractor with 350k average corporation income in last 2 years. And Notice of assessment of 80k last year
20% down and buying a house around 1 mil?excellent credit
Thanks

You definitely could. Reach out to any of the brokers that post here to help you get pre approved.
Jr. Member
Sep 20, 2010
194 posts
222 upvotes
Hamilton
PaulMeredith wrote: 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.
How would that work if we already have a rate hold through a broker and lender. Would we automatically get these lower rates? For example it could be a different lender than who we have the rate hold with. Would that mean we have to do a new application with this lender, or would we have to contact our broker or lender to match the lower rate?

Thanks.
Moderator
Sep 27, 2003
10216 posts
2756 upvotes
Newmarket
Little late, but I did want to thank @PaulMeredith and his team for all their help on our Mortgage Renewal (Transfer) a couple of months ago. The transaction went very smoothly and my wife and I were very pleased with your team's efforts. Also pleased to have referred additional business over to you!
RFD Forums Moderator
Sr. Member
User avatar
Dec 2, 2008
775 posts
290 upvotes
addictivemate wrote: Can i get a mortgage? I am a IT contractor with 350k average corporation income in last 2 years. And Notice of assessment of 80k last year
20% down and buying a house around 1 mil?excellent credit
Thanks
(((Hi everyone, long time, very busy times. Hope you are all staying safe and healthy!)))))

Yes you most likely should be able to. Different lenders have different BFS (Business for Self) requirements.

Reach out to a broker and they can run numbers for you :)))
Newbie
Sep 16, 2020
2 posts
Manitoba
Hi I’m in the process of buying a home. Here is the details. I’m looking to buy a home that is $860,000. My down payment would be $360,000 so i would carry a mortgage of $500,000

How much is the current mortgage owing? $0 it’s paid off for my primary residence that I would sell.
-Roughly, what is the current market value of the property? 320,000
-Which city is the property located in? Winnipeg, MB
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender?
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2013
-When is your renewal date: n/a
-My income? $110,000 (I’m in sales and changed jobs so my commissions won’t count to the calculation. Been in the job for a year)

I do have 2 rental properties Fully rented with tenants that extended their leases for another year.

1 property produces $26,400 annually and has a mortgage of 233k. I’ve had this property since 2016. Current house value 400k. CHMC = no.

My other property produces 12k annually and has a mortgage of about 51k. Current value is 140k. I’ve had this property since 2009. CHMC = no

I’m looking at 2 options Fixed and variable on a 5 yr 30 year amortization.

Thanks!
Newbie
Aug 18, 2015
58 posts
22 upvotes
Toronto, ON
kobe360 wrote: How would that work if we already have a rate hold through a broker and lender. Would we automatically get these lower rates? For example it could be a different lender than who we have the rate hold with. Would that mean we have to do a new application with this lender, or would we have to contact our broker or lender to match the lower rate?

Thanks.
canadian gal wrote: (((Hi everyone, long time, very busy times. Hope you are all staying safe and healthy!)))))

Yes you most likely should be able to. Different lenders have different BFS (Business for Self) requirements.

Reach out to a broker and they can run numbers for you :)))
Can someone recommend me a good broker here?
Sr. Member
Aug 3, 2009
667 posts
104 upvotes
Currently with BMO fixed 2.99%
Thinking of breaking it and paying penalty. Although the penalty seems very hefty.

Got 1.5 years left with BMO term

520K mortgage left
Great credit and stable income
Looking for variable or fixed 4,5 year.
Sr. Member
User avatar
Jun 24, 2020
755 posts
137 upvotes
cyphr wrote: Currently with BMO fixed 2.99%
Thinking of breaking it and paying penalty. Although the penalty seems very hefty.

Got 1.5 years left with BMO term

520K mortgage left
Great credit and stable income
Looking for variable or fixed 4,5 year.
Could you kindly fill out the questions on page one for “mortgage transfer/renewal”. Also, what’s your penalty amount?
Sr. Member
Dec 19, 2009
787 posts
315 upvotes
Ottawa
Rental property mortgage up for renewal in Sept 2021.
Mortgage is insured. Currently on a 2.82% 2-year fixed (one year in) with Scotiabank. Located in Ottawa.

What are best options for rental properties?
Member
Dec 12, 2007
462 posts
121 upvotes
Canada
mikek33 wrote: Rental property mortgage up for renewal in Sept 2021.
Mortgage is insured. Currently on a 2.82% 2-year fixed (one year in) with Scotiabank. Located in Ottawa.

What are best options for rental properties?
If it is a house rental and you are willing to pay the penalty, you could get as low as 1.66% 5 year fixed.

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