Real Estate

The Official Mortgage Rates Thread

Member
Dec 12, 2007
448 posts
117 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.
Deal Addict
Mar 22, 2012
2015 posts
340 upvotes
Toronto
Looking to get preapproval but as a general question, what's the general ballpark for a mortgage of someone making $65-70k. Downpayment of between 80-100k and no other debt looking to live in GTHA area (and further to guelph/kitchener/waterloo).
Newbie
Aug 24, 2014
56 posts
94 upvotes
CALGARY
How did you get this? Qhat are the details of the mortgage?
Newbie
Aug 24, 2014
56 posts
94 upvotes
CALGARY
bst wrote: 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%.
how did you get this rate? Do you have more details on this mortgage amount, amortization, cash back etc
Member
Oct 17, 2003
397 posts
31 upvotes
Etobicoke
Hi,

I have a question about mortgage, was talking to one there call center agents and she offered to extend my mortgage can please advise if this is good strategy.

Current mortgage is $480k (approx 60%-70%)
39 months remaining
Current rate is 3.6 fixed

Offered to blend at 3.2% for 60 months. This avoids penalty of $18k

This is located in Toronto and a rental property.
Newbie
Dec 24, 2011
4 posts
1 upvote
Milton
Hi, I am trying to understand if its worth breaking my existing mortgage to take advantage of the lower interest rate. Definitely not looking for a fixed mortgage as am also planning to upgrade in couple of months. Also, if someone can please let me know if it's worth refinancing to use the equity money towards down for new development?

-How much is the mortgage owing? 491k
-Roughly, what is the current market value of the property? 730k
-Which city is the property located in? Milton, ON
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Nov 2016
-When is your renewal date? Nov 2021
Newbie
Sep 19, 2020
4 posts
1 upvote
Planning to buy my first investment property (pre-con townhome).

Below are the details.
-What is the purchase price?
550,000
-How much is the down payment?
20%
-Where it the property located?
Ottawa
-When is the closing date?
Oct 2021
-Will the property be owner-occupied or a rental?
Rental

Would like to know on below please
1) Can we lock in the mortgage rate now when the closing date would be after an year roughly.
2) How the rental income be assessed for pre-con town homes. Based on the average rent in that neighborhood.
3) how much percentage of rent would be added as incomes while approving the mortgage
4) how much would be the interest rate for 5 years fixed with excellent credit score.

Thanks
Sr. Member
Aug 3, 2009
667 posts
104 upvotes
-How much is the mortgage owing? $535K
-Roughly, what is the current market value of the property? $800K
-Which city is the property located in? Ajax
-Is the property owner-occupied or a rental?owner occupied
-Who is your current lender?BMO
-Do you have a HELOC tied to the mortgage?no
-Is the mortgage CMHC insured?yes
-When did you buy the property?may 2018
-When is your renewal date?May 2022

Current penalty according branch rep: $12,000🤦‍♂️
Newbie
Mar 17, 2019
81 posts
313 upvotes
-What is the purchase price? $750K
-How much is the down payment? 50K
-Where it the property located? Mississauga
-When is the closing date? December
-Will the property be owner-occupied or a rental? Owner
Sr. Member
User avatar
Jun 24, 2020
718 posts
132 upvotes
CelestialX wrote: -What is the purchase price? $750K
-How much is the down payment? 50K
-Where it the property located? Mississauga
-When is the closing date? December
-Will the property be owner-occupied or a rental? Owner


1.59% five year fixed available
Sr. Member
User avatar
Jun 24, 2020
718 posts
132 upvotes
cyphr wrote: -How much is the mortgage owing? $535K
-Roughly, what is the current market value of the property? $800K
-Which city is the property located in? Ajax
-Is the property owner-occupied or a rental?owner occupied
-Who is your current lender?BMO
-Do you have a HELOC tied to the mortgage?no
-Is the mortgage CMHC insured?yes
-When did you buy the property?may 2018
-When is your renewal date?May 2022

Current penalty according branch rep: $12,000🤦‍♂️

What’s your rate right now? It would likely have to be 3% or more for it to be worth it to switch based on the interest and penalty you have to pay. 1.64% five year fixed is available for an insured switch.
Sr. Member
User avatar
Jun 24, 2020
718 posts
132 upvotes
Haseebfaruki wrote: Hi, I am trying to understand if its worth breaking my existing mortgage to take advantage of the lower interest rate. Definitely not looking for a fixed mortgage as am also planning to upgrade in couple of months. Also, if someone can please let me know if it's worth refinancing to use the equity money towards down for new development?

-How much is the mortgage owing? 491k
-Roughly, what is the current market value of the property? 730k
-Which city is the property located in? Milton, ON
-Is the property owner-occupied or a rental? Owned
-Who is your current lender? RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Yes
-When did you buy the property? Nov 2016
-When is your renewal date? Nov 2021

What’s your rate right now? This will determine whether it’s worth to switch, as well as if you can let us know your penalty. Generally you could get 1.60% five year variable in your case if you don’t want a switch. With refinancing(pulling out equity from your house), rates start at 1.79%-1.84% five year fixed or 1.75% five year variable.
Sr. Member
User avatar
Jun 24, 2020
718 posts
132 upvotes
johanscott wrote: Looking to get preapproval but as a general question, what's the general ballpark for a mortgage of someone making $65-70k. Downpayment of between 80-100k and no other debt looking to live in GTHA area (and further to guelph/kitchener/waterloo).

Generally speaking, for a 25 year amortization, you can get a mortgage of upto 320k. Do note that this is based on pre determined variables such as a $300 monthly property tax amount just to be conservative. We need to know the property tax to properly calculate the numbers, but if it’s at $300 or less, you shouldn’t have a problem with 70k income. The above is also assuming the property isn’t a condo(if it is, we have to use the monthly condo fees in the qualifying calculation which could further make the numbers drop for the mortgage amount you can get).

For a 30 year amortization, you could go upto 350k approximately. The rates are generally better for a 25 year amortization than a 30 year. Again this is assuming a property tax amount of $300 at the maximum monthly, and not a condo.

Now, there are some lenders that allow you to go further up as they are more flexible with qualifying ratios, where you can get a mortgage of upto 420k, however the rates are a bit higher on their end. Again this is also assuming a property tax amount of $300 at the maximum monthly, and not a condo.

With these above figures, you can kind of estimate the purchase price you’d be looking at for yourself based off the difference in down payment you need to put down to reach any one of the above figures for the mortgage amount(depending on which choice you want to go for).
Jr. Member
Feb 5, 2006
127 posts
14 upvotes
First-time home buyer
-What is the purchase price? $1,225,000
-How much is the down payment? $245k (can go higher)
-Where it the property located? Richmond Hill
-When is the closing date? December 3, 2020
-Will the property be owner-occupied or a rental? Owner-occupied

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