Real Estate

The Official Mortgage Rates Thread

Sr. Member
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Jun 24, 2020
663 posts
124 upvotes
fizz wrote: 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
1.79% five year fixed or 1.75% five year variable available
Deal Fanatic
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Sep 13, 2011
5444 posts
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Toronto
WorldIRC wrote: 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!
Thanks for the comment! It was great working with you! :)
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Sr. Member
Aug 3, 2009
666 posts
104 upvotes
TazZaide wrote: 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.
I am at 2.99%
Banned
Sep 20, 2020
2 posts
Hello,

I'm looking to renew my mortgage and was curious what rates would be available for me:

How much is the mortgage owing? $280000
-Roughly, what is the current market value of the property? $600000
-Which city is the property located in? Ottawa, Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? Dec 2020
-Household income? $90000

Thanks!
Member
Apr 5, 2017
444 posts
92 upvotes
Hello folks,
My mortgage is coming up for renewal in Dec 2020. I already have a pre-qualification from a different lender for my renewal and still planning to shop around. Now what happens ,if I change my job or do a part time instead of full time before my actual renewal date ? Is it better not to change the job or it doesn't matter at this point as I already have a pre-qualification ? Kindly advice.
Member
User avatar
Aug 20, 2020
224 posts
43 upvotes
Scarborough
ClamGuy wrote: Hello,

I'm looking to renew my mortgage and was curious what rates would be available for me:

How much is the mortgage owing? $280000
-Roughly, what is the current market value of the property? $600000
-Which city is the property located in? Ottawa, Ontario
-Is the property owner-occupied or a rental? Owner occupied
-Who is your current lender? RFA
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2015
-When is your renewal date? Dec 2020
-Household income? $90000

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
Neil Joseph
Mortgage Agent, Broker Lic #10530
Jr. Member
Jan 19, 2009
133 posts
8 upvotes
General question to the mortgage brokers here:

Is it easier to get a renewal than place a new mortgage on a property? Presumably if Bank B sees that Bank A has already provided a mortgage on a property, they are more comfortable providing the renewal? If so, does that change if Bank A is a private lender?
Sr. Member
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Jun 24, 2020
663 posts
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cyphr wrote: I am at 2.99%

You won’t be ahead by much if you did switch, and you can also roll in upto $3000 of the penalty only into the mortgage amount, the rest would have to be covered from pocket.
Deal Addict
Mar 22, 2012
2015 posts
340 upvotes
Toronto
TazZaide wrote: 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).
Thanks for confirming this and this is in the similar ballpark I was expecting. The properties that I have looked at I can confirm are under $300/month for property tax (generally around $200).

I am aware that condos would reduce my mortgage but on average, gow much would it reduce by from the $320 estimate (assuming the condo fees are $400 or less).
Deal Fanatic
User avatar
Sep 13, 2011
5444 posts
2379 upvotes
Toronto
MK1986 wrote: Hello folks,
My mortgage is coming up for renewal in Dec 2020. I already have a pre-qualification from a different lender for my renewal and still planning to shop around. Now what happens ,if I change my job or do a part time instead of full time before my actual renewal date ? Is it better not to change the job or it doesn't matter at this point as I already have a pre-qualification ? Kindly advice.
It's best to wait until after your switch takes place before putting in any notice with your current employer. If you switch jobs, then this could end up affecting your approval on the new mortgage. You would want to discuss this with your broker before making any moves. If you switch to part time, then it will almost certainly affect your ability to switch lenders. If you choose to stay with your current lender, then generally no re-qualification is required and all you would need to do is sign the form. In that case, it would not matter either way.
Paul Meredith
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)
Member
User avatar
Aug 20, 2020
224 posts
43 upvotes
Scarborough
hybridfx2 wrote: General question to the mortgage brokers here:

Is it easier to get a renewal than place a new mortgage on a property? Presumably if Bank B sees that Bank A has already provided a mortgage on a property, they are more comfortable providing the renewal? If so, does that change if Bank A is a private lender?
New purchase or switch file undergoes an underwriting review at the lenders. Its a manual process and there is subjectivity involved. Plus, situations change over time.
Some lenders do not accept switch from private lenders.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Jul 20, 2020
3 posts
-What is the purchase price? $860,000
-How much is the down payment? 20% or 15%
-Where it the property located? Mississauga, ON
-When is the closing date? Oct 30th, 2020
-Will the property be owner-occupied or a rental? Owner

Hello,

Can I get rates for 15% , 20% 25y , 20% 30y

Thank You

Can I get the
Newbie
Dec 24, 2011
4 posts
1 upvote
Milton
TazZaide wrote: 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.
My current rate is 2.49% and penalty is $3,528.
Sr. Member
User avatar
Jun 24, 2020
663 posts
124 upvotes
neyney wrote: -What is the purchase price? $860,000
-How much is the down payment? 20% or 15%
-Where it the property located? Mississauga, ON
-When is the closing date? Oct 30th, 2020
-Will the property be owner-occupied or a rental? Owner

Hello,

Can I get rates for 15% , 20% 25y , 20% 30y

Thank You

Can I get the
For less than 20%, you can get 1.59% five year fixed.
For 20%, you can get 1.79% five year fixed at 25 years amortization, and 1.84% for 30 years.

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