Real Estate

The Official Mortgage Rates Thread

Newbie
Sep 3, 2012
8 posts
1 upvote
MONTR
Hello, I am looking for rates for mortgage renewal (20 years)

- How much is the mortgage owing? $230000
- Roughly, what is the current market value of the property? 450000
- Which city is the property located in? Montreal, Quebec
- Is the property owner-occupied or a rental? Owner
- 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? 2018
- What was the purchase price? $280000
- When is your renewal date? July 1st, 2023

interested in 1-3 year fixed
discounted rates 2-5 year variable

Many thanks!
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
ronmanp wrote: Hello, I am looking for rates for mortgage renewal (20 years)

- How much is the mortgage owing? $230000
- Roughly, what is the current market value of the property? 450000
- Which city is the property located in? Montreal, Quebec
- Is the property owner-occupied or a rental? Owner
- 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? 2018
- What was the purchase price? $280000
- When is your renewal date? July 1st, 2023

interested in 1-3 year fixed
discounted rates 2-5 year variable

Many thanks!
Best options below

3yr fixed 4.99%
5yr variable pr-1.15%

Any of the pros can assist

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
sphinxcat7 wrote: Hello there! Looking for rates for the following:

-What is the purchase price? 320,000
-How much is the down payment? 80,000
-Where it the property located? Airdrie, AB
-When is the closing date? Apr 3, 2023
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks!
You can the below rates with 20% down

5yr fixed 4.89%
3yr fixed 5.04%
prime -80% on the variable side

Any of pros on the forum can assist

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
custerdome wrote: Hey there, looking to get rates for the following:

-What is the purchase price? 470,000
-How much is the down payment? 47,000
-Where it the property located? Whitehorse, YT
-When is the closing date? May 1st, 2023
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks :)
We have some major banks that would consider

Reach out to any of the pros on the forum

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Sep 13, 2011
7036 posts
3631 upvotes
Toronto
custerdome wrote: Hey there, looking to get rates for the following:

-What is the purchase price? 470,000
-How much is the down payment? 47,000
-Where it the property located? Whitehorse, YT
-When is the closing date? May 1st, 2023
-Will the property be owner-occupied or a rental? Owner-occupied

Thanks :)
Thanks for the post! Really limited options for lending in the territories as most lenders don't lend there. The lowest rates for your situation are as follows:

3 year fixed 5.29%
5 year fixed 4.99%
5 year variable at prime -1.00% (currently 5.70%)

These are fully featured mortgages with no unusual terms or restrictions.
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Addict
Dec 1, 2009
1170 posts
122 upvotes
Mississauga
does any one have insight . whats best rate for TD on fixed and variable?
Newbie
Apr 14, 2013
8 posts
Hi everyone, I'm currently in a variable mortgage (prime - 1.29%) that will be up for renewal in the summer. I'm looking for advice about:
a) whether we might be better off to pay to break our mortgage and jump on something early, or stay the course because rates should drop later.
b) I'm also wondering if there is a strategy for taking out ~$30k from our second position HELOC to finish the basement this summer with the purpose of rolling that in with the new mortgage.

Any advice would be helpful!

Who is your current lender? MCAP
- When did you buy the property? July 2013
- How much is the mortgage owing? ~$200K
- Original Purchase Price? $390K
- Original Mortgage amount? ~$312K, then ~$275 at renewal
- Current market value of the House? ~$455k
- Is the mortgage CMHC insured? No
- Which city is the property located in? Winnipeg MB
- Is the property owner-occupied or a rental? Owner-occupied
- When is your renewal date? July 2023
-Do you have a HELOC tied to the mortgage? Second position with no money owing, but were considering taking money out to finish the basement and wondered whether this was a wise strategy.
Newbie
Mar 9, 2013
76 posts
88 upvotes
Winnipeg, MB
Looking for 2 scenarios with fixed rates. 1) just a refinance and 2) a renewal + HELOC.

-Who is your current lender? First National
- When did you buy the property? July 2013
- How much is the mortgage owing? $120000
- Original Purchase Price? $229000
- Current market value of the House? $271000
- Is the mortgage CMHC insured? Yes
- Which city is the property located in? Winnipeg MB
- Is the property owner-occupied or a rental? Owner-occupied
- When is your renewal date? July 2023
-Do you have a HELOC tied to the mortgage? No
-How much do you want to borrow (refinance)? $30000
-Is the property owner-occupied or a rental? Owner
-When do you want to close on the refinance? June 15 2023
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
jeffdude87 wrote: does any one have insight . whats best rate for TD on fixed and variable?
All of the TD deals we have to submit for special pricing but below is what we are seeing

Much depends on your situation 25yr get better pricing than 30 yrs etc

5.19-5.29% 3 yr fixed
variable side 6.20-6.30%

Why TD ? Better rates with the monolines and less punitive if you were to break on the fixed side

Any of the pros can help you

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
TezTez wrote: Hi everyone, I'm currently in a variable mortgage (prime - 1.29%) that will be up for renewal in the summer. I'm looking for advice about:
a) whether we might be better off to pay to break our mortgage and jump on something early, or stay the course because rates should drop later.
b) I'm also wondering if there is a strategy for taking out ~$30k from our second position HELOC to finish the basement this summer with the purpose of rolling that in with the new mortgage.

Any advice would be helpful!

Who is your current lender? MCAP
- When did you buy the property? July 2013
- How much is the mortgage owing? ~$200K
- Original Purchase Price? $390K
- Original Mortgage amount? ~$312K, then ~$275 at renewal
- Current market value of the House? ~$455k
- Is the mortgage CMHC insured? No
- Which city is the property located in? Winnipeg MB
- Is the property owner-occupied or a rental? Owner-occupied
- When is your renewal date? July 2023
-Do you have a HELOC tied to the mortgage? Second position with no money owing, but were considering taking money out to finish the basement and wondered whether this was a wise strategy.
Stay the course do not pay a penalty when renewal is in July

MCAP actually has a product you can put in 2nd position now and then at renewal look at rolling
in the whole amount into one new mortgage

Any of the pros Paul, Kevin, Taz or myself can help

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Newbie
Sep 27, 2015
1 posts
Hello there! Looking for rates for the following:

-What is the purchase price? 994,000
-How much is the down payment? 400,000
-Where it the property located? oakville ON,
-When is the closing date? Apr 18, 2023
-Will the property be owner-occupied or a rental? Owner-occupied

2 year fix, 3 year fix and 5 year variable
Jr. Member
Jan 5, 2004
137 posts
9 upvotes
Hello, I am looking for rates for mortgage renewal (20 years)


- How much is the mortgage owing? $95,000
- Roughly, what is the current market value of the property? $350,000
- Which city is the property located in? Ottawa
- Is the property owner-occupied or a rental? Rental
- Who is your current lender? CIBC
- Do you have a HELOC tied to the mortgage? No
- Is the mortgage CMHC insured? No
- When did you buy the property? 2000
- What was the purchase price? $150,000
- When is your renewal date? Sept 1, 2023
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
timhuang wrote: Hello there! Looking for rates for the following:

-What is the purchase price? 994,000
-How much is the down payment? 400,000
-Where it the property located? oakville ON,
-When is the closing date? Apr 18, 2023
-Will the property be owner-occupied or a rental? Owner-occupied

2 year fix, 3 year fix and 5 year variable
You have the following rates available below

5yr fixed 4.64%
3yr fixed 4.89%

prime - 1.25% on the variable side

2yr fixed 5.29%

Any of the pros can help you

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Fanatic
User avatar
Jan 31, 2018
6551 posts
1247 upvotes
aplus wrote: Hello, I am looking for rates for mortgage renewal (20 years)


- How much is the mortgage owing? $95,000
- Roughly, what is the current market value of the property? $350,000
- Which city is the property located in? Ottawa
- Is the property owner-occupied or a rental? Rental
- Who is your current lender? CIBC
- Do you have a HELOC tied to the mortgage? No
- Is the mortgage CMHC insured? No
- When did you buy the property? 2000
- What was the purchase price? $150,000
- When is your renewal date? Sept 1, 2023
In all honesty with the amount owing you wont get switch costs covered

What is CIBC offering you ?

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Guru
User avatar
Feb 2, 2014
11231 posts
3350 upvotes
Toronto
rogernizzle wrote: Looking for 2 scenarios with fixed rates. 1) just a refinance and 2) a renewal + HELOC.

-Who is your current lender? First National
- When did you buy the property? July 2013
- How much is the mortgage owing? $120000
- Original Purchase Price? $229000
- Current market value of the House? $271000
- Is the mortgage CMHC insured? Yes
- Which city is the property located in? Winnipeg MB
- Is the property owner-occupied or a rental? Owner-occupied
- When is your renewal date? July 2023
-Do you have a HELOC tied to the mortgage? No
-How much do you want to borrow (refinance)? $30000
-Is the property owner-occupied or a rental? Owner
-When do you want to close on the refinance? June 15 2023
In MB, 4.99% 3-year fixed for a transfer and 5.24% 3-year fixed for a refinance.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Sep 18, 2020
22 posts
2 upvotes
Looking for variable, 2 or 3 years fixed rate with 30 years amortization.

-What is the purchase price? $333K
-How much is the down payment? $66,600 (20%)
-Where it the property located? Toronto
-When is the closing date? April 19, 2023
-Will the property be owner-occupied or a rental? Rental

TIA
Member
Feb 27, 2008
326 posts
154 upvotes
calgary
Exploring cash back incentives on mortgage renewal.

ATB is offering around 3000$ cash incentive

Mortgage amount - 390k mortgage amount.
House value 650K (personal home)
Time remaining 25 years 2 months
Insured high ratio mortgage
Rate is 5 year fixed 4.79%

Any other banks or brokers offering similar or better.

Currently with CIBC, renewal rates not impressive.
Member
Feb 27, 2008
326 posts
154 upvotes
calgary
Exploring cash back incentives on mortgage renewal.

ATB is offering around 3000$ cash incentive

Mortgage amount - 390k mortgage amount.
House value 650K (personal home)
Time remaining 25 years 2 months
Insured high ratio mortgage
Rate is 5 year fixed 4.79%

Any other banks or brokers offering similar or better cash promo offers.

Currently with CIBC, renewal rates not impressive.
Deal Fanatic
User avatar
Sep 13, 2011
7036 posts
3631 upvotes
Toronto
HOKING86 wrote: Looking for variable, 2 or 3 years fixed rate with 30 years amortization.

-What is the purchase price? $333K
-How much is the down payment? $66,600 (20%)
-Where it the property located? Toronto
-When is the closing date? April 19, 2023
-Will the property be owner-occupied or a rental? Rental

TIA
Thanks for the post! There is no such thing as a 2 year variable rate. Even three year variable rates are not standard products in this industry. Of the ones that are available there is nothing too attractive at the moment. I would expect 5.34% for a 3 year fixed or prime -0.35% (currently 6.35%) for a 5 year variable. One of the other regular posting brokers on the board may have a better rate on the variable in particular.

I'm a bit concerned with the low purchase price for a property in Toronto. Sometimes it's not the borrower that gets declined, but the property. This is more common with lower valued condos as there can be issues with the status certificate, reserve fund, or known issues with the building itself.

Do you have a commitment from a lender already in place on this property? If so, which lender do you have it with and at what rate?

I would reach out to a broker for further discussion.

Paul
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)
Deal Fanatic
User avatar
Sep 13, 2011
7036 posts
3631 upvotes
Toronto
findmedeals2 wrote: Exploring cash back incentives on mortgage renewal.

ATB is offering around 3000$ cash incentive

Mortgage amount - 390k mortgage amount.
House value 650K (personal home)
Time remaining 25 years 2 months
Insured high ratio mortgage
Rate is 5 year fixed 4.79%

Any other banks or brokers offering similar or better cash promo offers.

Currently with CIBC, renewal rates not impressive.
The big banks are not very competitive compared to other lenders in many cases right now. There is the odd exception of course. The rate and cash back you're being offered is excellent considering the mortgage amount. You won't find a better deal than this anywhere. The effective rate in this case is 4.6027%, which means the overall cost of the mortgage would be equal to having one at this rate without the cash back.

Smoking deal! I would be all over it! :)
Paul Meredith
Mortgage Broker, Author - CityCan Financial Corp
(lic. 10532)

Top

Thread Information

There are currently 7 users viewing this thread. (5 members and 2 guests)

aeonrush2, TazZaide, Gurbar2305, SOLAR4FREE, Yummier