Real Estate

The Official Mortgage Rates Thread

Sr. Member
Dec 12, 2007
518 posts
128 upvotes
Canada
poiuytrewq9 wrote: For a purchase of a property: I am looking for the best 5 yr. variable and/or HELOC.

-What is the purchase price? $650K
-How much is the down payment? $130K (20%)
-Where it the property located? Ancaster, ON.
-When is the closing date? January 28th 2021
-Will the property be owner-occupied or a rental? Rental
If you are willing to put 30% down, you could get 5 year variable for 1.77% for a house rental.
Newbie
Jun 22, 2020
6 posts
-What is the purchase price? $295000
-How much is the down payment? $65K
-Where it the property located? Ottawa
-When is the closing date? Dec 12
-Will the property be owner-occupied or a rental? Owner-Occupied Condo

There is also a slight possibility that my husband may need to re-locate for work so we may have to break within the next 5 years.
Sr. Member
User avatar
Jun 24, 2020
873 posts
162 upvotes
nikkis4 wrote: -What is the purchase price? $295000
-How much is the down payment? $65K
-Where it the property located? Ottawa
-When is the closing date? Dec 12
-Will the property be owner-occupied or a rental? Owner-Occupied Condo

There is also a slight possibility that my husband may need to re-locate for work so we may have to break within the next 5 years.
You do have 1.70% five year variable available in your case. The variable would be recommended if you need to break within the five years as the penalty to break is only 3 months interest
Newbie
Oct 23, 2020
2 posts
-What is the purchase price? $997500
-How much is the down payment? $75K (7.5%)
-Where it the property located? Toronto
-When is the closing date? Nov 27
-Will the property be owner-occupied or a rental? Owner-Occupied Freehold Townhouse

Was originally going through Scotia ehome but after several days they've told me it'll be 5-10 before I get a response so considering shopping around
Newbie
Oct 23, 2020
1 posts
Looking for a mortgage transfer/renewal, and to potentially consolidate $20k of credit card debt.

-How much is the mortgage owing? $485
-Roughly, what is the current market value of the property? $750k
-Which city is the property located in? Toronto (Scarborough)
-Is the property owner-occupied or a rental? Owner-occupied
-Who is your current lender? TD
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? Jan 2017
-When is your renewal date? Jan 2021
Deal Fanatic
User avatar
Feb 2, 2014
8309 posts
2330 upvotes
Toronto
Shorty11857 wrote: -What is the purchase price? $997500
-How much is the down payment? $75K (7.5%)
-Where it the property located? Toronto
-When is the closing date? Nov 27
-Will the property be owner-occupied or a rental? Owner-Occupied Freehold Townhouse

Was originally going through Scotia ehome but after several days they've told me it'll be 5-10 before I get a response so considering shopping around
1.45% 5-year fixed is the best and lowest rate with less than 20% down.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Jr. Member
User avatar
Jul 23, 2014
175 posts
103 upvotes
Toronto, ON
-What is the purchase price? 700-800k
-How much is the down payment? 20%
-Where it the property located? Toronto, maybe GTA
-When is the closing date? Dec-Jan
-Will the property be owner-occupied or a rental? Owner Occupied

Edit, would be looking to sell within 1-3 years. So variable rates only. Would also prefer RBC if rates are next to no difference for sake of easier banking/bundled savings
Member
User avatar
Aug 20, 2020
346 posts
60 upvotes
Scarborough
AwakeForever wrote: -What is the purchase price? 700-800k
-How much is the down payment? 20%
-Where it the property located? Toronto, maybe GTA
-When is the closing date? Dec-Jan
-Will the property be owner-occupied or a rental? Owner Occupied

Edit, would be looking to sell within 1-3 years. So variable rates only. Would also prefer RBC if rates are next to no difference for sake of easier banking/bundled savings
1.70% variable (Prime minus 0.75%) 5-year available from other lenders.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Sr. Member
User avatar
Jun 24, 2020
873 posts
162 upvotes
Shorty11857 wrote: -What is the purchase price? $997500
-How much is the down payment? $75K (7.5%)
-Where it the property located? Toronto
-When is the closing date? Nov 27
-Will the property be owner-occupied or a rental? Owner-Occupied Freehold Townhouse

Was originally going through Scotia ehome but after several days they've told me it'll be 5-10 before I get a response so considering shopping around
1.45% five year fixed is the lowest in your case, or 1.50% five year variable
Sr. Member
User avatar
Jun 24, 2020
873 posts
162 upvotes
AwakeForever wrote: -What is the purchase price? 700-800k
-How much is the down payment? 20%
-Where it the property located? Toronto, maybe GTA
-When is the closing date? Dec-Jan
-Will the property be owner-occupied or a rental? Owner Occupied

Edit, would be looking to sell within 1-3 years. So variable rates only. Would also prefer RBC if rates are next to no difference for sake of easier banking/bundled savings
1.70% five year variable through a major bank available
Deal Fanatic
User avatar
Feb 2, 2014
8309 posts
2330 upvotes
Toronto
AwakeForever wrote: -What is the purchase price? 700-800k
-How much is the down payment? 20%
-Where it the property located? Toronto, maybe GTA
-When is the closing date? Dec-Jan
-Will the property be owner-occupied or a rental? Owner Occupied

Edit, would be looking to sell within 1-3 years. So variable rates only. Would also prefer RBC if rates are next to no difference for sake of easier banking/bundled savings
Do you have an accepted offer as of yet?
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Newbie
Jul 10, 2020
5 posts
North York, Ontario
Hello everyone,

Our 5-year fixed mortgage is coming up for renewal February 2021 - wanted to check in and see what rates are available and move on this super quickly.

-How much is the mortgage owing? 490,000
-Roughly, what is the current market value of the property? 890,000
-Which city is the property located in? North York, ON
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Mortgage is currently high ratio with Genworth
-When did you buy the property? 2015 Dec (Remainder amortization period: will be 20 years but looking to refinance for 25 years)
-When is your renewal date? February 2021

We are looking to refinance for 25 years and stick with a 5-year fixed closed mortgage rate. Want to move on this fairly quickly!
Sr. Member
User avatar
Jun 24, 2020
873 posts
162 upvotes
Xephyr416 wrote: Hello everyone,

Our 5-year fixed mortgage is coming up for renewal February 2021 - wanted to check in and see what rates are available and move on this super quickly.

-How much is the mortgage owing? 490,000
-Roughly, what is the current market value of the property? 890,000
-Which city is the property located in? North York, ON
-Is the property owner-occupied or a rental? Owner-Occupied
-Who is your current lender? Meridian
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? Mortgage is currently high ratio with Genworth
-When did you buy the property? 2015 Dec (Remainder amortization period: will be 20 years but looking to refinance for 25 years)
-When is your renewal date? February 2021

We are looking to refinance for 25 years and stick with a 5-year fixed closed mortgage rate. Want to move on this fairly quickly!
Hi there, if you are looking to increase your amortization then higher rates apply due to it being a refinance. In this case 1.79% five year fixed or 1.70% five year variable are available, you will also lose your genworth insurance. On a straight switch, you can get much lower at 1.54% five year fixed or 1.50% five year variable. Do you know your penalty to break?
Newbie
Sep 19, 2020
8 posts
1 upvote
Hi,

-How much is the mortgage owing?
401,000 at 2.72% interest rate

-Roughly, what is the current market value of the property?
600,000

-Which city is the property located in?
Ottawa, ON

-Is the property owner-occupied or a rental?
Owner-Occupried

-Who is your current lender?
TD

-Do you have a HELOC tied to the mortgage?
NO

-Is the mortgage CMHC insured?
No

-When did you buy the property?
Oct 2019

-When is your renewal date?
01-Dec- 2022

Currently with 25years amortization period. I am looking for a switch or refinance with a HELOC option for a potential future investment. Prepayment penalty is around $5,800.

Please let me know the interest rates for 5 years fixed from any major bank and also from a fair penalty lenders.

Also would like to know if any lenders pays off the penalty amount and closing costs by adjusting the rate or offering a cash back?
Sr. Member
User avatar
Jun 24, 2020
873 posts
162 upvotes
telpabbu wrote: Hi,

-How much is the mortgage owing?
401,000 at 2.72% interest rate

-Roughly, what is the current market value of the property?
600,000

-Which city is the property located in?
Ottawa, ON

-Is the property owner-occupied or a rental?
Owner-Occupried

-Who is your current lender?
TD

-Do you have a HELOC tied to the mortgage?
NO

-Is the mortgage CMHC insured?
No

-When did you buy the property?
Oct 2019

-When is your renewal date?
01-Dec- 2022

Currently with 25years amortization period. I am looking for a switch or refinance with a HELOC option for a potential future investment. Prepayment penalty is around $5,800.

Please let me know the interest rates for 5 years fixed from any major bank and also from a fair penalty lenders.

Also would like to know if any lenders pays off the penalty amount and closing costs by adjusting the rate or offering a cash back?
If your home value comes in at 620k, you could get 1.54% five year fixed or 1.50% five year variable. Generally, the lenders will cover the costs to switch, however they will not cover the penalty. You can actually roll in upto 3k of your penalty into your mortgage amount on closing so you don’t have to pay as much upfront from pocket. These rates are from a fair penalty lender.
Did you get that penalty quote from TD? I would double check with their servicing department to make sure the quote is accurate in case you haven’t already.

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