Real Estate

The Official Mortgage Rates Thread

Deal Addict
User avatar
Jan 31, 2018
3024 posts
560 upvotes
DealWala wrote: First time home buyer
Income 100k


-What is the purchase price?
260k
-How much is the down payment?
20 to 25 %
-Where it the property located?
Edmonton, AB
-When is the closing date?
Dec 31, 2020
-Will the property be owner-occupied or a rental
Owner occupied
5 yr fixed 1.54% full featured
20/20 prepayments

Fair penalty lender

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3024 posts
560 upvotes
sky2blu wrote: mortgage transfer/renewal (actually I want to break my current mortgage contract due to high interest rate)

-How much is the mortgage owing?
287,000

-Roughly, what is the current market value of the property?
497,000

-Which city is the property located in?
Calgary, AB

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

-Who is your current lender?
HSBC

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

-Is the mortgage CMHC insured?
No

-When did you buy the property?
2018

-When is your renewal date?
Dec 14, 2023
What is the current rate and penalty

I fear the penalty may be high with HSBC

Please find out and repost

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Member
User avatar
Aug 20, 2020
365 posts
63 upvotes
Scarborough
madterps wrote: When do I get 1.54% fixed? At 36%?
When you have 175k or more in downpayment, given that your purchase price is 500k.. so it's 35% and above.
Neil Joseph
Mortgage Agent, Broker Lic #10530
Newbie
Sep 28, 2020
8 posts
11 upvotes
rateconnect wrote: What is the current rate and penalty

I fear the penalty may be high with HSBC

Please find out and repost

Phil
Hi Phil,

My current rate is 3.39% with about 3 years and 2 months reaming on the term. The penalty is about $8,500 with $115 discharge fees. What do you advise?

Thanks.
Newbie
Sep 28, 2020
8 posts
11 upvotes
Re-post with additional details:

mortgage transfer/renewal (actually I want to break my current mortgage contract due to high interest rate)

- Current interest rate:
3.39%

-How much is the mortgage owing?
287,000

-Roughly, what is the current market value of the property?
497,000

-Which city is the property located in?
Calgary, AB

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

-Who is your current lender?
HSBC

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

-Is the mortgage CMHC insured?
No

-When did you buy the property?
2018

-When is your renewal date?
Dec 14, 2023

- Penalty
About $8,500 (and $115 discharge fee)

Please advise if it makes sense to break the current mortgage and sign up with a lower rate.
Sr. Member
Dec 12, 2007
528 posts
129 upvotes
Canada
derekywleung wrote: Hello, hope someone can help :)

Thank you very much in advance

HELOC renewal

-How much is the mortgage owing?
$300k on HELOC term portion
$200k on HELOC variable portion

-Roughly, what is the current market value of the property?
$1.0MM

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

-Is the property owner-occupied or a rental?
Rental

-Who is your current lender?
TD

-Do you have a HELOC tied to the mortgage?
Yes

-Is the mortgage CMHC insured?
No

-When did you buy the property?
2016

-When is your renewal date?
Dec 20, 2020
If you are looking to roll that into a mortgage instead of keeping a HELOC, you could get 5 year fixed for 1.74%.
Sr. Member
User avatar
Jun 24, 2020
888 posts
163 upvotes
sky2blu wrote: Re-post with additional details:

mortgage transfer/renewal (actually I want to break my current mortgage contract due to high interest rate)

- Current interest rate:
3.39%

-How much is the mortgage owing?
287,000

-Roughly, what is the current market value of the property?
497,000

-Which city is the property located in?
Calgary, AB

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

-Who is your current lender?
HSBC

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

-Is the mortgage CMHC insured?
No

-When did you buy the property?
2018

-When is your renewal date?
Dec 14, 2023

- Penalty
About $8,500 (and $115 discharge fee)

Please advise if it makes sense to break the current mortgage and sign up with a lower rate.
Over $6k in savings if you switch now. Your eligible for 1.44% five year fixed or 1.40% five year variable
Newbie
May 5, 2020
16 posts
18 upvotes
For a purchase of a property:
First home buyer

-What is the purchase price?
667k
-How much is the down payment?
10%
-Where it the property located?
Ottawa
-When is the closing date?
April 12, 2020
-Will the property be owner-occupied or a rental?
owner occupied
Sr. Member
User avatar
Jun 24, 2020
888 posts
163 upvotes
Mrperson wrote: For a purchase of a property:
First home buyer

-What is the purchase price?
667k
-How much is the down payment?
10%
-Where it the property located?
Ottawa
-When is the closing date?
April 12, 2020
-Will the property be owner-occupied or a rental?
owner occupied
1.44% five year fixed or 1.40% five year variable available. Do note that these rate holds are for 120 days only. I assume you meant 2021?
Newbie
Dec 21, 2003
51 posts
6 upvotes
Toronto
For a mortgage transfer/renewal:

I'm reviewing options with my lender on a Blend & Extend vs. switching outright taking current rate of 3.01% and penalty of ~$11,000 into consideration.

-How much is the mortgage owing? 570K
-Roughly, what is the current market value of the property? 850K
-Which city is the property located in? Scarborough, ON
-Is the property owner-occupied or a rental? Owner
-Who is your current lender? ScotiaBank
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2019
-When is your renewal date? May 2022
Jr. Member
May 8, 2014
179 posts
93 upvotes
Toronto, ON
TazZaide wrote: Over $6k in savings if you switch now. Your eligible for 1.44% five year fixed or 1.40% five year variable
Hey, I hate to be that guy...but I'm going to be that guy, as this isn't your first transgression.

Your = possessive e.g. "Your pants are too big."
You're = contraction of "you are" e.g. "You're buying the wrong size pants"

One day you'll thank me.
A semi-competent prole, having worked in mortgages at a "Big Bank" for a day or two.
Deal Addict
User avatar
Jan 31, 2018
3024 posts
560 upvotes
Mrperson wrote: For a purchase of a property:
First home buyer

-What is the purchase price?
667k
-How much is the down payment?
10%
-Where it the property located?
Ottawa
-When is the closing date?
April 12, 2020
-Will the property be owner-occupied or a rental?
owner occupied
5 yr fixed 1.44%
Full featured product

You are slightly early in the game mid December you can lock (assuming April 2021 )

Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Deal Addict
User avatar
Jan 31, 2018
3024 posts
560 upvotes
sky2blu wrote: Hi Phil,

My current rate is 3.39% with about 3 years and 2 months reaming on the term. The penalty is about $8,500 with $115 discharge fees. What do you advise?

Thanks.
You would save approx $7k after penalty

You can only roll in max 3k to the mortgage so the rest would need to paid out of pocket

OR

Refi the whole amount $3500 savings after penalty & legals
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Sr. Member
User avatar
Jun 24, 2020
888 posts
163 upvotes
uberbaumer wrote:
Hey, I hate to be that guy...but I'm going to be that guy, as this isn't your first transgression.

Your = possessive e.g. "Your pants are too big."
You're = contraction of "you are" e.g. "You're buying the wrong size pants"

One day you'll thank me.
Typing on my phone really quickly doesn’t always allow me to grammar check but thank you! Unfortunately, you are infact that guy right now.Winking Face
Member
User avatar
Aug 20, 2020
365 posts
63 upvotes
Scarborough
Mrperson wrote: For a purchase of a property:
First home buyer

-What is the purchase price?
667k
-How much is the down payment?
10%
-Where it the property located?
Ottawa
-When is the closing date?
April 12, 2020
-Will the property be owner-occupied or a rental?
owner occupied
I am assuming that your closing date is actually 12th April 2021 (not 2020) and it's 162 days out. A rate hold can be arranged once it's 120 days or under. For now, the least rate for insured mortgage is 1.44% fixed 5-year or 1.25% variable 5-year. The variable product is a true Closed product and has a bonafide sale clause. The next best is a quick close special at 1.45% 5-year variable.
Last edited by NeilJoseph on Nov 1st, 2020 8:39 am, edited 1 time in total.
Neil Joseph
Mortgage Agent, Broker Lic #10530

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