(Post Master Supreme)

09/27/12 03:31 PM

Re: Club Mortgage help me out

You can get 2.99 at BMO 5 yr fixed and you can leverage that at other banks to get 3% 5yr fixed.

I also have a broker buddy if you want

(Post Master Supreme)

09/27/12 03:31 PM

Re: Club Mortgage help me out

I locked in at 2.98 for 5 yrs with TD maybe 3 months ago. You can do better than 3.19% for sure.

titty sprinkles

(Post Master Supreme)

09/27/12 03:40 PM

Re: Club Mortgage help me out

ah ok will shop around, Jeff if i could get your buddy's info that would be awsome.

he was also saying something that i didn't understand. he said to not dwell on the interest rate that much, as you can section your mortgage so that the first part is at a variable say 2.9% for 6 months,1yr or 2yrs and have the second part of the mortgage is fixed at whatever rate, this true or a good idea?

oh and since i have a good downpayment and avoid chmc, he said that i can also get a 30yr am. anyone take a am that long?

(Post Master Supreme)

09/27/12 03:44 PM

Re: Club Mortgage help me out

I thought longest you can get is 25 now?

(Post Master Supreme)

09/27/12 03:44 PM

Re: Club Mortgage help me out

You have pm

(Post Master Sr)

09/27/12 04:07 PM

Re: Club Mortgage help me out

You can also consider taking a shorter-term (1-2 year) fixed rate. The variable rates nowadays are shit, so don't even consider them.

titty sprinkles

(Post Master Supreme)

09/27/12 05:13 PM

Re: Club Mortgage help me out

Originally Posted By: JEFFOS69

I thought longest you can get is 25 now?

i thought so too but aparantly they don't advertise it? Thanks for that contact info tho!

so don't even bother with variable now?

The Postman

(Post Master Sr)

09/27/12 05:43 PM

Re: Club Mortgage help me out

Mine is with ING, .75 below prime, variable for 5 years. Used a broker friend of a friend who works for Dominion Lending. She shopped around for us quite a lot and I'm very happy with the mortgage she got me.

http://mortgagebrokersandagents.com/ontario/shauna-lassche/

(Post Master Supreme)

09/27/12 05:45 PM

Re: Club Mortgage help me out

Short-term fixed is the new variable. I just took a 2yr at 2.69.

GNSPrinciple

(Post Master Supreme)

09/27/12 06:52 PM

Re: Club Mortgage help me out

Variable nowadays is shit...do what eddie says and go short term fixed at the lowest possible rates...best case scenario.

I got mine with scotiabank through my buddy at the mortgagecenter.ca

They are located in the beaches.

Hatorade

(Post Master Supreme)

09/27/12 06:54 PM

Re: Club Mortgage help me out

Short term bro. Mine was 2.44% for 2 yrs. let me know if you need a contact.

(Post Master Supreme)

09/27/12 09:35 PM

Re: Club Mortgage help me out

2.44% is the bomb...what bank?

c2k

(Post Master Supreme)

09/28/12 05:43 AM

Re: Club Mortgage help me out

Originally Posted By: Hatorade

Short term bro. Mine was 2.44% for 2 yrs. let me know if you need a contact.

GODDAMN.

fixed?! great deal.

(Post Master Supreme)

09/28/12 06:31 AM

Re: Club Mortgage help me out

That is a great deal. I had offers in the 2.39-2.59 range for my renewal but they would require me paying the transfer/legal fees or taking an early renewal and paying the penalty. For a mortgage as small as mine it didn't make sense as the few hundred in fees far outweighed the interest savings of .3% over two years. On a much bigger mortgage it would have been an easy choice to take those lower rates.

Flexin, you need to do a lot of math to really find the best rate for you. Some brokers are offering really low rates on CMHC mortgages only. Some are only offering 30-day holds on low rates. Some rates are only on no-frills mortgages. Do your research, talk to a few brokers, and make sure you and the wife understand your needs. And remember, not all brokers have access to all the same banks/lenders/CUs. Some of the big banks don't use the traditional broker channel at all (RBC for example). So you need to approach their mortgage specialists directly.

TheRealCSnapper

(Post Master Supreme)

09/28/12 07:59 AM

Re: Club Mortgage help me out

how many scene points would you get?

i got an email from PC Financial about a pretty decent rate teh other day too. don't recall what it is tho.

what you're offered now, i would definitely shop around more.

355-Si

(Post Master Sr)

09/28/12 08:46 AM

Re: Club Mortgage help me out

I'm locked into 2.99% for 5 years with BMO.

LNXGUY

(Post Master Supreme)

09/28/12 02:29 PM

Re: Club Mortgage help me out

Prime - 0.75% with TD. No plans on changing to a fixed anytime soon.

(Post Master Sr)

09/28/12 02:36 PM

Re: Club Mortgage help me out

For those of you that are renewing, one thing that is often not revealed by lenders is the type of mortgage that they are selling you. Most lenders have standard charge mortgages, which you can simply move to another lender without problem after the term is up (assuming you're not looking to borrow any additional amount). Banks like TD and National Bank have changed their mortgages to collateral charge. In essence, they are registering more than just your mortgage amount in case you need a LOC or future loan. The downside of these mortgages is that if you try to port your mortgage to another lender after your term, you will need to pay a lawyer to do the transfer. That may eat up any of savings from switching to another lender with a lower rate.

robbbby

(Post Master Supreme)

09/28/12 07:27 PM

Re: Club Mortgage help me out

don't know anything about mortgages, paid for my house in cash.

(Post Master Supreme)

09/29/12 09:51 AM

Re: Club Mortgage help me out

Originally Posted By: SW20_MR2

This was the main reason I stayed away from TD even though it's my bank. I was really keen on keeping everything with the same bank, but fuck their fees.

Went with scotiabank Prime -.85%

SiZ

(Post Master Sr)

09/30/12 08:48 PM

Re: Club Mortgage help me out

I just bought a new house yesterday, we're going to go with 3.89% for 10 years fixed..

Hatorade

(Post Master Supreme)

09/30/12 09:21 PM

Re: Club Mortgage help me out

Originally Posted By: SiZ

I just bought a new house yesterday, we're going to go with 3.89% for 10 years fixed..

What made you decide to go with a 10 yr term? Why not go with the 5yr @ 2.99 instead? Paying .90% more is quite hefty.

(Post Master Supreme)

09/30/12 10:21 PM

Re: Club Mortgage help me out

Originally Posted By: SiZ

I just bought a new house yesterday, we're going to go with 3.89% for 10 years fixed..

wowowowow baller.

you gotta be fucked out of your mind to take that.

(Post Master Sr)

10/01/12 08:22 AM

Re: Club Mortgage help me out

Long-term mortgages are pretty much like insurance. It provides cost-certainty for those that don't like uncertainty. Most of the time, you'll end up paying more, but I suppose the peace of mind is worth it to them.

That being said, I like short-term mortgages, but I can see why some would like the longer terms.

SiZ

(Post Master Sr)

10/01/12 08:05 PM

Re: Club Mortgage help me out

Bad choice?! I'm just scurred interest rates are going to jump in the next five years and I'm going to f myself for turning down such a good long term rate?

Now I'm wondering if I'm thinking wrong?! What's going to happen? Get the five year?

(Post Master Supreme)

10/01/12 09:11 PM

Re: Club Mortgage help me out

Originally Posted By: SiZ

Bad choice?! I'm just scurred interest rates are going to jump in the next five years and I'm going to f myself for turning down such a good long term rate?

Now I'm wondering if I'm thinking wrong?! What's going to happen? Get the five year?

Like SW20 said, if it gives peace of mind then feel free...but the fact that you are paying close to 1.5% HIGHER CURRENTLY with rates not moving for the foreseeable future it just makes no sense. If you do short term low rates you still have the option to lock in a great long term rate when rates start climbing.

The bank wouldn't offer the rate they gave you unless they were going to make money off you $;\)$ Read that between the lines, they are betting that rates will be lower than that averaged out over the 10 year horizon.

(Post Master Sr)

10/01/12 10:03 PM

Re: Club Mortgage help me out

Another thing to keep in mind is at the start of your mortgage, you are paying more interest. Right now, BMO has a 5-year for 3.09%, which is 0.8% less than what you signed. If you signed up for that and then if in 5 years the 5-year rate is at 4.69% (0.8% more than what you're signing today), you'll still be ahead because you paid the lower rate when your principle was its highest.

At the end of the day, if you're a worrier, go with the 10-year. Sometimes, peace of mind is worth extra $. Just make sure you're making an informed decision.

Originally Posted By: SiZ

Bad choice?! I'm just scurred interest rates are going to jump in the next five years and I'm going to f myself for turning down such a good long term rate?

Now I'm wondering if I'm thinking wrong?! What's going to happen? Get the five year?

SiZ

(Post Master Sr)

10/02/12 07:01 PM

Re: Club Mortgage help me out

Well, thanks guys. So I talked to my girlfriend about it and she called and we can get the 3.04% for five years fixed, so I'm going with that. I'm really not a big worrier, or house is very affordable. Something I do know about myself however is I'm not interested in reading articles about Greece, or thinking about or speculating about future interest rates. That shit bores me. I just kind of thought getting a rate I'm okay with for ten years would be the easiest thing to do.

Ugh...

(Post Master Supreme)

10/02/12 08:28 PM

Re: Club Mortgage help me out

You should be able to get 2.99 for 5 yr.

I just set my pre approval at 2.92 for 5 fixed (I get an employee rate though). Site BMO's rate - they're 3.09 but will go to 2.99

(Post Master Supreme)

10/02/12 09:48 PM

Re: Club Mortgage help me out

Originally Posted By: SiZ

Good move man, you just saved yourself a few thousand bucks easy.

If you care, you should still shop around for even shorter term rates and increase your payments as if you were making them at 3.89 like you originally wanted to. You'd make a nice dent in the mortgage.

SiZ

(Post Master Sr)

10/03/12 08:02 PM

Re: Club Mortgage help me out

Game change again. Just went in and signed for prime minus .35

Kinda the exact opposite of my original plan, but I think I'm happy. Someone notify me when to start panicking,I'll PayPal you a can of Coors.

(Post Master Supreme)

10/03/12 08:25 PM

Re: Club Mortgage help me out

just renewed my mom's mortgage to 2 yrs for 2.6%. Had 2.49% last year for 1 year. May take the same route for my new place.

(Post Master Supreme)

10/03/12 09:53 PM

Re: Club Mortgage help me out

Originally Posted By: SiZ

lol for someone from Longdon you learned quick.

Listen you are taking a risk, but odds are on your side. Ultimately you don't even have a Toronto mortgage so for you a bump in interest rates will be like a $10-$50 increase a month. Who the fuck cares.

Let other suckers pay a premium for sanity.

LNXGUY

(Post Master Supreme)

10/04/12 06:52 AM

Re: Club Mortgage help me out

Why do a lot of people have a hard-on for fixed mortgages? It's not like the interest rate is going to shoot up anytime soon. Is it the equal (and unchanging payments) that people like?

I signed up for another 5 years (last year) on my house, also increased my monthly payments.. Will be mortgage free in 7 years.

(Post Master Sr)

10/04/12 08:29 AM

Re: Club Mortgage help me out

IMO, fixed is the way to go right now for the simple reason that the discount off of prime for variable at the moment is just terrible. A variable at P-0.35 is currently at 2.65 and a fixed mortgage can be had for 2.99. If I'm a betting man, I'm going to assume that the rate will go up by more than 34 basis points within the next 5 years.

(Post Master Supreme)

10/04/12 08:32 AM

Re: Club Mortgage help me out

I don't understand why they don't offer better variable deals now.

(Post Master Sr)

10/04/12 11:30 AM

Re: Club Mortgage help me out

My guess is that in an uncertain economy, fixed rates give them the stability and cost-certainty.

(Post Master Supreme)

10/04/12 11:31 AM

Re: Club Mortgage help me out

I think it's because more and more people were going variable, which shrunk their margins and now they want to trap you into fixed.

Ultimately why offer P -.95 then (last year)?

Denshu

(Member)

10/04/12 05:09 PM

Re: Club Mortgage help me out

I'm glad i saw this thread, My term is up for renewal in november and RBC offered me 3% 1 year fixed rate for now. I didn't sign anything yet so CSI point me to the right direction !!

(Post Master Supreme)

10/04/12 06:06 PM

Re: Club Mortgage help me out

Use 2.99 bmo as your negotiation point if you're going fixed. The fixed rates aren't going to get significantly better in the next 5 years I'm sure.

(Post Master Supreme)

10/04/12 09:28 PM

Re: Club Mortgage help me out

Denshu....TD offered me 2.6% for 2 yrs. Not the best but beats donkey balls out of 1 yr fixed @ 3%.

I had RBC once, they are so uncompetitive and arrogant. I had them for the 1st go round with my condo. I told them I can walk into any bank and get something better than what they gave me as a renewal, they did nothing. I showed them the paperwork (I didn't want to move do deal with the additional paperwork), they didn't do anything. I moved to TD....then they have the nerve to call me back and ask why I didn't give them a chance to match. I laughed on the phone and told them I gave them 3 chances.

RBC can suck it.

(Post Master Supreme)

10/04/12 09:37 PM

Re: Club Mortgage help me out

I wouldn't recommend TD either simply because of the collateral mortgage fees (I am a TD whore, all my other accounts are with them).

Your best bet is to go through a mortgage agent. Either go to Jeff's guy or my guys (pm for info).

They have access to ALL banks except RBC because they are cocky and think they are above everyone (they aren't). My mortgage guys have products from 16 different lending institutions, banks, mutual funds, pension funds, etc.

c2k

(Post Master Supreme)

10/05/12 07:13 AM

Re: Club Mortgage help me out

Originally Posted By: Risky Business

this offer goes for everyone in here? my mortgage is up in 2 years and Im paying my mortgage down very aggressively.

(Post Master Supreme)

10/05/12 08:34 AM

Re: Club Mortgage help me out

Not pushing TD per se, just saying there is waaaaay better than ass backwards RBC. $\:\)$

(Post Master Sr)

10/05/12 01:07 PM

Re: Club Mortgage help me out

You may regret moving to TD when your mortgage is up. They've got you by the balls cause they know that it will cost you $600-1000 to have a lawyer register a mortgage with another lender, so they probably won't offer you a great renewal rate.

Originally Posted By: A2B-Civic

Not pushing TD per se, just saying there is waaaaay better than ass backwards RBC. $\:\)$

(Post Master Supreme)

10/05/12 02:24 PM

Re: Club Mortgage help me out

I got 2.6% / 2 yrs for my mom's mortgage so the rate wasn't too bad and seem to be in line with the competition. I've had mortgages with them for a few years now and have been on 1 yr terms and with that, they seem to be ok. The only thing is, it is kinda PITA to keep going in every 10 months or so to negotiate and do the paperwork.

I've had my mortgage with RBC, they added a discharge fee of some sort as I recall when I moved my mortgage with them...so, these asshats get you somehow. They are all there to make $$$$.

Another option is to have the new bank eat the fees....I think Scotia bank was willing to pay for the fees if I went with them. That was a couple of years ago when I looked into that.

(Post Master Sr)

10/05/12 05:31 PM

Re: Club Mortgage help me out

All mortgages have discharge fees. They'll typically be around $200 but most places will cover at least a portion of the fee if you go with them.

(Post Master Supreme)

11/09/12 10:04 AM

Re: Club Mortgage help me out

pulled the trigger for 5 years at 2.99%. GOt the rate for 2 yrs but decided to lock in for longer as 2.99% is pretty decent.

Bring on the mortgage pain....the house closes in 6 days.

(Post Master Supreme)

11/09/12 10:07 AM

Re: Club Mortgage help me out

Can't really go wrong with that. Congrats!

(Post Master Supreme)

11/09/12 10:38 AM

Re: Club Mortgage help me out

Yep, I'd probably go with that as well with what's available right now (which is crap).

When are we coming over to "break in" your pad?

Stay away from the village, it's ghetto here.