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#5840734 - 10/04/11 01:35 PM Re: Mortgages: Bank vs. Broker [Re: Risky Business]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45600
Loc: Raptors Land
 Originally Posted By: Risky Business
 Originally Posted By: A2B-Civic
 Originally Posted By: Risky Business
Not sure, my broker who used to work for TD for 20+ years before going on his own told me that TD is the only bank that has these fees that they charge you if you decide to renew with someone else.



I was with Royal bank before and I had to pay a discharge fee. I thought it was standard when you switch banks.



I think it's above and beyond the discharge fee because you need to hire a lawyer, you don't need a lawyer when leaving other institutions.


Good to know if this was 3 years ago....lol I am with them now...but I'll look into that.
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#5840750 - 10/04/11 01:38 PM Re: Mortgages: Bank vs. Broker [Re: A2B-Lexus]
Risky Business Offline
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Registered: 05/17/10
Posts: 46518
FInd out and let us know the associated costs since I never went to validate what the broker told me.
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#5841021 - 10/04/11 02:53 PM Re: Mortgages: Bank vs. Broker [Re: Risky Business]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45600
Loc: Raptors Land
My appointment is today...will probably just go with the 1 yr fixed option. Work is crazy busy and I won't have the time to shop around. 2.45% 1 yr and hope for the best next year.
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#5841082 - 10/04/11 03:14 PM Re: Mortgages: Bank vs. Broker [Re: A2B-Lexus]
Risky Business Offline
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Registered: 05/17/10
Posts: 46518
Do you plan on selling soon? I'd lock in for a longer period at a lower rate, the penalty for breaking variable is only 3 months interest so it's worth to do your math on this imo.
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#5841131 - 10/04/11 03:31 PM Re: Mortgages: Bank vs. Broker [Re: Risky Business]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45600
Loc: Raptors Land
I was thinking of moving earlier this year. Almost pulled the trigger on a townhouse but didn't. Will be looking to move into bigger if the right house came along so I don't want to sign up long term.
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#5841139 - 10/04/11 03:35 PM Re: Mortgages: Bank vs. Broker [Re: A2B-Lexus]
Risky Business Offline
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Registered: 05/17/10
Posts: 46518
I thought if you sold and bought another property you can carry your mortgage over to the new place at the existing rates. I think the rates right now are pretty attractice and I'd try to get something now IMO.

Again something you should ask about.
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#5841198 - 10/04/11 03:59 PM Re: Mortgages: Bank vs. Broker [Re: Risky Business]
Senor Eduardo_82 Offline
miataist
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Registered: 01/09/03
Posts: 38067
Loc: Ca�ada
You're talking about a porting your mortgage. Not all mortgages are portable.
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#5841362 - 10/04/11 05:01 PM Re: Mortgages: Bank vs. Broker [Re: Senor Eduardo_82]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45600
Loc: Raptors Land
nope...i am still in my box.
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#5842357 - 10/05/11 07:57 AM Re: Mortgages: Bank vs. Broker [Re: Just A Troll]
TheRealCSnapper Moderator Offline
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Registered: 12/05/02
Posts: 31956
Loc: Toronto, Canada
 Originally Posted By: J.A.C.N.
 Originally Posted By: Chocolate Canuck
 Originally Posted By: Hatorade
idiot...who buys a house now anyways when the market is going to crash /jacn

Risky does, \:D


Wait for it... it's coming sooner rather than later.

Reason? Commodities are falling.

Canada survived the recession on strong commodities. That safety blanket is about to evaporate.

PS: I don't want it to happen. But I know it will.


we're all doomed!!!!

http://www.theglobeandmail.com/report-on...article2191563/
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#5851488 - 10/10/11 10:04 AM Re: Mortgages: Bank vs. Broker [Re: TheRealCSnapper]
b16_eh Offline
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Registered: 03/26/02
Posts: 3362
Loc: Toronto
I work for TD PM me and I'll help.
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#5851512 - 10/10/11 10:20 AM Re: Mortgages: Bank vs. Broker [Re: b16_eh]
A2B-Lexus Offline
Post Master Supreme


Registered: 04/19/01
Posts: 45600
Loc: Raptors Land
^

Can you shed some light on what Risky was talking about re: the lawyer fees needed to get out of a TD mortgage?

FYI....i just renewed mine (no time to shop around) for 1 year...2.49% (not 2.45%)...but whatever..
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#5851516 - 10/10/11 10:22 AM Re: Mortgages: Bank vs. Broker [Re: A2B-Lexus]
b16_eh Offline
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Registered: 03/26/02
Posts: 3362
Loc: Toronto
Without having the docs in front of me all I can recall is a $260 discharge fee, that I believe is fairly common amongst banks.
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#5851708 - 10/10/11 11:44 AM Re: Mortgages: Bank vs. Broker [Re: b16_eh]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45600
Loc: Raptors Land
Ya...that is what I thought too....oh well. I am ok for another year...I hate shopping my mortgage every year but whatever.
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#5852116 - 10/10/11 03:21 PM Re: Mortgages: Bank vs. Broker [Re: A2B-Lexus]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19349
Loc: Wiesloch-Walldorf, Germany
why do you get one year rate? isnt it cheaper if you get a 5 year variable rate especially right now? i pay 2.4
_________________________
Who cares

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#5852777 - 10/10/11 09:52 PM Re: Mortgages: Bank vs. Broker [Re: b16_eh]
Risky Business Offline
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Registered: 05/17/10
Posts: 46518
 Originally Posted By: b16_eh
Without having the docs in front of me all I can recall is a $260 discharge fee, that I believe is fairly common amongst banks.


Ask your manager what it would take for a customer to get out of a TD mortgage aside from the discharge fee. Please save me the hassle of having to call my guys.
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#5852979 - 10/10/11 11:16 PM Re: Mortgages: Bank vs. Broker [Re: c2k]
A2B-Lexus Offline
Post Master Supreme


Registered: 04/19/01
Posts: 45600
Loc: Raptors Land
 Originally Posted By: c2k
why do you get one year rate? isnt it cheaper if you get a 5 year variable rate especially right now? i pay 2.4


discount rate was p-0.5..with the world economy where it is, I didn't want to lock in. Plus...I am kinda looking to move into something bigger so I dind't want to commit to 5 yrs.
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