#6614386 - 09/27/12 02:37 PM
Re: Club Mortgage help me out
[Re: titty sprinkles]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9484
Loc: Toronto, ON
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#6614388 - 09/27/12 02:37 PM
Re: Club Mortgage help me out
[Re: furball]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9484
Loc: Toronto, ON
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#6614495 - 09/27/12 03:31 PM
Re: Club Mortgage help me out
[Re: furball]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29150
Loc: Toronto
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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
_________________________
-Jeff
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#6614497 - 09/27/12 03:31 PM
Re: Club Mortgage help me out
[Re: furball]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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I locked in at 2.98 for 5 yrs with TD maybe 3 months ago. You can do better than 3.19% for sure.
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#6614529 - 09/27/12 03:44 PM
Re: Club Mortgage help me out
[Re: titty sprinkles]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29150
Loc: Toronto
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I thought longest you can get is 25 now?
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-Jeff
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#6614530 - 09/27/12 03:44 PM
Re: Club Mortgage help me out
[Re: JEFFOS]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29150
Loc: Toronto
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You have pm
_________________________
-Jeff
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#6614566 - 09/27/12 04:07 PM
Re: Club Mortgage help me out
[Re: JEFFOS]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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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.
_________________________
1991 MR2 Turbo aka "The Myth"...does it really exist? 2006 Mazda3 Sport aka "Reality"...it really does exist...
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#6614726 - 09/27/12 05:13 PM
Re: Club Mortgage help me out
[Re: JEFFOS]
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titty sprinkles
Post Master Supreme
Registered: 08/22/05
Posts: 17176
Loc: Toronto,Ontario
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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?
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2019 TLX Aspec
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#6614785 - 09/27/12 05:43 PM
Re: Club Mortgage help me out
[Re: titty sprinkles]
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The Postman
A-List Member also The Man
Post Master Sr
Registered: 02/13/02
Posts: 4974
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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/
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#6614952 - 09/27/12 06:52 PM
Re: Club Mortgage help me out
[Re: Senor Eduardo_82]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44790
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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.
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#6615306 - 09/27/12 09:35 PM
Re: Club Mortgage help me out
[Re: Hatorade]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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2.44% is the bomb...what bank?
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#6615639 - 09/28/12 05:43 AM
Re: Club Mortgage help me out
[Re: Hatorade]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19291
Loc: Wiesloch-Walldorf, Germany
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Short term bro. Mine was 2.44% for 2 yrs. let me know if you need a contact.
GODDAMN.
fixed?! great deal.
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Who cares
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#6616943 - 09/28/12 02:29 PM
Re: Club Mortgage help me out
[Re: 355-Si]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106942
Loc: Barrie, Ont,
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Prime - 0.75% with TD. No plans on changing to a fixed anytime soon.
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-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#6616962 - 09/28/12 02:36 PM
Re: Club Mortgage help me out
[Re: LNXGUY]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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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.
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1991 MR2 Turbo aka "The Myth"...does it really exist? 2006 Mazda3 Sport aka "Reality"...it really does exist...
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#6618005 - 09/29/12 09:51 AM
Re: Club Mortgage help me out
[Re: SW20_MR2]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44790
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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.
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%
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#6619970 - 09/30/12 09:21 PM
Re: Club Mortgage help me out
[Re: SiZ]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
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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.
_________________________
'07 997.1 GT3 '08 E90 M3 '11 E90 d '02 Rota Grid - 195-55-16FR (RIP) '04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi) I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr
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#6620088 - 09/30/12 10:21 PM
Re: Club Mortgage help me out
[Re: SiZ]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44790
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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.
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#6620370 - 10/01/12 08:22 AM
Re: Club Mortgage help me out
[Re: Risky Business]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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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.
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1991 MR2 Turbo aka "The Myth"...does it really exist? 2006 Mazda3 Sport aka "Reality"...it really does exist...
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#6622337 - 10/01/12 10:03 PM
Re: Club Mortgage help me out
[Re: SiZ]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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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.
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?
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1991 MR2 Turbo aka "The Myth"...does it really exist? 2006 Mazda3 Sport aka "Reality"...it really does exist...
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#6624465 - 10/02/12 08:28 PM
Re: Club Mortgage help me out
[Re: SiZ]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29150
Loc: Toronto
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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
_________________________
-Jeff
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#6624639 - 10/02/12 09:48 PM
Re: Club Mortgage help me out
[Re: SiZ]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44790
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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...
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.
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#6626778 - 10/03/12 08:25 PM
Re: Club Mortgage help me out
[Re: SiZ]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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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.
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