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#6627095 - 10/03/12 09:53 PM Re: Club Mortgage help me out [Re: SiZ]
Risky & Son Offline
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Registered: 05/17/10
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 Originally Posted By: SiZ
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.


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.
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#6627442 - 10/04/12 06:52 AM Re: Club Mortgage help me out [Re: Risky & Son]
LNXGUY Offline
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Registered: 08/06/00
Posts: 73492
Loc: Barrie, Ont,
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.
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#6627559 - 10/04/12 08:29 AM Re: Club Mortgage help me out [Re: LNXGUY]
SW20_MR2 Offline
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Registered: 08/27/01
Posts: 4648
Loc: Markham, Ontario, Canada
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.
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#6627564 - 10/04/12 08:32 AM Re: Club Mortgage help me out [Re: SW20_MR2]
Risky & Son Offline
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I don't understand why they don't offer better variable deals now.
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#6627989 - 10/04/12 11:30 AM Re: Club Mortgage help me out [Re: Risky & Son]
SW20_MR2 Offline
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Registered: 08/27/01
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Loc: Markham, Ontario, Canada
My guess is that in an uncertain economy, fixed rates give them the stability and cost-certainty.
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#6627996 - 10/04/12 11:31 AM Re: Club Mortgage help me out [Re: SW20_MR2]
Risky & Son Offline
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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)?
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#6628830 - 10/04/12 05:09 PM Re: Club Mortgage help me out [Re: Risky & Son]
Denshu Offline
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Registered: 03/01/01
Posts: 738
Loc: toronto ontario
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 !!
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#6628909 - 10/04/12 06:06 PM Re: Club Mortgage help me out [Re: Denshu]
JEFFOS69 Offline
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Registered: 01/27/00
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Loc: Toronto Canada
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.
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#6629310 - 10/04/12 09:28 PM Re: Club Mortgage help me out [Re: Denshu]
A2B-Civic Offline
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Registered: 04/19/01
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Loc: Canuckistan
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.
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#6629322 - 10/04/12 09:37 PM Re: Club Mortgage help me out [Re: A2B-Civic]
Risky & Son Offline
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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.
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#6629717 - 10/05/12 07:13 AM Re: Club Mortgage help me out [Re: Risky & Son]
c2k Offline
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 Originally Posted By: Risky Business
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.


this offer goes for everyone in here? my mortgage is up in 2 years and Im paying my mortgage down very aggressively.
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#6629824 - 10/05/12 08:34 AM Re: Club Mortgage help me out [Re: c2k]
A2B-Civic Offline
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Not pushing TD per se, just saying there is waaaaay better than ass backwards RBC. \:\)
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#6630477 - 10/05/12 01:07 PM Re: Club Mortgage help me out [Re: A2B-Civic]
SW20_MR2 Offline
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Registered: 08/27/01
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Loc: Markham, Ontario, Canada
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. \:\)
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#6630630 - 10/05/12 02:24 PM Re: Club Mortgage help me out [Re: SW20_MR2]
A2B-Civic Offline
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Registered: 04/19/01
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Loc: Canuckistan
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.
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#6630934 - 10/05/12 05:31 PM Re: Club Mortgage help me out [Re: A2B-Civic]
SW20_MR2 Offline
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Registered: 08/27/01
Posts: 4648
Loc: Markham, Ontario, Canada
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.
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#6702755 - 11/09/12 10:04 AM Re: Club Mortgage help me out [Re: SW20_MR2]
A2B-Civic Offline
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Registered: 04/19/01
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Loc: Canuckistan
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.
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#6702763 - 11/09/12 10:07 AM Re: Club Mortgage help me out [Re: A2B-Civic]
eddie_82 Offline
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Registered: 01/09/03
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Can't really go wrong with that. Congrats!
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#6702860 - 11/09/12 10:38 AM Re: Club Mortgage help me out [Re: eddie_82]
Risky & Son Offline
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Registered: 05/17/10
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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.
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#6702881 - 11/09/12 10:47 AM Re: Club Mortgage help me out [Re: Risky & Son]
eddie_82 Offline
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Registered: 01/09/03
Posts: 18971
Loc: Caņada
A2B, I hear Risky likes to help people move!
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#6702895 - 11/09/12 10:57 AM Re: Club Mortgage help me out [Re: eddie_82]
A2B-Civic Offline
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Registered: 04/19/01
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Loc: Canuckistan
I gotta get insurance before anyone can break in. lol
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#6702901 - 11/09/12 10:59 AM Re: Club Mortgage help me out [Re: A2B-Civic]
Risky & Son Offline
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How did you get a mortgage without insurance?
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#6703195 - 11/09/12 12:41 PM Re: Club Mortgage help me out [Re: Risky & Son]
A2B-Civic Offline
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Registered: 04/19/01
Posts: 44341
Loc: Canuckistan
The house closes next week. I guess they will ask for it before that?
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#6703410 - 11/09/12 01:55 PM Re: Club Mortgage help me out [Re: A2B-Civic]
A2B-Civic Offline
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Registered: 04/19/01
Posts: 44341
Loc: Canuckistan
Just got a $50 gift card from my mortgage guy. I've done a couple of mortgages before, never got a GC. Is this regular practice?
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#6703419 - 11/09/12 01:57 PM Re: Club Mortgage help me out [Re: A2B-Civic]
eddie_82 Offline
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Registered: 01/09/03
Posts: 18971
Loc: Caņada
$50 off your next mortgage?

Awesome!
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#6703519 - 11/09/12 02:32 PM Re: Club Mortgage help me out [Re: eddie_82]
A2B-Civic Offline
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Registered: 04/19/01
Posts: 44341
Loc: Canuckistan
It is going towards the new table...or sofa or mops and cleaning supplies or the trillion other things I need for the new place.
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