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#6614372 - 09/27/12 02:27 PM Club Mortgage help me out
titty sprinkles Offline
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Registered: 08/22/05
Posts: 17160
Loc: Toronto,Ontario
So i just got approved for a mortgage from scotia bank, the best they could offer me is prime -0.10% and this is with more than 20% down. is this any good? they are giving me a 5yr variable @2.9% but they want me to go with a 5yr fixed at 3.19% (i think)

should i keep shopping around? go to a broker? or would i just be wasting time? anyone have a good broker because i don't know one.
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#6614386 - 09/27/12 02:37 PM Re: Club Mortgage help me out [Re: titty sprinkles]
furball Offline
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Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
http://www.truenorthmortgage.ca/
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#6614388 - 09/27/12 02:37 PM Re: Club Mortgage help me out [Re: furball]
furball Offline
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Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
http://www.monstermortgage.ca/
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#6614495 - 09/27/12 03:31 PM Re: Club Mortgage help me out [Re: furball]
JEFFOS Offline
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Registered: 01/27/00
Posts: 29139
Loc: Toronto
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
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#6614497 - 09/27/12 03:31 PM Re: Club Mortgage help me out [Re: furball]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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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#6614517 - 09/27/12 03:40 PM Re: Club Mortgage help me out [Re: A2B-Lexus]
titty sprinkles Offline
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Registered: 08/22/05
Posts: 17160
Loc: Toronto,Ontario
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?


Edited by Flexin5 (09/27/12 03:41 PM)
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#6614529 - 09/27/12 03:44 PM Re: Club Mortgage help me out [Re: titty sprinkles]
JEFFOS Offline
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Registered: 01/27/00
Posts: 29139
Loc: Toronto
I thought longest you can get is 25 now?
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#6614530 - 09/27/12 03:44 PM Re: Club Mortgage help me out [Re: JEFFOS]
JEFFOS Offline
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Registered: 01/27/00
Posts: 29139
Loc: Toronto
You have pm
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#6614566 - 09/27/12 04:07 PM Re: Club Mortgage help me out [Re: JEFFOS]
SW20_MR2 Offline
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Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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.
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#6614726 - 09/27/12 05:13 PM Re: Club Mortgage help me out [Re: JEFFOS]
titty sprinkles Offline
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Registered: 08/22/05
Posts: 17160
Loc: Toronto,Ontario
 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?
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#6614785 - 09/27/12 05:43 PM Re: Club Mortgage help me out [Re: titty sprinkles]
The Postman Offline
A-List Member also The Man
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Registered: 02/13/02
Posts: 4973
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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#6614791 - 09/27/12 05:45 PM Re: Club Mortgage help me out [Re: titty sprinkles]
Senor Eduardo_82 Offline
miataist
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Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
Short-term fixed is the new variable. I just took a 2yr at 2.69.

GNSPrinciple

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#6614952 - 09/27/12 06:52 PM Re: Club Mortgage help me out [Re: Senor Eduardo_82]
Risky Business Offline
Provides a Great Work Environment. he/him
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Registered: 05/17/10
Posts: 44789
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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#6614955 - 09/27/12 06:54 PM Re: Club Mortgage help me out [Re: Risky Business]
Hatorade Offline
pheggit
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Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
Short term bro. Mine was 2.44% for 2 yrs. let me know if you need a contact.
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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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#6615306 - 09/27/12 09:35 PM Re: Club Mortgage help me out [Re: Hatorade]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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]
c2k Moderator Offline
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Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
 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.
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#6615655 - 09/28/12 06:31 AM Re: Club Mortgage help me out [Re: c2k]
Senor Eduardo_82 Offline
miataist
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Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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.

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#6615779 - 09/28/12 07:59 AM Re: Club Mortgage help me out [Re: Senor Eduardo_82]
TheRealCSnapper Moderator Offline
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Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
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.

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#6615875 - 09/28/12 08:46 AM Re: Club Mortgage help me out [Re: TheRealCSnapper]
355-Si Offline
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Registered: 08/19/01
Posts: 4352
Loc: Toronto, Ontario
I'm locked into 2.99% for 5 years with BMO.
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#6616943 - 09/28/12 02:29 PM Re: Club Mortgage help me out [Re: 355-Si]
LNXGUY Moderator Offline
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Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
Prime - 0.75% with TD. No plans on changing to a fixed anytime soon.
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#6616962 - 09/28/12 02:36 PM Re: Club Mortgage help me out [Re: LNXGUY]
SW20_MR2 Offline
Post Master Sr


Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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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#6617482 - 09/28/12 07:27 PM Re: Club Mortgage help me out [Re: titty sprinkles]
robbbby Offline
master electrician
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Registered: 01/23/02
Posts: 15428
Loc: Canada
don't know anything about mortgages, paid for my house in cash.
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#6618005 - 09/29/12 09:51 AM Re: Club Mortgage help me out [Re: SW20_MR2]
Risky Business Offline
Provides a Great Work Environment. he/him
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Registered: 05/17/10
Posts: 44789
 Originally Posted By: SW20_MR2
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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#6619905 - 09/30/12 08:48 PM Re: Club Mortgage help me out [Re: Risky Business]
SiZ Offline
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Registered: 09/15/00
Posts: 8774
Loc: Longdon, Ontario
I just bought a new house yesterday, we're going to go with 3.89% for 10 years fixed..
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#6619970 - 09/30/12 09:21 PM Re: Club Mortgage help me out [Re: SiZ]
Hatorade Offline
pheggit
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Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
 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.
_________________________

'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]
Risky Business Offline
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Registered: 05/17/10
Posts: 44789
 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.

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#6620370 - 10/01/12 08:22 AM Re: Club Mortgage help me out [Re: Risky Business]
SW20_MR2 Offline
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Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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?
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#6622042 - 10/01/12 08:05 PM Re: Club Mortgage help me out [Re: SW20_MR2]
SiZ Offline
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Registered: 09/15/00
Posts: 8774
Loc: Longdon, Ontario
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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#6622200 - 10/01/12 09:11 PM Re: Club Mortgage help me out [Re: SiZ]
Risky Business Offline
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Registered: 05/17/10
Posts: 44789
 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.

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#6622337 - 10/01/12 10:03 PM Re: Club Mortgage help me out [Re: SiZ]
SW20_MR2 Offline
Post Master Sr


Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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?
_________________________
1991 MR2 Turbo aka "The Myth"...does it really exist?
2006 Mazda3 Sport aka "Reality"...it really does exist...

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#6624325 - 10/02/12 07:01 PM Re: Club Mortgage help me out [Re: SW20_MR2]
SiZ Offline
Post Master Sr


Registered: 09/15/00
Posts: 8774
Loc: Longdon, Ontario
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...
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#6624465 - 10/02/12 08:28 PM Re: Club Mortgage help me out [Re: SiZ]
JEFFOS Offline
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Registered: 01/27/00
Posts: 29139
Loc: Toronto
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
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#6624639 - 10/02/12 09:48 PM Re: Club Mortgage help me out [Re: SiZ]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
 Originally Posted By: SiZ
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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#6626678 - 10/03/12 08:02 PM Re: Club Mortgage help me out [Re: Risky Business]
SiZ Offline
Post Master Sr


Registered: 09/15/00
Posts: 8774
Loc: Longdon, Ontario
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.
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#6626778 - 10/03/12 08:25 PM Re: Club Mortgage help me out [Re: SiZ]
A2B-Lexus Offline
Post Master Supreme


Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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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