My bank, Scotia had a promotion where they were giving some cash back for new mortgages. So I negotiated with them for adjusting cash back against penalty. So I really did not pay any penalty. I signed 5 yr fixed mortgage in 2001 and converted into variable in 2003. I think now I am paying .5 or 1% (whatever is the standard) below posted rate.
Quote:
Orginally posted by lana2005
My bank, Scotia had a promotion where they were giving some cash back for new mortgages. So I negotiated with them for adjusting cash back against penalty. So I really did not pay any penalty. I signed 5 yr fixed mortgage in 2001 and converted into variable in 2003. I think now I am paying .5 or 1% (whatever is the standard) below posted rate.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Yes. you are right. I am paying .5 below prime.
Dear Pramod,
I have sent you a PM with the replies.
Thanks alot for your help.
Falcon
HI Friends
I recently locked my mortgage to fixed at 4.5 % with the help of one of the mortage consultants working with Scotia bank . I might be paying ,25 % extra than variable rates but it gives me a piece of mind for next five years and helps mme to budget the things accordingly.
Cheers
Ashwani
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Growing Old Is Mandatory ..Growing UP is Optional
Quote:
Orginally posted by AshwaniG
HI Friends
I recently locked my mortgage to fixed at 4.5 % with the help of one of the mortage consultants working with Scotia bank . I might be paying ,25 % extra than variable rates but it gives me a piece of mind for next five years and helps mme to budget the things accordingly.
Cheers
Ashwani
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Hi Pramod !
Thanks for your updated information . I am too happy to hear that I took right decision . I wrote 4.25 as variable b'cos bank is providing me with 1% discount as of posted rates .
Well anyway I will meet you someday soon for more of your valuable advises.
Ashwani
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Growing Old Is Mandatory ..Growing UP is Optional
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