Quote:
Originally posted by vikshr
Quote:
Originally posted by Aurn
Thanks for the reply.
vikshr, bank is BMO.
Thanks Aurn...
Before switching dont forget your bank is absorbing penalty in this 3.90% offer.... if you switch bank, you may get 3.85% but you will be paying penalty ....
As for 3.70%, we would appreciate specific info please (i.e. which bank?)... I just had a conversation with a reputed and experienced mortgage broker and the best he could do was 3.84% for 5yr fixed....
I am not switching to new bank, this offer is from my current bank and they are not charging any penalty.
Many brokers are offering 3.70 or 3.69 but with some limitations. As, one broker was giving me rate 3.70% but with limit, I can only pay extra 2% per year and this rate is only available before one month of mortagage renewal. If I want to lock the rate for 90-days then their rate will be same 3.90%
I am not switching to new bank, this offer is from my current bank and they are not charging any penalty.
Many brokers are offering 3.70 or 3.69 but with some limitations. As, one broker was giving me rate 3.70% but with limit, I can only pay extra 2% per year and this rate is only available before one month of mortagage renewal. If I want to lock the rate for 90-days then their rate will be same 3.90%
Thats exactly my point .......
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Vik
cool! love these rates
Monthly payment on 200K mortgage:
@ 3.9%: $ 1,198.17
@ 3.8%: $ 1,187.89
@ 3.7%: $ 1,177.66
Quote:
Originally posted by vikshr
I am not switching to new bank, this offer is from my current bank and they are not charging any penalty.
Many brokers are offering 3.70 or 3.69 but with some limitations. As, one broker was giving me rate 3.70% but with limit, I can only pay extra 2% per year and this rate is only available before one month of mortagage renewal. If I want to lock the rate for 90-days then their rate will be same 3.90%
Thats exactly my point .......
Most banks allow you option of early renewal (Varies from 90 to 120 days) without penalty.
CIBC bank's latest offer is 3.69% fixed for 4 years with 10% prepayment every year. I am waiting for still better rate (3.59 may be).
Posts: 1628
Location: carl sagan's universe
Posted on: 10-04-09 09:48:54
Location: carl sagan's universe
Posted on: 10-04-09 09:48:54
Quote:
Originally posted by Ritzok
Here is link for 3.69% rate and I just spoke to TD and they are ready to beat even this rate.
http://www.mortgagesmadeeasy.com/
Cheers,
the rate for 3.69% is a quick close rate for 30 days. there are better rates out there for 30 day quick close.
also on another thread, somebody posted rates for sutton group.
As somebody pointed out that is if you buy your home thru sutton.
However in the case of OP Aurn, I beleive it is a renewal. All you have to do is go to your bank and show them that rate ( I beleive it was 3.25% fixed for 5 years). If you have been a good paymaster and your credit is good, your current bank will match that price.
Actually I did help one of my clients score that rate just a week ago. His renewal was coming up on May 1.
His bank was Scotiabank and they gave them (the couple who is my client) the rate of 3.25 fixed for 5 years.
Right now the banks are sitting on a lot of 5 yr money and all you gotta be is a slick talker and hey you get a good deal, provided once again your score is good- like 680+.
Go there to your mortgage wallah/wallie in the branch where you have your mortgage domiciled and sitt on his /her head and just keep on yakking till they give in. Hilne ka nahin office se. That is what my clients did- just insisted on 3.25% or they were going to walk.
Where are the banks getting the 5 year money.. nobody will take long running fixed deposits at this low a rate..
Quote:
Originally posted by investpro
Quote:
Originally posted by Ritzok
Here is link for 3.69% rate and I just spoke to TD and they are ready to beat even this rate.
http://www.mortgagesmadeeasy.com/
Cheers,
the rate for 3.69% is a quick close rate for 30 days. there are better rates out there for 30 day quick close.
also on another thread, somebody posted rates for sutton group.
As somebody pointed out that is if you buy your home thru sutton.
However in the case of OP Aurn, I beleive it is a renewal. All you have to do is go to your bank and show them that rate ( I beleive it was 3.25% fixed for 5 years). If you have been a good paymaster and your credit is good, your current bank will match that price.
Actually I did help one of my clients score that rate just a week ago. His renewal was coming up on May 1.
His bank was Scotiabank and they gave them (the couple who is my client) the rate of 3.25 fixed for 5 years.
Right now the banks are sitting on a lot of 5 yr money and all you gotta be is a slick talker and hey you get a good deal, provided once again your score is good- like 680+.
Go there to your mortgage wallah/wallie in the branch where you have your mortgage domiciled and sitt on his /her head and just keep on yakking till they give in. Hilne ka nahin office se. That is what my clients did- just insisted on 3.25% or they were going to walk.
Posts: 1628
Location: carl sagan's universe
Posted on: 12-04-09 09:00:25
Location: carl sagan's universe
Posted on: 12-04-09 09:00:25
for easy reference the sutton site is
http://www.suttonmember.com/
their rates have been updated in the last few days, but a cupla weeks ago, the 5 yr close was 3.25%.They also have a variable at 2.75% .
Their competition rate is out of whack. many can offer lower prices.
anyway, you can use as a guideline for new purchases and refinances.
I am told the magic figures to be able to get such rates is the beacon score, provided the BNI is also not too low.
Another one of my clients who had a beacon score of 676 but a BNI in the 400's was denied these rates for refinancing from his current lender.
