Link for variable rates
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Posted on: 10-05-09 15:15:15
KumarM
Can you please provide me more details on 3.15 rate for 5 year fixed mortgage?Is there any precondition like within 30 days close or monthly payement only or limited additional payment per year etc etc.
Will appreciate your feedback.
Ani
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ani
There aren't any precondition (such as 30 days) that I know off at this time. The rate is thru a mortgage broker.
KM
Hi guys,
i have my mortgage with td rite now..at 4.95% for four years...it ends on jan 2010.
if i want to renew it now instead later since the rates are very good..is that possible? has any1 tried it?
shud i try with other bank?
i think there will be penalty? is it worth paying?
can sum1 plz throw some light on this?
any help Appreciated.
Quote:
Originally posted by DesiGuy1981
Hi guys,
i have my mortgage with td rite now..at 4.95% for four years...it ends on jan 2010.
if i want to renew it now instead later since the rates are very good..is that possible? has any1 tried it?
shud i try with other bank?
i think there will be penalty? is it worth paying?
can sum1 plz throw some light on this?
any help Appreciated.
Yes early renewal will involve some penalty....
Option 1 : talk to your bank and see if they let you renew without any penalty
Option 2: If first fails ... Most banks allow early renewal (3 to 6 months in advance) without any penalty... since you have about 8 more months to go... you may wait for 2 more months and then renew without any penalty....
Option 3: Look for other institution... do cost/benefit analysis... i.e. penalty v/s savings owing to difference between interest rate quoted by the two banks... considering such a competitive market, I doubt if TD's rate will be that far off.... most of these banks are ready to match rates quoted by competitors anyways...
hope that helps !
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Vik
Thank you KumarM.
Can you please provide me the financial bank information or PM me the mortgage broaker contact details?
Even the rate is low nowadays I believe no lender/bank will be able to offer 5 year fixed 3.15 rate and that too without any condition attached.
It seems your response is very confusing in this thread.You replied initially that you are on rent now and looking for a condo buy.Your next reply was like you always went for fixed rate and never variable rate(so you had previous mortgage experinence).Again in another reply (in the same thread) you wanted to know the difference between open and fixed rate mortgage 
This site is to help and provide useful info to others.Just by giving a number (low rate info) without concrete info/proof doesn't help that much right?
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ani
Quote:
Originally posted by KumarM
Thanks for the responses.
A bit confusing for me. What are closed and open variable rates? Should I go with a mortgage broker to find a good rate?
KM
open varible rates means you can change the lender without any penalty ,at any point of time within the term ,mortgage have term from one to five years , closed varible means you have to with same lender for that term (yes you can change lender but there are penalties for that ), mortgage brokers deals with many lenders they have more choice of mortgage , mortgage brokers would be in better position to provide focused based mortgage solution as per your needs
Quote:
Originally posted by ani70
KumarM
Can you please provide me more details on 3.15 rate for 5 year fixed mortgage?Is there any precondition like within 30 days close or monthly payement only or limited additional payment per year etc etc.
Will appreciate your feedback.
Ani
3.15 rate is rate for three years fixed term no conditions of 30 days , you can choose opition of monthly , bi weekly , weekly etc
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