Current Mortgage deals |
haulakh
Junior Desi
Member since: Jan 12
Posts: 12
Location: Mississauga
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what are the best mortgage rates available these days?
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Last edited by: |
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12-01-12 14:46:21 |
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mkannuri
Senior Desi
Member since: Nov 06
Posts: 328
Location:
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recently BMO offering 2.99% fixed for 5yrs term. They are predicting some downturn in RE market and hence they are offering this incentives.
I recently checked variable rates from few banks which are in range of 2.6 to 2.9 % despite the Prime is unchanged but the discounts been reduced.
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MRK
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14-01-12 12:30:33 |
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AshwaniG
Senior Desi
Member since: Jul 04
Posts: 1013
Location: Convinient
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Yesterday news on radio was there is 10 % increase in Mississauga RE due to bad winter and increasing demand .
If RE market is predicting some downturn than all major banks should have lowered their prices . After all who wants to lose their market share .
Quote:
Originally posted by mkannuri
recently BMO offering 2.99% fixed for 5yrs term. They are predicting some downturn in RE market and hence they are offering this incentives.
I recently checked variable rates from few banks which are in range of 2.6 to 2.9 % despite the Prime is unchanged but the discounts been reduced.
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Growing Old Is Mandatory ..Growing UP is Optional
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14-01-12 14:09:51 |
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Jack109
Senior Desi
Member since: Jul 04
Posts: 242
Location:
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That is a good place to start
LINK
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15-01-12 00:53:39 |
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haulakh
Junior Desi
Member since: Jan 12
Posts: 12
Location: Mississauga
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Thank you.. for your inputs.
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17-01-12 12:58:12 |
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Fido
Senior Desi
Member since: Aug 06
Posts: 3020
Location: Canada
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Folks ,
Is it true that Banks would not be willing to give you the best mortgage rate if you put 50% cash down up front as opposed to 20% ?
Which is better (assuming some one has the cash flow ) :
a. Put in 20% down and take the best rate possible ( say 3% for 5 yrs fixed )
b. Put in 20% down and take the mortgage plan which offers max yearly payment possibility ... what I ve heard is that the max you can pay per year is 15% of your amount ( if you have cash to pay up as a lump sum ) , but ING Direct offers this possiility as 25% .
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Fido.
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17-01-12 13:30:05 |
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ashedfc
Senior Desi
Member since: Jun 10
Posts: 2156
Location: GTA
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Also check the compounding calculation.... as annual, semi-annual, quarterly or even daily compounding can have a big difference in the total cost of mortgage.
Daily compounding (or shorter duration compounding) is always in the borrower's benefit; much like a savings account where you get interest daily compounded gives you more return than annual compounding..
People normally look at rate (& rate only), there are several other features which makes a mortgage attractive (or not)..
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17-01-12 15:02:30 |
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Contributors:
Airwarrior(1) ashedfc(3) AshwaniG(1) Desi # 1(2) dudewheresmycar(2) febpreet(3) Fido(1)
gaur(2) haulakh(2) ilesh_1(2) Jack109(2) lali(1) looklook(1) mkannuri(1)
peacock1(5) pranavshah77(1) rsk12(1) sant(1) sudesingh(3) Your friend(2) |
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