Does anyone know if any bank, credit union or lender still offering a variable rate mortgage at Prime minus something?
Not any more .....Pramod ji told me best available is prime + 0.6%
Lot of banks are lowering their fixed rates and will reduce further in Jan 09.
Bank Rate is showing that at least 2 banks are giving at or less than Prime
http://www.bankrate.com/can/rate/mtg_ratehome.asp?web=can&prodtype=mtg&market=917,943&product=322&points=1&state=ON&mtg_type=M&sort=3
including National Bank (looks like their rate is at Prime)
This is for a variable closed mortgage.
Any idea if these rates are real?
Or am i missing something?
I guess, you just have to call them to confirm.
Quote:
Originally posted by NewDesiInTown
Bank Rate is showing that at least 2 banks are giving at or less than Prime
http://www.bankrate.com/can/rate/mtg_ratehome.asp?web=can&prodtype=mtg&market=917,943&product=322&points=1&state=ON&mtg_type=M&sort=3
including National Bank (looks like their rate is at Prime)
This is for a variable closed mortgage.
Any idea if these rates are real?
Or am i missing something?
National Bank's variable rate is prime + 1.0 % which makes it to 4.5%. Hence the rate mentioned on the website is incorrect. However, other rate of prime -0.3% is correct but it is ONLY available in Alberta and that too only to the members of Alberta Motor Association (CAA is called AMA in Alberta). I wish they give this rate here in Toronto as well but no luck. In Ontario, most of the banks are offering prime +0.6% to prime + 1.0% or more.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Location: Brampton, Ont, Canada
Posted on: 19-12-08 15:53:09
We all know at the moment banks are not offering prime -%
but just curious to know if they gonna do it sooner or they will continue with thise prime +% rates ?
i am planing to refinance my house by end of march, 2009 would like to know what will be the future rates , should i lock the rate now or wait till march.
thank you all
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by Blue_Peafowl
We all know at the moment banks are not offering prime -%
but just curious to know if they gonna do it sooner or they will continue with thise prime +% rates ?
i am planing to refinance my house by end of march, 2009 would like to know what will be the future rates , should i lock the rate now or wait till march.
thank you all
It does not look like that the discounts for the variable rate mortgages would come back to earlier levels any time soon. Your best bet would be to have commitment for 1 to 5 year terms and also for the variable rate mortgage and see how the rates are at the refinance time and take decision accordingly. A mortgage broker can help you locking the rates for all the terms.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
