Posted on: 25-04-09 20:41:01
Quote:
Originally posted by febpreet
My question to the experts. How's 'Dominion Lending' as a mortgage provider? I have been contacted by them for refinance. I have the same amount of penalty from my existing bank($20,000) as someone posted above. I am in touch with 'Dominion Lending', who are offering me 3.0% variable 5 years and 3.89 for fixed 5 years.
Yes, Pramod is right. The existing Bank or the Bank that would be refinancing will not (at any cost) forego the penalty. They will blend in the penalty in the new mortgage and then offer the interest on that amount. But as stated, with the low interest rates there will still be a benefit than to keep paying.
I am in the same boat and have 5.9% fixed. Let's see how the things go. So far they are looking pretty grim as far as refinance is concerned.
Hi Febpreet,
Dominion Lending is also one of a leading mortgage brokers, though not as big as Mortgage Alliance, Invis or Mortgage Intelligence etc. but would be able to get competitive rates like bigger institutions. Having said that, bigger brokerage houses may have a larger pool of lending institutions and though not always but more often may be in a position to offer better product and or rate. Right now we are offering our clients 3.69% to 3.75% for a 5 year quick close rate but these offers are for limited time and are subject to change.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by febpreet
My question to the experts. How's 'Dominion Lending' as a mortgage provider? I have been contacted by them for refinance. I have the same amount of penalty from my existing bank($20,000) as someone posted above. I am in touch with 'Dominion Lending', who are offering me 3.0% variable 5 years and 3.89 for fixed 5 years.
Yes, Pramod is right. The existing Bank or the Bank that would be refinancing will not (at any cost) forego the penalty. They will blend in the penalty in the new mortgage and then offer the interest on that amount. But as stated, with the low interest rates there will still be a benefit than to keep paying.
I am in the same boat and have 5.9% fixed. Let's see how the things go. So far they are looking pretty grim as far as refinance is concerned.
Hi Febpreet,
Dominion Lending is also one of a leading mortgage brokers, though not as big as Mortgage Alliance, Invis or Mortgage Intelligence etc. but would be able to get competitive rates like bigger institutions. Having said that, bigger brokerage houses may have a larger pool of lending institutions and though not always but more often may be in a position to offer better product and or rate. Right now we are offering our clients 3.69% to 3.75% for a 5 year quick close rate but these offers are for limited time and are subject to change.
On Friday, I renewed my mortgage for 5 yr fixed at 3.65% from CIBC. Catch is that prepayment option is limited to 10% .
