Link for variable rates
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Posted on: 29-04-09 15:20:45
Is there a website for compparing variable rate mortgages? TD is offering 3.8%, but I am sure that other banks may be a bit less.
Has anyone heard of Alterna? Any experience with it for Mortgages?
KM
Quote:
Originally posted by KumarM
Is there a website for compparing variable rate mortgages?
Bankrate - http://www.bankrate.com/can/rate/mtg_home.asp?link=5
Quote:3.8% doesn't sound that great.
TD is offering 3.8%, but I am sure that other banks may be a bit less.
Scotiabank is offering 3.9% fixed for 5 years and 3 year fixed is at 3% at some places - why would you take variable at 3.8%, so far above Prime?
On Red Flag Deals, I have seen folks getting Prime + 0.25% from TD.
Anything more than 3% variable would be too high at this time.
BTW, IMHO, the variable rate game is ending now.
The time to go variable was 2 years ago, not now - esp. if you have several years left on your mortgage.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Bank rate is a great site pratickm. Thanks for that.
I could not find a dela for prime+0.25% on red flag.
Are you talking about this? http://www.redflagdeals.com/deals/main.php/financial/mortgagerates/
pl. replay asap
Thanks
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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
Quote:I did a search and it was posted here -
Originally posted by love_n_peace
I could not find a dela for prime+0.25% on red flag.
Are you talking about this? http://www.redflagdeals.com/deals/main.php/financial/mortgagerates/
pl. replay asap
Thanks
http://www.redflagdeals.com/forums/showthread.php?t=351105&page=338
On other boards as well, I'm hearing of people talking about the TD deal.
They are not publically advertising it.
I'm pretty sure it's a limited time thing and will be gone soon as the news spreads.
That said, I think a 3 year fixed at 3% is better than variable at Prime + 0.25% or even better a 5 year fixed at 3.60 or thereabouts.
It is possible that after 5 years, the rates will be a lot higher (hopefully).
It's best to use a broker for this kind of shopping around.
After a while, it will get too hard for you to do it yourself (hopefully this answers KumarM's question as well).
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
I had a meeting with a mortgage broker. This is what he has come up with. Suggestions are most erlcome. I am in hunt for a condo.
3-year closed rate: 3.15%
4-year variable rate: Prime + 0.70% (or 2.95% now)
5-year closed rate: 3.59% if closing is within 30 days
5-year closed rate: 3.75% if closing is more than 30 days from approval.
5 years at 3.59% is pretty good.
I see no reason not to take it.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
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