Is this a good rate?
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Quote:
Originally posted by navin2004
Quote:
Originally posted by Blue_Peafowl
Special discount rates: based condition (quick closing - Also good credit history and employment
3 Year Fix: 2.69%
5 Year Fix: 3.39 %
5 year fixed at 3.39%, are you sure or did you mis-type a number ?
I got Prime - 0.8 for Variable 5 year closed.
I followed the other thread about the 0.05% been given in cash, nothing like this was discussed and I don't think that's possible. It might be something the mortage specialist did, but even that sounds unreal.
I will find out tomorrow, as I sign up for this tomorrow.
THIS NUMBER IS REAL. I already talk to the guy and he was saying the same and even for 5 year he gives me rate from LANDVISE company 3.32%.
FROM WHERE U GOT VARIABLE 5 YEAR PRIME -0.8? I am still interested in variable 3 year or 5 year closed rate.
do u have closing near by, i have closing on 24th september.
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pranav shah
So far i am getting this rate
variable closed 5 year p-0.85
fixed 3year- 2.65(industrial alliance)
fixed 5year- 3.32(landvise)
Anybody have better rate than this?Closing soon,
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pranav shah
Payments with a variable mortage
Say, I get a mortage at P-0.7 (i.e 2.25 as of now); and borrow 200,000 for 35 years
the monthly amount comes to $687.37
I want to clarify if the rate goes up, do my payments stay at $687.37 - but more of the amount goes towards interest payments and less towards principal
OR
does the amount go up?? (i.e payments are no longer $687.37)
Posts: 1351
Location: Brampton, Ont, Canada
Posted on: 10-09-10 10:15:59
Location: Brampton, Ont, Canada
Posted on: 10-09-10 10:15:59
Your Take
Most of the lenders have both options - just verify with them
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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 birentoronto
Payments with a variable mortage
Say, I get a mortage at P-0.7 (i.e 2.25 as of now); and borrow 200,000 for 35 years
the monthly amount comes to $687.37
I want to clarify if the rate goes up, do my payments stay at $687.37 - but more of the amount goes towards interest payments and less towards principal
OR
does the amount go up?? (i.e payments are no longer $687.37)
Well, it depends on the lener's mortgage terms. Some lenders would change the payment amount to reflect the new rate of interest on change of prime, while some lenders would keep the payment fixed till such time it does not result in negative amortization.
However, we advise any one who takes a variable rate mortgage to start the payment by a couple of hundred dollars extra so as to keep the cushion as well as to avoid payment shock should the prime start to rise. If the client is not in a position to put these couple of hundred dollars extra to start with, then he/she should NOT be taking a variable rate mortgage at all.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Well, it depends on the lener's mortgage terms. Some lenders would change the payment amount to reflect the new rate of interest on change of prime, while some lenders would keep the payment fixed till such time it does not result in negative amortization.
However, we advise any one who takes a variable rate mortgage to start the payment by a couple of hundred dollars extra so as to keep the cushion as well as to avoid payment shock should the prime start to rise. If the client is not in a position to put these couple of hundred dollars extra to start with, then he/she should NOT be taking a variable rate mortgage at all.
Pramod Ji
What else one should be aware of before signing the dotted line with Bank?
What kind of flexibilities and penalties one should talk to them before hand?
Are there other costs ie Appraisal,Administrative fee etc which one should be aware of ,and how much?
Flexibility like 15% Lumpsump and 100% increase in payments ,or are there better flexibilites one should be aware of on Variable Closed 5 yrs Term.
Thanks
Quote:
Originally posted by Bingo
Well, it depends on the lener's mortgage terms. Some lenders would change the payment amount to reflect the new rate of interest on change of prime, while some lenders would keep the payment fixed till such time it does not result in negative amortization.
However, we advise any one who takes a variable rate mortgage to start the payment by a couple of hundred dollars extra so as to keep the cushion as well as to avoid payment shock should the prime start to rise. If the client is not in a position to put these couple of hundred dollars extra to start with, then he/she should NOT be taking a variable rate mortgage at all.
Pramod Ji
What else one should be aware of before signing the dotted line with Bank?
What kind of flexibilities and penalties one should talk to them before hand?
Are there other costs ie Appraisal,Administrative fee etc which one should be aware of ,and how much?
Flexibility like 15% Lumpsump and 100% increase in payments ,or are there better flexibilites one should be aware of on Variable Closed 5 yrs Term.
Thanks
Pretty much the same what you have mentioned above. If you are putting less than 20% down payment, then the bank does not do an appraisal and you do not pay appraisal fee as CMHC takes care of that in the premium you pay. However, if you are paying 20% or more as down payment then the bank may ask for an appraisal and may or may not take care of the costs of the appraisal for you. There should be NO administration fee by the bank for starting the mortgage. However, they do charge the same while you pay off the mortgage completely.
As far as pre payment facilities are concerned, make sure that the lump sum pre payment should be allowed as many times in a year (with in the limit) instead of paying only on anniversary. Secondly, make sure to start with extra payments to keep the cushion for rise in prime rates. Moreover, the bank should allow you to pay weekly or bi weekly accelerated payment and also should allow you to increase them up to 10 or 15 or 20% as per their limit anually.
Just out of curiosity, what rate are you being offered for this 5 year variable rate, how is the interest compouned and when is the closing. Just for fyi, a variable rate mortgage for a 3 year term at prime -0.8% is available through broker channels.
Good Luck.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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