Posted on: 17-02-12 14:16:52
Hi CD's,
I am shifting to new house in May first week. Kindly do suggest the best mortgage rates currently available. I need to lock down the rate now. I appreciate your replies and advices in advance. My inclination is towards fixed mortgage. I got a quote of 4 years fixed for 2.89. Somehow missed 5 years - 2.99 rate.
Thanks
HI,
Congrats on purchase of your new House. Typically banks and financial institutions offer the best rates if closing of the deal is happening within 30 or 60 days. Having said that if you are getting 4 years at 2.89% then its a good deal. The 5 years 2.99% rate was a big catch and glad you didnt fall in the trap.
If you need any further guidance then pls. free to get in touch with me on my cell: 647-710-7374 or email: oza.mihir@gmail. com
I work as a Mortgage Agent with Verico The Mortgage Practice.
All the Best
Mihir
Thanks Mihir. I will do contact you for this.
Mihir,
As u mentioned about the mortgage rate for "The 5 years 2.99% rate was a big catch ",just need to check--What is the catch?
Regards-
-----------------------------------------------------------------
sAnToShI
Quote:
Originally posted by santoshi
Mihir,
As u mentioned about the mortgage rate for "The 5 years 2.99% rate was a big catch ",just need to check--What is the catch?
Regards-
The 2.99% rate for 5 year was offered by BMO for a short period of time and that rate is over now.
The restrictions were as follows:
Maximum Amortization: 25 years instead of 30 or 35 years.
Rate Hold: Up to 90 days and not up to 120 days
Pre-Approvals: Allowed
Lump-sum Pre-payments: 10% maximum per year (1/2 of the 20% that BMO normally allows)
Optional Payment increase: 10% maximum per year (again, 1/2 of the 20% that BMO normally allows)
Term: Fully closed unless you sell the property, refinance (with BMO only), or early renew into another BMO mortgage.
BMO Mortgage Cash Account: Not available with the Low-Rate
BMO Skip-a-Payment: Not available with the Low-Rate
BMO ReadiLine: Not available with the Low-Rate
However, now this rate is no more available as BMO stopped the PROMO and rates have started to move up a bit in the last couple of weeks but you can get fixed term for 3 year at 2.99%, 4 year 3.09% and 5 years for 3.19% either in Toronto or in Calgary.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Hi,
I am in the search of the mortgage for my house closing in May too.
The best as of today is :
2.99% - 5 years - 25 yrs amort - BMO (closes today - March 28th)
2.99% - 4 years - 30 yrs amort - TD
2.75% - 3 years - 30 yrs amort - CIBC
2.69% - 2 years - 30 yrs amort - Scotia
Most of the banks rates are going high tomorrow onwards..
All the best to the ones who's looking to get the right thing at the right time 
-----------------------------------------------------------------
Like you - a Canadian .. but still DESI
2.79 - 3 years - 30 yrs amort (Fixed)
15% - 15%
Between RBC and Scotio which is the better bank based on previous history of rates/ products/ transferring mortgage to another bank .
Pls advice
-----------------------------------------------------------------
Please let your smart brain analyse first. Mine is taking rest.
