Finally decided to drop the anchor and giving in to the temptation, brought a house recently.

Closing is in early April , searching for mortgages / lawyers.

Checking out mortgage rates --- HSBC is currently posting 2.35% 5 yr fixed and (if someone has heard of ) True North Mortgages is quoting 2.2% 5 year variable through Scotia / 3Capital something.

Which is a better one of the two ?

Also if someone can recommend a lawyer in Airport Rd area , it would be helpful.

Will also share and take advice on certain other things also as time goes by.

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Fido.

Congratulations and wishing you the very best in your new home. : Cheers:

I have found advice from our resident mortgage advisor Pramodji most honest and strings-free. Remember, just the rate of mortgage is not enough, look at the fine print and discuss pro and con to your heart's content.

All other advice will be dispensed at your house warming party
LOL


Hiren

True North has 1.8 % variable for 5 yrs. Check Rate super market website. Comparison of all mtgs there.

Variable is the way to go it's cheaper. Historically people with variable have almost always come out ahead of fixed rate guys. The rates are not going anywhere up anytime soon in the next 5 yrs or so.

The economy is in the dumps and Trump is further going to screw it up for Canada in the next 4-5 yrs when he messes up with NAFTA and Made in America stuff, and anti immigration stuff. The rates will remain low otherwise the housing market in GTA and GVR will collapse.

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America Ka Vyapaari Canada Ka Bhikari

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See how much yearly pre payment you can make directly towards the principal without any pre payment penalties. It should be at least 10 % of the original MTG amt allowed. This will greatly reduce your amortization years.

Make weekly or bi weekly MTG payment's if you can as opposed to monthly. This will again reduce the number of years.

See other things like minimum downpayment required, House Appraisal fees, MTG discharge fees when you pay off the mortgage, penalties for breaking the MTG , whether MTG is portable or not, CMHC insurance fees if your down payment is less than what CMHC wants.

MTG penalty is usually IRD or 3 months interest which ever is higher.

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America Ka Vyapaari Canada Ka Bhikari

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Congratulations Fido for a new house.....

My personal choice....I am always going with Variable rates and prefer too. right now my mortgage is prime minus 0.8.

All the best for smooth transactions with new home paper works and welcome to Boat......

Congratulations Fido. I will second RBO's advice for variable mortgage.

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A Delhite in Toronto

Congratulations Fido.

I will suggest you to go for variable rate.

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