Great Rates?

[babymaeby]

Well, we hit our 120 day mark today, so I'm starting to do mortgage rate shopping. I thought we could post the results of our research here.

So far I've found

BMO - 5 year fixed: 4.99...But you have to close in 90 days. I'm hoping this one is still around when we move.

RBC - 4 year fixed: 4.89...Good till Dec 31...with closings 90 days after that.

[fletcher]

Another concept when looking for a mortgage is to use a mortgage broker. They do the shopping and provide you with the best rate. What are your thoughts?

[JFiolek]

Another concept when looking for a mortgage is to use a mortgage broker. They do the shopping and provide you with the best rate. What are your thoughts?

This is the best way, I can give you the name of a broker I use, he got me an amazing rate last time and he has a mortage commitment that we are getting on Thursday. The last time I got a rate .7% lower then RBC & CIBC.

[jrb]

Hey,

When I purchased back in July........Mattamy had a deal with Royal Bank....[discounted Mortgage]

The highest mine would go is 4%....for 5 years......but if the rate is lower in a certain time frame prior to possession I will get the lower rate.....

Did the rest of you look into this as an option...

JRB

[smartsexystylish]

Another concept when looking for a mortgage is to use a mortgage broker. They do the shopping and provide you with the best rate. What are your thoughts?

We also went with a mortgage broker. She is fantastic!
She got us 4.54 (I think) that's available to us until we close.

She is super nice, helpful and works for you! If you don't know already there is no fee or charges that you have to pay to a mortgage broker.
Plus another bonus, mortgage brokers can shop around with many different lenders with only doing ONE credit search. Whereas banks do each individual credit record search therefore leading to more dings to your credit!

If anyone wants her number, please feel free to let me know.

She's located in Mississauga (and her home office is in Milton) and has very flexible hours and can accommodate you in anyway! I've even called her on the weekends (She was skiing and at the top of a hill and answered her phone!!! To my credit, I was calling to leave her a voicemail, and not expecting her to answer LMAO!)

I don't get anything from referring her. I'm the type of person who if I get great service I'll tell others! I'm all about referrals since Kevin and I are new to this whole thing!! :D

[JFiolek]

Yes what Dion said, and to add they even come to your house. Mine is in Cambridge and he is awsome as well. If anyone wants his number let me know. On another note we went with the RBC thing last time and it's something like prime - 1% but it's only for like the first 6 months and then its prime. Not just prime but there prime which traditional banks have higher interest rates. I strongly suggest going to a mortage broker, we have had 4 different mortages and the only one we have not had a problem with is the one we used a broker.

[Joanne]

Do we have to wait until we are 120 days away from closing? Is that the absolute longest rates can be held for?

[babymaeby]

Do we have to wait until we are 120 days away from closing? Is that the absolute longest rates can be held for?

Yes, it's usually 90 days or 120 days...unless the bank has a special 'builder rate' which can be locked in when you first purchase - but in my experience, it wasn't as good as what you can get now.

[Style]

Dion How many years is that rate good for! Is it a 4 or 5 year closed or are you going variable!

[babymaeby]

http://www2.bmo.com/news/article/0,1083,contentCode-8230_divId-4_langId-1_navCode-112,00.html

Bank of Montreal
Five year fixed at 4.79%

[Style]

Funny though how the bank of Canada lowers rates to the lowest in like 50 years and yet the big four major banks only go down a fraction of what the bank of canada states is lowered! Even in todays tough times it is always good to know that the banks still find a way to screw us and only think of their bottom line!:D Jackasses~

[BrianNSara]

Mortgage Rates



Special Offers
Save Now, Save Later Mortgage
Details
4 Year Closed Term Fixed Mortgage
4.89%1
5 Year Closed Term Fixed Mortgage
4.99%2


Closed Term Fixed Rate Mortgages
1 Year
6.200%
2 Years
6.300%
3 Years
6.640%
4 Years
6.640%
5 Years
6.800%
7 Years
7.400%


Variable Rate Mortgages
Scotia Flex Value Mortgage - Closed 5 year term
4.500%


Short Term Fixed Rate Mortgages
Open Mortgage - 6 Month
7.950%
Open Mortgage - 1 Year
8.250%
Flexible/Closed Mortgage - 6 Month
6.100%


Effective December 10, 2008

1 APR 4.84%. Offer available until further notice.

2 APR 4.94%. Offer available until further notice.

Rates are provided for information purposes only and are subject to change at any time.

All rates are calculated semi-annually, not in advance.

[Style]

Some of those closed term rates are absolutely absurd! We are talking like a extra 20 to 30 thousand dollars in interest over some of those terms like a 5 year closed

[Joanne]

Periodically I check this website which updates rates for many lenders. First National and ING always have the lower rates. In the past I have used a mortgage broker - they are able to shop around for and negotiate for you getting you the lowest rates available.

http://www.canadamortgage.com/RatesShow/ShowRates.cfm

[DanielleandCody]

I work for a bank and the one piece of advice I would give is never just take what is posted. There is always some room for negotiation on rates. And do shop around as there is lots of competition out there. Further more if they know you are shopping around they will do what they can to keep you within their institution!!! Happy shopping!!!:)

[K.C.]

I work for a bank and the one piece of advice I would give is never just take what is posted. There is always some room for negotiation on rates. And do shop around as there is lots of competition out there. Further more if they know you are shopping around they will do what they can to keep you within their institution!!! Happy shopping!!!:)

We've been with the same company for our mortgage for the past 13 years. The lady who does our mortgage said she is authorized to knock off as much as 1.3% off the listed rate for us.

When we bought our first house I found the cheapest listed rate for a 5 year was from ING Direct and I called the banks to see if they would match it. Most of them said they would go down only 0.5% off the listed rates. London Life matched ING's rate and they've had our business ever since. I like London Life because they allow all sorts of prepayment options. For example, I started a new business about 10 years ago and we were having a hard time getting a 15 year mortgage on one income. London Life qualified us for 25 years on one income but we were allowed to make double payments every month. Because of their flexibility our current mortgage is going to be paid off in less than 8 years.

Most banks suck because they're greedy bastards. It's definitely worth it to shop around but go beyond the banks if you have to to get the best rate.

[BrianNSara]

Also a good website...
http://www.monstermortgage.ca/mm_rates.php

[DanielleandCody]

Ouch!!!!! Well I'll try and not take the comment about banks to heart, but as I said you can negotiate!!! Actually some places will go as far as 1.5% off the current rate with a fixed mortgage!!!! Again if they want your business they will do whatever they can but also know it's more than the decision of the branches it's the underwriters in the credit departments that have all of the control so be nice to the people in the branches. I can assure you they are trying their best to provide you the best they can (well that is if they are in the business for the right reason!:) Anyway I'm not trying to debate about if banks are good or not, it is a very personal thing and people make decisions that are best for them. So again happy shopping to you all and do shop around!!! :)

[K.C.]

Ouch!!!!! Well I'll try and not take the comment about banks to heart, but as I said you can negotiate!!!


Sorry!!!!!

[DanielleandCody]

Sorry!!!!!

No Worries at all!! I know people are not always fond of banks, but they aren't always out to get you. There are actually really good bankers out there, it's just a matter of finding one of the good ones. Oh and I didn't mention, mortgage brokers are a pretty good way to go as well. I know it's already been mentioned but it's an easy way to have someone else do the shopping around for you!! Hope everyone has a great week-end!!:)

[justmed]

We were put in touch with a broker who came highly recommended.

Anyways, he was able to get us a rate well below any special that banks offered us and was incredibly helpful to us with any questions we had with what would benefit our debt / income (variable / fixed) and all a broker does.

I would really suggest at least giving him a shot and see what he can dig up, and we'd definitely use him again.

Grant@Homeguardfunding.com


is his e-mail address if you wanted to touch base and see what he can find for you.

[justmed]

We were put in touch with a broker who came highly recommended.

Anyways, he was able to get us a rate well below any special that banks offered us and was incredibly helpful to us with any questions we had with what would benefit our debt / income (variable / fixed) and all a broker does.

I would really suggest at least giving him a shot and see what he can dig up, and we'd definitely use him again.

Grant@Homeguardfunding.com


is his e-mail address if you wanted to touch base and see what he can find for you.

he also mentioned Prime was probably going to be going down again this month (I think he said Jan 20) but we will be getting the best rate at the time so if it goes down further like most banks we'll still get the best possible rate.

[justmed]

he also mentioned Prime was probably going to be going down again this month (I think he said Jan 20) but we will be getting the best rate at the time so if it goes down further like most banks we'll still get the best possible rate.


:D

Most banks are now offering 4.4 5 years fixed... I know Scotia Bank is

[fugee]

i am offering 4.1% for 5 year fix or 3.99% for 3 years

[baldwinCoronation]

BMO has just dropped it`s 5 ry fixed to 4.49%

[K.C.]

Makes you want to borrow even more money!

[Joanne]

They hold the rates for 120 days max. I'm nervous that they will go back up before I reach the 120 mark! I thought the builder had some incentive with one of the big banks and you can lock in sooner. Does anyone know anything about this?

[smartsexystylish]

They hold the rates for 120 days max. I'm nervous that they will go back up before I reach the 120 mark! I thought the builder had some incentive with one of the big banks and you can lock in sooner. Does anyone know anything about this?

Hey Joanne,

I think the builders bank offer was available only at the time of purchase. Although don't quote me on it as I never really looked into it.
-D

[dvar]

Hey Joanne,

I think the builders bank offer was available only at the time of purchase. Although don't quote me on it as I never really looked into it.
-D

I think you can get the Builder's rate with RBC anytime before closing. We got locked in pricing of .75 BELOW prime when we got approved. I think their pricing went up to .15 BELOW prime (back in Novemeber, might be higher now). These are variable rate mortgages, not sure what their fixed rates are. They'll lock in the builder rate with RBC for at least 6 months, we close in May and locked in pricing back in November.

If I closed today I'd be at 2.25%....hope prime stays low for a loooooonnnnnng time! :D