4.59% 5 years - Prime + .4% VRM

[fugee]

If any one is closing within 30 days these rates will apply.

for 90 day close, i can offer 4.75% for 5 years.

Cheers!

[DanielleandCody]

How about if you close in 180 days?? And what institution do you work for??

[fugee]

I can only lock in to a max of 120 days at the moment with a number of different lenders. For 120 days ING can hold 4.79% for 4 years.

Best thing is to stay in contact as we can often get better deals on 30 days close.

I work for a brokerage so any financial institution available through the broker network i can work with.

Regards,
Mathieu

[Style]

how about 4.59 for 4 years?

[fugee]

when is your closing?

[Style]

April 15th! Td offered me 4 years at 4.59%! Mortgage is approved already although I have yet to return her approval call or sign any papers! Im curious to see what the market will be! If I wanted 5 year closed from TD it would be like 5.2 I think! Still 4.59 is way better then 5.2!

Still we will see soon enough!:)

[guin1060]

I would definately consider going 4 year term at 4.59 vs. the 5 year at 5.2. My reasoning behind it is, historically, mortgage rates dip during electoral years (based on United States which we follow suit, a 4 year term).

Just my two cents.

[fugee]

Historically the spread between the bond yield and the 5 year rate has never been as far apart.

Based on recent history, we should be seeing 5 year rates around 3%.

Just to point that history is not always the best gauge.

[Style]

So I guess then 4.59 for 4 years isnt at all that bad then! There is no way i would go 5.2 for 5 as your talking major interest there! So you think that is more then fair from TD bank then!

[K.C.]

I think the 5 year fixed rates may be headed below 4% if you can hold out till the last minute.

[justmed]

prime is going to be going down again on January 20 from what Grant out broker told us

good thing is nothing is signed until close and we are guaranteed the best rate before then.

[fugee]

i would never go for the 5.25 right now. that is why i am offering 4.59% for 5 year fix from my previous post.

cheers!

[guin1060]

I know for a fact that RBC is offering the exact same rate that you were offered by TD. I would go to both banks and tell them that they are both offering the same rate, start a bidding war.

[gagnon777]

Recos on Fixed vs. Variable?
TD has a variable 5 year open/closed at 4.3% & 4.5%

[fugee]

It's really a matter of preference and how one thinks the economy will do.

On a 5 year span, the variable has usually outperformed the fix yet the fix is back to the 40 year historic low that we saw 3-4 years ago. If the banks were still offering the prime - .80%, I think the answer would be fairly easy giving a 2%+ spread with the 5 year rates. Right now it is fairly close.

Yes the prime will likely go down again but when the economy picks back up in 1-2 years and prime comes back up around the 4%, suddenly your + .70% or so is not too attractive. Depending if and when you convert and what kind of long term fix rates your lender will offer you at the time of conversion you might end up ahead you might not.

In this current market, i am leaning a little more towards the fix but i would rather give the information to the clients, give pros and cons and let them decide.

BTW if you were to lean on the variable more, not sure if you saw my previous posts, but i am doing 3.9% (prime +.4%), just PM me.

cheers!

[anxious_f]

We had our final appointment with the bank yesterday to get everything finalized and RBC is giving us 4.39% fixed for 4 years or we also had the option of 4.49% for 5 years. Not bad from a bank. I think that we get their "best rate" because of the deal that they have with Mattamy.

Their variable rate is at 3.8% right now for 5 year closed and 4.0% for 5 year open. I'm not greedy, so locking in for the 4 years at 4.39% is a good choice for us.

[fugee]

depending when your closing is, i can 3.75% for 3 years or 4.1% for 5 years.

PM me if you want more info.