3.99% for 5 year fix!

[fugee]

anything closing in the next 30 days this is a great deal!

All the other rates are the same as previously posted.

cheers!

[gagnon777]

We close in 22 days and haven't signed anything yet... what if we wanted to go with you (apply) - how fast can the paperwork be done?

[fugee]

No problem whatsoevere, though we would need to start process in next few days.

If you want, email me your contact info and when it's best to reach you, we can talk in the next day or two.

Cheers,
Mat

[fugee]

i answered quickly from my Blackberry...sorry for not answering clearly about the paperwork question:rolleyes: it can take a few 3-5 days to get the approval and papers in.

Usually, the lender likes to have the docs in 10 days prior to closing.

Later,
mat

[K.C.]

Mat, do you think the banks will match the Tuesday rate cut fairly quickly? What do you think will happen to the 5 year fixed rate this week?

Thanks,
KC

[fugee]

Last rate cut it went down a little and it might again by .1% or so, but from what our lenders have been telling us it should not be too big.

We'll see in the next few days!

[K.C.]

So we're really getting down to the wire ... there's not much room for the banks to move down further. Boy this better work.

When I tell my lender I need a better rate she goes down like .05 every week. I thought maybe she was being stingy but there's just not much lower she can go.

[fugee]

what is she giving you??

[K.C.]

Right now she's offering us 4.3% for a 5 year fixed rate. We have to break our existing 5 year. She said she can probably go a bit further down after tomorrow because the rate cut is coming and she's doing the final credit check by the end of this week ... in case our closing is late she doesn't want to run the credit again. We close in 30 days. We have alot of expenses coming up and she wanted to make sure nothing will go wrong when we start going nuts with our credit cards.

[fugee]

You saw that we can go much lower right?

[K.C.]

I did ... it's pretty awesome ... I hope you're not just teasing us. :)

I'd prefer to stay with London Life if I can. We'll see what she comes up with this week since we are just now in the 30 day window.

[fugee]

I don't tease!!

It is a "no frills" mortgage which they basically limit your pre payment to 5% of original balance per year, which is most than what most people put as extra payments.

But compare to 4.3%, you save close to $4,000 over 5 years on a 250K mortgage.

let me know if you want me to run numbers for you.

cheers,
mat

[K.C.]

I don't tease!!

It is a "no frills" mortgage which they basically limit your pre payment to 5% of original balance per year, which is most than what most people put as extra payments.

But compare to 4.3%, you save close to $4,000 over 5 years on a 250K mortgage.

let me know if you want me to run numbers for you.

cheers,
mat


We need the flexibility to double up our payments. Because I'm self employed we sometimes do only regular payments and sometimes we'll go many years doing double payments. London Life has been so flexible with our mortgage and that's what has made many things possible for us. I've built 2 businesses over the last 14 years with them and sometimes I'm buying multiple new cars with cash and other times I'm trying to figure out how to get a bus pass!

We just got lucky ... I had no idea how flexible your lender is could make such a difference in your ability to make money using your mortgage as leverage.

Thanks for the offer. I think it's a great deal for anyone who doesn't need the kind of flexibility I do. If I wasn't self employed I'd definitely be tempted to jump ship. I hope you get alot of business from people on this forum.

[fugee]

I am not trying to be pushy don't worry...just giving info:).

for flexibility on pre-payments and great ongoing access to funds for BFS clients we have a great product with CIBC-First Line.

Their rate on 30 day close is 4.14 with plenty of pre-payment options. If you will have enough equity in the house, you can choose to have your mortgage split in 2 parts for ultimate flexibility.

Let's say you need 250K, you can do 200K at 4.14% and the other 50K as a line of credit (prime +1.5%) that you can use for your business, cars or what many people are also doing is for investment and using it to pay down their mortgage faster. If you need 250K but have more equity, you might be able to get approve for an extra 25K that remains unused until you need to access the funds.

As far as flexibility is concern, it is one of the better products out there along with National Bank "All-In-One".

Cheers!

[K.C.]

Thanks for the information. It's very helpful. I think our lender can probably beat CIBC's offer now that we're so close to closing.

[fugee]

Sounds good...let me know if they can't!

[K.C.]

I will! You're a great guy ... thanks.

[K.C.]

Mat, thanks for returning my calls and helping me to figure things out with regard to my mortgage yesterday and today. I really do appreciate it. You're a unique guy.

Thanks for the tip about getting low interest rate credit cards to help with some of the many expenses we'll be encountering with the purchase and renovations for our home. That's going to make things easier for us.

It's too bad I'm on such a tight timeline with all the things we have to do in the next few weeks. Feel free to keep me in your contact list and chase me for my business in the future.

If you're ever in Cambridge call me, I'd love to meet you!

K.C. :)