3.35% 5 year fix - 1.69% 1 year!

[fugee]

Hey Guys,

hope everyone is enjoying the long weekend

If you are closing in the next 30 days this is a great rate at 3.35%. It is with limited pre-payment at 5% so if you do not plan to exceed that amount than it's a great deal. Mortgage is portable, you can increase and blend and extend if you move again within the 5 years or wish to refi.

3 months interest or IRD to break it. With rates this low, almost all penalties will be 3 months interest when and if people will break them down the road as the 3 months interest will be greater than IRD unless this recession goes a lot deeper.

Now for the 1.69% for 1 year...

This is actually a 5 year term that split in 1-4 with year one at 1.69% and year 2-5 at 4.09%. 20/25 pre-payment on this one.

Why would you choose this product? mainly for better cash flow due to possible job loss, mat leave, other debt that will be paid off during that time...

On a mortgage of 300K, it's a $300 savings per month versus a 3.70%.

In the long run the 3.35% is better, but it's a great product for those who need it.

Also, we still have some great cashback available with 4.14% with 2% back and 3.89% with 1% back.

Those are given on closing and have no claw backs at all if you break your mortgage down the road.

Cheers,
mat
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[DanielleandCody]

Hi Mat!

I'm wondering if you can give me more details about the five year fixed mortgage! It's an excellent rate and I'm wondering what institution this is through. My husband and I have already been pre-approved by TDCT and I've gotten quotes from RBC and checked out rates on line for other financial institutions. Our closing date is not until July 9th so we are at the 44 day mark. I realize that the posted rate is for 30 day closing but it's only 2 weeks away from that for us.

Anyway it would be greatly appreciated if I can get more details. I've talked to friends who have gone with brokers and their mortgages were out in BC and it was nothing but hassel and I want to ensure things would be seamless.

Thanks in advance for you help and time.

Danielle

[fugee]

Hey Danielle,

Thanks for your inquiry.

The lender is Industrial Alliance http://www.inalco.com/english/company/glance/glance.jsp. and their funds are from TD securities all insured through CMHC or Genworth so it's pretty solid.

The main two thing to know and consider with this mortgage is does the pre-payment fall within what i want to pay and do i have any plans of moving out of province where the mortgage won't be portable? If the terms work for you, it's savings in the long run.

The 1.69% is through FirstLine-CIBC.

I am in Milton so we can meet in person and i always work hard to have a seamless and pleasant process.

Give me a call and we can discuss further

Cheers,
mat

[cguerrero]

Hi Mat,

Can you please let me know the actual available rates for a 5 years fixed mortgate? My closing date is Sept 24/09.

thank you

Carlos

[fugee]

not as good anymore...sorry for not posting in a while.

3 years 3.65%
4 years 3.99%
5 years 4.25% on high ratio or 4.30% on conventional

2.5% for variable.

cheers,
mat