Mortgage rates are LOW!

[TDbroker]

Fixed rates are even lower from the original low posted above, bond yields consistently have been driven downwards, but just watch they will go up VERY SOON!!!!!

[MortgageQueen]

Sadly, fixed rates did go up. . .just a few points, but still a bummer. Talk is the Prime rate may be going up too. I for one am going to miss these record lows in the rates. . .but it's gotta happen sooner or later. .

[mtlmom]

We just refinanced our mortgage and just in time too. The fixed rate was 3.49% when I was researching. Got myself a broker who was EXCELLENT and so helpful. Rates started going up when we decided to sign. She was able to get 3.39% for us. Our original mortgage was for 10 years at 5.01% and when we had bought the house (bungalow, so not to big.) we completed the basement, added fencing and a shed. My DH had raked up a substantial CC amount (but interest is only 9.9%). So even though we had a penalty on the original mortgage at 3.39% it was worth it. We are paying $70.00 more a month and paid off the CC debts and will be adding to the house (hardwood flooring, finishing the driveway, air conditioning, etc...) Therefore investing in our home.

[nikole95.7]

So that's the reality. Its an Estate Sale.
Your Bargain is not market driven, its a special legal opportunity (not available to open market). You are lucky to get substantial discount below market.
For 4 &1/2 yrs from now when you have to renew, its too early to predict.
However, I still doubt your Prime less 1% mortgage............... if its done recently.

I don't have P-1%, I don't think, hmm... lol! I locked it in, 5 year term, in March or April when the rates were the lowest they had been since Dec 2009--month after she passed away--up until that point. I remember getting an email only days after finalizing everything saying the 5 year rate had gone up a bit. I forget what it was (I can go find out, but it really doesn't matter on SC, lol)... but it was 3.something

[SmackUTwice]

I don't have P-1%, I don't think, hmm... lol! I locked it in, 5 year term, in March or April when the rates were the lowest they had been since Dec 2009--month after she passed away--up until that point. I remember getting an email only days after finalizing everything saying the 5 year rate had gone up a bit. I forget what it was (I can go find out, but it really doesn't matter on SC, lol)... but it was 3.something

Okay, creepin' me out--***I*** posted this months ago... WHAT are you doing?!

[newb]

Probably like me..I rarely read the date of a post...geesh most times i don`t even read who posted......lol

[SmackUTwice]

Probably like me..I rarely read the date of a post...geesh most times i don`t even read who posted......lol

...this person joined SC, first post of THIERS was MINE copied and pasted--it was not quoted... it's directly MY words to look like thiers.



STILL only has one post...

That's off...

[brunt]

Okay, creepin' me out--***I*** posted this months ago... WHAT are you doing?!

Same thing happened a couple of months ago. One poster just cutting pieces of peoples' posts as their own.

My guess is that it was one way that a new person can artificially up their post count without making it obvious that they offer no content. This is often the technique used by someone who wants to post spam, but wants to make themselves look respectable first.

[Colsgirl]

My mortgage is coming up for renewal within the next 90 days and I'll be going to my BMO rep to see if I should renew or look elsewhere. Seems like the common rate for a 5 year fixed term is 3.99%...anyone got any interesting deals or tips for negotiation that they would like to share? I'm wondering about the CIBC Aeromove mortgage since I'd like my payments to get me some kind of reward back.

As an existing customer they should give you better than the published rate. We renewed last October and I phoned around the banks for the best deals they would do. Then I phoned my personal banker and said as a new customer these banks would give me .... as an existing customer of good standing what can you do for me. 15 mins later she called back with a rate that beat everyone else.

You can get lower by going variable. But I think interest rates will be going up and I like being locked in for 5 years because I know exactly what we have to pay out.

They did also say that we could borrow a lot more money. We just said no thanks we don't want any more debt.

[Colsgirl]

Sadly, fixed rates did go up. . .just a few points, but still a bummer. Talk is the Prime rate may be going up too. I for one am going to miss these record lows in the rates. . .but it's gotta happen sooner or later. .

If you have a fixed rate with Scotia, you can renegotiate 6 months before it is due for renewal. Our 5 years is up in April, we locked in for another 5 years at the end of October - I was scared if we waited until April rates would have gone up significantly. I assume if Scotia do this other banks probably do too.

[Colsgirl]

Okay, creepin' me out--***I*** posted this months ago... WHAT are you doing?!

That is creepy, why would they do that?

[MortgageQueen]

They did also say that we could borrow a lot more money. We just said no thanks we don't want any more debt.

GOOD FOR YOU!! If you don't need it, you're better off paying cash. The only thing I recomend to my clients (and only "IF" I think they can avoid the temptation to use credit wastefully) is a Line of credit is good to have for emergencies. It doesn't have to be a big one either. Chances are, if you keep it at 5000 or less and you're a good custoner, the bank will give it to you unsecured. If you have great credit and other products with that bank, they may give you 10,000 unsecured.

As far as having a "fixed" rate, I understand how many people might like that. Keep in mind though, that with a variable rate, you won't pay a stiff penalty if you decide to change the mortgage. Fixed rate mortgages' penalties can run into many thousands of dollars to refinance, move or switch banks.

[ashedfc]

One of my client was getting a $17000 penalty on a $400k mortgage outstanding. In the end we ended up carrying the same mortgage (penalty was too much), even tough the interest rate is very high.

[Zonny]

If you have a fixed rate with Scotia, you can renegotiate 6 months before it is due for renewal. Our 5 years is up in April, we locked in for another 5 years at the end of October - I was scared if we waited until April rates would have gone up significantly. I assume if Scotia do this other banks probably do too.

Regardless of who your mortgage is with, I *think* you can negotiate your new mortgage six months in advance. I'm pretty sure that's what we did with our last renewal, we had it already arranged - when the old one expired the new agreement slid into place.

[MortgageQueen]

Please, please, please! Call a broker before you negotiate with your bank. It's free. There a lot of options out there that you probably don't know about. That doesn't even include the low rates broker's can get you that are even better then what banks will negotiate or drop down to.
It's really rare for banks to drop to broker rates for their retail customers.
Brokers work for you. Your local bank has to answer to their head office.