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Financing, Mortgages and Insurance What options are best for you and your situation?


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  #21  
Old 2008-09-18, 01:31 PM
New Orleans New Orleans is offline
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Default Rates to drop in October

Looks like the BoC will be cutting interest rates again on the 21st of October.

The forcast has them going down a full point by the middle of next year.

Looks like the best bet is to stick with the variable rate mortgage. Don't jump on those 5 year fixed rates just yet.


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  #22  
Old 2008-10-08, 02:04 PM
prb prb is offline
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I just found out that my updated rate sheets for the last month haven't been displaying property (I uploaded them as "Rates" instead of "rates" without realizing), and they have now been updated.
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  #23  
Old 2008-10-09, 11:56 AM
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Prime has been reduced to 4.50%, however the variable rate specials have been discontinued by the lenders. The 5-year fixed has increased to 5.69%. Secured Lines of Credit are now at Prime plus 1, instead of Prime.
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  #24  
Old 2008-10-09, 01:42 PM
oakvillehomeowner oakvillehomeowner is offline
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Don't forget the banks kept a quarter point of the bank of canada rate decrease for themselves! Not only should you fight for this extra quarter point, you should keep in mind that they can raise their rate at any time - it's not tied to the bank of canada rate. All the big banks are guilty of poor disclosure/misleading advertising on this!
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  #25  
Old 2008-10-14, 11:11 PM
Ben&Jerry Ben&Jerry is offline
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We were just approved for our mortgage with Macquarie Financial at 4.89% for a 5 year fixed term.
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  #26  
Old 2008-10-16, 03:59 PM
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aulikh aulikh is offline
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Market Prime as Of 16 october 2008 is 4.50

CIBC Prime Rate: 4.35
5 year fixed Rate (closed) 5.85%
5 year Closed Varaible 5.35%
5 year Open Variable 5.85%

Scotia Prime: 4.35

Best Rate Being offered By Scotia for 1 year Fixed is at 4.35(prime)
5 year Varaibale closed at 5.25%

RBC Prime: 4.25 -
5 year fixed Rate (open) 5.45%

Advise: Do not sign anything if you do not have to ...because prime will go down a bit more...rates will go up for little more while but y next year they will come down...
Worst if you want to sign anything than i say go with 1 year fixed rate at the moment. As there are no more prime minus products in market only prime +.
Bank wants you to sign long term fixed rates....for their own good that is why not much open /variable products are not in market.

Anyways...

Just becareful out there and do whats best for your situation because you are the better judge at this moment for your financial decisions.

TC

Ash

keeping my fingers crossed.
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  #27  
Old 2008-10-20, 12:21 PM
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Looks like the people who signed for those prime minus .75 to prime minus 1 variables this summer got lucky!
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  #28  
Old 2008-10-20, 07:15 PM
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The current 5 year fixed is 5.75%. I will be updating my rates tonight.
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  #29  
Old 2008-10-20, 09:26 PM
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aulikh aulikh is offline
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Prime has gown down again today ....its 4.25% as of 20th october 2008

Ash
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  #30  
Old 2008-10-20, 10:01 PM
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Quote:
Originally Posted by aulikh View Post
Prime has gown down again today ....its 4.25% as of 20th october 2008

Ash
Prime has been 4.25% for a while now, the Bank of Canada is expected to announce a further reduction tomorrow.
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