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


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  #1  
Old 2007-06-14, 06:35 PM
KellyM KellyM is offline
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Default Mortgage rates?

Ok so my broker say's they can only lock me in for 9 months but my closing is end of April. Did anyone else get a longer rate lock and if so who did you go through? I am really freaking about the increase in mortgage rates.

Thanks

Kelly
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Old 2007-06-14, 07:17 PM
baycliffe baycliffe is offline
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Our closing is in April as well. RBC gave us 18 months locked in.
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Old 2007-06-14, 08:10 PM
jl9004 jl9004 is offline
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We locked in with RBC last year for 18 months and also got 1% cash back, great deal. Rates are at a 5 year high and only seem to be going up.
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Old 2007-06-19, 10:40 AM
north59 north59 is offline
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I as well was able to lock in for 12 months with RBC. We closed 2 months ago. Swung a deal on our chequing account fee as well.
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Old 2007-06-19, 12:37 PM
aikejon aikejon is offline
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Are you guys talking about how long you fixed your rate for? ...or how long your lender would honour your pre-approval rate?

My lender would only guarantee my preapproval rate for 150 days, but it will be fixed at 5.1 or 5.2 for 7 years once i sign. (my closing is end of August - and I can't remember which rate it was as I type this)
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Old 2007-06-19, 12:53 PM
north59 north59 is offline
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I was pre-approved over 1 year before I signed for the mortgage. My wife and I were looking at homes probably 18 months before we actually bought.

Our guy at RBC guaranteed the rate on the day we were pre-approved. Sure enough rates went up and he still was able to get us the rate we were pre-approved with a year later when we finally signed and closed. We only signed probably a month or 2 before close as the builder just needs documentation to say you are pre-approved for XXX,XXX dollars.
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Old 2007-06-19, 01:32 PM
MikeG MikeG is offline
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Quote:
Originally Posted by north59 View Post
I as well was able to lock in for 12 months with RBC. We closed 2 months ago. Swung a deal on our chequing account fee as well.
More details!
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Old 2007-06-19, 02:50 PM
north59 north59 is offline
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He gave us a year of fee free chequing account usage. Not huge, but helped.
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Old 2007-06-19, 03:45 PM
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GregS GregS is online now
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You do not have to go with the first place that 'pre-approves' you.

Shop around, play each financial institution off each other. It can make the difference of thousands of dollars.

Just because you do your banking with them doesn't mean they are going to give you the best rate.

Use the link at the top of the page to view posted Mortgage Rates for open and closed mortgages. There are lots of lenders out there.
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Old 2007-06-19, 04:18 PM
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canabiz canabiz is offline
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Pay attention to the different options that a mortgage has as well. Like how much you can pay towards the principal in a year with no penalty and can you increase your monthly mortgage payment by a certain %

Not to say that you will have some cash lying around every year to pay towards the principal but you just never know. A good rule of thum is to use the income tax refund (if you do get it) to make payment towards the mortgage.
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