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  #11  
Old 2008-09-26, 08:47 AM
bigboss bigboss is offline
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Default Mortgage rate increase

TD has hiked rates 0.35% on 3-5 year fixed mortgages, effective September 26, 2008. Expect other big banks to follow.

TD also reduced their discount on a variable mortgage to zero!

If you are a homeowner, get your approval ASAP.
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  #12  
Old 2008-09-26, 09:00 AM
nk777 nk777 is offline
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Mortgage Guy,
Which lender gives you 5.09% 5 yr fixed?
Our builder delayed the closing up to Dec 12, 2008, so we are exceeding 120 days option to port our previous mortgage and get back penalty fee .
Need to start mortgage hunt again.
Thanks
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  #13  
Old 2008-09-26, 11:43 AM
mato0107 mato0107 is offline
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Morgage guy

WOuld you still stay with the variable mortgage rate with all the stuff that is happening in US?
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  #14  
Old 2008-09-29, 12:20 AM
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canabiz canabiz is offline
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Hi Dan, your thoughts on the Smith Manoeuvre if you have had exposure to it ? and from a mortgage specialist perspective ?

I know it all depends on individual financial situation but generally speaking do the pros out-weight the cons ?
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  #15  
Old 2008-09-29, 08:35 AM
KellyM KellyM is offline
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I have been looking into the Smith Manoeuvre as well. Would like to hear your opinion!

Kelly
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  #16  
Old 2008-09-29, 09:37 AM
MortgageGuy MortgageGuy is offline
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Default 5.09% 5 yr

Rate of 5.09% is available only on 120 day closings. So that STILL does work for your Dec 12th closing. 5.25% for up to 6 month closings. Rates have or are going up very soon. Most major banks have increased as mentioned earlier, but discounted rates still are available through brokers. You would have to get an application in ASAP. I use Alterna for my current 5.09 rate. Be happy to help, sorry was away on the weekend.
Dan 613-222-2624

Quote:
Originally Posted by nk777 View Post
Mortgage Guy,
Which lender gives you 5.09% 5 yr fixed?
Our builder delayed the closing up to Dec 12, 2008, so we are exceeding 120 days option to port our previous mortgage and get back penalty fee .
Need to start mortgage hunt again.
Thanks
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #17  
Old 2008-09-29, 09:42 AM
MortgageGuy MortgageGuy is offline
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Default variable

As mentioned earlier, variable as opposed to fixed is a very personal choice. I though am generally a long termer. I always though recommend fixing a long term rate on any long term closing(ie. buying a new home with a closing 12 months from now), fix your self a good 5 yr rate and see what happens.
But today, if I had a closing for with ion 4 to 6 months, I would be locking in at the 5.09% or 5.25% fixed rate. I don't believe you can lose in the long run.
Dan 613-222-2624
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Originally Posted by mato0107 View Post
Morgage guy



WOuld you still stay with the variable mortgage rate with all the stuff that is happening in US?
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #18  
Old 2008-09-29, 09:46 AM
nk777 nk777 is offline
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Quote:
Originally Posted by MortgageGuy View Post
Rate of 5.09% is available only on 120 day closings. So that STILL does work for your Dec 12th closing. 5.25% for up to 6 month closings. Rates have or are going up very soon. Most major banks have increased as mentioned earlier, but discounted rates still are available through brokers. You would have to get an application in ASAP. I use Alterna for my current 5.09 rate. Be happy to help, sorry was away on the weekend.
Dan 613-222-2624
Thanks, Mortgage Guy. I locked 4.99% for 120 days with Canadian Tire over the weekend ("just in case"), but still have time to shop around for better options. Would any of your lenders beat that one?
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  #19  
Old 2008-09-29, 09:54 AM
MortgageGuy MortgageGuy is offline
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Default variable rates on the rise

Just another comment re variable rates. As mentioned yes the discount on variable rates are decreasing. Bank Prime is at 4.75% today and has NOT changed. But the cost of funds that the banks lend out has increased in the background(the public never sees this), therefore discounts are DECREASING.
Looks like today our best discount is likely prime less .50%. So anyone sitting with prime less more than that is doing well. BEWARE though, it will be the long term rates going up around you that you should be worring about. We could be in for some turbulent times.
Have a great day,
Dan


Quote:
Originally Posted by mato0107 View Post
Morgage guy

WOuld you still stay with the variable mortgage rate with all the stuff that is happening in US?
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #20  
Old 2008-09-29, 10:18 AM
MortgageGuy MortgageGuy is offline
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4.99% 5 yr fixed... there is no better, but they are a virtual bank thus the reality of no one to grab and shake if you have a problem. Same issues with P.C. Financial, thus I personally won't deal with either. I love this type of lender for banking(both mentioned) but I would never put my mortgage with either. There is a lot to go go wrong with instructing your lawyer etc, getting funds to your solicitor, and CTC has no history to prove itself. I would use Alterna at 5.09% before I did the 4.99%. That is simply my preference.
Dan

Quote:
Originally Posted by nk777 View Post
Thanks, Mortgage Guy. I locked 4.99% for 120 days with Canadian Tire over the weekend ("just in case"), but still have time to shop around for better options. Would any of your lenders beat that one?
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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