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  #411  
Old 2010-10-15, 09:29 PM
Johny86 Johny86 is offline
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Quote:
Originally Posted by GregS View Post
So variable -0.65 over 5y is still best available? I'm renewing in a couple of months. For the last 5 years I have been -0.70 but they will not offer that again and I don't think it's significant enough of a difference for that term as long as I keep my principal payments high.
Major banks are offering prime -.75 for 5 yr variable closed.
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  #412  
Old 2010-10-17, 10:33 PM
MortgageGuy MortgageGuy is offline
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Default Prime less .65 or .75%

Hi Greg,
being only a couple months prior to your renewal, approach your existing lender and mention that a major bank is offering a no fee transfer at prime less .75%. They will likely match or come close, and then yes as you mentioned, not likely worth the hastle moving lenders for .05%. That being said remember my previous comments about having a variable rate mortgage with a bank. You are better off with a trust company and guaranteed discounted rates when you lock in, and it is likely over the next 5 years, rates will go up, and this will become all the more important.
Dan


Quote:
Originally Posted by GregS View Post
So variable -0.65 over 5y is still best available? I'm renewing in a couple of months. For the last 5 years I have been -0.70 but they will not offer that again and I don't think it's significant enough of a difference for that term as long as I keep my principal payments high.
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  #413  
Old 2010-10-17, 11:48 PM
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GregS GregS is offline
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Being very self-employed removes some flexibility of moving around, especially if you have to re-establish credit worthiness.
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  #414  
Old 2010-10-18, 09:08 AM
MortgageGuy MortgageGuy is offline
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Default changing lenders

I completely understand Greg, most self employed show little income to revenue Canada, and this is always an issue. As mentioned earlier, .05 or .10% is often not worth the aggravation of changing lenders, even for the salaried folks out there. But don't hesitate asking for them to match the prime less .75% discounted rate. All they can say is no, but more likely to give in to your request, at least partially. They know that most consumers will take what ever rate they are offered on a renewal, and then have room to give in to those that ask.
Dan
Quote:
Originally Posted by GregS View Post
Being very self-employed removes some flexibility of moving around, especially if you have to re-establish credit worthiness.
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
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www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

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  #415  
Old 2010-10-21, 09:17 AM
MortgageGuy MortgageGuy is offline
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Default Rate update, Oct 21st, 2010

Best 5 yr fixed rate 3.44% 120 day rate hold
Best 3 yr fixed at 2.90% closing prior to Nov 30th, 2010
Variable Prime less .75%
as you all likely know Bk of Canada rate remained steady, with no change, thus bank prime is at 3%


Quote:
Originally Posted by MortgageGuy View Post
I completely understand Greg, most self employed show little income to revenue Canada, and this is always an issue. As mentioned earlier, .05 or .10% is often not worth the aggravation of changing lenders, even for the salaried folks out there. But don't hesitate asking for them to match the prime less .75% discounted rate. All they can say is no, but more likely to give in to your request, at least partially. They know that most consumers will take what ever rate they are offered on a renewal, and then have room to give in to those that ask.
Dan
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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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  #416  
Old 2010-10-22, 10:09 PM
habagrande habagrande is offline
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Question Now I'm confused...

So now I'm confused...

We spoke with a TD mortgage specialist today. I grilled him about the collateral mortgage, and from what he said, the discharge fee has always applied ($260 + tax = approx. $273), no matter what. He said that he knows that people are reading things like this and worrying about fees, but no matter what, they've always applied and nothing has really changed.

Is this true, or are there fees that he didn't mention?

Thanks!

Quote:
Originally Posted by MortgageGuy View Post
I won't get into the legal details of a "collateral" mortgage. But simply put, they can't be transfered to another lender without being physically discharged and then re registered, which incurs a legal cost to you, likely $700 to a $1,000.
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  #417  
Old 2010-10-24, 05:58 PM
MortgageGuy MortgageGuy is offline
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Default collateral T.D.

Either you have misunderstood and asked the wrong questions or he doesn't know what he is talking about. Firstly though, I do not believe T.D. has started registering as collateral mortgages yet, but when and if they do, this $250 discharge fee has nothing to do with this change to collateral mortgages(I believe T.D. is taking a lot of flack over the change, thus the delay in implementing). Yes the discharge fee has always applied($250 or whatever, over the years), but this is a standard fee that most lenders charge when you leave them. The fees I have mentioned are the actual legal cost to discharge and reregister your mortgage with another bank when you leave T.D. if that T.D. mortgage WAS registered as a collateral mortgage. If it was NOT registered as a collateral, then the new bank would pick up that cost. Ask the T.D. guy if the T.D. collateral mortgage can be moved to another lender as a "no fee transfer" in the future. A simple question, with a simple answer, NO it can't. Scotia bank has a similiar mortgage called the "STEP" mortgage, it has the same problem. And in the end, that $250 discharge fee you had mentioned earlier, is also still charged. It has nothing to do with the change to registering as a collateral mortgage.
Dan

Quote:
Originally Posted by habagrande View Post
So now I'm confused...

We spoke with a TD mortgage specialist today. I grilled him about the collateral mortgage, and from what he said, the discharge fee has always applied ($260 + tax = approx. $273), no matter what. He said that he knows that people are reading things like this and worrying about fees, but no matter what, they've always applied and nothing has really changed.

Is this true, or are there fees that he didn't mention?

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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  #418  
Old 2010-10-24, 09:00 PM
Revelstoke Revelstoke is offline
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Default Penalty Fees

Hi...

We have mortgage that we renewed in November 2009 for 5 years. Now we have decided we want to purchase a new home but the closing date would probably be 12 months from whenever if we do decide to sign and likely a closing date end of year 2011. What will happen to our existing mortgage even if we decide to stay with our current bank? Will we be required to pay penalty fee ?*
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  #419  
Old 2010-10-24, 10:33 PM
MortgageGuy MortgageGuy is offline
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Default penalty

If you break your existing mortgage, there will be a penalty. If you sell your existing home(therefore have to pay out your existing mortgage) more than 60 days prior to the possession of your new home there will likely be a penalty. The only way to avoid the penalty is to port your existing mortgage to the new property within a time period allowed by your financial institution.
Dan

Quote:
Originally Posted by Revelstoke View Post
Hi...

We have mortgage that we renewed in November 2009 for 5 years. Now we have decided we want to purchase a new home but the closing date would probably be 12 months from whenever if we do decide to sign and likely a closing date end of year 2011. What will happen to our existing mortgage even if we decide to stay with our current bank? Will we be required to pay penalty fee ?*
__________________
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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  #420  
Old 2010-10-25, 01:48 PM
Revelstoke Revelstoke is offline
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Quote:
Originally Posted by MortgageGuy View Post
If you break your existing mortgage, there will be a penalty. If you sell your existing home(therefore have to pay out your existing mortgage) more than 60 days prior to the possession of your new home there will likely be a penalty. The only way to avoid the penalty is to port your existing mortgage to the new property within a time period allowed by your financial institution.
Dan

Thank you for the fast reply
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