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  #501  
Old 2011-04-13, 02:06 PM
jzy jzy is offline
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Originally Posted by MortgageGuy View Post
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
Dan, do you have more information on this? Has TD implemented this? How do I find out from the bank?
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  #502  
Old 2011-04-14, 08:31 AM
MortgageGuy MortgageGuy is offline
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Default Bk of Canada Governor

Hmmm....lots going on in a day, so I stand partially corrected funny guys....yes it is MARK Carney, I was close. Will be more careful next time in my research!!
Dan


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Originally Posted by R_D_G View Post
I thought his name was Mark Barney.
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
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  #503  
Old 2011-04-14, 08:35 AM
MortgageGuy MortgageGuy is offline
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Default 3.59% 5 yr and cash back

If a bank has offered a 5 yr fixed at 3.59% and cash back it is unheard of. Grab it before they change their mind. It doesn't exist now, and if you would have asked me even two weeks ago, I wouldn't have even thought it existed then. Fantastic deal!
Dan

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Originally Posted by Zorro View Post
when are you closing? I imagine that this rate is on a 90 or 120 day close.

Thanks
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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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  #504  
Old 2011-04-14, 09:11 AM
MortgageGuy MortgageGuy is offline
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Default Td again- clarifying- update

So an update, T.D. HAS NOW implemented as mentioned awhile back, registering ALL mortgages as collateral, which means as mentioned that they can NOT be moved on maturity as a "NO FEE TRANSFER" to another instititution.
But to clarify, as your banker mentioned, the "discharge fee - by the way this has nothing to do with discharging the mortgage" has always been around and is charged in varying amounts by all institutions. The fees I had mentioned have do do with having to reregister a new mortgage when you leave T.D. because you can't assign a collateral mortgage to a new lender.
For your banker to say,"nothing has really changed", he is hiding the truth.
Don't take my word for it, just google
"T.D. collateral mortgage"
I will leave it at that.
Have a great day,
Dan


Quote:
Originally Posted by MortgageGuy View Post
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
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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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  #505  
Old 2011-04-14, 10:33 AM
jzy jzy is offline
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Originally Posted by battmib View Post
We were recently offered by the bank of a rate of 3.59% on a 5 year closed and cash back...I'm a little in shock!
Which bank are you dealing with?
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  #506  
Old 2011-04-14, 01:18 PM
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Zorro Zorro is offline
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Default Rate Guarantees

Hi Dan,

Iíve just talked to a bank and said that they can pre-approve me for 6 months and then approve me for 1 year, thus guaranteeing me the rate for 1.5 years. Is this common? He said that the 1st 6 months isn't an official approval, but still locks my rate. BTW the rate guarantee is 5 year fixed (closed) @ 4.34% , is this reasonable?

Thank you!
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  #507  
Old 2011-04-14, 01:40 PM
MortgageGuy MortgageGuy is offline
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Default in writing or worthless

Hi Zorro,
if he won't put in writing at a set rate for the 18 mnths, it's not worth anything. "not official" what does that mean?
If you're feeling lucky then your okay I guess, but I would be going elswhere.
Dan

Quote:
Originally Posted by Zorro View Post
Hi Dan,

Iíve just talked to a bank and said that they can pre-approve me for 6 months and then approve me for 1 year, thus guaranteeing me the rate for 1.5 years. Is this common? He said that the 1st 6 months isn't an official approval, but still locks my rate. BTW the rate guarantee is 5 year fixed (closed) @ 4.34% , is this reasonable?

Thank you!
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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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  #508  
Old 2011-04-14, 01:47 PM
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Zorro Zorro is offline
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Originally Posted by MortgageGuy View Post
Hi Zorro,
if he won't put in writing at a set rate for the 18 mnths, it's not worth anything. "not official" what does that mean?
If you're feeling lucky then your okay I guess, but I would be going elswhere.
Dan
Thanks for the heads up! What about the rate itself, is it competitive enough?
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  #509  
Old 2011-04-14, 09:31 PM
bigfootryan bigfootryan is offline
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I've been offered the same type of thing through TD. 4.34% 5 year fixed (closed) with 1% cash back and we're planning on purchasing at the end of May and we'll be closing in August 2012. We filled out the paperwork with the TD rep, and the rate is guaranteed for up to 2 years.

Seemed legit to me... should I be concerned?
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3 Bedroom Urbandale Pasadena - Bridlewood
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  #510  
Old 2011-04-15, 09:06 AM
jzy jzy is offline
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Originally Posted by bigfootryan View Post
I've been offered the same type of thing through TD. 4.34% 5 year fixed (closed) with 1% cash back and we're planning on purchasing at the end of May and we'll be closing in August 2012. We filled out the paperwork with the TD rep, and the rate is guaranteed for up to 2 years.

Seemed legit to me... should I be concerned?
I'd say 4.34% with 1% cash back is a pretty good five-year rate guaranteed for 2 years. My friend got 3.99% from RBC for a house closing in December this year, and this was before the rate went up recently (now RBC is offering 4.19% for 120 day closing).
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