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


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  #11  
Old 2008-07-16, 04:43 PM
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aulikh aulikh is offline
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Originally Posted by prb View Post
I have updated my rates. The 5-year variable is still at Prime less 0.75% (Currently works out to be 4.00%). The 5-year fixed rate is still 5.64%, but I would recommend the variable rate

My Lenders of Choice are First National Financial and Scotiabank, but I submit deals to multiple lenders as appropriate.
Whats the amortization for 5 year variable prime less .75? Is it 25 years or 35v years? Are with bank or some privtae companies like mortgage alliance etc?

Ash
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  #12  
Old 2008-07-16, 04:54 PM
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Whats the amortization for 5 year variable prime less .75? Is it 25 years or 35v years? Are with bank or some privtae companies like mortgage alliance etc?

Ash
You can choose 25, 30 or 35 year amortization and it is with one of the big 5 banks.
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  #13  
Old 2008-07-16, 05:42 PM
oakvillehomeowner oakvillehomeowner is offline
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a little off topic, but isn't scotiabank rumoured to be a takeover target by manulife, due to their high exposure to subprime mortgages? how would this impact someone who booked a mortgage with scotia?
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  #14  
Old 2008-07-16, 05:56 PM
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a little off topic, but isn't scotiabank rumoured to be a takeover target by manulife, due to their high exposure to subprime mortgages? how would this impact someone who booked a mortgage with scotia?
I haven't heard anything about this, but most likely any Scotia commitment would have to be honoured by Scotia and the deal would close as planned.
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  #15  
Old 2008-07-18, 11:26 AM
dar2sh dar2sh is offline
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I think it is CIBC that is in for some help from Manulife in exchange for some equity. Scotia is doing quite well as demonstrated in its last earnings report.

On a side note, Canadian banks are not allowed to be overtaken. The competetion bureau doesnt allow it. Refer to the failed merger between BMO & RBC and TD & CIBC a few years back.
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  #16  
Old 2008-07-18, 03:28 PM
oakvillehomeowner oakvillehomeowner is offline
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I think it is CIBC that is in for some help from Manulife in exchange for some equity. Scotia is doing quite well as demonstrated in its last earnings report.

On a side note, Canadian banks are not allowed to be overtaken. The competetion bureau doesnt allow it. Refer to the failed merger between BMO & RBC and TD & CIBC a few years back.
i knew it was one of them. rumour has it that this may be a back-door way into allowing bank mergers, as the combined manulife/cibc entity would be much larger than any remaining bank, and they would need to level the playing field.
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  #17  
Old 2008-09-05, 09:59 AM
prb prb is offline
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Exclamation Rate Drops

Rates have dropped drastically since my last update. The 4 and 5 year fixed rates are now 5.45%. 5-year variable is still prime less .75, and I can do this on your choice of an Open or Closed term, the open must be done in a Total Equity Plan, which allows for you to get a line of credit in the future once some of your mortgage is paid off. Personally, I would go with the open term for convenience of being able to re-pay the mortgage at any time with no penalty and for being able to get a line of credit or secured Visa card once some of the principal amount is paid off.


Download the rate sheet at: http://kayfisher.ca/rates.pdf.

Call me or visit http://kayfisher.ca/peter.html to apply or for more information.

Peter Browne
905.616.6099
peter@kayfisher.ca
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  #18  
Old 2008-09-05, 10:25 AM
etherealto etherealto is offline
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I got offered a fixed rate 5 year term at 4.99. I jumped at it! With inflation going up(i dont see inflation going down) in the near future, a fixed rate is a better bet for people with large mortgages. If you have a small mortgage, I guess you could test your luck with the variable.
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  #19  
Old 2008-09-05, 12:44 PM
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Originally Posted by etherealto View Post
I got offered a fixed rate 5 year term at 4.99. I jumped at it! With inflation going up(i dont see inflation going down) in the near future, a fixed rate is a better bet for people with large mortgages. If you have a small mortgage, I guess you could test your luck with the variable.
If someone is scared about rate increases, I can do something with a fixed and variable rate mortgage.
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  #20  
Old 2008-09-12, 06:19 PM
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I just received an updated 5-year rate of 5.25%. I'll update the rate sheet when I get home later tonight.
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