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#8661314 - 05/17/16 01:30 PM Re: Another mortgage thread...questions [Re: Screamin Type ARGH!]
LNXGUY Moderator Offline
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#8661384 - 05/17/16 02:29 PM Re: Another mortgage thread...questions [Re: LNXGUY]
spd-dmn Offline
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friend of mine just did a 2yr fixed for 2.09
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#8661429 - 05/17/16 02:53 PM Re: Another mortgage thread...questions [Re: spd-dmn]
iamfob Offline
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 Originally Posted By: spd-dmn
friend of mine just did a 2yr fixed for 2.09

damn where's that?
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#8661452 - 05/17/16 03:05 PM Re: Another mortgage thread...questions [Re: Screamin Type ARGH!]
SW20_MR2 Offline
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I signed a 2-year @ 2.04% last month. Was done through Butler Mortgage and lender is First National, large monoline lender.
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#8661474 - 05/17/16 03:28 PM Re: Another mortgage thread...questions [Re: SW20_MR2]
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shiiiiiet

might have to do a 2 year, none of the shit for 5 is even close.
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#8661535 - 05/17/16 04:19 PM Re: Another mortgage thread...questions [Re: Risky Business]
Senor Eduardo_82 Offline
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I was with First National for my first five years. They're legit, no problems whatsoever.
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#8661577 - 05/17/16 05:43 PM Re: Another mortgage thread...questions [Re: Screamin Type ARGH!]
civic13 Offline
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Went to see two other banks to see what they offer. RBC 5yr variable @ 2.35% Will absorb all costs or the switch under the condition we go with 5yr fixed/variable. But will get back to me if tey can get a better rate.

BMO same 5yr variable rate, 2.49% 5yr fixed, 2.09% 2yr fixed. Won't cover legal or discharge fees but maybe appraisal.

So to get this straight, is a HELOC a collateral charge mortgage or a conventional? And the only reason to go into a collateral charge mortgage is to have a LOC attached to your mortgage in case you need some cash and not to have to go through the hassle of a regular loan process?

The main things that are important are:
- low rate
- new lender covers all costs of the switch
- no hassle switching lenders in the future
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#8662189 - 05/18/16 10:40 AM Re: Another mortgage thread...questions [Re: civic13]
iamfob Offline
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HELOC is collateral charge mortgage

http://www.integratedmortgageplanners.co...-for-customers/

https://dominionlending.ca/news/collateral-versus-standard-charge-mortgages/

Ask yourself do you need to have a secured HELOC setup and ready to go in case of emergency? If the answer is yes then you will most likely be in a collateral charge mortgage on the title of your property. It will make switching difficult unless you are okay to absorb the $700-800 legal cost every time you switch bank at the end of your mortgage term.

If you already have an unsecured LOC approved then you really don't need the HELOC
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#8662292 - 05/18/16 11:35 AM Re: Another mortgage thread...questions [Re: iamfob]
SW20_MR2 Offline
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You can still get a secured LOC. Just do a separate transaction. With PC, I think they charge you $200 for the home appraisal, but it's better than going to the lawyer for the mortgage switch. You never have to renew the LOC as long as you own the house.
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#8664474 - 05/19/16 07:53 PM Re: Another mortgage thread...questions [Re: SW20_MR2]
civic13 Offline
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Wife just emailed me this link about non-bank/monoline lenders
http://www.canadianmortgagetrends.com/ca...ut-to-rise.html

Would this affect consumers looking at 5yr terms?

Anyone here have broker in the GTA? Ken was nice enough to share his info about his broker but it's just too far.
 Originally Posted By: Risky Business
shiiiiiet

might have to do a 2 year, none of the shit for 5 is even close.

I keep running into a wall of 2.35% but see advertisements that are much lower
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#8664534 - 05/19/16 08:58 PM Re: Another mortgage thread...questions [Re: civic13]
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my guy is in east york, let me know
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#8704759 - 06/23/16 02:23 PM Re: Another mortgage thread...questions [Re: Risky Business]
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So I am leaning towards 2.49% 5 year fixed, it allows me to stay with Scotia which has very favourable pre payment terms (important for me) and I get HELOC prime +0.5% where every mortgage payment increases amount to borrow. ie: prepay 5k one month, heloc loan available goes up 5k (ignoring interest component).

I can get 2.39% 5 year fixed with a no name lender as well, but then no HELOC with scotia at that rate.


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#8704764 - 06/23/16 02:31 PM Re: Another mortgage thread...questions [Re: Risky Business]
Senor Eduardo_82 Offline
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2.49 is a good rate. Our no-haggle staff rate is 2.54% right now so you're doing okay.

You can also look into taking that lower rate and getting a HELOC from another lender. There are some favorable reasons to do so.
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#8704766 - 06/23/16 02:32 PM Re: Another mortgage thread...questions [Re: Risky Business]
SuPeR-MaRiO Offline
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 Originally Posted By: Risky Business
So I am leaning towards 2.49% 5 year fixed, it allows me to stay with Scotia which has very favourable pre payment terms (important for me) and I get HELOC prime +0.5% where every mortgage payment increases amount to borrow. ie: prepay 5k one month, heloc loan available goes up 5k (ignoring interest component).

I can get 2.39% 5 year fixed with a no name lender as well, but then no HELOC with scotia at that rate.


I was in the EXACT same position as you but with RBC. I ended up going with the 5 year fixed for 2.49% and kept my existing HELOC.
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#8704776 - 06/23/16 02:42 PM Re: Another mortgage thread...questions [Re: SuPeR-MaRiO]
zc911 Offline
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I went with CIBC fixed @ 2.19 for 2 years
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#8704810 - 06/23/16 03:13 PM Re: Another mortgage thread...questions [Re: Senor Eduardo_82]
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 Originally Posted By: eddie_82
2.49 is a good rate. Our no-haggle staff rate is 2.54% right now so you're doing okay.

You can also look into taking that lower rate and getting a HELOC from another lender. There are some favorable reasons to do so.


2.49 is without any negotiation or discussion, just what broker offered out of the gates.

What's the favourable reason to have heloc with a different lender, I can't increase my borrowing amount by what I pay down, so that's a negative.
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#8704877 - 06/23/16 03:50 PM Re: Another mortgage thread...questions [Re: Risky Business]
iamfob Offline
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Vas, how often do you tap into your HELOC?

If never then I really don't see a point of sticking with BNS for the STEP.
From my experience, the HELOC limit won't automatically increase itself if you pay down your mortgage. You still need the branch to change the limit and you have to sign a new PCA (Personal Credit Agreement) to acknowledge the HELOC limit is increasing. Unless something has changed at BNS the last 5 years that I am not aware of.
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#8704880 - 06/23/16 03:51 PM Re: Another mortgage thread...questions [Re: Risky Business]
The Postman Offline
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Wife and I just ported our mortgage to the new property and holy fuck was this CIBC so-called mortgage specialist a dummy. Totally unprepared when we sat down with her last week eventhough she claims to have had our file for months, had the numbers wrong and kept forgetting to send our lawyer the requested docs. CIBC gave us a great rate, but such poor customer service lol.
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#8704983 - 06/23/16 05:58 PM Re: Another mortgage thread...questions [Re: The Postman]
Denshu Offline
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I also just renewed with cibc 2.19 2 year fixed.
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#8704987 - 06/23/16 06:07 PM Re: Another mortgage thread...questions [Re: Denshu]
Hatorade Offline
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 Originally Posted By: Denshu
I also just renewed with cibc 2.19 2 year fixed.


Same here
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#8715418 - 07/05/16 05:28 PM Re: Another mortgage thread...questions [Re: Hatorade]
iamfob Offline
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I was offered 5 years fixed rate 2.35%. Do I renew nao?
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#8715420 - 07/05/16 05:30 PM Re: Another mortgage thread...questions [Re: iamfob]
Hatorade Offline
pheggit
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Go 2 yrs bra, it's cheaper. 5 year ftl
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'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#8715430 - 07/05/16 05:34 PM Re: Another mortgage thread...questions [Re: iamfob]
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 Originally Posted By: iamfob
I was offered 5 years fixed rate 2.35%. Do I renew nao?


Wtf? With who?
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#8715561 - 07/05/16 08:06 PM Re: Another mortgage thread...questions [Re: Hatorade]
4age Offline
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 Originally Posted By: Hatorade
Go 2 yrs bra, it's cheaper. 5 year ftl


The other side of the coin is....fixed rate is at an all time low. Why not lock in if you find a good one? I am on 5 year 2.39 with heloc at prime +0.5
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#8715570 - 07/05/16 08:17 PM Re: Another mortgage thread...questions [Re: 4age]
Hatorade Offline
pheggit
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 Originally Posted By: 4age
 Originally Posted By: Hatorade
Go 2 yrs bra, it's cheaper. 5 year ftl


The other side of the coin is....fixed rate is at an all time low. Why not lock in if you find a good one? I am on 5 year 2.39 with heloc at prime +0.5


On the flip side it's not going up anytime soon... So they say lol

In any case I've been doing 2 yrs for fhe past few years now and has only gone down every renewal.
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#8715745 - 07/06/16 06:30 AM Re: Another mortgage thread...questions [Re: Hatorade]
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2.19 5 year fixed also available now
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#8715763 - 07/06/16 07:23 AM Re: Another mortgage thread...questions [Re: Risky Business]
spd-dmn Offline
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^ lol thats fucked


US 10-yr treasury notes are at an all-time low

don't expect fixed nor var rates to go up significantly any time soon.

and also, with the discount to prime being eroded, the gap between fixed and var has also never been lower

kind of ridic, actually
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#8715826 - 07/06/16 09:16 AM Re: Another mortgage thread...questions [Re: spd-dmn]
A2B-Lexus Offline
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Mom just renewed her mortgage from TD.

2.14% 1 year fixed.

Options were

2.19% 2 yrs fixed,
2.29% for 3 yrs
2.49% for 5 yrs.

I could use Vas' 2.19% 5 year fixed. I got the 2.99% back when Bank of Canada was making a stink about how "low" it was.
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#8715839 - 07/06/16 09:21 AM Re: Another mortgage thread...questions [Re: A2B-Lexus]
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I haven't gotten it, cross shopping different brokers. The 2.19 is a decent chunk of savings compared to the 2.49, but not sure if going with a mickey mouse lender is worth it. Still need to figure out prepayments/penalties down the road, etc.
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#8715844 - 07/06/16 09:24 AM Re: Another mortgage thread...questions [Re: Risky Business]
Senor Eduardo_82 Offline
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There's a broker on the RFD mortgage rates thread saying he can offer the 2.19% 5-year. I'd PM him if you want the details.
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#8715896 - 07/06/16 09:46 AM Re: Another mortgage thread...questions [Re: Senor Eduardo_82]
spd-dmn Offline
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mickeymouse aka monoline lenders "typically" have more preferential terms for penalties and prepayments than the big banks
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#8716015 - 07/06/16 11:33 AM Re: Another mortgage thread...questions [Re: spd-dmn]
SuPeR-MaRiO Offline
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I'm \:\( for renewing 2 weeks ago for 5yrs @ 2.49% with RBC
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#8716068 - 07/06/16 12:01 PM Re: Another mortgage thread...questions [Re: SuPeR-MaRiO]
4age Offline
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TD 2 weeks ago was:
2.09 2 year fix
2.39 5 year fix

The current 2.49 rate you hear about is just the standard rate before any negotiation. FWIW.
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#8716396 - 07/06/16 03:47 PM Re: Another mortgage thread...questions [Re: Risky Business]
iamfob Offline
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 Originally Posted By: Risky Business
2.19 5 year fixed also available now

Good diu, you renew already?
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#8716493 - 07/06/16 05:49 PM Re: Another mortgage thread...questions [Re: iamfob]
civic13 Offline
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Update to my original post, went with a different mortgage agent (sister-in-law's friend) and finally closed yesterday with RMG @ 2.2% 5yr variable. Albeit we had to pay some fees to get out of the cluster fuck collateral mortgage from Scotia. I just hope we made the right decision in terms of getting out from Scoia since we didn't touch any of the equity accrued during the 5yrs and hadn't plan to. But the wife was playing devil's advocate saying what if we wanted to dip in to it to do renos or something with the house...ugh.
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