Realestate, Mortgage and Home owners discussion

[Duncan]

[jeSteR]

You need to lock that *ish in... the 2.99 rate that is. On a 25 year mortgage, even if the market crashes and a $450K house drops to $400K , an interest rate hike to over 4% will negate that $50K you saved if you are borrowing $350K or more.

[Duncan]

2.99 fixed for 5 years is pretty good... i'm gonna see in the next couple days if TD or RBC matches because that's what they did last time too. If by the weekend i don't hear anythign about TD or RBC doing the same, i'm gonna go get preapproved because 2.99 fixed for 5 years is pretty sweet

[Duncan]

it looks like TD has already announced that they're gonna match but with only a 4 year term instead of 5. both the 5 year and 10 year fixed rates are for a max amortization of 25 years though, so can't do it up 30 years like a normal mortgage usually lets you.

Crunching the numbers, it might be a tight squeeze, but if this works out, i might be looking to buy a place soon... but like we all said, gotta make sure i can afford it first

[Duncan]

looks like the 4 year term from td is because they're offering a 30 year amortization period instead of 25 like bmo. plus they're making the offer more flexible than bmo

[joel]

cool. looking forward to checking out your new place when the time comes!

[Duncan]

anybody wanna lend me 10k to ensure that i get approved for a decent amount? haha

[Wetundies]

I have 5 units in China that i'm trying to sell right now.

[supersuk]

[joel]

also concerning jairo, his email signature is stated as "Small Business Advisor" so I am not sure he handles mortgages anymore if he did previously.

with this new rate changes. I will see if I can switch my variable to a fixed at this new price without any penalties. I'll have to talk to the person that handles my mortgage account. I am hoping it can be but don't really know for sure. I guess that's what I get for not reading all the fine print in the agreement.

and i hope you can get approved for the amount that you are looking for.

[Duncan]

good luck with your advisor too. hopefully you can take advantage of this rate too.

i think i'm gonna go into TD this weekend to see if i can get preapproved for enough for a place

[Wetundies]

[jeSteR]

[Wetundies]

Parents bought it before they imposed the limits.

[nature boy]

hm.

time to win the lottery i guess.