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CityCan Financial Corp (lic. 10532)
Oct 13th, 2017 1:08 pm
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They rate you can expect from them will likely be around 3.39%. If you want to proceed with this, then you would contact the bank directly.HFMSSA wrote: ↑Oct 13th, 2017 4:33 pmHello Experts,
I'm thinking of moving from variable rate to fixed rate, My original rate was 2% with TD, now it moved up to 2.6 % and I guess it will keep moving more.
Do I need to contact the Bank directly or Should I contact the old broker or what?
and what do you think about the rate that I might get?
Since I did not do that before and have no clue, any guidelines will be appreciated.
Oct 13th, 2017 5:23 pm
Oct 13th, 2017 5:26 pm
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Oct 14th, 2017 12:23 am
Oct 14th, 2017 11:55 am
Oct 14th, 2017 12:01 pm
Thanks Connor,GreenMortgages wrote: ↑Oct 8th, 2017 1:39 pmHello,
The 'catch' is that the mortgage must have had mortgage default insurance on it at some point. Was your mortgage previously insured? What amount of down payment did you have when you purchased? if you had less than 20% of the purchase price, then it will be insured.
If the mortgage is uninsured, you could be looking in the 2.45% - 2.40% variable range.
Oct 14th, 2017 12:05 pm
You were misinformed or you heard wrong.shiyam25ca wrote: ↑Oct 14th, 2017 11:55 amHi Guys,
I need your input. I have listed my house for sale and my mortgage is set mature end of this month and wondering what would be best option. Bank has offered two option: Auto renew as an open mortgage or get variable 5 years @2.75. I was advised that if I break variable I will only have to pay 3 months of interest where as open mortgage might be more.
your input is very much appreciated.
Oct 14th, 2017 1:26 pm
Thanks a lot Speedy1! I will ask about the mortgage portability .Speedy1 wrote: ↑Oct 14th, 2017 12:05 pmYou were misinformed or you heard wrong.
Yes, generally 3 month interest penalty for paying off a variable mtg before it's due.
For open mtg where it's usually a higher rate, there is no penalty for paying it off early. That's why it's an open mtg. Will likely have to pay a mtg discharge fee (~$150 to $300 depending which province you are in) though.
Another option is porting the mtg to your new place if you will be buying a new place. Ask your bank about mtg portability.
Also consider how long you think it will take you to sell your property and buy your next property, if you are buying.
Oct 14th, 2017 1:46 pm