Real Estate

Motus Bank 2.59% Mortgage

  • Last Updated:
  • May 31st, 2019 4:21 pm
[OP]
Member
May 7, 2015
244 posts
360 upvotes
Toronto, ON

Motus Bank 2.59% Mortgage

I did not complete my mortgage app on motus bank's site then a few days later i got an email saying i have special offer of .50 points taken off their advertised fixed 5 year mortgage down to 2.59 %.

fyi for anyone else interested.

I will add more detail.

I entered all info except income, when I got to that page I just closed the page. A few days later the email came. I decided to call them to and they gave me The impression that they are pretty flexible with their rates and getting .5 off wasn’t a problem. If you’re thinking of going with motus I’d call and just ask for .5 off their advertised rate. This is definately ymmv .

Also I told my bank about this and they offered me .5 off too my renewal without batting an eye, maybe this is common?
Last edited by moeymoeymoeymoe on Apr 19th, 2019 11:50 am, edited 1 time in total.
20 replies
Deal Addict
Dec 27, 2007
3287 posts
927 upvotes
Edmonton
5 years is the problem .....
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Deal Guru
Feb 29, 2008
12199 posts
7321 upvotes
So rates seem to be coming down. Bears told me the opposite
Member
Mar 6, 2017
359 posts
234 upvotes
tmkf_patryk wrote: 5 years is the problem .....
how is 5 years a problem? I would think 5 years fixed at that rate would be attractive to most home buyers?
Deal Addict
Dec 27, 2007
3287 posts
927 upvotes
Edmonton
dpacto wrote: how is 5 years a problem? I would think 5 years fixed at that rate would be attractive to most home buyers?
In my circle of friends we all pretty much do 1-2 years. Benefit of this is the lump sum, once the term is over you can put as much as you want with no limit.

moeymoeymoeymoe wrote: Really!?

I wana here more about your opinions
Well, I am at 4 years into my mortgage and should be done in the next half year, so roughly 4.5 years. Obviously I will have a little residual at the end will pay rest at once. But had I been locked into a 5 year term, I would be limited to a fairly small lumpsum and who knows, would still be in debt by quite a lot.
In my situation, I am limited to 30g per year lumpsum, whereas I would put more. And I would have double up payments going all year round
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Sr. Member
User avatar
Jul 25, 2015
626 posts
308 upvotes
Burnaby, BC
Your case fits in the 1% of mortgages. It makes sense for you since you have extra cash to pay it but for other people who just follow the amortization doesnt. Also having 150k left its easier to pay it off in 5 years. OP s rate is great though. Fixed for 5 years.
Deal Addict
Jan 26, 2016
1616 posts
1456 upvotes
Toronto, ON
Piklishi wrote: Your case fits in the 1% of mortgages. It makes sense for you since you have extra cash to pay it but for other people who just follow the amortization doesnt. Also having 150k left its easier to pay it off in 5 years. OP s rate is great though. Fixed for 5 years.
I don't know where he lives but if GTA he is making a lot of money and post is a self-promotion. On the other hand, at these cheap rates you're a fool to pay off the mortgage as opposed to investing it.
Member
Dec 23, 2012
288 posts
280 upvotes
RICHMOND HILL
tmkf_patryk wrote: In my circle of friends we all pretty much do 1-2 years. Benefit of this is the lump sum, once the term is over you can put as much as you want with no limit.




Well, I am at 4 years into my mortgage and should be done in the next half year, so roughly 4.5 years. Obviously I will have a little residual at the end will pay rest at once. But had I been locked into a 5 year term, I would be limited to a fairly small lumpsum and who knows, would still be in debt by quite a lot.
In my situation, I am limited to 30g per year lumpsum, whereas I would put more. And I would have double up payments going all year round
Mortgage debt is a good thing, by far the cheapest leverage you can ever get. At sub 3% rates it's basically free money.
[OP]
Member
May 7, 2015
244 posts
360 upvotes
Toronto, ON
Mosho1 wrote: Mortgage debt is a good thing, by far the cheapest leverage you can ever get. At sub 3% rates it's basically free money.
I wish i wish i wish i wasn't so afraid of investing.
I wana do the smith maneuver i read it up and down and i like the idea, but i cant seem to go through with it. i chalk it up to fear.
Deal Addict
Dec 27, 2007
3287 posts
927 upvotes
Edmonton
Mosho1 wrote: Mortgage debt is a good thing, by far the cheapest leverage you can ever get. At sub 3% rates it's basically free money.
You can view it as a good thing, I view all debt as bad. After it's paid off, it's gonna be cash the whole way. Why pay someone that extra 3% when you don't need to.

No matter the interest rates (as long as it's not negative) no such thing as free money. The country is in a significant amount of debt per capital, I rather stay away from that statistic.
warming up the earth 1 gas fill-up at a time...
You only live once, get a v8
Deal Addict
Jan 26, 2016
1616 posts
1456 upvotes
Toronto, ON
tmkf_patryk wrote: You can view it as a good thing, I view all debt as bad. After it's paid off, it's gonna be cash the whole way. Why pay someone that extra 3% when you don't need to.

No matter the interest rates (as long as it's not negative) no such thing as free money. The country is in a significant amount of debt per capital, I rather stay away from that statistic.
lolz
Member
Aug 31, 2001
474 posts
32 upvotes
anymore Dp's on Variable and/or fixed rates mortgage and heloc from Motus?
Member
Aug 31, 2001
474 posts
32 upvotes
1) Is the Variable a fixed at P-X where X is the fixed offset rate over the term?

2) Motus came back with 5 year 2.8% variable = P=3.95, P-1.15, is that good? Given that feds are dovish on the prime rate?

3) Or is it better to go fixed for 2.59 over 5 years fixed

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