No problem at all. In this case you would have p-1.10% available to you for a variable rate and 3.44% 5 years fixed. You could also get the collateral transfer fee covered for you should that be an avenue that you'd like to explore.
Hi there,
As someone mentioned here renewal is the path of least resistance. I go in, sign and it's renewed. Whereas in 3years a lot has changed , I might be in more debt , more properties invested and the household income might not be as much as 3yrs back. So in all, going thru a new lender is to start from the beginning. But, I appreciate your straightforwardness and I feel that I should give another lender a shot and for now I am trying that my bank can give me a near rate that I am good with.PaulMeredith wrote: ↑ I'm assuming your preference is to be with a major bank? Is there a reason why? In some cases, it makes sense, but there are a lot of myths floating around as well and it would be a shame for you to pay thousands more in interest because of an erroneous belief.
Just wanted to touch on this a bit.Karma2000 wrote: ↑ As someone mentioned here renewal is the path of least resistance. I go in, sign and it's renewed. Whereas in 3years a lot has changed , I might be in more debt , more properties invested and the household income might not be as much as 3yrs back. So in all, going thru a new lender is to start from the beginning. But, I appreciate your straightforwardness and I feel that I should give another lender a shot and for now I am trying that my bank can give me a near rate that I am good with.
Keep in mind, since it wasn't mentioned, you do have to cover the legal fees due to the collateral charge. You may also qualify for a better rate than the 3.44% 5-year fixed.
2.80% 5-year variable and 3.29% 5-year fixed are the best rates for your renewal.
Best rates below given your situation
Best rates below keep in mind you will have approx $800 in costs associated with the switch due to the collateral charge at TDMpel78 wrote: ↑ Hi,
Looking for best rates on the following:
Mortgage amount owing at maturity (or current mortgage amount if unknown):
$226500
Approximate market value: $310,000
Original purchase date (month and year): June, 2016
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): Yes
Our credit scores should be very good or excellent
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: No but mortgage was ported and added to in June 2016 don’t know if that’s the same
Do you have a second component such as a HELOC attached to your mortgage?: No
Current lender: Td
Is this your primary residence or a rental property?: Primary residence
Location: Owen sound
Maturity date: April 2019
Question beyond the rates, how quickly do I need to move if I don’t like rates offered from current provider. I have meeting tomorrow to discuss.
Thanks in advance
For an insured transfer, 2.75% 5-year variable and 3.29% 5-year fixed are the best rates. As mentioned above, you have to cover legal fees due to the collateral charge (all TD mortgages are collateral).Mpel78 wrote: ↑ Hi,
Looking for best rates on the following:
Mortgage amount owing at maturity (or current mortgage amount if unknown):
$226500
Approximate market value: $310,000
Original purchase date (month and year): June, 2016
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment): Yes
Our credit scores should be very good or excellent
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?: No but mortgage was ported and added to in June 2016 don’t know if that’s the same
Do you have a second component such as a HELOC attached to your mortgage?: No
Current lender: Td
Is this your primary residence or a rental property?: Primary residence
Location: Owen sound
Maturity date: April 2019
Question beyond the rates, how quickly do I need to move if I don’t like rates offered from current provider. I have meeting tomorrow to discuss.
Thanks in advance
Based on the info provided, you'll need a 30 year amortization to qualify, and you won't get much better than the 3.59%. Do you earn any bonus or overtime income on top of the $106,000? If you so, and if you have been at your job for at least two years, let us know your T4 amount for 2017 and 2018. If you do not yet have 2018, then the YTD on your final paystub for the year. It's possible you could qualify for 3.44%, however a bit more income would be required.Gpreet0103 wrote: ↑ New builder house in Brampton
Price: 630,000
Down payment: 20%
Income: 106,000
First time home buyer.
Scotia offering 5 yrs fixed at 3.59%.
Is it a good rate or can do better?
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