Yes it is apart of your contract that you can renew under those terms of without penalty.
If there is 1 year left of 5 years - can you switch to 5 year term?donuts4fun wrote: ↑ I work at TD. You can switch from variable to 3yr fixed or fixed term thats greater than term remaining, no penalty.
Just speak to advisor on telephone at branch and they will advise of your specific situation.
ie. you did 5 yr variable, have 1yr left. You can switch to 3yr or 1yr fixed term, no penalty
ie. you did 5yr variable, have 3 yr left. You can switch to 3yr or 4 yr, 5yr fixed term, no penalty
Prime is 2.45...do the math lolMikeyCanuck wrote: ↑ For those quoting various variable rates, what are your prime +/- rates? It doesn't seem correct to reference it like fixed rate like 1.18% or 1.25% ?
Yes if you've got 1yr left on a variable you can go to 5yr fixed.
I meant 1.89% 5 year fixed rate - how long is it for?donuts4fun wrote: ↑ Yes if you've got 1yr left on a variable you can go to 5yr fixed.
Its not a promotion, it's been around for over 7 years, and likely will not change. Part of your contract for variable.
E.g. does TD normally keep this rate for at least a month or no such thing and it can change any time?Oh haha!
Not sure about now but before this was the case. Moving from variable to fixed longer was no penalty.
Thanks!donuts4fun wrote: ↑ Oh haha!
That rate can change at any point. We only get notification night before, sometimes just a couple hours before we close.
Think of it this way, if based on your mtg amount, if the rate dropped by 0.25%, how much would that equate to in terms of $$ and would you be willing to wait to see if it goes up/down?
If you've got a small mtg, likely small impact. The advisor can give you an estimate based on your specific circumstance.
Of course. In my case the bank is TD, so there should not be a penalty but I will ask.muffin4life wrote: ↑ Yes but you pay a hefty penalty most likely.best to ask your bank about your specific situation.
High ratio is < 20% with CMHC insurance.OSIRISHOTEP wrote: ↑ What does high ratio mean? How high?
I'm quoted 1.32% with 20% down and 700k principal 25yr, no cash back, is this a bad deal?
Thanks in advance.
Relative to people put 20% down payment, banks usually provide a lower rate to people with high ratio mortgage (less than 20% down payment) since it’s insured (by CMHC or other mortgage insurance companies), when all other situations are equal.OSIRISHOTEP wrote: ↑ What does high ratio mean? How high?
I'm quoted 1.32% with 20% down and 700k principal 25yr, no cash back, is this a bad deal?
Thanks in advance.
Kind of a funny question considering most people on 5yf wouldn't understand interest rate impact on economy. 10y yields will tank if stock market corrects any further. I will have ended up reducing my interest payment cost for the 2nd time in the past 4 years by going shorter term variable. My bro went into TD branch to see his "friend" who locked him in 5 years at 3% after buying first house in 2019. Great friend
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