Expired Hot Deals

[truenorthmortgage.ca] True North Mortgage - 5 Year Fixed Rates from 1.79%

[OP]
Newbie
User avatar
Oct 6, 2014
74 posts
26 upvotes
Vancouver, BC

True North Mortgage - 5 Year Fixed Rates from 1.79%

Retailer:
truenorthmortgage.ca
They are very easy to deal with out of personal experience.
Not trying to promote them.

copy/paste

1.79%
Incredibly low rate on a full featured mortgage! Available for high ratio mortgages and some renewals. This is an excellent option for clients looking for a low rate, and payment predictability. Offers 20% lump sum payments annually and the opportunity to increase payments by up to 20%.

1.79% - 2.24%
If you don’t meet the requirements of our lowest advertised rate, don’t worry we still have you covered with great low rate options! The above range represents realistic rates if you don’t meet the outlined criteria. Factors like equity in your home, credit rating, and other variables will impact your final rate and True North Mortgage is committed to providing you with the best rate regardless of these factors.

Additional premiums may apply to rentals, extended amortizations, non-standard properties and alternative lending options.
Last edited by TomRFD on Sep 15th, 2020 10:25 pm, edited 1 time in total.
Reason: updated title
132 replies
Deal Addict
Feb 16, 2014
1536 posts
235 upvotes
Hamilton
What’s draw back Vs going to big banks?

What if you lost your job and can’t pay mortgage? His much penalty to break mortgage?

I believe big banks it’s 3 months of mortgage payment?
[OP]
Newbie
User avatar
Oct 6, 2014
74 posts
26 upvotes
Vancouver, BC
In case you want to break a contract, the fee is only 3-month interests, regardless if you have 4 years left in the contract.

You can transfer contact to new properly when you sell your current.
You can do %20 over permanent and next year another over of current payment

if your current payment is 1000 + %20 = $1200
Next Year 1200 + %20 = 1440 and so on.
Of course, if you can afford
Deal Addict
User avatar
Aug 25, 2009
1856 posts
1101 upvotes
tester85 wrote: What’s draw back Vs going to big banks?

What if you lost your job and can’t pay mortgage? His much penalty to break mortgage?

I believe big banks it’s 3 months of mortgage payment?
This entirely depends on your terms and the type of mortgage.
If you're variable, chances are this is true...if you're on a fixed rate mortgage the penalty is a calculated "interest rate differential" and can be hefty
Jr. Member
Feb 26, 2018
102 posts
63 upvotes
Leop011 wrote: In case you want to break a contract, the fee is only 3-month interests, regardless if you have 4 years left in the contract.
Are you sure it's 3 months simple interest with their fixed rate product? That's normal for variable rate whereas fixed rate products tend toward an interest rate differential calculation which can be much, much more
Member
Sep 29, 2010
346 posts
393 upvotes
Leop011 wrote: 1.79%
Incredibly low rate on a full featured mortgage! Available for high ratio mortgages...
So, 1.79% is your mortgage rate, but what other fees are there?

At the very least: https://www.cmhc-schl.gc.ca/en/finance- ... rance-cost

If you're high ratio (over 80% LTV) you're paying CMHC at least 2.80% (up to 85%) UP FRONT. At 95%LTV, add 4%

and that might not be all...
Last edited by pdipps on Aug 21st, 2020 10:29 am, edited 1 time in total.
[OP]
Newbie
User avatar
Oct 6, 2014
74 posts
26 upvotes
Vancouver, BC
When we broke the contract we needed to pay $1275 included 3 months interest rates and admin fees.
Member
Dec 19, 2010
274 posts
21 upvotes
I can vouch for True North, they negotiated a good variable rate for my first house and even waived the appraisal fee plus additional cash back on top of what the bank provided.
Member
Sep 29, 2010
346 posts
393 upvotes
caltran wrote: How is that different than any other HR mortgage?
It's not - good point - but I guess I didn't make my point clear.

The 1.79% isn't all your paying, and it should be more obvious in the advertising.

The way these rates are advertised make it sound like High Ratio mortgages are cheaper than Low Ratio mortgages. Fully loaded with all the costs, they're not.
Newbie
Aug 4, 2020
2 posts
1 upvote
Leop011 wrote: They are very easy to deal with out of personal experience.
Not trying to promote them.

copy/paste

1.79%
Incredibly low rate on a full featured mortgage! Available for high ratio mortgages and some renewals. This is an excellent option for clients looking for a low rate, and payment predictability. Offers 20% lump sum payments annually and the opportunity to increase payments by up to 20%.

1.79% - 2.24%
If you don’t meet the requirements of our lowest advertised rate, don’t worry we still have you covered with great low rate options! The above range represents realistic rates if you don’t meet the outlined criteria. Factors like equity in your home, credit rating, and other variables will impact your final rate and True North Mortgage is committed to providing you with the best rate regardless of these factors.

Additional premiums may apply to rentals, extended amortizations, non-standard properties and alternative lending options.
25 or 30 years amortization?
Deal Fanatic
User avatar
Dec 11, 2004
9534 posts
2257 upvotes
Montreal, QC
I was given 1.65% variable but it's MCAP's Value Flex and it comes with a bona-fide sales clause
It's been mentioned in the Mortgage thread by other brokers too

Edit: OH, fixed rate
Last edited by Daijoubu on Aug 21st, 2020 11:15 am, edited 1 time in total.
Deal Fanatic
Dec 11, 2003
7969 posts
380 upvotes
This is high ratio only, which is only good if you have very high income but somehow no down payment.
October 2015 for sale, PM for details!
PS3 EA Sports Active 2 $20
195-65-15 Winter tire with alloy wheel $500
Sr. Member
User avatar
Feb 2, 2010
936 posts
763 upvotes
Does that rate increase if the mortgage is for a rental property?

Top