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

Member
May 29, 2011
213 posts
179 upvotes
Markham
I closed with True North at the end of May and was very impressed with the service and rate I received from my broker. I had a number of questions throughout the process and it was always super quick/easy to get my questions answered.
Newbie
Mar 6, 2020
2 posts
was with street capital, now acquired by RFA, we are currently at %1.60 5yr variable.
Sr. Member
Mar 4, 2008
537 posts
91 upvotes
BC
Currently at 2.99% on 5 year fixed just got it back in February with First National. $3100 pmealty to break the contract and was given 1.89% 5 year fixed (un-insures) with True North Mortgage back in July using their own platform THINK Financial. I should be able to get it a bit lower now as rates have lowered....makes sense to break the current one and drop to a lower rate eh?
Sr. Member
Mar 4, 2008
537 posts
91 upvotes
BC
Chi-tel wrote: very happy with TNM, my mortgage with CIBC ended last march and CIBC offered P+1 for 5 years variable to renew while TNM offered P-1.20 for and cover all switching fee. Now I am paying 1.25% with them.
Is that using their lender THINK Financial? Thoughts on THINK?
Jr. Member
User avatar
Aug 13, 2020
180 posts
508 upvotes
I just chatted online with someone from TNM (True North Mortgage).
Please see: https://www.truenorthmortgage.ca/rates/british-columbia and use the Chat with Broker icon.

For UNINSURED they are offering:
2.04% on 5Y Fixed (25 or 30Y term - allows refinancing (IE: you can take out equity))
1.90% Variable (25 or 30Y term - allows refinancing)

They mentioned that the 1.64% variable rate was for Insured Mortgages Only and it does NOT allow refinancing. (IE: the mortgage has to move AS-IS.)

The 1.79% 5 Y fixed rate also does NOT allow refinancing.

Island Deal
Member
User avatar
Feb 16, 2017
489 posts
197 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?
I Spoke to True north mortgage agent recently they work with big banks mostly likely they will be getting you from Scotiabank itself
Deal Fanatic
Apr 11, 2006
8150 posts
2849 upvotes
Mississauga
Tapout123 wrote: Please explain. House prices are rising here and there are virtually no other investments that will get you more than 2% guaranteed return.
Are you kidding? If investments can't get more than 2% return a lot of people would be in a hell of a lot of trouble for retirement because the pensions would not be able to provide much value for people all these years to help out.
Deal Addict
Jul 10, 2014
2614 posts
919 upvotes
Ottawa, ON
Tapout123 wrote: Please explain. House prices are rising here and there are virtually no other investments that will get you more than 2% guaranteed return.
Housing isn't guaranteed (nothing is) but XGRO will beat 2% return.
Deal Addict
Aug 5, 2015
2072 posts
1361 upvotes
Montreal, QC
djdestroyer wrote: Housing isn't guaranteed (nothing is) but XGRO will beat 2% return.
XGRO is not guaranteed either, not more than house prices anyway.
Happy Koodo Public Mobile customer :-)
Jr. Member
Nov 6, 2012
186 posts
269 upvotes
NORTH YORK
Yeah. Awful returns. Less than 2%.

/Sarcasm/
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Deal Addict
Aug 19, 2009
1397 posts
303 upvotes
caltran wrote: With house prices the way they are, putting down 25% is foolish. At that point you might as well just invest that money as it would set you up nicely for retirement.
I'm genuinely curious, do you rent instead? I'm of the mind to rent and put my cash into the market. Dividend stocks + yoy growth stocks. Which I am and then take a little and wsb gamble it. Find it better than tying all my liquidity in a house which I'll be forced to have and in an emergency forced to sell. Cause 100-200k gives tons of burn rate in terms of emergency funds.
Sr. Member
Apr 18, 2004
885 posts
291 upvotes
JimboD wrote: Is that using their lender THINK Financial? Thoughts on THINK?
Yes
Never again! HTC , Wind Mobile , Air China
Deal Addict
May 1, 2011
1759 posts
2303 upvotes
Halifax
djdestroyer wrote: Housing isn't guaranteed (nothing is) but XGRO will beat 2% return.
Can't you both be right? You are talking about how much of a down payment, not total cost of house.

At 5% down on a house you are leveraged 20x with a small 4% premium. At a modest 2% growth in housing prices you are "earning" 40% yearly.

With 20% down you are still leveraged 5x and 2% growth gives a 10% return.

This is simplified as there are costs to sell. Upside is no margin call as long as you pay your mortgage. Downside buying at a top would suck and can happen in some places in canada and your losses are leveraged as well. Here in NS house prices went up 9%last year and 14%this year. Xgro can't beat that.

So why not work out overall what gives you the most money and invest in both.

I am pretty sure that's what the other poster was saying when they were going to pull equity out of their house to go up to a 65% LTV ratio.

Essentially equity in your house is only earning what it saves in interest costs. That is less than 2% for most here and new mortgages. You can get 2.5% from tangerine. That's 0.5% for a virtually risk free investment. Xgro or other investments can obviously do better with more risk associated with them.
Deal Addict
Aug 5, 2015
2072 posts
1361 upvotes
Montreal, QC
sdmeller wrote: Yeah. Awful returns. Less than 2%.

/Sarcasm/
If you're going to pump an ETF and we're using the past 5-8 years as a benchmark, dozens of ETF did beat its performance. I'm not sure what's the point in implying any ETF is guaranteed just because "historically" it's positive. Even index funds will do as well.
Happy Koodo Public Mobile customer :-)
Member
User avatar
May 21, 2018
499 posts
439 upvotes
Gbyrd wrote: I'm genuinely curious, do you rent instead? I'm of the mind to rent and put my cash into the market. Dividend stocks + yoy growth stocks. Which I am and then take a little and wsb gamble it. Find it better than tying all my liquidity in a house which I'll be forced to have and in an emergency forced to sell. Cause 100-200k gives tons of burn rate in terms of emergency funds.
100k-200k is a big emergency fund. I keep 10-15k aside for emergencies. I think thats enough.
Don't forget to goo your attic!

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