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

Deal Addict
Aug 5, 2015
2081 posts
1363 upvotes
Montreal, QC
AtticGoo wrote: 100k-200k is a big emergency fund. I keep 10-15k aside for emergencies. I think thats enough.
There's also the HELOC option for cheap emergency funding, in case the emergency cash isn't enough.
Happy Koodo Public Mobile customer :-)
Sr. Member
User avatar
Feb 2, 2010
947 posts
770 upvotes
djdestroyer wrote: Housing isn't guaranteed (nothing is) but XGRO will beat 2% return.
Can I get that in writing?

Nothing in life is guaranteed, but real estate is and always will be a safer and more easily leveraged asset than trying to pick stock winners. It has a better ROI as the collateral (the house itself) will always be there and in virtually every market, the value of that asset will rise (sometimes spectacularly), while paying monthly returns (rent) on an initial investment of only 5-25%. It's easy to look back at a stock's performance and say "this one's a winner" but all stocks are volatile by nature, whereas real estate is not (at least not in a downward direction). Investment firms lead with "past performance does not guarantee future results" for a reason.
Member
Apr 5, 2017
458 posts
92 upvotes
Hi folks,
If I take Heloc during my renewal. what will be the interest on heloc , more than mortgage rates , right ?
Deal Addict
User avatar
Mar 17, 2006
4481 posts
2579 upvotes
These guys are unprofessional to the max.

A representative completely stopped emailing back one day. I was going to write back and/or try to email support. I decided not to, that’s unacceptable by any standard.
CPU: Intel i7-7700K @4.5GHz | GPU: GeForce GTX 1080 | RAM: ADATA XPG DDR4 3000MHz 24GB | SSD: WD Black 512GB NVMe | Mobo: ASUS STRIX Z270E | Case: COUGAR PANZER | Cooler: CORSAIR Hydro Series H110 |Monitor: 2 x HP 27es 27" IPS LCD
Member
Apr 6, 2008
243 posts
95 upvotes
I actually used True north 2 years ago when I purchased my property. Previously I owned a condo and sold it to upsize to a house. My mortgage for the condo was with BMO. My co-worker referred me to true north as they also have an employee program with my company. Long story short I reached out to both BMO and True north for variable mortgage. True north blew BMO out of the water with their rates so I reached out to the branch manager at BMO as I've been with them for ~10 years and I even had a mortgage with them. The manager told me straight up that even he himself as an employee doesn't have his mortgage with BMO and ended up going down the brokers road for best rates.

In summary, always go with a broker. Even now they still reach out to me to tell me that they may a) have better rates or b) if I have any issues with payments and looking to readjust. Highly recommended and if anyone needs a contact at true north just PM me hopefully hes still working there.
Member
Apr 5, 2017
458 posts
92 upvotes
Anyone heard of monoline lender called "THINK FINANCIAL" , do you recommend them ?
Deal Addict
Dec 4, 2011
1249 posts
608 upvotes
Montreal
MK1986 wrote: Hi folks,
If I take Heloc during my renewal. what will be the interest on heloc , more than mortgage rates , right ?
The 'standard' HELOC interest rate currently is prime + 0.5 so yes, more expensive
Member
Apr 6, 2008
243 posts
95 upvotes
MK1986 wrote: Anyone heard of monoline lender called "THINK FINANCIAL" , do you recommend them ?
Yes that is the "low risk" lender where people with good credit go to for True North. They are purely online based and so far so good. They are handled by Computershare:
https://www.computershare.com/ca/en/our-story
Jr. Member
User avatar
Aug 13, 2020
186 posts
526 upvotes
MK1986 wrote: Hi folks,
If I take Heloc during my renewal. what will be the interest on heloc , more than mortgage rates , right ?
admiralackbar wrote: The 'standard' HELOC interest rate currently is prime + 0.5 so yes, more expensive

What you might want to look at is:

Refinance with a first mortgage with the lowest possible 5 Y rate (IE: 1.79%)
Get Cash Out and put into GIC until you need it. (You can always borrow against GIC if needed.)

Here are some rates from OAKEN:

https://www.oaken.com/gic-rates/

Term Rate
1 Year 1.65
18 Months 1.95
2 Years 1.75
3 Years 1.90
4 Years 2.00
5 Years 2.10

Oaken rates aug252020.jpg

There's is a margin (In your favor) but you need to keep in mind that the GIC will produce a T5 (Interest Income) and you Cannot deduct the Mortgage interest on your Tax return.

Island Deal
Deal Addict
Dec 4, 2011
1249 posts
608 upvotes
Montreal
IslandDeal wrote: What you might want to look at is:

Refinance with a first mortgage with the lowest possible 5 Y rate (IE: 1.79%)
Get Cash Out and put into GIC until you need it. (You can always borrow against GIC if needed.)

Here are some rates from OAKEN:

https://www.oaken.com/gic-rates/

Term Rate
1 Year 1.65
18 Months 1.95
2 Years 1.75
3 Years 1.90
4 Years 2.00
5 Years 2.10


Oaken rates aug252020.jpg


There's is a margin (In your favor) but you need to keep in mind that the GIC will produce a T5 (Interest Income) and you Cannot deduct the Mortgage interest on your Tax return.

Island Deal
If you are going to refi your mortgage to do something like this, might as well park it in XDIV (or individual dividend paying securities if your amount is large enough) for the term of the mortgage and deduct the interest from your taxes. Much better play over the life of the mortgage (20-25 years) than taxable GIC income. All depends on your risk tolerance as well.
Newbie
Apr 8, 2010
22 posts
24 upvotes
Scarborough
I got 1.82% not insured 5 year fixed 30 year amortization from TD last week
Newbie
May 26, 2013
89 posts
79 upvotes
MISSISSAUGA
minwersh wrote: I actually used True north 2 years ago when I purchased my property. Previously I owned a condo and sold it to upsize to a house. My mortgage for the condo was with BMO. My co-worker referred me to true north as they also have an employee program with my company. Long story short I reached out to both BMO and True north for variable mortgage. True north blew BMO out of the water with their rates so I reached out to the branch manager at BMO as I've been with them for ~10 years and I even had a mortgage with them. The manager told me straight up that even he himself as an employee doesn't have his mortgage with BMO and ended up going down the brokers road for best rates.

In summary, always go with a broker. Even now they still reach out to me to tell me that they may a) have better rates or b) if I have any issues with payments and looking to readjust. Highly recommended and if anyone needs a contact at true north just PM me hopefully hes still working there.
The secret truth about banks is that they a regulated around their lending risk across portfolios. So there are times where banks will consciously post unfavorable rates to reduce their lending pool exposure to the mortgage market. Also, a surprising number of people just renew at whatever package is mailed to them.

Generally I'd only shop my mortgage around with major lenders (canadian or international banks), as the mortgage lenders are one trick ponies and very volatile in terms of staffing. even if they're great lenders at the time of your mortgage, when the renewal comes if its hard times they'll screw you...or just be difficult to work with.
Member
Dec 13, 2003
378 posts
206 upvotes
All of my rental properties are owned by a Corporation - are these interest rates available to my corporation?
Deal Addict
Jul 10, 2014
2619 posts
920 upvotes
Ottawa, ON
Tapout123 wrote: Can I get that in writing?

Nothing in life is guaranteed, but real estate is and always will be a safer and more easily leveraged asset than trying to pick stock winners. It has a better ROI as the collateral (the house itself) will always be there and in virtually every market, the value of that asset will rise (sometimes spectacularly), while paying monthly returns (rent) on an initial investment of only 5-25%. It's easy to look back at a stock's performance and say "this one's a winner" but all stocks are volatile by nature, whereas real estate is not (at least not in a downward direction). Investment firms lead with "past performance does not guarantee future results" for a reason.
Yes. Housing isn't guaranteed, nothing is. IMO XGRO will beat 2% return.
Deal Addict
Aug 5, 2015
2081 posts
1363 upvotes
Montreal, QC
djdestroyer wrote: Yes. Housing isn't guaranteed, nothing is. IMO XGRO will beat 2% return.
At the moment, it seems anything on the stock market will beat 2%. Heck, the S&P 500 itself rises 2% per week! Close your eyes and pick a stock.
Happy Koodo Public Mobile customer :-)

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