Expired Hot Deals

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

Deal Addict
Dec 17, 2012
1315 posts
412 upvotes
Winnipeg
MK1986 wrote: What is the lowest 5 year fixed you received for renewal for your high ratio (CMHC) mortgage yet with any lenders ?
On a new purchase, Winnipeg, Approved @ 1.74% 5 years fixed with MCAP- 25 yr amortization, called value flex mortgage/no frill mortgage... Penalty would be around 2.75% or IRD ( Whichever is higher) on remaining balance if we break the mortgage before the term is up...no plan to sell the home for next 5 years anyway....Couldn't find better rate comparable to what i have got offered from another broker.
Newbie
Feb 22, 2015
33 posts
3 upvotes
Nepean, ON
juinny wrote: True north offered me 1.64 for 5 year fixed. Only needed 25 year amortization. Uninsured with a full fledged mortgage. I got Butler to match it and they got me 1.63.
Closing in a couple weeks.
Side note, true north seems more willing to provide cashback though but from what I gather, it's usually more for mortgages above 500k.
Does it have a bona-fide sales clause? Is the lender Think?
Member
Feb 26, 2010
256 posts
276 upvotes
Aurora, ON
temp007 wrote: Does it have a bona-fide sales clause? Is the lender Think?
No. Full fledged means no bonafide sales clause. I do believe lender is Think Financial.
Newbie
Feb 22, 2015
33 posts
3 upvotes
Nepean, ON
juinny wrote: No. Full fledged means no bonafide sales clause. I do believe lender is Think Financial.
Thanks. Earlier in the thread someone asked if Think is a fair penalty lender. Do you know if it is? Think doesn't seem to post their rates on their site.
Newbie
Feb 22, 2015
33 posts
3 upvotes
Nepean, ON
juinny wrote: True north offered me 1.64 for 5 year fixed. Only needed 25 year amortization. Uninsured with a full fledged mortgage. I got Butler to match it and they got me 1.63.
Closing in a couple weeks.
Side note, true north seems more willing to provide cashback though but from what I gather, it's usually more for mortgages above 500k.
Is this with 20% down or with 25%+ down? I think with 25%, this rate is available.
Member
Feb 26, 2010
256 posts
276 upvotes
Aurora, ON
temp007 wrote: Is this with 20% down or with 25%+ down? I think with 25%, this rate is available.
Ratespy shows loan to value of up to 65%
Deal Addict
Dec 17, 2012
1315 posts
412 upvotes
Winnipeg
juinny wrote: Ratespy shows loan to value of up to 65%
When I spoke with my broker here in Winnipeg, this is what he mentioned as well.. it is no longer 80%
Newbie
Jul 21, 2017
87 posts
21 upvotes
Experts what is your view on the below when deciding Fixed vs Variable :
https://www.cnbc.com/2020/09/16/fed-mee ... rates.html

Key takes :
"As the central bank concluded its two-day policy meeting Wednesday, it said short-term rates would remain targeted at 0%-0.25%"

"Projections from individual members also indicated that rates could stay anchored near zero through 2023. All but four members indicated they see zero rates through then. This was the first time the committee forecast its outlook for 2023.

My view :
Probably the best scenario would be (assuming FED does what it says):
2020 = variable
2021 = variable
2022 = variable
2023 = Convert variable into 3 or 5 year fixed
2024 = Fixed
2025 = Fixed
2026 = Fixed
2027 = Fixed

xPosted
Member
Apr 5, 2017
444 posts
92 upvotes
Hello folks,
My mortgage is coming up for renewal in Dec 2020. I already have a pre-qualification from a different lender for my renewal and still planning to shop around. Now what happens ,if I change my job or do a part time instead of full time before my actual renewal date ? Is it better not to change the job or it doesn't matter at this point as I already have a pre-qualification ? Kindly advice.
Newbie
Jul 21, 2017
87 posts
21 upvotes
MK1986 wrote: Hello folks,
My mortgage is coming up for renewal in Dec 2020. I already have a pre-qualification from a different lender for my renewal and still planning to shop around. Now what happens ,if I change my job or do a part time instead of full time before my actual renewal date ? Is it better not to change the job or it doesn't matter at this point as I already have a pre-qualification ? Kindly advice.
One of my friends faced such a situation and bank refused to proceed with a pre-approved mortgage , stating that his situation has changed and since in new job he is on probation ,the period does not count for eligibility
Newbie
Jan 2, 2020
44 posts
36 upvotes
I am on a fixed rate with first National @2.84%. remaining term 4 yrs. Mortagage balance 390,000. Remaining amortization 21 yrs. My down payment was >20,000. Will I save if I move my mortgage to this one?

Top