Current best mortgate rates?

[Toma]

I was one of those lucky peeps that had Prime minus .75 as an open variable mortgage.

I am up for renewal this month.

What are the best open variable rates out there right now?

[anothers10]

I just got one at 2.95% from RBC and others offering prime +.8

[koopkoop2]

Originally posted by anothers10
I just got one at 2.95% from RBC and others offering prime +.8

Is that 2.95% 5 year fixed? Can you PM me your mortgage broker's name and number as well as your name for a reference?

[anothers10]

That is for a open variable

[Kloubek]

Come on Toma.... did you really need a new thread?

http://forums.beyond.ca/showthread.p...=&pagenumber=5

[eblend]

Prime for open variable is best I have seen around

[bg_27]

Variable - Prime -0.1% = 2.15%
3 yr fixed - 3.3%
5 yr fixed - 3.89%

[Toma]

Originally posted by bg_27
Variable - Prime -0.1% = 2.15%

Where is this available?

[Toma]

Originally posted by Kloubek
Come on Toma.... did you really need a new thread?

http://forums.beyond.ca/showthread.p...p;pagenumber=5

yup.... other thread is more general.

I want a very specific product.... ie, open variable.

[DJ_NAV]

I got offered prime - 0.2% - works out to 2.05%. I can forward you guys the info for the broker I used. PM me if you want his info.

[kkhakh]

Original Post Removed. (Please read the Forum Rules and Terms of Use before posting again, or risk getting banned).

[anothers10]

Are you guys sure that is open variable and not closed variable ? I was quoted prime minus .25% on a 3 year variable closed.

[Toma]

Originally posted by anothers10
Are you guys sure that is open variable and not closed variable ? I was quoted prime minus .25% on a 3 year variable closed.

Yes, open variable.

I do not believe in closed mortgages, haven't for the last 10 years. I was suckered into a closed once, never again lol

[Jerms]

check out mymortgage.ca

[anothers10]

I was asking if the guys quoting prime minus are sure that it for a open.

I know you are looking for open. I have spoken to a few brokers and all of them are prime plus for variable open. Some of them are prime or prime minus for a variable closed.

[nickyh]

I'm debating between a 3 year fixed closed at 2.99% or my current held rate of 3.84% for a 5 year fixed.


I'm a little nervous taking a 3 year as I'm not sure what rates will be like in when it's time to renew. I know the 5 year will give me the comfort / security and I'll be able to see what happens in 3 years.

On a $450K mortgage, I know the interest saving will be huge.


What are brokers / specialist opinions about rates 3 years from now?

[Toma]

Originally posted by nickyh



What are brokers / specialist opinions about rates 3 years from now?

Let me comment, that there is no such thing as an expert, and NO ONE has a crystal ball.

When rates first dropped below 10% back in the late 90's, EVERYONE was saying... Lock in Lock in, you'll never see rates like this again.

When rates first broke OVER 20% in the mid early-mid 80's, everyone said "lock in, lock in, they are going to 30%!"

Hence, why it has ALWAYS been better to stay open. Mind ya, open variable has always been prime MINUS, the crooks cough wind of the smart mortgage shopper, and now it;s hard to get a good open variable rate. Some banks dont even offer it... ie, Scotia I believe.

CROOKS.

Anyway, my current mortgage is with HSBC, and their posted open rate is prime plus .75. From past experience, I know they will give me a .75 discount, but I doubt any better than that.

[nickyh]

Oh I realize that it's hard to predict even 6 months from now... no one really saw the 2008 / 2009 market crash in 2006.

I'd love to go variable, but right now I'm the only person working (hubby got laid off in September and plans to go back to school) so I need to know what the next 2 years will look like until he's back working full time.
I have the family budget worked out, and no real room to stray.

[Masked Bandit]

Originally posted by nickyh
Oh I realize that it's hard to predict even 6 months from now... no one really saw the 2008 / 2009 market crash in 2006.

I'd love to go variable, but right now I'm the only person working (hubby got laid off in September and plans to go back to school) so I need to know what the next 2 years will look like until he's back working full time.
I have the family budget worked out, and no real room to stray.

Generally speaking I'm a big fan of variable mortgages but the situation you are describing is EXACTLY who should be in a fixed rate mortgage.

[Toma]

Originally posted by Masked Bandit


Generally speaking I'm a big fan of variable mortgages but the situation you are describing is EXACTLY who should be in a fixed rate mortgage.

I would agree, it seems the safer way to go.... especially if she can get a fixed rate for no more than 3.5%.

Your gauge is the current variables at ~2.25%.

No way in hell are rates gonna go up 1% in the next 1-2 years... not with the economy, lay offs, and no sign of recovery for the US.

A savings of 1% is easily $1000 a year per $100,000 of mortgage... massively cheaper monthly payments

It would take huge housing inflation to drive rates up, and that just ain't gonna happen from the bubble we are already in.

I think.... lol