Mortgage rate

[vkesava1]

Hi Everyone,

My house is under construction and will be completed in June 2015. so i am in the 120 day range before possession. so planning to shop for rates. Anybody got a rate recently from the banks, what is the best rate right now in calgary.

currently working with RBC, does any other banks provides better rates than RBC ?

Any advise would be appreciated about whether in current market is it better to go for fixed or variable? please advise Thanks

[sputnik]

The big banks are all offering 2.79% 5 year fixed.

Some banks have 120 day holds (TD/RBC/Scotia) and some are 90 day (CIBC/BMO).

www.ratespy.com

[roopi]

If you're shopping for rates then use a broker. Not to be a jerk but you don't seem like you know a lot about this stuff so if you just hand it over to a broker they will take care of you. It doesn't cost you anything so why not?

[killramos]

Ask a broker what they can get you, then ask RBC. Either pick the best rate or ask RBC to match it ( there is a convenience to using your bank for your mortgage imo).

[Mitsu3000gt]

I got 2.15 on 5yr variable in November through Tim on these forums.

Someone correct me if I am wrong, but I don't believe it's ever not been better to go variable.

Most banks won't match the broker rates, so definitely try a broker first.

[Asian_defender]

We got 2 great brokers on the forum. why dont you get in touch with them

[Strider]

How many threads do you need to ask the same question?

http://forums.beyond.ca/st2/mortgage...hreadid=389051
http://forums.beyond.ca/st2/variable...hreadid=389112

I'll say it again

Originally posted by Strider
Based on all of the questions you've been asking, you seem to be very new to the house buying / mortgage process and not terribly inclined to do your own research or critical thinking.

Instead of inundating the forum with posts, I would highly recommend making an appointment with one of the more than capable mortgage brokers who are forum sponsors. They can answer all of your questions relating to your own particular situation in private. They'll probably even cover a lot of questions that you didn't even think to ask.

Do us all a favour and call up one of these guys.

Tim Lacroix
Canada Mortgage Direct Inc
http://www.cgymortgage.com/
(403) 648-1541

Todd Purcell
Purcell Mortgage Team
http://www.purcellmortgageteam.com/
(403) 519-1167

[vkesava1]

Originally posted by Strider
How many threads do you need to ask the same question?

http://forums.beyond.ca/st2/mortgage...hreadid=389051
http://forums.beyond.ca/st2/variable...hreadid=389112

I'll say it again


Do us all a favour and call up one of these guys.

Tim Lacroix
Canada Mortgage Direct Inc
http://www.cgymortgage.com/
(403) 648-1541

Todd Purcell
Purcell Mortgage Team
http://www.purcellmortgageteam.com/
(403) 519-1167

[Disoblige]

How is Strider's being rude? He is telling you what everyone here is thinking, and he's not wrong. Believe it or not, he is actually helping you!

Crazy, eh?

[vkesava1]

Originally posted by Asian_defender
We got 2 great brokers on the forum. why dont you get in touch with them

Thank you. I will give them a call . Thanks for your help

[G]

There's over 20 threads about buying a home....are you buying a new house?

[Strider]

Originally posted by vkesava1
Hey Strider,

You seem to know everything !!! is that what you think ? why do you come to these forums then ? , just to post the same answers everywhere ? Why dont you do us a favour by not replying with rude answers every where. if you dont want to answer please dont. dont copy and paste the same answer . I am not expecting you to answer STRIDER.

Would you feel better if I typed out the exact same answer since you asked the exact same question as you did a couple months ago?

Sorry, I'm lazy.

By the way. Depending on when you take possession in June, you could be within a 90 day rate hold which often has better rates or terms compared to a 120 day rate hold. One of our friendly neighbourhood mortgage brokers probably could've told you that, even if you didn't think of it.

[TimLacroix]

Originally posted by vkesava1
Hi Everyone,

My house is under construction and will be completed in June 2015. so i am in the 120 day range before possession. so planning to shop for rates. Anybody got a rate recently from the banks, what is the best rate right now in calgary.

currently working with RBC, does any other banks provides better rates than RBC ?

Any advise would be appreciated about whether in current market is it better to go for fixed or variable? please advise Thanks

Fixed vs Variable is a personal preference in most cases. What's works for one may not work for another.

However, Variable is attractive but take advantage of the rate by setting payments as if you took fixed. This allows the extra to go towards principal. There is a little more to this strategy and we help you manage this though out the term of your mortgage... and Beyond (that fit right in... LOL)!

As for rates... 5 year variable is Prime 0.70% (and is some cases, 0.75%). 5 Year fixed ranges from 2.69% to 2.79%...

We will monitor and manage any new promotions during the 120 days just in case a better offer pops up. Let us know if we can assist. ~ Tim