Review of sponsor: Andrew Chan - 3.50% 5 Year Fixed Mortgage

[canadian_hustla]

Some of you may have seen the new banner from one of beyond's newest paid sponsors. His name is Andrew Chan and I have had the pleasure to work with him. I am also the one that referred him to this site.

I want to let you all know that he a fantastic mortgage specialist who is very friendly and efficient. He also speaks Chinese. The bank that he works for is a very well known financial institution. The 3.50% fixed mortgage is the real deal. It is the lowest in Alberta and quite possibly the lowest in Canada. The banner says "expires June 30" but I am confident that it is going to expire mid June. I am not sure if the rate will ever be this low again.

I dare you to compare. Please feel free to take a look at all the banks and you will see that most are around 4.15%. I remember seeing another mortgage thread where members were posting 3.69% as the best rate. This is a limited time offer!!!

Thank you for your time,

-Dave

[quazimoto]

Sorry its not the "best" rate. We were offered a 5 year rate at 3.29% and a 3 year at 2.89%. Also by one of the big 5 banks. It is still a good rate though. The way to cheap mortgages is seriously who you know.

[Chandler_Racing]

Originally posted by quazimoto
Sorry its not the "best" rate. We were offered a 5 year rate at 3.29% and a 3 year at 2.89%. Also by one of the big 5 banks. It is still a good rate though. The way to cheap mortgages is seriously who you know.

3.29% is a killer rate; almost giving it away.

We were offered 3.65% last Friday by TD, which we were happy with.

[quazimoto]

Yeah I think 3 point anything for a 5 year fixed is something to jump at. The rates can only go up.

I just love people that think the banks are required to give people prime lending rates for mortgages. It seems most don't understand that 0.25% interest rate with the bank of canada has nothing to do with the rates the banks charge their customers.

Or better yet is people that go to the bank with a current 5 year 5.25% rate and ask the bank to change the rate to 3.6% just because the rates of changed. Kind of like they don't know what a fixed rate mortgage is lol.

[TYMSMNY]

Its looking like 4.1% now on the ads....

[krazykhoja]

3.5 is a wicked rate. I work at a bank and these are the lowest rates for a while, its best to come lock it in now, as was mentioned rates can only go up from here. Anything in the 3.x% range is an awesome deal, and to be honest they might not last too long. To those that are thinking if they should get a mortgage, I would suggest getting one (obv. as long as you can afford it), since you might not get rates like this for who knows how long.

[canadian_hustla]

Originally posted by krazykhoja
3.5 is a wicked rate. I work at a bank and these are the lowest rates for a while, its best to come lock it in now, as was mentioned rates can only go up from here. Anything in the 3.x% range is an awesome deal, and to be honest they might not last too long. To those that are thinking if they should get a mortgage, I would suggest getting one (obv. as long as you can afford it), since you might not get rates like this for who knows how long.

Thank you I totally agree. On Wednesday TD, RBC, and BMO increased their 5 year from 3.85% to 4.15%. CIBC and Scotia followed with similar increases. The economy seems like it is picking up and it seems normal that the rates are already on the rise.

I just re-did my mortgage and I am super happy that I waited until now to do it.

[krazykhoja]

Originally posted by canadian_hustla


Thank you I totally agree. On Wednesday TD, RBC, and BMO increased their 5 year from 3.85% to 4.15%. CIBC and Scotia followed with similar increases. The economy seems like it is picking up and it seems normal that the rates are already on the rise.

I just re-did my mortgage and I am super happy that I waited until now to do it.

I totally wish I hadn't just graduated and have student debts and all that, since it would be an awesome time to get a house/mortgage. If you are smart with your money you can really take advantage of a recession, its too bad I won't be in a position to take advantage for another few years (assuming we wont still be in one by then).

Congrats on getting a great rate though, that'll def. save a few thousand or tens of thousands over the course of the mortgage compared to a higher interest rate.

[Redlyne_mr2]

Gawd I wonder what my rate will be when I renew in 5 years lol, it cant get any better than this.

[quazimoto]

If you work at a bank and you can only get 3.5% I'm sorry your getting screwd without knowing it. The interest rate hike in with mortgages this past week was 100% directly related to bond and dollar activity and is NOT an immediate sign that the economy is going to spring right back.

There are still very serious issues with the economies in both the US and Canada and until they are fixed the rates will stay relatively low. They jack the rates up to 5% and many people will not qualify for the "average" home. The 1 to 1.5 percent may not sound like a whole lot but when you stick it on a 400,000+ mortgage it can hurt.

[canadian_hustla]

Originally posted by quazimoto
The interest rate hike in with mortgages this past week was 100% directly related to bond and dollar activity and is NOT an immediate sign that the economy is going to spring right back.

very true, but these rates are historically low. I remember 2007 when people were locking into 6-7% thinking that it was a good rate. As always, locking into rates depend on peace of mind and minimizing risk.

[jjjheimer]

We just renewed for 3.6% for 5 with the TD. Be sure to do your diligence on the documentation because not all fixed terms mortgages are the same.

[sputnik]

Originally posted by quazimoto
Sorry its not the "best" rate. We were offered a 5 year rate at 3.29% and a 3 year at 2.89%. Also by one of the big 5 banks. It is still a good rate though. The way to cheap mortgages is seriously who you know.

Which bank was that?

[canadian_hustla]

Originally posted by sputnik


Which bank was that?

Make sure you do your homework. I doubt it is a 5 year fixed.

[bituerbo]

Originally posted by canadian_hustla
Some of you may have seen the new banner from one of beyond's newest paid sponsors. His name is Andrew Chan and I have had the pleasure to work with him. I am also the one that referred him to this site.

I want to let you all know that he a fantastic mortgage specialist who is very friendly and efficient. He also speaks Chinese. The bank that he works for is a very well known financial institution. The 3.50% fixed mortgage is the real deal. It is the lowest in Alberta and quite possibly the lowest in Canada. The banner says "expires June 30" but I am confident that it is going to expire mid June. I am not sure if the rate will ever be this low again.

I dare you to compare. Please feel free to take a look at all the banks and you will see that most are around 4.15%. I remember seeing another mortgage thread where members were posting 3.69% as the best rate. This is a limited time offer!!!

Thank you for your time,

-Dave

Do you have a website/contact info?

[sputnik]

Originally posted by canadian_hustla



Make sure you do your homework. I doubt it is a 5 year fixed.

I doubt it was too.

However variable rate mortgages are generally done in increments of 0.05% and never have a 3 year rate either.

[canadian_hustla]

Originally posted by bituerbo


Do you have a website/contact info?

His banner halfway down the sponsors page:

His phone number is 403-988-0330


The application has to be started before June 15, 2009, guaranteed advance of 90 days. If you are looking to buy a house before September it is a good practice to lock the rate first.

[kaput]

.

[bituerbo]

Originally posted by kaput
Sounds good, but what kind of prepayment options, penalties, flexibilities, etc. does that deal include (or not)?

In for this.

[canadian_hustla]

From Andrew Chan:

Answers:

prepayment is up to 20% of the original amount every year.
So if the original amount is $100,000. 20% is $20,000 so prepayment would be $20,000 per year.

Payment is 20% of monthly payment. If monthly payment is $1000, then you could put 20% extra so $200 more a month. So payment could be $1200/mnth

If you switch out of the mortgage. There is a penalty. 3 months interest or the interest rate differential.

Special Notes:

There is no application fee for the mortgage. You can cancel the application at any time without charge. No strings attached.

He will also cover the appraisal fee up to $350.00


This is a basic mortgage. All the banks have similar rules. No additional restrictions and you will not have any surprises.

If you want more information, call Andrew ASAP as the application needs to be started before June 15, 2009