Mortgage question re rates.

[69cougar]

for all you realtors around here or maybe mortgage brokers. Wondering what kind of rates to expect??
I know what the posted rates are at the banks i am intrested in what kind of rate you or clients have recentlt obtained?

Thanks

[Khalil.e]

fixed?
variable?

term?

[Thaco]

check with ING Direct , i found that thier rates at 1% below major banks on a 5 year fixed, and 2% below on a 10 year fixed.

[Pacman]

I asked numerous banks for their rates when I got my mortgage this past August.

I was only getting quotes on 5 year fixed rates.
They ranged from 4.2% to 5.5% depending on the bank. My friend is a mortgage broker and my rate of 4.2% was lower than what he was able to get me at the time.

It pays to shop around.

[sputnik]

www.invis.ca

[69cougar]

Originally posted by sputnik
www.invis.ca

Did you use them??

[69cougar]

Originally posted by Khalil.e
fixed?
variable?

term?

Probably a 5 yr fixed poss 10 year fixed??

[Weapon_R]

I wouldn't use a no-name lender, but what I would do is take the rate that they give you and tell the bank to match it, which they likely will. Do not shop around too much for quotes, as it looks bad on your credit rating

[hash]

Originally posted by Weapon_R
Do not shop around too much for quotes, as it looks bad on your credit rating

Really? How come?

[Pacman]

Originally posted by hash


Really? How come?

That's only if you actually apply for the mortgage. Your rating won't get down if you are just price shopping.

[frostyda9]

Originally posted by Pacman


That's only if you actually apply for the mortgage. Your rating won't get down if you are just price shopping.

I was curious about that. So I looked it up. Here's what I found:

Multiple inquiries can also result from applicants shopping for the best deal. To avoid catching shoppers in their net, credit scorers ignore auto and mortgage inquiries that occur within 30 days of a score date. To avoid biasing the credit score from earlier shopping episodes, the scorers treat all auto and mortgage inquiries that occur within a 14-day period as a single inquiry.

Now you know

[Alex_FORD]

this was 3 years ago,

I went through a mortgage broker(can't remember the name) and got a rate that was about 1% better than the royal bank was willing to offer, then when we placed a bid on a house we applied to the builder's mortgage company( CIBC) but we told them the interest rate that we wanted them to beat....which they did by .1 percent. By going through the builder's mortgage company we saved the cost of lawyers fees, also.

side note: I understand that the low rates for floating interest are pretty good.....but so are the 5 and 10 year fixed. I wonder if there's good sense to go against the trends by going after the 10 year?( I went for a 5 year fixed)

[sputnik]

Originally posted by 69cougar


Did you use them??

No, but they are a good indicator as to what the best rates available are. You should be able to take their rates to any financial institution and haggle for a rate close to theirs.

[HRD2PLZ]

I went through a Mortgage broker and took a mortgage through Scotia. This was a couple years ago so rates have changed, it was a mortgage promotion Scotia had a few years ago.

On a side note, a good friend of mine is a FSR with TD and for his mortgage he ended up getting a better rate through BMO. BMO beat his TD EMPLOYEE rate by over 1%... and he didn't even negotiate with BMO.

[s2k_boi]

4.2% is hard to beat for a 5yr. are you 100% sure its not a variable?? but as a side note. rates has gone up at least .3 to .5 since august as well

[sputnik]

4.20% will be a 5 yr variable... 4.99-5.05% seems to be the going rate these days for 5 yr fixed.

[legendboy]

5.5% fixed 10yr via First line mortages (cibc)

[Aleks]

I just got a 4.25% 5 Year Fixed thru BMO

[GoChris]

Originally posted by Aleks
I just got a 4.25% 5 Year Fixed thru BMO

damn, they gave me 4.59% a few weeks ago for 5 year fixed. time to go back and complain. would you mind telling me who you talked to? I've dealt with the BMO for years, you think they would give me a decent rate (ok not really cause thats not how banks work)

[Aleks]

I talked to a lady at the Shawnessy branch. The reason for discount is my parents have a mortgage with them, and our whole family does banking with BMO.
Also I got my mortgage end of October, don't know if that makes a differnece.