Need mortgage info :)
Page 1 of 2 1 2 LastLast
Results 1 to 15 of 19

Thread: Need mortgage info :)

  1. #1
    Entertainment Poster Guy Array rearwheelrider's Avatar
    Join Date
    Mar 2003
    Location
    Da Village
    Bike
    05 750 gixxer (no,seriously)

    Need mortgage info :)

    Hello everyone


    What i'm trying to gain some information on , is info about mortgage rates.

    In the near future , i'm going to have to go and refinance a property to attain a further 100,000.00 loan to pay off some siblings, as a result of an estate settlement.

    The current mortgage interest rate sits at 5.5 % at my bank presently.

    My question is: are these rates fixed? or are they subject to "dickering". you know... say you start trying to falsely inflate your gonads and say "Well...i'm going to another bank if you don't get down another percent on the lending rate". that sort of thing.

    I'm terribly naive to the banks.

    Your credit-worthy input would be greatly appreciated

    thx
    Rdub
    RICHES BEFORE BITCHES

    People who never do any more than they get paid for never get paid for any more than they do.
    – Albert Hubbard

  2. #2
    Entertainment Poster Guy Array rearwheelrider's Avatar
    Join Date
    Mar 2003
    Location
    Da Village
    Bike
    05 750 gixxer (no,seriously)
    ps- say- the economy slows down significantly....and the banks lower interest rates in order to get money moving again........ if you were fixed in at a (ex) 7% rate , but the rates have since dropped to 4 %, are you able to get your rates lowered?
    RICHES BEFORE BITCHES

    People who never do any more than they get paid for never get paid for any more than they do.
    – Albert Hubbard

  3. #3
    Registered User Array Tengu's Avatar
    Join Date
    Apr 2004
    Location
    The Wack
    Bike
    DRZ400SM
    Quote Originally Posted by rearwheelrider
    ps- say- the economy slows down significantly....and the banks lower interest rates in order to get money moving again........ if you were fixed in at a (ex) 7% rate , but the rates have since dropped to 4 %, are you able to get your rates lowered?
    no, if you agree to %5 for 5 years thats what you pay

    Personally i opted for a line of credit to cover the house, it floats with prime plus a small discount. It can be paid whenever and however much i want as well

    Edit: Oh and Harps is wise on these things, however he may require you to lend him your bike in exchange for information
    Portfolio Site:
    TenguArtwork.com

  4. #4
    Registered User Array BMR's Avatar
    Join Date
    Mar 2002
    Location
    Vancouver
    Bike
    Demo Days
    Current rates from a broker are around 4.95 to 5.05 for a 5 year term, which is a comfort zone for a lot of folks. You should beat the 5.5% rate quite easily. If you wanted to re-do a mortgage, you can pay a penalty to get out of a 7% and get into a 4.95% or do a blended mortgage.

    Shall I get a mortgage broker to contact you?

    I also have a graph that shows what happens if the rates were to rise a full 2 points.

  5. #5
    ACDC
    Guest
    The most obvious question here is why are you asking your buds on a sports bike forum ? i'm sure you'll get some helpful answers, but the people you should be talking to are your bank and real estate agents etc. They're the experts mang ..... that's what I would do. They want your money, so be tough with them and they should bend over backwards when they find out you're thinking about getting a loan from another bank .... muahha

  6. #6
    Registered User Array
    Join Date
    Jun 2004
    Location
    Victoria
    Bike
    2001 GSXR 750
    I would definitly go to a morgage broker, have a look in the paper.

  7. #7
    need new bike please Array Chiquita's Avatar
    Join Date
    Jul 2002
    Location
    Coquitlam
    Bike
    bike go bibi
    I just met with a mortgage broker a couple of days ago and she had all the rates for all the banks. Obviously they will give you the best rate possible. Right now its about 4.9% - 5.1% for 5 years or there was the variable option which I think started at 3.75%. Your best bet is to contact a mortgage broker close to you and they can go through all your options with you. A fixed 10 year rate was 5.85% but depends on what you need it for.
    See the stars.. they're shining bright.. everything's alright tonight..

  8. #8
    AKA Newfie Girl Array Newfie Girl's Avatar
    Join Date
    May 2004
    Location
    Lala Land
    Bike
    Honda street
    I also used a broker. Saved me a huge chunk of cash but caused me massives headaches. Was truly a painful experience to use. However, I prefer the money savings so worked out in the end. Got 4.25% for 4 years I believe?

  9. #9
    slower than ... Array FLAX's Avatar
    Join Date
    Jan 2003
    Location
    Vancouver
    Bike
    pedal commuter & gixxer
    Make an appointment to speak to a mortgage expert in your bank and allow a couple of hours. Ask every conceivable question you can think of, dumb or otherwise. Have them run and print out lots of what if? scenarios. If you are a regular customer, or show intention of becoming one, you should get an entire percentage point off the posted rate.
    I have a variable rate mortage where my payments are modelled on a rate 2 percentage points higher than that which I am actually charged. My current rate is 3.75% and less than 5 years into our mortage, I have 12.5 years of payments to finish.
    Once you figure out what your bank will offer you, shop around and see what the alternatives are. If you find something seemingly substantially better, go back to your bank and see if they will match.
    Remember that every dollar that you pay ahead of schedule is a dollar plus interest that you don't pay at the end.

  10. #10
    Stupid bastard Array Hu99's Avatar
    Join Date
    Feb 2002
    Location
    Y-Town
    Bike
    '07 BMW K1200R
    Do you think your best bet for mortgage advice is to ask the members of this board, or contact a couple of financial institutions?
    What was it all about?

  11. #11
    More than meets the eye Array Pvt. BLOGGINS's Avatar
    Join Date
    May 2004
    Location
    Surrey
    Bike
    2004 Katana 750, 1992 GS500
    Dude, Mortgage brokers are the best, they don't cost you money, and their job is to find your the best deal that suits your needs. I had good experiences with people from "INVIS"

    Give em call

  12. #12
    independent Amsoil dealer Array chromedome's Avatar
    Join Date
    Aug 2002
    Location
    Cloverdale
    Bike
    2007 Harley Nightrain
    We went through Scotia Bank and got a fixed mortage for 4.95% over 5years. We went in no haggling. She just said here is your new rate. Down from 5.35% on our townhouse which we where only in for 2.5 years. We didn't get charged any fees for changing the rates as well as she saved us a few thousand on some other things when we bought the house. Anyways your best bet would be to talk to someone in that field. We do have a great relationship with our banker. If you have a good relationship with yours I don't see why he/she would not want to help you out. They want the buisiness.I did a mortage calculator on our townhouse. And over 19 or 20 years.(somewhere around there) at 5.35% on $350,000.00 the bank would stand to make almost $800,000.00 after interest..I am scared to do it on our house.

  13. #13
    AKA Newfie Girl Array Newfie Girl's Avatar
    Join Date
    May 2004
    Location
    Lala Land
    Bike
    Honda street
    Quote Originally Posted by Pvt. BLOGGINS
    Dude, Mortgage brokers are the best, they don't cost you money, and their job is to find your the best deal that suits your needs. I had good experiences with people from "INVIS"

    Give em call


    Same company we used. Rate was great Rep was a little brain dead though...

  14. #14
    Registered User Array Squint's Avatar
    Join Date
    Jan 2004
    Location
    East Van
    Bike
    2015 Ninja 300 ABS
    Quote Originally Posted by Pvt. BLOGGINS
    Dude, Mortgage brokers are the best, they don't cost you money, and their job is to find your the best deal that suits your needs. I had good experiences with people from "INVIS"

    Give em call
    I just went through Invis as well, it was great. Although my real estate agent had to call the broker when the first rate was around 6%... they tried again and came back with 4.4% (that was a few months ago). Then it was easy from there.

  15. #15
    Moderator Array Harps's Avatar
    Join Date
    Mar 2002
    Location
    Gastown
    Bike
    A couple of Suzukis
    Quote Originally Posted by Pvt. BLOGGINS
    Dude, Mortgage brokers are the best...
    I don't know, I have to sort of take issue with that. Mtg Brokers can be really good for lower rates - not all the time, but a lot of the time you can get a better rate through a broker, especially if you don't have any relationship established with an FI already. If you have a fair bit with one of the big FIs or credit unions, you can often get a lower rate just based on relationship value (ie, they want you to keep all your business with them).

    But the reason I say Mtg Brokers aren't always the best is because of the kind of customer service you receive compared to dealing directly with a bank, especially after the mortgage has already been going for a little while. I use to do mortgages (among other things) for one of the big FIs, and I can't even begin to tell you about the number of people I use to have come in and complain about the way they were treated by their brokers when it came time to deal with some of the admin after the mtg was already started...like if they want to refinance, or put an additional charge on their home, or just pay down the principal or whatever. And I had a number of people switch to my bank when it came time to renewing, just for the value of the service they received. And from the way RWR is talking, it sounds like he might need some help and advice with stuff that is more complicated than what mtg brokers usually want to deal with. Know what I'm saying?

    In short:
    Service: Banks > Mtg Brokers (usually)
    Rate discounts: Mtg Brokers > Banks (usually)
    Maybe Mediocre
    BCSB - I hate you

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •