01-14-2012, 08:19 AM
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#1
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Self Imposed Exile
Join Date: Jul 2008
Location: Calgary
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BMO and TD offering a 2.99% five year fixed
BMO and TD offering a 2.99% Five year fixed...
news link says 4 year, but BMO site says 5
http://www.theglobeandmail.com/globe...ontent=2302191
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01-14-2012, 08:44 AM
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#2
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Franchise Player
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Now is one of few times to pick fixed over variable
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01-14-2012, 09:04 AM
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#3
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First Line Centre
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What are the chances BMO will get us into that locked rate for five years when we still have 3 years on our 3.99% rate with them?
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01-14-2012, 09:22 AM
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#4
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Franchise Player
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Quote:
Originally Posted by Coys1882
What are the chances BMO will get us into that locked rate for five years when we still have 3 years on our 3.99% rate with them?
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About the same chance of the Oilers winning the cup this season.
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01-14-2012, 09:23 AM
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#5
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Lifetime Suspension
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i'm calling my morgage company on monday to gaggle...
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01-14-2012, 09:54 AM
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#7
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Retired
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Hmmm, I see according to the ATB website, they have 4.09 over 5 years.
I currently have a variable... 2 years into my first mortgage so I don't think I can switch to another bank.
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01-14-2012, 09:55 AM
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#8
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First Line Centre
Join Date: Jul 2008
Location: Peterborough, ON
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Damn - I thought my 3.49% fixed for 5 years was nice.
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01-14-2012, 10:09 AM
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#9
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by CaramonLS
Hmmm, I see according to the ATB website, they have 4.09 over 5 years.
I currently have a variable... 2 years into my first mortgage so I don't think I can switch to another bank.
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You might be able to, unless its closed?
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01-14-2012, 10:15 AM
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#10
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Franchise Player
Join Date: Nov 2009
Location: Section 203
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Quote:
Originally Posted by CaramonLS
Hmmm, I see according to the ATB website, they have 4.09 over 5 years.
I currently have a variable... 2 years into my first mortgage so I don't think I can switch to another bank.
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My buddy just switched from CIBC to ATB because they gave him a 5 year fixed for 3.49%. There could be some negotiating room there or just a difference in the posted rate.
He's not so happy about the TD and BMO rates, as he would obviously have gone there.
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01-14-2012, 10:22 AM
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#11
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Franchise Player
Join Date: Feb 2011
Location: Somewhere down the crazy river.
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Do the math first to make sure its worth breaking your current mortgage and the penalties involved. Usually it is worth it, but sometimes not.
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01-14-2012, 10:25 AM
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#12
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First Line Centre
Join Date: Mar 2006
Location: Edmonton, AB
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The BMO mortgage is pretty restrictive.
Read the fine print.
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01-14-2012, 10:26 AM
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#13
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Retired
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Quote:
Originally Posted by Slava
You might be able to, unless its closed?
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Its closed, however, there is an option to switch to a listed fixed rate at any time with a minimum term of 3 years. It was similar when I went in, they gave me a good chunk off the posted rate right away.
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01-14-2012, 10:33 AM
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#14
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by Wormius
Do the math first to make sure its worth breaking your current mortgage and the penalties involved. Usually it is worth it, but sometimes not.
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Its hard to say. The saving of 0.5% sounds like a lot, but on $300k its $125/month. Over three years that is $4500, which might not cover a penalty, or might be about the same (depends on how its calculated).
Before someone jumps on me for saying $125 is no big deal I'm saying it in context here. Its good to pay less, assuming it works out numbers-wise. Now do something smart with $125/month. Put it away for yourself and don't wonder a year later what happened to the savings every month.
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01-14-2012, 10:40 AM
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#15
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Franchise Player
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Quote:
Originally Posted by Coys1882
What are the chances BMO will get us into that locked rate for five years when we still have 3 years on our 3.99% rate with them?
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You should see if they'd blend your rate
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The Following User Says Thank You to albertGQ For This Useful Post:
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01-14-2012, 10:42 AM
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#16
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Franchise Player
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Quote:
Originally Posted by squiggs96
My buddy just switched from CIBC to ATB because they gave him a 5 year fixed for 3.49%. There could be some negotiating room there or just a difference in the posted rate.
He's not so happy about the TD and BMO rates, as he would obviously have gone there.
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3.49% isn't even that great. Lots of banks have five year rates better than that even before these promos
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01-14-2012, 10:43 AM
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#17
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Franchise Player
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Quote:
Originally Posted by CaramonLS
Hmmm, I see according to the ATB website, they have 4.09 over 5 years.
I currently have a variable... 2 years into my first mortgage so I don't think I can switch to another bank.
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4.09% is not an attractive rate at all
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01-14-2012, 10:44 AM
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#18
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Franchise Player
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Quote:
Originally Posted by Deegee
The BMO mortgage is pretty restrictive.
Read the fine print.
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Too lazy to read. What are the restrictions?
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01-14-2012, 10:55 AM
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#19
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The new goggles also do nothing.
Join Date: Oct 2001
Location: Calgary
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I've got 2 HELoCs at prime - 0.5%, but been thinking about converting them (they're starting to become a problem when talking to banks about borrowing), it probably won't get much better than this eh?
__________________
Uncertainty is an uncomfortable position.
But certainty is an absurd one.
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01-14-2012, 10:56 AM
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#20
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Backup Goalie
Join Date: Jun 2011
Exp: 
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Restrictions are a 25 year term only and only 10% prepayment ability.
Not too bad unless you need the 30 year... which means you probably are stretching beyond means. The difference between 30 year and 25 year on a $200k mortgage is $100/mn. No biggy. Not for a 0.50% break on the rate.
The scary thing is when inflation exceeds the 5 year fixed mortgage rate... well... it's generally a sign you're deep in some stagflation depression. Japan's lost decade style.
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