Getting the best mortgage rate

[albertGQ]

^^^
Isn't ING Scotiabank now?

[roadblock]

Originally Posted by Sinny Darino

I just got a Prime minus 0.4 (2.6%) for 5 years. Go with a mortgage broker, forget the big banks!!!

I got this same rate at Scotiabank back in December aka "big bank"

[cam_wmh]

Originally Posted by DoubleK

Dammit. I just re-upped in October for Prime -0.5% for 5 years.

I got exactly that at the same time.

[Winsor_Pilates]

Where are you guys getting 5 year fixed at 2.6%???!
I think a lot of people are confusing 5 year variables and 5 year fixed rates. Very different products.

[Calgary14]

Don't be afraid to negotiate with your bank and research the lowest rates online. See what other lenders are offering and mention it to your bank. A good starting point is ratesupermarket.ca. We got a really good deal on our mortgage mainly thru effective negotiating. It helps if you already are a customer there, you've bought their products or pay fees for other things. I wouldn't even bother looking at the rates the banks post on their website as they are inflated.

[Ace]

Who is Flamesrule's lender!!!

[guzzy]

Originally Posted by Winsor_Pilates

Where are you guys getting 5 year fixed at 2.6%???!
I think a lot of people are confusing 5 year variables and 5 year fixed rates. Very different products.

i got prime -0.4 fixed for 5 years. This is the first fixed i have ever had. I have always done variable. The variable wasn't that much better this time so i took the security.

ING (apparently Scotiabank now) was lender

[albertGQ]

Originally Posted by guzzy

i got prime -0.4 fixed for 5 years. This is the first fixed i have ever had. I have always done variable. The variable wasn't that much better this time so i took the security.

ING (apparently Scotiabank now) was lender

If you got a fixed rate, why are you quoting P-0.40% instead of 2.60% then?

[The Yen Man]

The rates in June last year and the rates now are pretty different. I'm just crossing my fingers that rates are still around the 3% range in December this year, when I'll be able to negotiate my next 5 year mortgage.

[guzzy]

Originally Posted by albertGQ

If you got a fixed rate, why are you quoting P-0.40% instead of 2.60% then?

sorry to offend your senses!!! it is a fixed rate at 2.6%. Is that better for you?

[FLAMESRULE]

ryty - clear your inbox for a PM

[Ace]

Originally Posted by guzzy

sorry to offend your senses!!! it is a fixed rate at 2.6%. Is that better for you?

This is too good to be true, how do we get this rate!!

[Winsor_Pilates]

Originally Posted by guzzy

sorry to offend your senses!!! it is a fixed rate at 2.6%. Is that better for you?

I don't think he's offended; he's just correctly telling you that fixed rates aren't based off prime. If you're lender gave you anything that was prime - "whatever" you did not get a fixed rate.

Maybe you got a 5 year closed variable, not a 5 year fixed?
You would have fixed payments (which many people don't know if the case in a variable), but the rate is not fixed.

Not for me to tell you what you have, but being based off prime, and being 2.6% in last summer, tell me it must not be a fixed.
No one was offering 5 yr fixed at that range last summer.

Fixed vs Variable

[roadblock]

I think the rate he got is indeed prime - 0.4% variable rate on a closed term.
No chance thats a fixed rate

[MillerTime GFG]

I will go just shy of guaranteeing that it is a variable rate @ 2.6% (P -0.4). The lowest rate I have seen on a 5 year fixed in the last 2 years was a 2.74%, which was about 6-8 months ago. Now if you got financing around that time, there is a chance that your bank rep/broker bought down the rate to 2.6%, but I don't know anyone that would need to buy down a rate from 2.74%, as that is incredibly low as-is, and that would mean little to no commission for the broker.

In regards to current rates these days - I'm a Mortgage Professional with SmartCap (brokerage being invis) and I can currently lock clients into a 3.09% 5 year-fixed for 90 days, and I can do a 120 rate hold at P - 0.5, which would currently leave you at 2.50%. Feel free to send me a message if anyone has any questions/inquiries.

I'm not sure how Flamesrules got a P - 0.70... I've never seen that, and I have access to over 50 different lenders. Here's the link to my thread: http://forum.calgarypuck.com/showthr...=125184&page=2

Greg

[guzzy]

Originally Posted by MillerTime GFG

I will go just shy of guaranteeing that it is a variable rate @ 2.6% (P -0.4). The lowest rate I have seen on a 5 year fixed in the last 2 years was a 2.74%, which was about 6-8 months ago. Now if you got financing around that time, there is a chance that your bank rep/broker bought down the rate to 2.6%, but I don't know anyone that would need to buy down a rate from 2.74%, as that is incredibly low as-is, and that would mean little to no commission for the broker.

In regards to current rates these days - I'm a Mortgage Professional with SmartCap (brokerage being invis) and I can currently lock clients into a 3.09% 5 year-fixed for 90 days, and I can do a 120 rate hold at P - 0.5, which would currently leave you at 2.50%. Feel free to send me a message if anyone has any questions/inquiries.

I'm not sure how Flamesrules got a P - 0.70... I've never seen that, and I have access to over 50 different lenders. Here's the link to my thread: http://forum.calgarypuck.com/showthr...=125184&page=2

Greg

my previous mortgage was prime - 0.8% through ING (true north mortgage as broker) variable. I closed that in June 2008 for 5 years. i renewed with ING in June 2013 closed rate of 2.6% for five years (definitely not a variable). This is the first time i have ever locked in a rate in a decade. I have always gone variable before last June

[Winsor_Pilates]

In that case, you sir got the best 5 year fixed rate ever offered to any Canadian person in history!!
Congratulations!!!

[Calgary14]

We got our 3 year fixed at 2.60% - probably could've held out for a better rate but its so low we couldn't resist