[Gravter]

Our mortgage is due so need to find best possible interest rate for our renewal!
the place where I,ve done business with since 15 years (5 with a mortgage) has an advertized 7.25% for 5 years. gulp!
The best they will offer me after barganning twice is 6.5%. This does not include insurance!
I was hopping to get something like 6.0% locked for 5 years which would suit us.
But if something better is available, please point it out.

thanks

P.S. do you think I could borrow an extra 5,000$ for a turbo, lol... j/k ;)

[hardk0re]

http://www.monstermortgage.ca I got mine through them, they got me a decent rate without having any troubles.

[NefCanuck]

Do mortgage brokers exist in Quebec? Because if that's the shaft that your own bank is giving you I'd say it was time to look elsewhere :(

As for borrowing more against your equity... I did that to buy the Focus at the time :lol:

NefCacnuck

[Gravter]

Yup, there are brokers in Quebec.

I will be calling a fw tomorrow and see what they can do just to show my bank I'm not impressed with their "offer".
My bank is actually called Desjardins. Each year, they give me a percentage back of paid interest for the past year. This year, it was 16% of total paid interest amount that I got back which amounts to about 1100$
The smart thing to do is take this money and put it on your loans capital but usually we use it to pay off those damn municipal taxes and school taxes.
So, Desjardins is saying that when they give me a loan @ 6.5% and then calculate the return on paid interest (has been 15-16% for 5 years now) it.s like a 1% lower rate! I'll have to calculate this and see if it actually is like a 5.5% rate.

[meford4u]

Get a mortagage broker and knock the block off your bank.

I did and got a great rate and used it against my bank to match the rate I received from the broker and then get the bank to throw in free banking for a year.

A mortgage broker is free to you and they work very well.

[ZX5chica]

Try ingdirect.ca

Ing Mortgages

They have fixed and variable mortgages for different term lengths.

They have a great prepayment plans that have no penalties. You can increase your monthly payments by up to 25% each year, or you can make a lump sum payment of up to 25% of the initial mortgage amount. All without monetary penalties.

That's who I'd go with

[oldeguy]

One more thing, instead of paying mortgage insurance, which will always be the same cost, with diminishing returns (as the mortgage gets lower, so does the payout on the insurance, but not the premium), get yourself some life insurance, it should be term, for the amount to cover the cost of the house.

[Flofocus]

ZX5chica,Jun 27 2007, 10:24 PM Wrote:Try ingdirect.ca

Ing Mortgages

They have fixed and variable mortgages for different term lengths.

They have a great prepayment plans that have no penalties. You can increase your monthly payments by up to 25% each year, or you can make a lump sum payment of up to 25% of the initial mortgage amount. All without monetary penalties.

That's who I'd go with
[right][snapback]242559[/snapback][/right]

I 1st went through pc, royal, and td....then I went to Capital Mortgages in Orleans (broker) and got another 3 quotes. ING was the best...beating rbc as much as .5%. :D

[02ztsian]

ING FTW.
We are at 5.09% for 2 more years of a 5 year fixed rate. Plus, we are doing bi-weekly payments, and have increased our payments by $200 per payment. On top of that, we put a total of $10K on the principle since Xmas.
Our broker freaked when we declined the mortgage insurance. Just make sure you have adequate life insurance.

[Gravter]

I did a few calculations concerning the return on interest paid (15%) and if we take this 15% every year and put it on our mortgage, it in fact is the same as getting a lower rate of about 1.1% !
But this is only good for so many years because after a while, one should be paying less interest each year because the mortgae goes down which will result in less money back (15% of 5,000$ compared to 15% of 1000$ is a big difference!).
Anyways, I'm still waiting for a few offers and we'll see what happens.

Cheers and thanks for info.