精华 [问题] mortgage rate

[RayLee]

Two questions about mortgage:

1. I believe I can get a mortgage from a bank, so what is the advantage to have a broker to get a mortgage for you? Can a broker get better mortgage for you?

2. What is the best mortgage rate that we can negotiate with a bank? For example, the posted rate is 6.00%, can we get 1.00% off?

Any infomation would be appreciated!

 

[小傻]

最初由 RayLee 发布
Two questions about mortgage:

1. I believe I can get a mortgage from a bank, so what is the advantage to have a broker to get a mortgage for you? Can a broker get better mortgage for you?

找broker 应该是为了更好的rate，他们帮着shop around。..但是据说通过broker拿到的mortgage，在break的时候承担的penalty要多。。。

只是听说，哪位明白给我们补补课吧:thanks:

最初由 RayLee 发布
2. What is the best mortgage rate that we can negotiate with a bank? For example, the posted rate is 6.00%, can we get 1.00% off?

Any infomation would be appreciated! [/B]

TD和CIBC现在贴出的五年期都是6.5,1% off应该是很轻松就能拿到的。。。有5.15的，不知合不合适？

 

[RayLee]

Thank you for the message.

For Q2, I just give an example. What I like to know is that how better deals can Banks offer the customers i.e. what's the negotiation room?

 

[小傻]

Ray， please read today's (Sunday, May 11) Citizen, Section D (Money), "It's decision season for mortgages" by Kristin Goff....

It tells a lot and may answer your question

 

[RayLee]

Thank you, 小傻. I will try to find the article. Is there e-version of the article?

 

[小傻]

Just an update...

The best offer we get so far is from TD Canada Trust

3 yr: 4.55%
4 yr: 4.75
5 yr: 5.15%

The rates can be locked for 6 months..

Any suggestions?

 

[KuCaiHua]

I tried morgage broker before, it doesn't work for me. Normally the morgage broker from for the people who don't have good credit rating, so they might end up either no morgage or higer rate. The morgage broker can be usefule in this situation. Actually my morgage broker gave me the same rate as the bank, but bank also offers some cash back, so I went to bank directly.

For the rate, 1% off should be easy. How far you can go from there depends on how you negotiate with the bank. Some people you can used as the yardstick: ingdirect, TD best rate morgate. If your bank cannot offer you better rate than that, just same the hassle time.

In addition to the rate, there are other stuff you need to take case, such as repay. Normally bank doesn't like you to pay them off as quickly as possible, there are some conditions how much you can pay back each year. It's different from bank to bank.

The period to lock the morgage, normally is one year for new construction and three monthes for old house.

The important thing to remember, everything is negotiatable, don't be afraid to ask.

 

[小傻]

KuCaiHua, thank you so much!

I'll get back to this topic when I am back home, we may have more questions to ask...
...

Thanks again! :thanks:

 

[RayLee]

KuCaiHua and 小傻, thanks for the very useful information.

The posted rate of INGDIRECT is as follows:

5 Year Variable 4.40%
1 Year Fixed 4.30%
3 Year Fixed 4.85%
5 Year Fixed 5.15%
10 Year Fixed 6.15%

I am not sure if we can negotiate above rate with INGDIRECT.

 

[小傻]

再请教几个问题

1。一般来讲，每年能多偿还全部本金的多少？20%是不是算很高了？

2。credit cards. 我自己现在大概就有至少十张信用卡，有几张的额度很高。一直说cancel几张，但也没做。。这在谈mortgage时是不是不利？

3。mortgage中还有什抹值得知道的tricks...

 

[KuCaiHua]

Just call ING direct, to see if they can give you discount. I remember they didn't give me last time when I called. You can try, don't be afraid to call, they want your business.

There are two kinds of payment, one is monthly payment (or you can pay bi-weekly, weekly), another one is called lump sum. There are limitation on both, different banks have different condition for these payment. You can base on your own financial situation to decide which one is better. The 20% you mentioned is the lump sum payment (I guess), it looks very good. I hope I can have that amount of money to pay down morgage.

I heard that credit cards might have some effect. Credit card means the ability you can have to hold debts. Normally banks don't want you can have lots of debts. However, if you have stable income stream, and nice down payment. It should be OK.

Morgage is quite competite market, by talking to different banks, normally you can find the best deal. Other than the rate, repayment condition, banks might offer other benefit, such as cash payback, waiving bank transaction fee, etc. Those are small items, but better than none.

 

[小傻]

刚做了application, 再update一下

3 yr 4.45%
4 yr 4.65%
5 yr 4.95% (lower than prime, 5%!)

每年可以多偿还本金的15%，每个pay可以double.

有朋友发qqh问我们找的哪个TD...如果谁还感兴趣我可以qqh给你们联系方式。。。

 

[rayzhang]

最初由 小傻 发布
刚做了application, 再update一下

3 yr 4.45%
4 yr 4.65%
5 yr 4.95% (lower than prime, 5%!)

每年可以多偿还本金的15%，每个pay可以double.

有朋友发qqh问我们找的哪个TD...如果谁还感兴趣我可以qqh给你们联系方式。。。

请问能不能把联系方式发MESSAGE给我？最近正在找这方面的信息。谢谢。

 

[小傻]

最初由 rayzhang 发布

请问能不能把联系方式发MESSAGE给我？最近正在找这方面的信息。谢谢。

Ray 和其他发悄悄话的朋友请查收你们的qqh...我已将联系电话发出。。。

这是buider推荐的，我们也有朋友或朋友的朋友在其他银行做MORTGAGE,但给的rate比这个要高。。。之所以只贴rate没将contact info 贴出来是考虑到。。。

据说现在的rate时42年来最低，能锁一个还是锁一个八。。


再次感谢kucaihua的帮助...

 

[辟邪]

最初由 小傻 发布
刚做了application, 再update一下

3 yr 4.45%
4 yr 4.65%
5 yr 4.95% (lower than prime, 5%!)

每年可以多偿还本金的15%，每个pay可以double.

有朋友发qqh问我们找的哪个TD...如果谁还感兴趣我可以qqh给你们联系方式。。。

小傻，给俺也发一个吧。有这么好的RATE，值得考虑把原来的扔了再来