Where 3.44% mortgage rate beats 2.74% in 5 years term

[dkwan]

I am so exciting....

 

[youdianfan]

没读懂

 

[dkwan]

就是當您拿一個5年3.44%的房貸，5年后的剩餘本金會比一個5年2.74%的房貸為底

 

[76543210]

就是當您拿一個5年3.44%的房貸，5年后的剩餘本金會比一個5年2.74%的房貸為底

How come?

 

[dkwan]

So, rate is not already the important thing, most important is the package/service received from advisor
Scenarios, 5-year fixed rate for all scenarios, same bi-weekly payment, end of 5-year term. Principle amount remaining is the lowest.

 

[dkwan]

 

[dkwan]

Charlene Song, CIBC @Billings Bridge gave me a lot of advise on their different product.
Say refer from David.

 

[zsnb]

Charlene Song, CIBC @Billings Bridge gave me a lot of advise on their different product.
Say refer from David.

not possible...Scenario 2 has prepayment selected

 

[dkwan]

Possible, since the prepayment money is not out of our pocket, it's the cash-back from the bank, and repay to the mortgage on day 1 of the closing.
So, in all scenarios:
1) Out of pocket money the same
2) Bi-weekly payment the same

Then, I am looking at the principle remaining the end of the 5-year term.

 

[lahaya]

Possible, since the prepayment money is not out of our pocket, it's the cash-back from the bank, and repay to the mortgage on day 1 of the closing.
So, in all scenarios:
1) Out of pocket money the same
2) Bi-weekly payment the same

Then, I am looking at the principle remaining the end of the 5-year term.

还是不明白你的意思

 

[zsnb]

Possible, since the prepayment money is not out of our pocket, it's the cash-back from the bank, and repay to the mortgage on day 1 of the closing.
So, in all scenarios:
1) Out of pocket money the same
2) Bi-weekly payment the same

Then, I am looking at the principle remaining the end of the 5-year term.

if there's cashback, then it's different. How much/what's the pct the cashback?

 

[dkwan]

3% cash back.

 

[smartgirl]

Line 3: Total P&I payments = 156,748
But 1094*130=142,220
Difference = 14,528 = 3% of 480,000
You APR = 2.34% over 5 yrs, that's insane,
CIBC are nuts?

 

[dkwan]

Why you have such a conclusion? I don't know why you are so upset?

 

[sjs]

Are there any fine prints? such as you have to stay with CIBC after 5 years.