Mortgage renewal questions?

[小傻]

最初由 keen_observer 发布
We are held hostage by Minto. We are buying a new home and the closing day is few months down to the road. We already paid the deposit; guess what if you can not get mortgage for closing due to unexpected loss of employment,then they are going to keep your hard-earned deposit. The only way to get protected is to opt for Minto's finance plan. If you can not get a mortgage, they will refund your money less $100 administration fee. Certainly, the interest rate with Minto plan is not the most favourable one, but it gives you the protection, and a $1650 design coupon for upgrade.
My plan is to get a short term (1 yr) mortgage and then switch to different institutions offer better rate after the term.

Anyone who wants to buy Minto (or from another builders) new house should be aware of this. Your purchase agreement should have the clause of unconditional withdraw should mortgage finance issue arise. Minto will not put this clause in the purchase agreement, the only way to get protection is to go with the Minto financial plan if you are buying from Minto.

Alternatively, you may divide your mortgage into several pieces: the minimum amount you have to be with Minto financial plan (probably 50,000), and put the rest to another financial institute which you believe is better.

 

[keen_observer]

最初由 小傻 发布


Alternatively, you may divide your mortgage into several pieces: the minimum amount you have to be with Minto financial plan (probably 50,000), and put the rest to another financial institute which you believe is better.

Very good suggestion. Never come across this in my minds. Will this add extra legal cost for closing?

 

[挺傻]

可是问题在于如果你的第一个MORTGAGE是在MINTO,那么他们就会把你房子的TITLE注册到他们名下,其他的FINANCIAL INSTITUTION就不能注册TITLE了,以就是说他们不能以你的房子做担保的情况下给你贷款,那么利率也就不会如同一般的MORTGAGE利率一样了.
我认为需要看一下,他们到底给你多少利率.然后你可以问其他的地方给你的利率是多少,两个方案比较以下,看看哪个合适就选那个.毕竟他们还给1650多的COUPON呢,这可相当于不少的DISCOUNT呢.
还有,就是如果你要是想SWITCH,来问偶一下呀.

 

[keen_observer]

最初由 挺傻 发布
可是问题在于如果你的第一个MORTGAGE是在MINTO,那么他们就会把你房子的TITLE注册到他们名下,其他的FINANCIAL INSTITUTION就不能注册TITLE了,以就是说他们不能以你的房子做担保的情况下给你贷款,那么利率也就不会如同一般的MORTGAGE利率一样了.
我认为需要看一下,他们到底给你多少利率.然后你可以问其他的地方给你的利率是多少,两个方案比较以下,看看哪个合适就选那个.毕竟他们还给1650多的COUPON呢,这可相当于不少的DISCOUNT呢.
还有,就是如果你要是想SWITCH,来问偶一下呀.

Good point, they charge more interest on the second mortgage to cover the risks?

I just signed up for a year. Will switch to variable after the term.

 

[Mooney's Bay]

最初由 keen_observer 发布


Good point, they charge more interest on the second mortgage to cover the risks?

I just signed up for a year. Will switch to variable after the term.

How much discount they give you for 1 year contract? 1%?

 

[keen_observer]

最初由 Mooney's Bay 发布


How much discount they give you for 1 year contract? 1%?

1% less the posted rate plus $1650 design center coupon

 

[oread]

Oh this was not just an attitude, they told me so flat out.

最初由 keen_observer 发布



This is the exactly attitude I am getting from the sale representative.

 

[kool]

最初由 挺傻 发布
还有,就是如果你要是想SWITCH,来问偶一下呀.

I can get a better rate than you in the Scotiabank.

 

[keen_observer]

最初由 渐渐 发布
Oh this was not just an attitude, they told me so flat out.

That sounded striking! I did not have good buying experience either.

 

[挺傻]

最初由 kool 发布
I can get a better rate than you in the Scotiabank.

So give this rate to every CFCs friend ba.

 

[否极泰来]

最初由 挺傻 发布


So give this rate to every CFCs friend ba.

你的头像怎么看着面熟，当然看起来挺友好的。

 

[否极泰来]

最初由 kool 发布


I can get a better rate than you in the Scotiabank.

也是要竞争的。我有一个朋友Mortgage在TD，快到期了，跟他们谈，他们只给降1%，还挺牛。后来去另一家，得到了一个much better rate.回去跟TD谈，就成了。

 

[挺傻]

最初由 有界无边 发布
你的头像怎么看着面熟，当然看起来挺友好的。

我跟很多人长的象

 

[否极泰来]

最初由 挺傻 发布


我跟很多人长的象

如果我没猜错的话，您是XX银行的XX

 

[kool]

最初由 挺傻 发布


So give this rate to every CFCs friend ba.

Sure, No problem.