Is this a good rate?
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Posted on: 11-08-10 12:11:28
First time home buyer with very good credit history ,being offered Prime - .7 on Variable Close 5 Years by TD and BMO ,should I go thru any mortgage broker or is it not worth ?
Should I get approval only at this time as my closing is in Oct end ?
Quote:
Originally posted by ashedfc
By taking the offer you have nothing to loose - However, you can wait for your commitment till mid Oct. to make a decision. If rates get better, than you can always get best one or you can take the existing Prime -0.7%.
You are first-time-home-buyer, are you paying 20% down payment. If yes, than ask your bank to provide you with a readvancable line of credit with the mortgage (means, as you pay your principal every month, equal amount gets available as line of credit without any underwriting or approval - its automatic). This will be very helpful when time gets tough in the next 5yrs.
We are expecting an economic slowdown which will impact almost everything, jobs, R-E prices, currency, interest rates, etc. etc. by doing this you are just preparing yourself for the forthcoming worse economic condition.
Thanks for valuble advice ashedfc.
Any tips for home insurance ,is it good to go with car insurance companies or it is better to go with reputable companies ie State Farm etc.,and what all risks should be taken care of ?
Thanks
Quote:
Originally posted by ashedfc
By taking the offer you have nothing to loose - However, you can wait for your commitment till mid Oct. to make a decision. If rates get better, than you can always get best one or you can take the existing Prime -0.7%.
You are first-time-home-buyer, are you paying 20% down payment. If yes, than ask your bank to provide you with a readvancable line of credit with the mortgage (means, as you pay your principal every month, equal amount gets available as line of credit without any underwriting or approval - its automatic). This will be very helpful when time gets tough in the next 5yrs.
We are expecting an economic slowdown which will impact almost everything, jobs, R-E prices, currency, interest rates, etc. etc. by doing this you are just preparing yourself for the forthcoming worse economic condition.
Readvacable line of credit? i heard first time this. I am going to make 20% down, but banker was not agree for home equity line of credit.
do u have any more information of this.Is TD bank has this facility?
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pranav shah
Quote:
Originally posted by pranavshah77
Quote:
Originally posted by ashedfc
By taking the offer you have nothing to loose - However, you can wait for your commitment till mid Oct. to make a decision. If rates get better, than you can always get best one or you can take the existing Prime -0.7%.
You are first-time-home-buyer, are you paying 20% down payment. If yes, than ask your bank to provide you with a readvancable line of credit with the mortgage (means, as you pay your principal every month, equal amount gets available as line of credit without any underwriting or approval - its automatic). This will be very helpful when time gets tough in the next 5yrs.
We are expecting an economic slowdown which will impact almost everything, jobs, R-E prices, currency, interest rates, etc. etc. by doing this you are just preparing yourself for the forthcoming worse economic condition.
Readvacable line of credit? i heard first time this. I am going to make 20% down, but banker was not agree for home equity line of credit.
do u have any more information of this.Is TD bank has this facility?
TD does have this product. It is a hybrid sort of product wherein you can have any number of fixed term portions along with HELOC. What in essence they do is, they sanction you (subject to your qualifying for this product) a total limit of up to 80% of the value of the house. Out of this limit you can have some amount in fixed / variable mortgage plus line of credit.
For example, if you are buying a house for $400,000 so for this product you HAVE to put 20% down payment and the maximum mortgage /HELOC can be up to $320,000. Out of this amount you can, lets say put $100,000 in any fix term, another $100,000 (or any amount) can be put in a variable rate mortgage and the remaining amount, if any can be allocated to HELOC. If you put the whole $320,000 to fixed and or variable portions, then your HELOC would have zero available funds. Now as you pay down your mortgage, the principal portion is automatically allocated to HELOC and that becomes available to you if you want to withdraw it for any time.
This is a very flexible product and is often recommended to people who want to use it for investment needs or want to protect their house in case of job loss or any thing. If you want to understand more talk to your bank or mortgage broker about it. Still you have questions, please feel free to contact me.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Oooopppps... Duplicate post
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Actually all the statements in ur post make for a good conditions for first time buyers to stay away from buying..
I am amazed at what the banks are doing to keep this game alive..
Quote:
Originally posted by ashedfc
By taking the offer you have nothing to loose - However, you can wait for your commitment till mid Oct. to make a decision. If rates get better, than you can always get best one or you can take the existing Prime -0.7%.
You are first-time-home-buyer, are you paying 20% down payment. If yes, than ask your bank to provide you with a readvancable line of credit with the mortgage (means, as you pay your principal every month, equal amount gets available as line of credit without any underwriting or approval - its automatic). This will be very helpful when time gets tough in the next 5yrs.
We are expecting an economic slowdown which will impact almost everything, jobs, R-E prices, currency, interest rates, etc. etc. by doing this you are just preparing yourself for the forthcoming worse economic condition.
Quote:
Originally posted by dudewheresmycar
Actually all the statements in ur post make for a good conditions for first time buyers to stay away from buying..
I am amazed at what the banks are doing to keep this game alive..
Quote:
Originally posted by ashedfc
By taking the offer you have nothing to loose - However, you can wait for your commitment till mid Oct. to make a decision. If rates get better, than you can always get best one or you can take the existing Prime -0.7%.
You are first-time-home-buyer, are you paying 20% down payment. If yes, than ask your bank to provide you with a readvancable line of credit with the mortgage (means, as you pay your principal every month, equal amount gets available as line of credit without any underwriting or approval - its automatic). This will be very helpful when time gets tough in the next 5yrs.
We are expecting an economic slowdown which will impact almost everything, jobs, R-E prices, currency, interest rates, etc. etc. by doing this you are just preparing yourself for the forthcoming worse economic condition.
If the banks does not do anything to keep this game alive then the forthcomming worse conditions will hit pretty soon i guess..
Anyways as some of the posters mentioned, if you want to buy a home for living then all the above conditions does not stop you buying.
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MK
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