I got my new home closing for next year in september . My question is do i need to bother now and shop for Mortgages or later on when the closing date approach closer.
Thanks
Quote:
Originally posted by nari
I got my new home closing for next year in September . My question is do i need to bother now and shop for Mortgages or later on when the closing date approach closer.
Thanks
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks!
Promodji,
for you suggestion i always like reading your post they are quite informative and helpful.
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by nari
I got my new home closing for next year in September . My question is do i need to bother now and shop for Mortgages or later on when the closing date approach closer.
Thanks
Nari,
Congratulations of buying your 'own home' in Canada.
As you have decided to buy a new home, I presume you are buying it directly from a builder and it would take around 18 months from now when you would get possession of your 'prized asset'. However, in brokerage channel we lock interest rates only up to 4 months period.
I would suggest you to either go to your bank or the banker at the builders office and lock the rates for you as they can lock the rates for your for 18 months time. This way you will assure yourselves of getting a good rate if the rates go up when you take the possession. However, in May next year, you should start shopping by contacting any mortgage professional and find out if he/she could get you a better deal than what you have with you and then decide.
Any more questions, either ask here or PM.
Good Luck.
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happily holi day!
Quote:
Originally posted by 905Desi
Quote:
Originally posted by Pramod Chopra
Quote:
Originally posted by nari
I got my new home closing for next year in September . My question is do i need to bother now and shop for Mortgages or later on when the closing date approach closer.
Thanks
Nari,
Congratulations of buying your 'own home' in Canada.
As you have decided to buy a new home, I presume you are buying it directly from a builder and it would take around 18 months from now when you would get possession of your 'prized asset'. However, in brokerage channel we lock interest rates only up to 4 months period.
I would suggest you to either go to your bank or the banker at the builders office and lock the rates for you as they can lock the rates for your for 18 months time. This way you will assure yourselves of getting a good rate if the rates go up when you take the possession. However, in May next year, you should start shopping by contacting any mortgage professional and find out if he/she could get you a better deal than what you have with you and then decide.
Any more questions, either ask here or PM.
Good Luck.
don't lock in! .. i locked in and then decided to pay the $5,000 penalty to break-free and go variable ... going variable then went on to save me $9,000 ... still $4,000 ahead.
prime plus is the way to go.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
any pointers ..
TD is offering 4.15 variable (prime - 0.60) ?
I think variable is the way to go .. I am also hoping for a weekly mortgage payment ..
Also on the subject any good property management companies folks can suggest ..
I want to rent the new (town) house ...
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Quote:
Originally posted by rp_0999
any pointers ..
TD is offering 4.15 variable (prime - 0.60) ?
I think variable is the way to go .. I am also hoping for a weekly mortgage payment ..
Also on the subject any good property management companies folks can suggest ..
I want to rent the new (town) house ...
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
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