Quote:

---

Originally posted by investpro
Personally I doubt the o/n rate will go down any farther than 0.25%, which leaves the banks to reduce their margins, which is a possibilty being bandied as for more than a decade the spread was 1.75% until a year or so ago.

---

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Quote:

---

Originally posted by investpro

Hi desiguy1981

Did the lady say on what basis the prime rates will go down?

Right now, the overnight rate is 0.25% and the current spread is 2% above for prime i.e at 2.25%

If the prime rate goes down further, it means that either the banks will go back to their spread a year earlier of 1.75% or that the overnight rate goes to 0%, or a combination of both.

Personally I doubt the o/n rate will go down any farther than 0.25%, which leaves the banks to reduce their margins, which is a possibilty being bandied as for more than a decade the spread was 1.75% until a year or so ago.

Nonetheless, do let me know what the lady says.

Mortgage rates might go down even more though.

---

Quote:

---

Originally posted by vikshr

Quote:

---

Originally posted by DesiGuy1981

so i went to td bank today..talked to the lady we deal with..she told me 3.28% with no penalty for 5 years fix rate or if i want 3% she wud charge me penalty of $2500..
and she even said i shud wait for couple of weeks..the primerate shud go down even further...
can sum1 tell me if i shud wait or shud go ahead with this rate...
again my renewal is in jan 2010.
thanx

---

---

Between 3.28 vs 3.15 you are really splitting hairs.
You have to decide how far you wanna push your agent - don't spoil the relationship.
As for 3 yrs. vs 5 yrs. I personally would pick 5.

-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

Quote:

---

Originally posted by pratickm

Between 3.28 vs 3.15 you are really splitting hairs.
You have to decide how far you wanna push your agent - don't spoil the relationship.
As for 3 yrs. vs 5 yrs. I personally would pick 5.

---

Quote:

---

Originally posted by DesiGuy1981



thanx
but i m littel confuse..dont knw if i shud go with it or i shud wait..
3.28 dont look bad to me..
i asked her if she cud to 3.15
and she said she cudnt..
oh and one more question?
which one is better..3 years or 5 years
she told me that 3.28 rate was for 5 years
but i have a feeling i can get her to do it for 3 years
but want to knw...which is good..3 or 5?
thanx

---

-----------------------------------------------------------------
Vik

Quote:

---

Originally posted by hem_13


This charcha is helping a lot of us... Thanks to everyone for your reviews and suggestions.

Does anyone in here know (if at all) if any mortgage broker will pay for the penalty on behalf of their client? I believe I overheard some desi guys back in Brampton had teamed up together and approached a broker, who agreed to pay the penalty on one's behalf as he was securing a group business. Curious, if it is true and anyone knows of such...

My research on finding the best 5 year closed / fixed mortgage is available with 1) ING 2) FirstNational are top on the list with best offeres.

---