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Quote:
Originally posted by kittu
Can you please provide me more details on 3.15 rate for 5 year fixed mortgage?
Quote:So is it 3 year fixed or 5 year fixed, there are two confusing messages now.
3.15 rate is rate for three fixed term
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Quote:
Originally posted by pratickm
Quote:
Originally posted by kittu
Can you please provide me more details on 3.15 rate for 5 year fixed mortgage?
Quote:So is it 3 year fixed or 5 year fixed, there are two confusing messages now.
3.15 rate is rate for three fixed term
3.15%it is three years fixed term (three years) , 3.64% for five years fixed term
thanx Friend for ur quick reply. ill go to td tomorrow even i have about 8 motnhs to go. and will let u knw wat they say.
thanx again
Quote:
Originally posted by vikshr
Quote:
Originally posted by DesiGuy1981
Hi guys,
i have my mortgage with td rite now..at 4.95% for four years...it ends on jan 2010.
if i want to renew it now instead later since the rates are very good..is that possible? has any1 tried it?
shud i try with other bank?
i think there will be penalty? is it worth paying?
can sum1 plz throw some light on this?
any help Appreciated.
Yes early renewal will involve some penalty....
Option 1 : talk to your bank and see if they let you renew without any penalty
Option 2: If first fails ... Most banks allow early renewal (3 to 6 months in advance) without any penalty... since you have about 8 more months to go... you may wait for 2 more months and then renew without any penalty....
Option 3: Look for other institution... do cost/benefit analysis... i.e. penalty v/s savings owing to difference between interest rate quoted by the two banks... considering such a competitive market, I doubt if TD's rate will be that far off.... most of these banks are ready to match rates quoted by competitors anyways...
hope that helps !
My present mortgage (5 year fixed at 5.15 %) is ending on July 01, 2010. I have two offers, first is one year fixed at 2.90 % with 2,000 penalty; second is 3.95 % fixed for 5 years with 3,200 penalty. The outstanding amount is about 250,000. Can someone on the forum advise for better option please?
-Ben
Posts: 5775
Location: God's own country
Posted on: 12-05-09 11:10:30
Location: God's own country
Posted on: 12-05-09 11:10:30
Quote:
Originally posted by ani70
It seems your response is very confusing in this thread.You replied initially that you are on rent now and looking for a condo buy.Your next reply was like you always went for fixed rate and never variable rate(so you had previous mortgage experinence).Again in another reply (in the same thread) you wanted to know the difference between open and fixed rate mortgage
As a person who has had e-mail communication with KumarM in the past, I am sure that he meant it in the right spirit.
What I percive is the following:
1. KumarM owned a house/mortgage in the past
2. Sold his house in Canada and moved his family to India
3. Now single, he is renting an apartment
4. Finds that he is wasting a lot of money by renting
5. wants to buy a condo. to atleast save some of the rent money that he is wasting right now. He has also realised that at these rock bottom interest rates, he can save some moeny even by buying a condo..
So I think, Ani70 that his post would now make more sense to you now.
Peace by TK
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Quote:
Originally posted by benparsad
My present mortgage (5 year fixed at 5.15 %) is ending on July 01, 2010. I have two offers, first is one year fixed at 2.90 % with 2,000 penalty; second is 3.95 % fixed for 5 years with 3,200 penalty. The outstanding amount is about 250,000. Can someone on the forum advise for better option please?
-Ben
Hi Ben
i am taking amortization term as 25years , mortgage payment bi weekly and mortgage outstanding 250000 , at 5.15 % biweekly mortgage payment is 737.72 , at 3.95% is 654.14 , 2.90% is 585.16 , yes you would be saving by paying penalty but above mortgage rates not attractive you can find better
Quote:
Originally posted by benparsad
My present mortgage (5 year fixed at 5.15 %) is ending on July 01, 2010. I have two offers, first is one year fixed at 2.90 % with 2,000 penalty; second is 3.95 % fixed for 5 years with 3,200 penalty. The outstanding amount is about 250,000. Can someone on the forum advise for better option please?
-Ben
Hi Ben
i am taking amortization term as 25years , mortgage payment bi weekly and mortgage outstanding 250000 , at 5.15 % biweekly mortgage payment is 737.72 , at 3.95% is 654.14 , 2.90% is 585.16 , yes you would be saving by paying penalty but above mortgage rates not attractive you can find better
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