Hello !

I have been offered the following rates for a new mortgage by HSBC

(a) 3 year fixed - 2.95%
(b) 5 year fixed - 3.65%

Both look attractive to me. I think the 3 year fixed will really help me with low monthly payment and at the end of 3 years it would have reduced my principal to some extent. So when I renew my mortgage, I will stand benefitted.

Kindly clarify whether 3 year fixed or 5 year fixed is beneficial?

Thanking you in advance.

good rates.

3 year is good. I had many clients who opted for this, though most are going for 5 year term.

It's your call.

How do we negotiate for mortgage rates with the Banks ?

Can brokers get us a better rate ?

Can CDs recommend some good institutions who give good mortgage rates - ICICI offers at 3.75 .... Any other ?

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Fido.

Reply to Crystal3

I would recommend to go with 5 years as once the economy turns the rates will not stay this low. So to pay .65 extra is worth it as in three years time the rates will probably hit atleast 5%.

The rates have now gone up to 3.99 with most institution as of last night.

Reply to Fido

YES ofcourse some broker can give you better price, no harm in checking out with broker.

check the one whom i know for years if you wish to.

Nadia Sehra, AMP
Senior Mortgage Consultant
The Mortgage Alliance Company of Canada
Bus: 905-785-7820
Cell: 416-576-2058
Fax: 905-785-7846
http://www.mortgagealliance.ca/nadiasehra

Quote:

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Originally posted by Crystal3

Hello !

I have been offered the following rates for a new mortgage by HSBC

(a) 3 year fixed - 2.95%
(b) 5 year fixed - 3.65%

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Three years fixed is good , Banks has increased marginally 5 years fixed , but still one year fixed is 2.75 % , variable right now is prime plus .5%

Quote:

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Originally posted by investpro

good rates.

3 year is good. I had many clients who opted for this, though most are going for 5 year term.

It's your call.

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