BEST MORTAGE RATE
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RBC hikes mortgage rates for second time in two weeks
Read more: http://www.financialpost.com/news-sectors/financials/story.html?id=2901557#ixzz0l0fsAWKS
Let see how many banks make another call this week and April 19th is not far.
Will any bank lock in a rate if we book a new home today and possession is in November 2011.?
Location: Brampton, Ont, Canada
Posted on: 15-04-10 12:08:12
As far as i know TD can lock for 18 months
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by Jack109
Will any bank lock in a rate if we book a new home today and possession is in November 2011.?
Locking rates for 18 months will be really TOUGH
I am talking to so many bank in last 1-2 months
Every one is sasying about locking for 120 days
very few agree for 9 months or 12 months
But rates are not that attractive
No one ever told me about 18 months lock in rates
Quote:
Originally posted by Jack109
Will any bank lock in a rate if we book a new home today and possession is in November 2011.?
The bank's rep at the builder's site would lock the rate for 18 moths for you. The rate could be higher but still you would have some thing in hand and then start shopping around 120 days before possession and if you get better rate at that point of time you can take that otherwise keep the one you have already locked with the bank.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Location: Brampton, Ont, Canada
Posted on: 15-04-10 13:17:37
Most lender only lock rates for 90-120 days
But Yes, there are lender who will lock rate for one year to 18 months ...
however, when u decided to break that and go with other mortgage lender u may pay around .5% of penalty.
I see no point locking rate at this moment , wait for your maturity and look for best rate at that time ( you might get better rates on Variable) if rates are higher at that time then you can go with sort term variable rate ( 2-3 years) or even you can go early terms.
Locking rates on variable from now it does not make any sense. Yes, if you lock for Fix rate then it might be beneficiary, do you own calculation.
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
*OAC
I was offered this rate. PM me for more information.
