Hi

I have been offered a rate of prime -1 (2%) variable rate by a mortgage broker operating out of Hamilton. The offer is from FirstLine Mortgage, which I understand is a part of CIBC. None of the other brokers that I have talked to was able to offer anything like that, the best that they can offer is prime -.90 (2.10).
When I told them that I have a offer of prime -1, most of them said that there must be something wrong in the deal. Being a first time home buyer, I am a bit tensed up, but apparantly I was not able to see any abnormal charges in the Mrtg agreement. What could be the catch?

The mrtgg comes with a 5 yr term, 20/20 prepayments, assumable and portable, and conversion to fixed term anytime.

Feedbacks would be appreciated.

Thanks

I've had my mortgage with First Line for around 8-9 years. In fact. I got the same offer (Prime minus 1)for a fully variable and portable mortgage around 4.5 years back and have stuck on to that rate. First Line is a reputable company (owned by CIBC) and I've had no issues ever with them.

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Originally posted by duke76

Hi

I have been offered a rate of prime -1 (2%) variable rate by a mortgage broker operating out of Hamilton. The offer is from FirstLine Mortgage, which I understand is a part of CIBC. None of the other brokers that I have talked to was able to offer anything like that, the best that they can offer is prime -.90 (2.10).
When I told them that I have a offer of prime -1, most of them said that there must be something wrong in the deal. Being a first time home buyer, I am a bit tensed up, but apparantly I was not able to see any abnormal charges in the Mrtg agreement. What could be the catch?

The mrtgg comes with a 5 yr term, 20/20 prepayments, assumable and portable, and conversion to fixed term anytime.

Feedbacks would be appreciated.

Thanks

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Hi

Its for a closed variable for 60 months @ 2%.
I am in the process of finding out the genuinity of the whole thing, although FirstLine has already confirmed that both the broker and the underwriter is genuine. I am trying to find out any hidden clauses/charges in the mrtgg commitment doc that I have received.
What's your contact number, you can send me a PM.

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Originally posted by surtalme

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Originally posted by duke76

Hi

I have been offered a rate of prime -1 (2%) variable rate by a mortgage broker operating out of Hamilton. The offer is from FirstLine Mortgage, which I understand is a part of CIBC. None of the other brokers that I have talked to was able to offer anything like that, the best that they can offer is prime -.90 (2.10).
When I told them that I have a offer of prime -1, most of them said that there must be something wrong in the deal. Being a first time home buyer, I am a bit tensed up, but apparantly I was not able to see any abnormal charges in the Mrtg agreement. What could be the catch?

The mrtgg comes with a 5 yr term, 20/20 prepayments, assumable and portable, and conversion to fixed term anytime.

Feedbacks would be appreciated.

Thanks

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Hi Duke76

I'm in the market for mortgage and my broker has offered only Prime less 0.8% (2.2%) from First Line (CIBC). Can you provide me with the reference of your broker?

Is your offer for 3 year or 5 year Variable?

Thanks

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Sent you a PM

Check your PM's please. Contains the Mrtg broker's info.

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Originally posted by duke76

Hi

I have been offered a rate of prime -1 (2%) variable rate by a mortgage broker operating out of Hamilton. The offer is from FirstLine Mortgage, which I understand is a part of CIBC. None of the other brokers that I have talked to was able to offer anything like that, the best that they can offer is prime -.90 (2.10).
When I told them that I have a offer of prime -1, most of them said that there must be something wrong in the deal. Being a first time home buyer, I am a bit tensed up, but apparantly I was not able to see any abnormal charges in the Mrtg agreement. What could be the catch?

The mrtgg comes with a 5 yr term, 20/20 prepayments, assumable and portable, and conversion to fixed term anytime.

Feedbacks would be appreciated.

Thanks

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1> Check if they have tagged any monthly fee to ur mortgage
This was done to me by my broker , my lawyer caught it and i had them waive it

2> Check if the mortgage can be closed with 3 months interest..
Generally all variable int mortage follow this rule.. This rule is good because u can sell before ur term is up without a whole lot of penalty.