Quote:
Originally Posted by Twisted Canuck
Well, I tried Scotia again today to see where things were at, they finally gave me something that I was happy with. 5 year variable closed and convertible, at 2.44%. I don't see that going up any time soon (and could go down another .25 if BofC moves to zero, which is still a strong possibility).... but if things do start moving up in a hurry I can lock it in for balance of term. I was hoping for something at 2.25% or less but I can live with that.
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Nice snag!! Looks like you got Prime -.01 then? The best they'd give me on a variable last week was Prime +.10, which would be at 2.55% currently. I needed to talk to your guy, lol. First National wouldn't honour my pre-approved rate of Prime -.75 (currently at 1.7%) for more than one property, so I placed the house with them (duh), but refused to give them the mortgage on the second property just out of principle. Placed it with TD at 2.79% 5 yr fixed.
So, I'll have one at 5 yr variable, currently 1.7%, and the other at 5 yr fixed of 2.79%. Figured it gives me a bit of a balanced exposure considering the uncertainty of the next few years, the variable at +.10 would save me money immediately, and I generally like variables over fixed, but I'd had it with First National by that point.
My mortgage broker IS however kicking me back her commission to help compensate for the loss of the excellent variable rate on the second property. Sounds like she probably made an assumption on her part, and it was wrong. She still claims she was told she should submit it that way, but should have confirmed it when I voiced concern over the way it was written rather than just ran with it and told me it was good.