sko

sko:

When you pick 5yr closed variable, it must make sense to your situation.  Can you share your r ...
Look4chrisng 發表於 2011-7-15 11:33

I'm not in the banking industry but I was advised this would be my best bet of all variables. And after doing a bit of homework myself and basing on my current situation, I am choosing 5yr closed variable because:
- I do not plan to sell my place in the next 5 years
- This option gives the lowest possible interest rate
- Bottom line returns to the fixed vs variable dilemma in which I would choose variable
- If interest rate rockets up, you can always change it back to fixed
- Side note: "Studies by Dr. Milevsky of York University have shown that between 1950 to 2007 one in seven Canadians who choose variable rate mortgage saved an average $20,630 on interest payments per every $100,000 over 15 year period, due to lower interest rates offered on variable mortgages."

Look4chrisng

wow, so you can always locked into fixed rate anytime.  It is pretty good.

小叻

sko:
I got prime -.85 for my 5-year closed variable. Would have been prime -.90 if my amortization year was longer.
Look4chrisng 發表於 15-7-2011 11:33

Sko, which bank can get you P - .90 ah?  pls let me know. thx

sko

Sko, which bank can get you P - .90 ah?  pls let me know. thx
小叻 發表於 2011-7-15 14:53

RBC (friend's rate).

I've also tried TD friend rate, and HSBC advanced acct rate.. both terrible compared to RBC's P-.9~

supersuper

- If interest rate rockets up, you can always change it back to fixed

when you lock into fixed rate at that time, r u able to get the same fixed rate as today?

匿名

I'm not in the banking industry but I was advised this would be my best bet of all variables. And  ...
sko 發表於 2011-7-15 12:27

你呢個選擇必須肯定你有好朋友或者 banker 幫你﹐因為而家利息低﹐往上的機會高。。。。要他在內部知道會調高 prime rate 的時候隨時提醒你 (一般公司內部會 smell 到預先知道)﹐不然當 prime 調高時﹐你就沒法拿到現時 5-yr closed fixed 的好利息﹐記住在 5yr closed fixed 開始有跡象上昇時鎖定。。。 其實以現時的好利率﹐應該鎖長D﹐若果你沒計劃賣樓的話。

還要注意由 5-yr closed variable 轉 5-yr closed fixed or other terms 有否費用﹐很多公司有的﹐特別是那些財務公司。。。

很多連 pay 10% lump sum都會收費﹐而且不便宜。。。

做按揭之前最好做多少少功課。。。

instantnoodles

I know most of us are cantonese speaking here...but if you speak cantonese at HSBC they will ALWAYS give you better service. Never ever speak english...they will give you the WTF face. This is just from my experiences at HSBC...