要 renew mortgage mortgage, closed, prime

閒人一個

又到renew mortgage 時侯

銀行比

fix
1yr     3.05%
3yrs   3.3%
5yrs   3.49%

variable
3yrs open    prime+1,     now prime 2.35%
5yrs closed    prime-0.05%,       now prime 2.35%

大家有mug意見.

mimilim

回復 20# Look4chrisng


Post rate of when you got the mortgage and when you terminate.  The rate now is 5.29 (AKA Qualifying Rate). So even say if you get a mortgage for 3.29 your post rate is still 5.29

Look4chrisng

回復 18# mimilim


    thanks.

Post rate of the current rate you must mean?

mimilim

can you explain more details about this "有無打算比 10% lump sum"?

thanks
librazhy 發表於 2011-11-16 17:01

When you have a mortgage, many banks will allow you to do a prepayment annualy without penalty. Can range from 10-25% of the initial mortgage amount.

mimilim

When I break a fixed closed mortgage, the usually penalty is 3 month interest or IRD.

If current in ...
Look4chrisng 發表於 2011-11-16 16:28

Yea they take higher of.  I think IRD is calcuated on the POST RATE at that time, not the actual mortgage rate you got for the mortgage.
By the way, with the variable discount rate so low right now, fix is looking very good if you know for sure you wont move or sell during the mortgage term.

librazhy

有無打算比 10% lump sum 等等。。。 若有的話﹐要同銀行查詢要不要額外付費等等
匿名 發表於 2011-11-16 13:47

can you explain more details about this "有無打算比 10% lump sum"?

thanks

Look4chrisng

回復 14# mimilim


    also, thanks for future contact.  Next time, I for sure talk to a broker before I go to the bank.

Look4chrisng

When I break a fixed closed mortgage, the usually penalty is 3 month interest or IRD.

If current interest rate is actually higher, there is no such thing as IRD.  So banks can only charge 3 months interest as penalty?

mimilim

@@
畦~ 原來 mortgage rates 依然係這麼平宜啊﹖

我係你呢就一定做 5 年 fixed closed。。。但係當然還要 ...
匿名 發表於 2011-11-16 13:47

fixed rate is at a historic low

mimilim

I know of the industry but I am not a broker.  You can ask questions and I will try to answer them.

If you need a referral I can PM the broker I dealt with.