Recent content by Paul Meredith

Firstly, you can get as low as 2.49% for a 3 year fixed and as low as 2.74% for a 5 year fixed (However for those rates your mortgage must close in 60 days and 30 days respectively). I will however you use the rates you posted for comparison so I can help you to make a decision...

If you are getting different numbers from TD, then there has to be a reason why. Something else they are adding in, as all mortgage lenders in Canada calculate the same way. If you go to TD's mortgage calculator on their website, you will get the identical number as you would with RBC, or BMO...

With fixed rate mortgages, all lenders in Canada calculate their payments, principal and interest the same way, including TD. A $300K mortgage at 2.99% amortized over 25 years will have an identical amortization schedule to everyone else. With variable rate mortgages however, I believe TD...

Yeah, that is pretty much it :)

Exactly. It's as I explained in detail earlier in this thread, if you want to go with a 10 year mortgage, be prepared to spend thousands (or even 10's of thousands) more in interest over the next 5 years, just in case mortgage rates skyrocket to ridiculous levels at some point over that period...

It is up to you as to how you want to interpret my advice. Of course anything can happen. I'm not saying you won't win by taking a 10 year mortgage. I am however saying that for you to even have a chance of this working out for you, you would most likely need to stay in the entire 10 years...

We both agree it all comes down to risk tolerance. We also agree no one knows for sure. My whole point is that variable is significantly more risky in today's market then it was back when all the studies were done that showed people came out ahead with variable rate mortgages. I...

Why would you want to pay over a full percent higher to protect yourself against something that may or may not happen? A couple years ago, 10 year mortgages dipped below the 4% mark, which led many to jump towards 10 year mortgages. As mortgage agents and brokers, we get paid more for selling...

Can tell me where you read this study? There was a time a few years ago when variable was actually higher than fixed rates for a short time. Quite unlikely anyone on variable would have benefited. Will you benefit from a variable now? No one can say that for sure. What we do know is...

Variable might be right for some, but for most people the fixed will be the better option. The spread between variable and fixed is just too close for it to make sense for most. As I mentioned earlier in the thread, the spread between fixed and variable right now is only 0.19% when you...

All these rates being quoted are quite expensive when compared with that is available out there. You can get a 5 year fixed for as low as 2.75% providing it is closing within 30 days, although prepayment privileges are limited to 5%. For closings up to 120 days, you can get a 5 year fixed for...

I totally agree on the fixed rate. In the past, mortgage borrowers have typically come out ahead by taking a variable rate mortgage. However that was then and this is now. We are certainly in a strange time economically, so I wouldn't necessarily be so quick to make a decision based on past...

The developer should inform you in writing with plenty of time of your closing date. If it is coming up soon, and you are unsure, make sure you contact them right away to discuss. New build condos often have two closing dates. The occupancy date (the date you take possession) and the final...

Congratulations! When is your closing?

Hi Shelfun, There is no doubt that all the different types of mortgages available can be a little overwhelming, especially if you are a first time home buyer. Fixed rate vs. Variable rate...ahhh, the age old debate. It had always been said variable rates are the better way to go, as history...