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M1 + M2 + Metropolis + Parkside Condos (Liberty Development) - Real Estate -

bccl said:
I contacted other TD manager for mortgage approval instead of using TD representative from builder. I can get the rate locked for 2 years and the rate is based on post rate-1%.:)
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Do you have the managers number and name? I want to get that deal also.
 
I-Need-To-Know said:
So its 1% fixed rate for 1 year?
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NO. Do you know how MTG rates work? Basically My rate right now is 5.25 - 1 = 4.25. This is just a committed rate by TD. This might be different for you. Since rates have gone up.
Remember once it comes closer to you actually getting a mortgage you can negotiate even more with what ever financial institution you are going with. Dont be scared to shop around for the lowest rate!!
 
The sales staff had mentioned that 2 months worth of your monthly maintenance fee will be expected for the closing costs. I don't know if this is the only thing or if there are other fees to be expected - I would assume the latter. I was told that this 2 month upfront payment will go into the 'pot' as a start-up for the reserve fund.

For those moving in after July 1st, the new HST will very most likely apply as well. Then lawyer fees etc; etc; I've set aside about $5000 for all of this and I'm really hoping that there will be plenty of change from that for some extra new things for the condo....

I'm also really anxious about the mortgage rates rising... The builder's package quoted me for 4.85% on a 5 year fixed rate, which at the time wasn't that great.... but now it's sounding good. I certainly hope the buildings get registered quickly...
 
col. forbin said:
i also budgeted $5,000 for closing, lawyer, etc. expenses and having something left-over would be mighty nice
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I budgetted way more than that, over 10K. With all the levies written into the contracts eventhough they were capped by the lawyer, plus all the stuff you guys mentioned, Im thinking 5k will not cover.

I hope I am WAY off.
 
i dont pay land transfer and i'm a first time buys so i know i save some money that way but i wouldn't be surprised if it is above 5... above 10 would not be fun
 
My lawyer wasn't able to get the developer's lawyers to agree to a SPECIFIC monetary value for the cap on the levies... they only agreed that they wouldn't charge me any more than the 'existing levies' imposed as of the date of the purchase agreement :( That's the only thing that's worrying me, although the sales staff who closed the deal with me kept trying to reassure me that it's not a ridiculous amount (whatever the heck that's supposed to mean....)

But here are some specific fees that ARE actually outlined in the purchase of agreement:
Enrolment fee (was told about $600)
Electricity Meter installation $375
Levy Surcharge $50
Administration Fees $150

+ lawyer fees, + levy, + 2 months maintenance fee for reserve fund start-up, + cost for inspection, + HST......

So yeah... maybe $5000 is too much 'wishful thinking'. I'll have to adjust my budget and set aside some more for this. I certainly hope it's not 10k and above...
 
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