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06-14-2017, 02:21 PM
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#26 | | Old School RS
Join Date: May 2004 Location: Port Moody
Posts: 4,560
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I work in commercial banking and our rates went up 0.20% in the past 2 days as a result of the significant uptick in expectation of Cdn rates rising. I currently have a closed variable at 2.00% and I would absolutely be converting to a fixed right now if I was not expecting we would be buying a new place soon. The closed variable is only 3 months' interest as a penalty - this is easily a better deal than taking a much higher rate on an open variable as was discussed above.
Mark
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I'm old now - boring street cars and sweet race cars. | 
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06-15-2017, 11:06 AM
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#27 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,534
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Originally Posted by franko  Also, if your mortgage doesn't secure a collateral charge (secured line of credit) many lenders offer a zero fee transfer (no legal costs), although your existing lender will charge you a discharge fee and document fees (Big 5 banks charge for mortgage payout statements just like almost all lenders, sometimes they even are "accidentally" slow issuing the payout statement to the new lender so the client misses their maturity date to transfer).
| It's been my experience if you're moving among the big banks they will cover any fees or charges you get hit with so you wouldn't be out of pocket for those expenses.
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The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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06-15-2017, 03:21 PM
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#28 | | Need to Seek Professional Help
Join Date: Jun 2010 Location: Vancouver
Posts: 1,011
Thanked 528 Times in 187 Posts
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We cover some fees if we are bringing in a mortgage from another FI but won't cover the penalty costs.
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06-16-2017, 03:54 PM
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#29 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,534
Thanked 3,731 Times in 1,322 Posts
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^^
I wasn't referring to penalties just moving around.
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The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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06-19-2017, 01:56 PM
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#30 | | RS controls my life!
Join Date: Apr 2004 Location: Vancouver
Posts: 721
Thanked 235 Times in 92 Posts
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Go with open variable just to cover it for a few months.
When I worked for big 5 mortgages usually just auto roll over to default 5 year fixed variable if no reply from clients.
Porting over mortgage (breaking term if not open), usually would incur prepayment penalty and that's usually about 3 months of interest expense. Sometimes you can get that covered by other bank/FI but if you're selling in this case that won't apply.
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06-27-2017, 01:16 PM
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#31 | | RS has made me the bitter person i am today!
Join Date: Dec 2002 Location: YVR/TPE
Posts: 4,603
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Asking for a friend, can anyone recommend a mortgage broker?
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Nothing for now
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06-28-2017, 09:37 AM
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#32 | | Need to Seek Professional Help
Join Date: Jun 2010 Location: Vancouver
Posts: 1,011
Thanked 528 Times in 187 Posts
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BOC considering raising rates after they meet in July.
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