Mortgage Rate Update

Pandora Ng, a mortgage broker for TD Canada Trust, sends me rate updates.   This is last week’s rate sheet. The left hand column are posted rates and the right hand column are the best rates. 

6 Month Convertible 6.65% 6.65%
  1 Year Open 9.20% 9.20%
  1 Year Closed 7.15% 6.10%
  2 Year Closed 7.30% 6.05%
  3 Year Closed 7.30% 6.05%
  4 Year Closed 7.30% 6.05%
  5 Year Closed 7.19% 5.84%
  4% CashBack – 5 year term 7.19% 7.19%
  5% CashBack – 6 year term 7.40% 7.40%
  5% CashBack – 7 year term 7.55% 7.55%
  5% CashBack – 10 year term 7.90% 7.90%
  6 Year Closed 7.40% 6.20%
  7 Year Closed 7.55% 6.20%
  10 Year Closed 7.90% 6.45%
  Variable Interest Rate Mortgage4
  5 Year Closed at TD Mortgage Prime5 6.25% 5.50%6
  5 Year Open at TD Mortgage Prime5 6.25% 6.25%
  Home Equity Line of Credit at TD Prime7 6.25% 6.25%

For more information contact Pandora at 604-838-2662.

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22 Comments

Filed under Mortgage Rates

22 responses to “Mortgage Rate Update

  1. passerby

    Can’t this go on a separate page with a short post saying “rates are updated” ? It it were not coming from blog’s owner, it would’ve look like a typical and very annoying blogspam.

  2. fish

    passerby-it’s Rob’s blog, he can do what he wants with it and you can not read it.

    rob- it may just be my computor, but the right hand column doesn’t show up.

    The numbers look pretty high to me- baout 1-1.5 % higher than just 6 months ago.

    the one year open at 9% must be a typo.

  3. coco

    Rob,

    The second column for the best rate is cut off.

  4. passerby

    fish, I fully realize that it’s up to Rob to post whatever he wants as it’s his blog. I am just providing a feedback from a person who actually reads what he posts. You wouldn’t disagree that he’s posting not just for himself, but for the sake of others too, would you ?

  5. robchipman

    passerby:

    Some readers like to know what rates are. Its easier for me to simply post a new post. The info is outdated within a week. Setting up a separate page is problematic. First, rates come from various sources. Second, updating pages tends to not happen (look at my For Rent or For Sale pages, for example). Too much admin means things don’t happen. A blog post, meanwhile, is down and dirty and done.

    The other great thing about blogs is that they canbe many things to many people. If you want rates, they’re here. If you don’t, don’t read that post. If you want to know what’s for sale, or about a new listing, its here. If not, don’t read that post. If I want to generate a long tail, more posts about more stuff is great. Longer tail, more readers, more input, more interest.

    So, down and dirty ease of posting means rates and new listings and just about anything else will turn up as a post. Its easier for you to pass it by than for me to manage multiple pages. If I get a great admin replacement I’ll have her update the blog as well, and hopefully improve it.

    Coco/fish:

    I’ll try to fix that. Sorry, I just cut and pasted the picture. Its a little big for the wordpress format.

  6. robchipman

    There – fixed. It should come up now. One obvious idea is to compare the rates advertised by different brokers.

  7. Jay

    I like the post. They held steady as of Sept., right?

  8. Al

    Seems, TD doesn’t offer anything very attractive. INGdirect has lower rates.

  9. robchipman

    Al:

    I think you need to look at this like a lot of product. Prices vary, and prices can be negotiable. Some brokers give sharp prices right off the bat. Others don’t. I bet you could grind TD to match just about anyone, but you’d have to know to grind. From that point of view I think good service from the MB is the key. Will they get you the most money at the best rate with a minimum of inconvenience? The real key is making sure that they’ll deliver on their promise in time for you to structure your deal.

  10. Al

    Rob, wich bank do you use to mortgage your investment properties?

  11. robchipman

    Scotia and Firstline, but to be honest those choices were made by the mortgage brokers. Also, some are held in company names, so its tougher to mortgage those.

  12. Al

    Rob, why to hold mortgage on company’s name? Don’t you mind that your interest rate would be much higher.

  13. Domus

    To be honest, those are some big rates!
    One year ago you could have shaved more than 2% on some of them.

  14. coco

    Best rates are for excellent credit ratings. Of course, if you have a smaller mortgage amount, the bank will charge you a higher rate, so the best rate is not necessarily the best rate. Depends on your circumstances.

  15. coco

    Domus,

    I totally agree. One year ago, you could of got 2% to 2.25% off the listed rate very easily.

  16. fish

    Currently Bank Paper 4.7% BNS December 07

    Commercial Paper 5%+

    My landlord nets 2.5% on my rent. I just cannot bring myself to buy with these numbers.

    …and Looks like some building repairs will remove half the return.

  17. passerby

    Rob, thanks for reply. My main beef with this post is the phone number at the bottom, which makes it look like an blatant ad rather than anything else. However, as I said above, I respect your right to post whatever you like in whichever format you prefer.

  18. Why go big bank?

    Thanks for the info. First National Financial is offering 5.79 % on a 5 year closed and 6.15 % on a 10 year closed so TD look high to me if these are their best rates. I always wonder why people go with the big banks only to enjoy a higher rate?

    I guess if you want to have a branch on every street corner you have to pay for that by paying 0.5 % more – over a 5 year term.

  19. The unthinkable "Renter"

    Rob said, “to be honest those choices were made by …”

    To be honest… Hmmmm hey Rob I learned some lessons in sales while reading a few books from Geoffrey Gitomer. He said that if you actually have to tell your potential client that your honest… do I need to say more? 😛

  20. coco

    If you want to see rates for all banks and credit unions across Canada this website is helpful too.

    http://tinyurl.com/2orp6

  21. robchipman

    Al:

    Interest rate wasn’t higher.

    Domus:

    You can shave those rates today. But you weren’t getting a 5 year for 3.84% a year ago.

    Passerby:

    We’re all selling something (yes, all of us). She gives me the info for free, so I share the number in case you want it. Phone numbers accompany all rate reports. Always have. Sorry!

    UTR:

    To be frank….I know. Its terribly lazy writing, too. What can I say?

  22. Al

    “I always wonder why people go with the big banks only to enjoy a higher rate?”

    I personally use big banks to feel more secure. I don’t want any surprises.
    Is it really safe to use smaller banks?

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