Re-mortgaging

Leveraging, renting vs owning, making an investment or buying a home?
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TomB19
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Re-mortgaging

Post by TomB19 » 08 Jun 2017 14:28

Any mortgage brokers here?

I want to moving a very small (about 150K) mortgage on a rental house from TD to somewhere else. I've gotten only a single quote and it is for 2.14% for 2 year fixed. I know the person doing the quoting really wants my business so I have no doubt she gave me her best number.

Is anyone likely to touch this? I've checked rate-hub and they can touch that number.

twa2w
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Re: Re-mortgaging

Post by twa2w » 08 Jun 2017 18:54

Depending on your location you may get 5-8 bps lower - maybe 2.05. But check the fees and terms for these lenders. Will you get that rate on a rental? A lot of lenders are 25bps higher for rentals.
The interest rate isn't the only cost. What are the fees to switch, renew, change pymt terms( mthly to weekly etc) discharge between the two lenders.
What about the hassle of dealing with a mortgage company by phone or email vs being able to discuss in person.
One lender I know of allows reasonable partial prepayments but prepayments in full are only acceptable in the event of a sale. If you win the lottery, you pay full interest to end of term :shock:

Have you tried to see if TD will match that offer ( if rate is the reason you are switching).

Cheers

TomB19
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Re: Re-mortgaging

Post by TomB19 » 09 Jun 2017 09:43

Thanks, twa2w. :thumbsup:

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