[dkhm]

here's more reading regarding collateral mortgages

http://gailvazoxlade.com/blog/archives/2230

seems so difficult to get clear answers. wish i could get a hold of the mortgage documents so i can actually review the clauses. but that likely won't happen until the documents are prepare and ready for signatures. at which point it'll probably be too late to decide to switch lenders...

 

[lornei]

Whats Brian giving for a 5 year fixed?

I just emailed him... will post his response.

 

[lornei]

you should have everything set up already, rushing the mortgage departmen and your laywer will not work to your benefit in the end.

You can start the process but cannot have it 'all set up' until you know the actual closing date. The bank will send the mortgage information to the lawyer once the file is complete (after a closing date is known). Having an approval by another FI is a good idea but were kind of at a standstill until we are provided closing details

 

[coldstudios]

Hi Everyone:

I checked with Brian from TD and he said that our mortgages will remain conventional unless we ask them to change it to collateral. As long as you were apporved for your mortgage before October 18th, you will remain conventional unless otherwise requested.

I've just confirmed this with Sherry as well - it seems this is just recent that they've decided to allow this. I guess they heard a big stink about it from way too many people.

They also offered me a lower rate so I guess I will be sticking with TD for at least the 5 year term.

 

[I-Need-To-Know]

I've just confirmed this with Sherry as well - it seems this is just recent that they've decided to allow this. I guess they heard a big stink about it from way too many people.

They also offered me a lower rate so I guess I will be sticking with TD for at least the 5 year term.

Whats the rate at?

 

[coldstudios]

Whats the rate at?

3.5% for 5 year fixed

 

[Flaco7]

3.5% for 5 year fixed

Try to get 3.44 tell them RBC and Scotia Bank are offering you 3.44.

Will keep everyone posted with the lowest 5 year rate possible!!! Let me know if TD will match it. if not go to RBC

 

[I-Need-To-Know]

Thanks! I will try for 3% 5Years fixed

 

[Joe Camel(Toe)]

Thanks! I will try for 3% 5Years fixed

44 bps lower? nice try. theyll laugh at you.

 

[I-Need-To-Know]

Worth a try

 

[Flaco7]

Worth a try

Not worth a try at all!! they will literally tell you to go else where. I work with MTG's and I can tell you they will literally laugh at you!!! but if you do get it then DAM!!!

 

[lornei]

Try to get 3.44 tell them RBC and Scotia Bank are offering you 3.44.

Will keep everyone posted with the lowest 5 year rate possible!!! Let me know if TD will match it. if not go to RBC

They know what other banks are offering. Don't go with something unrealistic I got offered a bit better than 3.50 at another FI but I also work for them. Flaco7, did you actually get an approval for 3.44 or are you saying thats your negotiation tactic

 

[Flaco7]

They know what other banks are offering. Don't go with something unrealistic I got offered a bit better than 3.50 at another FI but I also work for them. Flaco7, did you actually get an approval for 3.44 or are you saying thats your negotiation tactic

I also work or another FI and thats what I got with them. I am saying thats as low as banks will go right now unless you are super VIP!!

 

[lornei]

I also work or another FI and thats what I got with them. I am saying thats as low as banks will go right now unless you are super VIP!!

hmmm 3.44 sounds pretty good. I will have to talk with my old branch manager. 1.85 bps is awesome.

 

[Flaco7]

hmmm 3.44 sounds pretty good. I will have to talk with my old branch manager. 1.85 bps is awesome.

Yup it is!! I'm sure if you tell TD they will give you that as well. Good luck!!