My wife locked a 5 year close of 5.99% from ING Direct back in April. It is impossible to get such good rate now. Our previous bank was trying to lure us back with 3 year close of 5.99%...
-dennis2(Dennis);
2001-7-20{246}(#139218@0)
Also, for first time home buyers, there are quite a lot of tax exemptions and down payment can be as low as 5%. You better buy a lot of RRSP before hand, then you can use it for downpayment (up to $20,000 per person), and pay it back in 15 years.
Thank U for all the information. Actually, before May 17, HSBC can offer 6% which is very close to yours for 5-year close. But now, the prime drops, while morgage rate goes up.
-linmeimei(林妹妹);
2001-7-20(#139219@0)
我拿到的morgage: variable rate 5 years closed，前六个月prime rate -1.7%，剩下的时间prime rate - 0.4%，可以随时lock-in 至少3 years fixed rate，第4年和第5年自动转为open rate。每年20%的pre-payment。
-rhill(秋枫);
2001-7-23{382}(#142156@0)
按照现在的prime rate 6，就是前六个月4.3，接下来5.6。有bank打电话说这个offer不太可能，可能他们算prime rate按7算，叫我自己小心。我也不太清楚是不是这样，但broker说prime rate是6，并且合同上写的很清楚是CIBC prime rate。我会让broker准备好合同，看清楚interest rate和每个月的payment包括principal及interest payment再作决定。
另外五年closed 6.25及三年closed 5.95 一般的bank都应该能拿下来。
prime rate确实是6，这是今天我在HSBC时一个华人职员告诉我的，是刚降下来不久的。
-bbq(烧烤酱);
2001-7-23(#142177@0)