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Email this6:31 pm
October 4, 2018
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Hi,
I'm looking for any input on short-term open mortgage rates (6 months to a year).
It seems like True North Mortgage offers some of the most favorable rates in the country but if anyone has any suggestions or knows of any other companies with comparable or favorable rates, I would love to hear your input.
Just thought I would put it out there and ask.
Thanks in advance!
TD
7:25 pm
October 27, 2013
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Rate is not everything. Compare terms and conditions as well.
7:54 pm
April 27, 2017
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The rates offered by True North are designed to help people qualify if they are struggling to meet income requirements. This rate will go up after 6 months. Of course you can change the mortgage provider after 6 months but you would have to qualify. And True North would impose a penalty if you do that.
Might be ok in your circumstances but make sure you don’t just plan for the 6 months.
9:38 pm
April 6, 2013
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True North Mortgage is actually a mortgage broker and not a lender.
It is likely similar rates are available through other brokers as well from the same lenders.
As AltaRed noted, watch out for the conditions. For example, their six-month 3.99% fixed rate has a 1% admin fee if one doesn't renew with them at the end of the six months.
10:41 pm
October 21, 2013
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I agree with what has been said. Don't just go by the rate. I suggest speaking to a few mortgage brokers and institutional lenders to get a feel for how this market works: listen carefully and ask questions.
The lowest rates are most likely to have a catch - whether it's the exit fee, credit report on you, your income, or whatever, these things can all change that rate and who is willing to lend to you.
Ask for a quote for your particular situation. Try to get that all lined up before you buy, and note how long the rate is guaranteed for (in writing).
I would recommend that you NOT plan to change lenders down the road. It's a pain in the neck. Sometimes it may be necessary, but try to choose a lender you think you can stick with. I have none to recommend as I haven't had a mortgage for a long time. Nowadays I'd consult a broker though.
Be aware that rates can and usually should be negotiated, particularly if you're a desirable borrower. I wish I'd known that way back when!
Line up your best 2 or 3 solid offers from lenders and ask them to compete favourably with the other guys' offers; always be polite and fair about it.
5:10 am
April 27, 2017
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Norman1 said
True North Mortgage is actually a mortgage broker and not a lender.It is likely similar rates are available through other brokers as well from the same lenders.
True North offers own, “in house” products as well products from other lenders.
8:17 am
April 6, 2013
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Their in-house lender is THINK Financial. THINK Financial is not exclusive to True North Mortgage either:
We currently underwrite more than a billion dollars of mortgages a year. THINK Financial products are available exclusively through a very limited number of mortgage brokerages, starting with True North Mortgage.
11:43 am
October 4, 2018
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Thanks for the info and replies everyone. Anymore added info or anything would be much appreciated.
Thank you,
TD
6:17 am
June 2, 2018
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I would appreciate if anyone can advise as to the best rate currently for a fixed rate, 3 or 5 yr closed term for an uninsured mortgage situation.
I have verbally quoted 4.39%.
can I do better than that.
I looked at ratehub today and it shows 4.09 and 3.99 for a 3yr and 5 yr uninsured mortgage, with big 6 banks. I tried to go to a few of the big bank web sites, but I can't seem to confirm these rates.
Are these rates accurate at ratehub.
Anyone who would have helpful comments would be appreciated.
7:47 am
March 16, 2018
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Some mortgage brokers would advertise very attractive rates. But not all of them are genuinely after your mortgage business, but just your identity information.
It happened to me once many years ago. After reading their advertisement in a local newspaper, I tried to sign up a term with a mortgage broker in person. She took all my personal info and said she would contact me once everything is ready to sign but never happened. Then my credit cards one after another were hit with multiple 5-figures charges thereafter. Obviously those charges were not mine.
At that time, the credit card/bank alerts were not as good as now. I didn't find out
until many months later.
Hindsight lessons: Some kind of people are so good at doing things like phone scams, CRA scams etc. After fool me once and twice, I started asking myself "Must I do business with these kind of people?". Just stay away from them for the peace of mind.
I stick with banks and credit unions thereafter when it comes to mortgages. i.e. deal directly with the lender, not some middleman.
EDIT: I did not pay attention to the time of postings. Made some amendments.
8:02 am
February 16, 2013
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@anitavirginia, do not be scared off by Saver Junior's comments about mortgage brokers. Yes, he had a bad experience but there are many good ones who have been in business for decades. You can often find them through real estate agents as well. It is worth calling around to more than one and see which one gets back to you, which are professional and really want your business. If you are in the GTA/Southern Ontario, send me a PM and I will provide the name of a good one to you.
8:53 am
March 16, 2018
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MG said
real estate agents
I have some personal experiences as well with realtors. During a property showing, on the first floor living room ceiling, it had a brown stain with size of a large pizza. I asked about it and the realtor said there was a water leak but it had been fixed. Just need some paint. At the end, she recommended me a very "good" home inspector and got an inspection done. I bought the property at the end.
After moving in, the kitchen sink was clogged on the first day. A week later, I realize the water leak is still active as the whitewashed brown stain re-emerges. Plus a couple weeks later I heard some noises in the attic and discovered that part of the attic had been infested with pests and the insulation was badly damaged by them. I followed the home inspector around as he was doing the property examination. I saw him climb into the attic but he said nothing to me after he came back. None of the defects above were mentioned in his house inspection report.
I blame no one but myself. If car salesmen are the last people to trust, why house salesmen (realtors) are any better?
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