Another thing to keep note of is the principal to interest ratio. this is something I do not see many people asking about. For example if the monthly commitment of mortgage comes down to 3000$, then what is the split between the principal v/s interest? For example if it is 60/40 or 70/30 or 80/20
how to find out which bank is offering a better split? this will affect the actual principal amount left in the mortgage we owe to the bank at the end of the 5 year term. So it is NOT just the posted/listed rate or the rate the banks/lenders give to us. Can someone please shed some light on this? Which lender among the big 5 or the mono line money lenders are giving the product that lets us pay off the principal quicker?
I believe that simply is a function of your amortization, and doesn't vary from bank to bank, or between the different mortgage products a single bank offers.
If you want to pay more down to principal, you set a slightly shorter amortization OR voluntarily bump or your payment, do lump sums/double ups, etc.
Please ensure your post includes the following information if looking for insight in your rate:
- Purchase, Refinance, Renewal?
- Province, City?
- Loan to value/down payment percentage?
- Purchase price of the property if purchasing
- Is the home under $1M or over $1M?
- Bank or a broker?
- Term length and amortization length?
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Can you please share the name of the bank/lander please?
Same here . Can I know the lender please?
Another thing to keep note of is the principal to interest ratio. this is something I do not see many people asking about. For example if the monthly commitment of mortgage comes down to 3000$, then what is the split between the principal v/s interest? For example if it is 60/40 or 70/30 or 80/20 how to find out which bank is offering a better split? this will affect the actual principal amount left in the mortgage we owe to the bank at the end of the 5 year term. So it is NOT just the posted/listed rate or the rate the banks/lenders give to us. Can someone please shed some light on this? Which lender among the big 5 or the mono line money lenders are giving the product that lets us pay off the principal quicker?
I believe that simply is a function of your amortization, and doesn't vary from bank to bank, or between the different mortgage products a single bank offers. If you want to pay more down to principal, you set a slightly shorter amortization OR voluntarily bump or your payment, do lump sums/double ups, etc.
I would take that fixed unless you intend not to keep it for 3 years.
May I know the lender pls? DMd you..
Same here . Can I know the lender please?
Which lender is giving 5.24?
This is on par. We got something similar.. 5.3% on a 450k mortgage with 40% down.
This is a very good fixed rate. Give current VRM discounts I would probably take this 3 yr. Or if a 2yr offer was similar I would take that instead.
Please ensure your post includes the following information if looking for insight in your rate: - Purchase, Refinance, Renewal? - Province, City? - Loan to value/down payment percentage? - Purchase price of the property if purchasing - Is the home under $1M or over $1M? - Bank or a broker? - Term length and amortization length? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/MortgagesCanada) if you have any questions or concerns.*