Is this Reasonable - Residential Mortgage Variable Interest: Prime + 0.5 ?

[Nir]

Hi,

It`s a pretty unique financing situation but I still wanted to ask if it is reasonable to be offered a residential variable mortgage rate of Prime + 0.5 (=5.25% as of today)?

My previous mortgage is Prime - 0.6 big difference. On the other hand financing situation is also significantly different today.

Thanks,
Neil

 

[MarkTorgerson]

QUOTE (investmart @ Oct 6 2008, 03:47 PM) Hi,

It`s a pretty unique financing situation but I still wanted to ask if it is reasonable to be offered a residential variable mortgage rate of Prime + 0.5 (=5.25% as of today)?

My previous mortgage is Prime - 0.6 big difference. On the other hand financing situation is also significantly different today.

Thanks,
Neil


I just signed prime - 0.6 Friday with Scotia.
Are you using a mortgage broker?

Mark

 

[ChrisDavies]

I`m closing Friday on a somewhat unique deal with TD at prime (5 year open). Prime +0.5 doesn`t sound too bad, all things considered.

 

[sfatovic]

I recently closed an open variable mortgage at prime - 0.25 with RBC.

 

[Nir]

Thank you guys for sharing.

Although worse than yours, I guess the conditions I got are actually OK then. That`s due to a unique financing situation as mentioned.

Cheers,
Neil