Nesto and True North Advice?

[Millions]

Hey all,

I've been with Scotiabank for 14 years and they are currently only offering me a 5-yr variable at prime - 0.7 (currently 2%) on my renewal.

Nesto just talked to me and they are offering prime - 1.35 for the same term. Simple transfer to them. True North also offers much better rates.

I'm going variable because I'm hoping to sell at some point in the next 6 - 18 months.

They have great reviews but anything to be aware of?

 

[Thomas Beyer]

Money is fungible.

Understand the mortgage penalties, usually three month on a variable but not by law but by custom. Maybe Nesto charges more?

Thomas Beyer, Asset Manager & Improver, Hard Asset Investor & DeFi Asset Hodler, Author, Father, Mentor, Hiker, Kayaker www.prestprop.com

 

[Tina Myrvang]

Also when refinancing with a different lender, you will need to pay lawyer fees etc. Make sure the savings will add up.

 

[Millions]

Also when refinancing with a different lender, you will need to pay lawyer fees etc. Make sure the savings will add up.

True. They told me sometimes the lender pays them, but maybe that's just to get me to move ahead with the application haha.

 

[Millions]

Money is fungible.

Understand the mortgage penalties, usually three month on a variable but not by law but by custom. Maybe Nesto charges more?


Sent from my iPhone using myREINspace

Both Nesto and TrueNorth are 3 months penalty as well. Bit crazy that they are almost a full percentage point less than Scotia