HawthorneVillager.com

I know this isn't the Mortgage section but I thought I would post this here for today in case not everyone goes onto the mortgage section...

It looks like we are starting to see HELOC and VIRM rates priced at Prime + 1%....TD has already changed their rates and others are expected to follow.

If any of the following apply to you:

1. You are in an existing TD Canada Trust VIRM and you are going to be moving within the next 180 days

2. You are looking to take out a Home Equity Line of Credit

3. You would like a VIRM but have not booked a rate yet


...please email me directly at christina.jackson@td.com. I can still offer Prime rate on both a HELOC and a VIRM until end of day today. VIRM mortgages are not portable so if you are in a VIRM currently and have a discount, it will not carry over onto your new mortgage (if you are moving). Make sure you book your rate now to avoid paying the new higher rates.

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com

sorry to piggyback Christina....but same for Scotia clients....we haven't announced it yet....but the word is on the street

We cannot do a rate hold based on a name, as with traditional or builder rates either...I have to do a full application with documentation. If you need this done...please CALL me (not PM) at 905-330-0427, and I will ensure this is done by midnight tonight with you, which will most likely be our deadline if announced today as well.

Jessica

Welcome Back Jessica! You picked a great time to return!

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com

I guess that all depends on where you think VIRM rates are going....it makes the decision a little more difficult when fixed and variable rates are so close. If you are cautious of the uncertainty then I would recommend the fixed rate.

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com

I'm with Scotia right now on prime - 0.75%. Is this going to affect me, or is this just for new clients?

Only if you are moving or are going to renew any time soon. Otherwise enjoy the Prime-0.75

Here is a great article from the Globe & Mail today that explains what is happening and why the banks are having to charge more for the money they are lending out.

http://www.globeinvestor.com/servlet/st ... 6/GIStory/

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com

It will only affect new mortgages. If you are currently paying prime -0.75, then you are locked into that discount for the term.
TD was first to announce this yesterday and I expect other lenders to be following suit over the next week. All lenders have increased their variable rates to prime and now they are increasing it by a full percentage point.

_________________
Paul Meredith
Mortgage Broker
CityCan Financial (est 1976)
416-409-8009
http://www.easy123mortgage.ca
paulm@citycan.com
Lic#10532

Follow me on Twitter! http://www.twitter.com/paulmeredith

So, people already with prime minus whatever variable will benefit greatly if the BOC starts to drop the key lending rate?

That is correct!

Even with Prime (no discount) you will benefit if BoC drops rates.

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com

ay ay ay....I KNOW!! hahahhaha Nothing for me has been well timed these days Better late than never I guess.

IllDose...you are good to go with prime less 75 AS LONG as you don't go beyond your closing date....if you have already closed you are OK for your 5 year term. Sorry for the delayed response...busy second day back! LOL

Scotia officially DID NOT increase our VRM products today...we are still at prime........though I agree with those of you who commented....we won't miss an opportunity so I assume the increase will follow shortly.

Jessica