46 days till THE DAY!

We just got word from our builder. Our possession date is tentatively set on December 15! I hope everything goes smoothly! If everything goes well, this will definitely be a wish come true!

We're meeting with the mortgage broker this Saturday to finalized our mortgage.

With the prime rate going down, do you go for a fixed or variable term? Open or close mortgage? Any advice for a newbie on mortgage like us?

9 comments:

Kalle said...

Jo, I have no suggestions but am going through these exact dilemas with my hubby right now. We've just finalized our mortgage and are house hunting as we speak.

Junnie said...

get a combination of fixed and variable...floating yung rate mo. and yes mortgage rates are going down, mag open ka...ano sabi ni mitzi? pareho ba?

Raquel said...

Wow, I am happy for you Jo! I know how it feels like to own a house. Btw, I have no idea about mortgages. I hope, you'll get the decision. Good luck!

Happy Halloween.

Andrea said...

How exciting for you! As for mortgage...we went through a normal bank for the first few years, and then switched to ManuLife Bank - and it is awesome - you can pay your mortgage down WAY WAY WAY faster than at any other bank in Canada that I know of! Check it out...just google them and I'm sure you'll find info. on it. :)

Will said...

Rates are low now, so I would suggest grabbing a fixed for piece of mind. We did that 9 years ago and have been very happy to not have to worry about all that has been going on with other people's ARM's.

evi said...

i don't have an opinion on mortgages since i'm still a virgin in this department. hehe...

JO said...

Hi Kalle,
Goodluck to your house hunting.

Hi Junnie,
Not a lot of lenders are offering the combination anymore... anyway, we might go for variable-close mortgage. What do you think?

Hi Raquel,
Thanks!

Hi Andrea,
Thanks. I'll look into that.

Hi Will,
I got an offer for a 4.8% fixed but only for a 1 year term. Do you think that's a good idea?

Hi Evi,
It's hard for us since we don't have any idea about mortgages... and the trend. You also hear different stories from different people. Haaay!

Junnie said...

Fixed at 4.8% is not bad. Hopefully 4 years. If not try looking into that Manulife 1 that was earlier mentioned.

JO said...

Hi Junnie,
Kaya lang good for 1 year lang yun 4.8% eh!