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最优利率和cashback可以申请特批，好信用好收入offer更好。请点链接扫码加微信咨询，Scotiabank -- Nick Zhang 6478812600。

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最优利率和cashback可以申请特批，好信用好收入offer更好。请点链接扫码加微信咨询，Scotiabank -- Nick Zhang 6478812600。

my 2 cents

toronto1(Toronto 1)

1. i don't know how 小松鼠 get 1.25% cash back from BMO, i was told 1% only.

2. yes, the BMO's mortagge is the best of the 3 years terms mortgage products if the cash back is based on 3 years, not 5 years.

3. the mortgage rate is uncertain after 3 years, so i'm not sure what kind of rate will be, in other words, i don't know if yoy can get p-0.85 at that time, and i don't think you can get another same deal like this after 3 years coz the cash back is a 5-year agreement.

4. You have to stay in BMO for 6 years because it is a 6-year term although it is fully open after 3 years

(#2240785@0)
Last Updated: 2005-4-14
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枫下家园 / 住房话题 /
tor
Toronto Area

bmo给的贷款，3年浮动，前3个月2％，后面是p-0.375％，1.25％的现金返还，请问一下这个产品到底怎么样？ -littlesquirrel(小松鼠); 2005-4-10 (#2232965@0)

Not bad! I was told from BMO rep. only 1% cash back,which BMO you deal with? -hw9988(hongqi); 2005-4-10 (#2233052@0)

how much the loan? -ineaton(AN); 2005-4-10 (#2233059@0)

10万 -littlesquirrel(小松鼠); 2005-4-10 (#2233102@0)

yuo get PM-2.25% for the first three months, and then PM-0.375% after; 1.25% cash-back? right?; not bad. -ineaton(AN); 2005-4-10 (#2233106@0)

Prime less 0.85% is better than this one. You can go to some website using their calculator and will find the difference. Good luck. -fudu(fudu); 2005-4-11 (#2234760@0)

That's correct. 1% cash back is for whole 6 yrs. Average discount is about p-0.65%. It's the worst one among the banks. If you transfer out after 3 yrs, you'd have to give back half of the cashback. -lsgsz(WEI); 2005-4-13 (#2237544@0)

虽然我不知道具体怎么算，但也感觉这个不如p-0.85，因为 -littlesquirrel(小松鼠); 2005-4-13 {96} (#2237742@0)
对贷10多万款来说，cash back 也就是1000多元，而如果p涨了，p-0.375就太不合算了。也不知想的对不对？

利率是前三个月p-2%？or 2% regardless Prime rate? -yeek(yeek); 2005-4-10 (#2233088@0)

是p-2.25 -littlesquirrel(小松鼠); 2005-4-10 (#2233101@0)

This is very good rate. Could you PM your mortgage broker/branch information. Thanks a lot! -yeek(yeek); 2005-4-11 (#2233536@0)

这个好像是6年计划，如果3年后你退出，是要还回去一部分现金返还的，这点要留意。 -burberrys(burberry); 2005-4-11 (#2233789@0)

more details need. -yeek(yeek); 2005-4-11 (#2233961@0)
It should be 6 terms but open after 3 years so no penalty. -dormouse(mi); 2005-4-11 (#2235202@0)

no. you have to pay back portion of cashback amount. I called BMO and was told your cashback will be (1 -total months with BMO mortgage/ 60months)*cashback amount -yeek(我爱我家); 2005-4-13 (#2237850@0)

Compare with prime less 0.85%, this one is worce. use calculator www.lendingtree.com or www.invis.ca, you will find the difference. -fudu(fudu); 2005-4-11 (#2234774@0)

If this is 3 years terms, I would say it is much better than p-0.9. -yeek(yeek); 2005-4-11 (#2235087@0)

Its 5 yrs average discount is : p-0.67%, which is (2.25%*3months+ 0.375*57months) / 60months + 1.00%cash back / 5yrs=0.67%. -lsgsz(WEI); 2005-4-14 (#2240044@0)

but it is fully open after 3 years, so you should be able to get a better rate than p-0.375 at that time. -toronto1(Toronto 1); 2005-4-14 (#2240494@0)

Though it's fully open after 3 years, but you need to pay penalty plus portion of your rebate to switch to a better rate. -yeek(我爱我家); 2005-4-14 (#2240519@0)

i don't think so as long as you don't move your mortgage out from BMO. it says on the contract. -toronto1(Toronto 1); 2005-4-14 (#2240529@0)

Double check with your Banker or Mortgage broker. If you really can switch to a better rate without any penalty, I would say that's a great deal. I may take it too. -yeek(我爱我家); 2005-4-14 (#2240562@0)

i don't think it is a great deal though, at least comparing to 5 years p-0.85 plus cash back. but i don't know how 小松鼠 get 1.25% cash back from BMO, i was told 1% only. -toronto1(Toronto 1); 2005-4-14 (#2240618@0)

How do you do calculation? -yeek(我爱我家); 2005-4-14 {884} (#2240750@0)
I don't know how you do calculation. Let's compare borrowing $2500000 on different plans,

A-Plan: With 1.25% rebate, and p-2.25% first three months, and rest P-0.375%. You pay $1000 bi-weekly, and put the rebate amount($3125) with the first payment. After three years, you mortgage balance will be $192476.8002

B-Plan: With P-0.90, no rebate, same bi-weekly payment $1000, After three years, you mortgage balance will be $193599.4157

At this point if you can switch to some other better rate without penalty, try to get another 3-year: 1.25 rebate, p-2.25 three month, and rest p-0.375 again. You will be very happy.

However, if you will be bound to the high rate (p-0.375) for the left 3 years, at the end of year 5, the balance will be:
A-Plan: $153910.364
B-Plan: $153227.2173

Then B-plan will be a little bit better.

Let me know if there's something wrong.

my 2 cents -toronto1(Toronto 1); 2005-4-14 {596} (#2240785@0)
1. i don't know how 小松鼠 get 1.25% cash back from BMO, i was told 1% only.

2. yes, the BMO's mortagge is the best of the 3 years terms mortgage products if the cash back is based on 3 years, not 5 years.

3. the mortgage rate is uncertain after 3 years, so i'm not sure what kind of rate will be, in other words, i don't know if yoy can get p-0.85 at that time, and i don't think you can get another same deal like this after 3 years coz the cash back is a 5-year agreement.

4. You have to stay in BMO for 6 years because it is a 6-year term although it is fully open after 3 years

if you only borrow not much (i.e 10W), and you can pay off all mortage after 3 years but before 6 years( i.e 3.5 years), I don't think you have penalty except returning portion of cashback. -yeek(我爱我家); 2005-4-14 (#2240856@0)

Honestly, this one would be very good only if you can fully pay out your mortgage right after the first 3 years. -yeek(我爱我家); 2005-4-14 (#2240532@0)

your caculation is not 100% coz the money from cashback is present value, which can be used to repay principle, thus reducing interest payment. This option should be better than p-0.67% at least 200-300 bps. -yeek(我爱我家); 2005-4-14 (#2240868@0)

@Ontario

my 2 cents

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