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Nope, they say it's up to the value of 1m so even if you buying something for 900k but the valuation stating 1.1m, you will get put in the 5% bracket. Same for construction, if your land valuation plus construction value crosses 1m, it's 5%infinite_RPM wrote:Bump.. quick question. The ttmf 2 percent mortgage is up to 1m, but let's say the house I want to buy is 1.4m, would I be able to qualify for for the 2 percent rate if I have the 0.4m already?
adnj wrote:Yes.
It's based on valuation and subsidized. I was wrong.Kronik wrote:Nope, they say it's up to the value of 1m so even if you buying something for 900k but the valuation stating 1.1m, you will get put in the 5% bracket. Same for construction, if your land valuation plus construction value crosses 1m, it's 5%infinite_RPM wrote:Bump.. quick question. The ttmf 2 percent mortgage is up to 1m, but let's say the house I want to buy is 1.4m, would I be able to qualify for for the 2 percent rate if I have the 0.4m already?
Exactly why I went to republic (4.75%) instead of TTMF (RBC is like 4.5% I think), aside from what you paying for the land, is the valuation amount you need to check, so if you paying 450k, but it valued at 550k, you have to build something valued 450k max and get your completion certificate or else is 5% cuz you cross 1mil in value. And the max amount you would be able to get for land based on a 14k salary (max salary for 2%) is 400k, if it costs more you would have to put it, but that still leaves you with the high value.ProtonPowder wrote:Real nonsense to be honest.
Say you manage to get a good piece of land close-ish to an urban area for about 400-450k like Reform or so, you would end up being limited to construct a small <1000-1200sf house to keep it under 1M value.
For basic construction, OLD (2015) quantity surveyor estimates are $500 per sf of house from foundation to finish. More recent estimates for basic construction are closer to $600 per sf or so.
A few people I've spoken with also got screwed over by their mortgagees before. Buried in the covenants it stated that construction of any fence or external shed before the release would raise their interest rate. They didnt realize, and the next time the quantity surveyor came, they get slap with higher payments. This was probably for the bank to not let the owners increase the value of the home relative to the value of the loan.
Edit: Absolutely no. It's a government subsidized, first time homeowner progam.adnj wrote:Yes.
I pay less than 2k, 1500 plus vat, value came up to 10k less than I paying, so I glad they didn't value it too high, less money I hadda pay in fees.ProtonPowder wrote:You probably got the $2k fee then. They have an even higher minimum for 'prestige' areas that they have listed.
If hey worked out best for your situation then thats good though.
Great app here will keep it in mind when I'm ready to go for a bridging finance loanmatthew-scg wrote:I was wondering the same thing^^ so was doing a bunch of research on Google and I came across this post.
It's from 2014 though ... so in case anyone else comes across this post and wants updated results I also found https://comparett.com VERY helpful.
You could check out mortgages on https://comparett.com/mortgages... they have listings of all the different banks as well as their mortgage rates fixed and variable. They will also let you type in how much you want to borrow and will automatically calculate the monthly repayments for you (y).
I didn't go through the application process myself but from what I have heard it works well - no problems.
slacker_83 wrote:TTMF does not offer fixed rates. The 2% and 5% rates increases by 0.5% annually until it reaches the open market rate which is currently 7%.
Better take your chances with the commencial banks.
Dave wrote:Ttmf will adjust their rates more rapidly than a bank. With rates forecasted in 2004 to go down, I got 4 revised reduces rates while my mortgage was being serviced. Left the standing amount through all the reductions and ended up having close to 6mths prepaid.
jsm1985 wrote:I currently have a 30 yr mortgage with FCB, which is at 6.5% interest rate (good at the time in 2011, although variable, it hasn't been adjusted in 9 years. ~20 years remaining)
Considering switching to RBC, they're offering me a 4.25% interest rate to switch with a rebate on switching fees up to $30,000 (i've calculated my switching fees to be about $20k).
I've reached out to FCB multiple times to ask them to reduce my interest rate in light of RBC's offer but they refuse to budge.
Thoughts on if I should go ahead with the offer? I'm concerned that after a year or so, RBC increases the rate above 6.5%. Anyone know what RBC's realistic interest rates look like in this type of situation?
Hey bro thank you for this information as I also have a TTMF loan but can you clarify further. U say that the installments stay they same even if the interest rises?eitech wrote:Dizzy28 wrote:Isn't TTMF's 5% rate for a fixed period (1st 5 years) as opposed to the life of the mortgage and it then goes to market rates eventually. (v. A graduated payment mortgage arrangement is included, the main features of which would allow for an increase of 0.5% annually from the inception of the loan to the attainment of the Approved Mortgage Company (AMC) rate (currently 7%) in five (5) years........https://www.ttmf-mortgages.com/mortgage ... -programme)
This should be a concern/point of note for persons who just about qualified from an income perspective, as they would need to pay a bigger payment later on.
I saw all my calculated payments and ur mortgage payment remains fixed, eg lets say it 3000/mth, what actually varies is the interest but however it varies, ur mthly installment adjusts to suit. So in essence at some point u will be paying a higher interest rate and ur principle will be less, then as years go by the interest decreases but the principle goes up. But in d end ur installment is fixed ie 3000/mth.
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