Originally Posted by Aguyfromcalg
My interest rate is 5.1%.
I am planning to see if I can negotiate a lower rate later this summer.
Long term loans ( mortgages ) is very competitive market between banks here in Canada.
Yes our banking system is more regulated than the US banking system. That is why the Canadian banks weathered the banking crisis better than other banks
Let me ask a question because on putting your info to some senior banking people they have some doubts on accuracy.
You may have a 20 year amortization BUT what is the term of YOUR loan? Many if not most mortgages in Canada (unlike the US) may have a payment based on a 25 year amortization table BUT the term of the mortgage is 5 years. That is, after 5 years the balance owing is due unless a new loan or extension is agreed to by the bank and that always involves and interest rate adjustment to reflect current market conditions.
IF, you have decent equity in your home and if you have a decent income from a job that is secure and IF your credit cards aren't run to the limit and you are only making minimum monthly payments then you can get a loan for a substantial value - BUT all those "ifs" have to fall into place. Or, if you have a portfolio of investments with a total market value that is substantial that also makes a difference. But a 25 year TERM loan for almost the full value of a motorhome is not something that the Alberta Treasury or TD is about to take on if the motorhome is the ONLY thing backing the loan - unless the bank officer granting the loan is a complete fool (yes, we have seen lots of those over the years)>