Well something went my way for a change...

Arc weld · Jul 16, 2015

Got the appraisal done on the property I want to put a pole building on. I hope the woman I'm dealing with at the Credit Union likes humble pie. The appraisal came in considerably more than anticipated. She was acting like she's stretching every dime and can only finance 50% of the value less what I owe on the existing mortgage. I have about $24,000 on the existing mortgage and she was going to do a combined $60,000 mortgage (I pay 25% down + GST) but the appraisal with the building came in at $205,000 so I think I have a little better negotiating power now. I think I'll look at a lower down payment. The Bank of Canada rate dropped .25% as well, so I think I should get a better interest rate since they are calculated based on the Bank of Canada rate. I'm thinking under 3%. Hopefully she gives me a little more respect now.

MossRoad · Jul 16, 2015

Good for you! :thumbsup:

MoKelly · Jul 16, 2015

Good luck. Try not to rub it in her face --- get more bees with honey type of thing.

MoKelly

davesl708 · Jul 16, 2015

Great news. Good luck with the negotiations and the project.

Arc weld · Jul 17, 2015

She says they aren't looking at changing the rate but all along she's been saying it's tied to the Bank of Canada rate. It's not my fault she's been fumbling around for almost a month.

ultrarunner · Jul 17, 2015

Good news is always welcome and I'm glad you are making progress...

Rome wasn't built in a day... but it did get built!

jaotguy · Jul 18, 2015

still get quotes from other institutions ( and their rates ) ... if she tries to pull one on you at the last minute , stand up and say "no thank's , I have a better deal with XXXX "... and walk out .

Knight9 · Jul 19, 2015

I would agree on shopping around. A quick check of Servus' website and, as an example, ATB indicates Servus is not the lowest option based on published rates. Hope you get a good deal. Hard to believe we used to see 12-18% interest not that long ago eh?!