Hi All,
I believe many mortgae brokers are in this forums.
Could you guys please advise what is the best mortgage rate you guys seen in last one month,
Intresting to know,
Best variable and fixed best rates available in last month period.
Thanks in advance for your inputs.
Thanks,
Ulkesh
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Ulkesh
"Faith Can move mountains"
Quote:
Originally posted by Ulkesh
Hi All,
I believe many mortgae brokers are in this forums.
Could you guys please advise what is the best mortgage rate you guys seen in last one month,
Intresting to know,
Best variable and fixed best rates available in last month period.
Thanks in advance for your inputs.
Thanks,
Ulkesh
Hi Ulkesh,
The mortgage rates keep on changing constantly and different banks at different point of times offer different rates for different terms.
Last month the best variable rate I gave was prime - 0.95% which is not available now. The best 5 year rate I gave was 4.94% though today most of the banks have increased their rates and remaining institutions would follow suite.
For finding out the latest best rates available to you through a mortgage broker, you can visit my website ( please see my signatures below ) where in you will get all the information about the rates, mortgage products and all related information for home buying which is very useful for the first time home buyer. And, if you want to avail of these rates you can even apply online and also may be eligible to a very good promotion we have for year 2007.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Where can I learn the math behind Mortgage calculation?
Can anyone suggest some book or website?
What is the best way to pay the mortgage fast?
What is the penalty for switching banks for mortgage?
Thanks in advance
Location: carl sagan's universe
Posted on: 23-01-07 00:51:02
Quote:
Originally posted by ekvivek
Where can I learn the math behind Mortgage calculation?
Can anyone suggest some book or website?
What is the best way to pay the mortgage fast?
What is the penalty for switching banks for mortgage?
Thanks in advance
Math behind mortgage calc- interesting question- maybe based on a take off of the fourier series or something deadly like that.
Besides winning the lottery or having a business that makes you $$$$$, one of the ways is to pay bi-weekly so you make 26 payments instead of 24 per year.
2. Engaging in the Smith Manouevre. You can knock off 10-12 years on a regular 25 year mortgage if you stick to the plan
3. Taking out an investment loan and investing in aggresive investment vehicles. May or may not work. Has been for the last 4-5 years. A client of mine took an investment loan of $1,000,000 in 2005 and invested into precious metals and made $600,000 which he has redeemed this year to pay off his remaining mortgage on his $700,000 home -For those with plenty of guts. And guess what? He is actually planning to use the equity in his home vide HELOC to reinvest and get the tax break on the interest. Gutsy son of a gun. I should be so lucky.
Penalty theoretically or actually? All I do is threaten the bank with which the mortgage is to either match the next guy or I'll switch. Even with a mediocre score, the current bank gives in, esp. if the guy hasn't missed a payment. This has happened so often lately that I've actually even forgotten what one theoretically pays
That's why it pays to go with a mortgage broker. My compensation for that- referrals.
Location: carl sagan's universe
Posted on: 23-01-07 10:12:36
Quote:
Originally posted by Ulkesh
Hi All,
I believe many mortgae brokers are in this forums.
Could you guys please advise what is the best mortgage rate you guys seen in last one month,
Intresting to know,
Best variable and fixed best rates available in last month period.
Thanks in advance for your inputs.
Thanks,
Ulkesh
There are 2 types of variable rate mortgages.
1. The payment varies as the rates(prime and /or long term bonds) go up and down. For instance if the mortgage loan is based on prime rate say P-0.9%, if the prime goes up the payment goes up accordingly. If the prime goes down, the payment goes down accordingly. In other words the payment goes accordeon style but the amortization period remains the same.
2. The payment stays fixed say at Prime-0.9%. However, the term varies. If the prime goes up, theoretically the payment should up, but the lending institution does not jack up the payment, but increases the length of the mortgage amortization say from 25 years to 25 1/2 years. If the prime goes down, the payment again remains the same as the original agreed upon amount but the amortization period goes from 25 years to 24 1/2 years. In other words the amortization period varies accordeon style but the payment is fixed.From past history and graphs, it is shown that this method usually ends up with an amortization period of less than the normal 25 years. Few institutions offer this style and the rates are usually 0.1% more than version 1, though sometimes it matches, when sale rates are on as right now. Very good for budgeting.
I would like to mention here that certain institutions offer mortgage rates based on the long term rate of bonds. This is so far untested territory in Canada but has taken off in the US and parts of Europe.I have not done any so far. Perhaps other mortgage brokers who have can share their experiences.
Thanks for the reply
I had booked my Mortgage to Prime -0.8% , which looked good when Prime was 4.25 (5 Year Term)
I procrastinated...
Now Prime is 6.0
My Mortgage is with ING
I pay weekly, I increased the payment by 25% once, which reduced the ammortization to 21 yr and some month( can't follow how it works, as I might not be with ING upon renewal)
What is a good option for safe players,
a. To pay back mortgage first, or
b. Keep Investing in RRSP etc. and don't bother too much abt mortgage
any opinions will be highly appreciated.
Interactive Information seminar on Home Buying
Here is the link:
http://www.canadiandesi.com/read.php?TID=16321
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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)
Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto
Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK
