I know theres been lot of discussion on this...and finally it is our decision but I would appreciate your suggestion / recommendation....
currently by bank is offering 2.75 % for 1 yr fixed, 3.83 % for 3 yr fixed and 4.23 % for 5 yr fixed, which one should we go for ? This is there final rate, no more negotiation possible. We were more inclined for 3 yr.
Have you tried thru a mortgage broker? They may be able to get you a better rate.
For the 3 yr, the ING direct and First National posted rates are only 3.65%. I am sure, at the least, your bank will match this.
The rates sound slightly high.
You should work through a mortgage broker or shop around yourself with several banks.
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Someone had posted a link earlier that listed various banks' mortgage rates that they offered . cant find it, any one knows ? thanks.
Edited : Found it : http://www.bankrate.com/can/rate/mtg_home.asp?link=2
Hi,
www.ratesupermarket.ca
I gathered that their 3 yr rate is little higher than market but 5 yr is competitive...still not sure should we go for 1 yr fixed at 2.75 or 3 yr at 3.83 or 5 yr fixrd at 4.23 ? Any suggestions ? Thanks.
Hard to predict. If you are comfortable with the 5 yr payments, go for it.. Fixed rates may not go down any further in the near term; but variable may go down. That throws the option of 1-3 yr fixed and then refinance with a variable rate. But on the risk side, variable rate may not have gone down and fixed might have gone up then! Depends on your risk taking approach.
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