Posted on: 25-11-13 16:55:53
Here is my quesiton
My current mortgage is for 35 years, 5 years fixed rate, which is going to expire in June 2014. I was wondering whether I am work with a mortgage broker looking at other options for better interest rates, still maintaining my 35 years term? Will I have to change my mortgage term to 25 if I were to move my mortgage from my current bank to some other place?
T
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"
Quote:
Originally posted by Timon
Here is my quesiton
My current mortgage is for 35 years, 5 years fixed rate, which is going to expire in June 2014. I was wondering whether I am work with a mortgage broker looking at other options for better interest rates, still maintaining my 35 years term? Will I have to change my mortgage term to 25 if I were to move my mortgage from my current bank to some other place?
T
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PLEASE USE A BROKER, BUT WATCH THE MARTGAGE RATES ALSO and lock in at the earliest possible time they permit you to do so....
It will be better for you, working with a Mortgage Broker. They always look for the lowest rates. But you will still have to dicker with them to get the best rates. So, use this link to keep in touch and watch the rates on this website from time to time.
Remeber that they wll not go down any longer, as the FEDS are tightening up the screws to save the housing market from a bubble that they have created. (WHO? *)
I have not stuudied the Mortgage rates recently, but it seems that they will be raising the rates soon by fifty basic points. So, whenever you are able to lock in the rates that are found to be low, and you can do that, you ask for the lock in for your property mortgage. It could be as close as four months before the renewal date. Check with the Broker and the lender's rules and how much flexing that they can allow for you with the rates and the closing dates.
http://www.ratehub.ca/best-mortgage-rates
All of these things that are happening are due to the CONDO maket collapse. How they are interlinked can only be deducted from the current housing market situation. I.E., the multiple bids and the over valuation of the single independent houses...
Please go through the CBC TV Show, if you have the time. It is very interesting.
FH.
CBC : The Condo Game : http://www.cbc.ca/player/Shows/Shows/Doc+Zone/ID/2419796099/
Quote:
Originally posted by Timon
Here is my quesiton
My current mortgage is for 35 years, 5 years fixed rate, which is going to expire in June 2014. I was wondering whether I am work with a mortgage broker looking at other options for better interest rates, still maintaining my 35 years term? Will I have to change my mortgage term to 25 if I were to move my mortgage from my current bank to some other place?
T
If you are only renewing the mortgage and not adding any funds (refinance) then whether you remain with the existing lender or switch to another lender, you do not have to reduce the amortization to 25 years and you would still keep the 30 year amortization.
AT least 3 months before your renewal, you should be asking the renewal rates from your existing lender and then compare it with the one being offered by a mortgage broker or any other lender and then decide what is best for you. A mortgage broker may be able to get you a better deal most of the time BUT not all the times so you have to do your own due diligence as well.
Take care.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
