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09-10-2010, 01:21 PM
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#1 | | I bringith the lowerballerith
Join Date: Dec 2003 Location: Vancouver
Posts: 1,118
Thanked 28 Times in 12 Posts
| Mortgage Advice
Hi
I have a variable mortgage now at 3% , prime basically.
Due to the recent interest increases, I have been shopping around for fixed rates.
I got an offer of 3.54% for 5 year fixed closed.
What do you guys think?
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09-10-2010, 02:24 PM
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#2 | | My homepage has been set to RS
Join Date: Dec 2004 Location: Edmonton, AB
Posts: 2,451
Thanked 186 Times in 80 Posts
| Quote:
Originally Posted by Nssan  Hi
I have a variable mortgage now at 3% , prime basically.
Due to the recent interest increases, I have been shopping around for fixed rates.
I got an offer of 3.54% for 5 year fixed closed.
What do you guys think? | Can you sleep at night with a variable rate? Can you afford the rate to go up by a percent or three? Maybe go talk to a mortgage advisor, or your bank. Personally, I prefer the variable, but I'm sub prime still.
__________________ Quote: Originally posted by CRS
I would make a comment in regards to your intelligence but I don't think that you would appreciate the full mockery of that comment.
In other words..
I would love to insult you but you wouldn't understand. | | |
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09-13-2010, 03:42 PM
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#3 | | Ubereem Mod
Join Date: Mar 2002 Location: Richmond
Posts: 3,070
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3.54 is pretty damn good acutally.
If you don't want the risk, aand want to wait around to see.
My suggestion is to lock it in, have the piece of mind.
edit: though, i don't see BoC raising their rates anymore in the next 6 months to a year.
__________________ Quote:
Originally Posted by Culture_Vulture sometimes I like to use kindergarten art class scissors to cut my pubes | | |
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09-13-2010, 05:06 PM
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#4 | | I Will not Admit my Addiction to RS
Join Date: Feb 2004 Location: Burnaby
Posts: 577
Thanked 20 Times in 13 Posts
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if your variable mortgage is at prime then you should seriously consider locking in
your rate is currently only .54% below what the fixed is. over the next FIVE years it is highly likely that prime will increase by that much. again u must consider that it would be the AVERAGE rate. currently variable rates are as low as prime -0.8. this gives a lots more room for prime to increase. are you with a mortgage provider that would allow splitting the mortgage into half variable half fixed? personally i am a big fan of this given the best of both worlds.
Locking into the 5 year fixed are you paying the penalty? although it likely isnt much currently it is still a factor to consider. If you are paying the penalty regardless then just negotiate to get the variable again with a prime minus discount.
Good luck
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09-13-2010, 09:43 PM
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#5 | | HELP ME PLS!!!
Join Date: Jan 2004 Location: here
Posts: 5,793
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I thought fixed was like 5 now? where did you get 3.5? dam I should go lock in a rate before it goes up again. incase I decide to buy
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09-14-2010, 02:13 PM
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#6 | | Ubereem Mod
Join Date: Mar 2002 Location: Richmond
Posts: 3,070
Thanked 120 Times in 63 Posts
| Quote:
Originally Posted by woooo if your variable mortgage is at prime then you should seriously consider locking in
your rate is currently only .54% below what the fixed is. over the next FIVE years it is highly likely that prime will increase by that much. again u must consider that it would be the AVERAGE rate. currently variable rates are as low as prime -0.8. this gives a lots more room for prime to increase. are you with a mortgage provider that would allow splitting the mortgage into half variable half fixed? personally i am a big fan of this given the best of both worlds.
Locking into the 5 year fixed are you paying the penalty? although it likely isnt much currently it is still a factor to consider. If you are paying the penalty regardless then just negotiate to get the variable again with a prime minus discount.
Good luck |
I don't think he'll be paying a penalty, all banks don't have penalties when changing from Variable to Fixed terms, as long as they take a term longer then what's remaning on the MTG.
i.e.: 2 years left on the variable and taking a 5 year fixed term
__________________ Quote:
Originally Posted by Culture_Vulture sometimes I like to use kindergarten art class scissors to cut my pubes | | |
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09-14-2010, 05:13 PM
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#7 | | I Will not Admit my Addiction to RS
Join Date: Feb 2004 Location: Burnaby
Posts: 577
Thanked 20 Times in 13 Posts
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probably not but still something to ask.
btw 3.45 on a 5 year just hit the market.
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09-22-2010, 02:12 PM
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#8 | | I don't get it
Join Date: Mar 2002 Location: Vancouver
Posts: 423
Thanked 11 Times in 5 Posts
| Quote:
Originally Posted by Nssan Hi
I have a variable mortgage now at 3% , prime basically.
Due to the recent interest increases, I have been shopping around for fixed rates.
I got an offer of 3.54% for 5 year fixed closed.
What do you guys think? | I am very good friends with a Mortgage Broker and can get you a free rate quote if you would like.
check out his website if you would like: www.mortgagealliance.com/minhpham | |
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09-22-2010, 06:32 PM
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#9 | | HELP ME PLS!!!
Join Date: Jan 2004 Location: here
Posts: 5,793
Thanked 146 Times in 67 Posts
| Quote:
Originally Posted by woooo probably not but still something to ask.
btw 3.45 on a 5 year just hit the market. |
where are you getting 3.45? my bank just told me their best was 3.9
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09-22-2010, 09:10 PM
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#10 | | Need my Daily Fix of RS
Join Date: Jul 2004 Location: .
Posts: 270
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Coast is offering 3.45% but I believe there are some catches. Don't go back to the bank that offered you 3.9. Thats a horrible rate.
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10-11-2010, 01:33 PM
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#11 | | I Will not Admit my Addiction to RS
Join Date: Feb 2004 Location: Burnaby
Posts: 577
Thanked 20 Times in 13 Posts
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Originally Posted by johny where are you getting 3.45? my bank just told me their best was 3.9 | yea coast capital was offering with lots of catches.
i work for rbc and i was matching the rate for mtgs over 300,000
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