What's your mortgage rate?

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PKFA		#21	[-]
Posts: 539 (01/05/09 4:01 PM) Registered User Reply Quote More Recent Posts Message Connection Block Invite	Mine is 6.0%. I got it right before all the banks went in the shitter a few months ago, so I probably could get something better now if I had enough equity to refinance.
NewOrleansIsSinking		#22	[-]
Posts: 10786 (01/05/09 4:07 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	Don't forget, she's Canookian. Mortgages have usually been term lengths of 5 years amortized over 20-30 years which is why she has to renew.
youfist		#23	[-]
Posts: 1398 (01/05/09 4:14 PM) Reply Quote More Recent Posts Message Connection Block Invite	ohboy wrote: thanks, i'll do the math... i would guess that everyone in the world is trying to refinance right now, so it'll be really slow-going to find someone and all that....right or wrong? eta: wait, i really do need to do the math. but when you say "you can get around 5% and closing costs are usually about 2.5% of the loan amount," not to be a total dumbass, but 2.5%?! even if it's rolled into the mortgage, that's $2,500 per $100k... saving 2% on the interest rate but paying 2.5% in fees? that can't make sense.... It does. Try New York...in the 5 boroughs, there is a 2.% mortgage recording tax ON TOP of closing fees. But still...5k rolled into the loan...how long does it take to get $5k back in your equity? Also, if you are saving hundreds a month...how long does it take for you to break even? Your old escrow gets returned (guessing $2000) Skipping 2 payments(guessing $3000 total) So, There is your $5k back right there.
2old4MTV		#24	[-]
Posts: 1388 (01/05/09 6:28 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	I'm at 5.375% right now, but my 6moLIBOR adjusts in January 2010 and we have been talking about refinancing into a 30yr-fixed while rates are low to lock it in. Looks like we'll adjust to 4.5% if the LIBOR stays low so I can't decide. I really don't need to pay closing costs right now.
mommalovesherColby		#25	[-]
Posts: 2588 (01/05/09 6:34 PM) Reply Quote More Recent Posts Message Connection Block Invite	dhc, I'm doing the same thing in May. Where did you get the 4.75 rate???? Back then I locked in for five years at 4.7, but when I look at the bank rates now, it shows a five year closed at 5.59 WTF??? The prime is lower than it was five years ago, but mortgage rates are higher. Stupid banks, lining their pockets again!
TexasBlues		#26	[-]
Posts: 5526 (01/05/09 6:47 PM) Registered User Reply Quote More Recent Posts Message Connection Block Invite	Your old escrow gets returned (guessing $2000) Skipping 2 payments(guessing $3000 total) That's not saving money because you need a new escrow and you're going to have to pay the money eventually, so skipping two payments doesn't save you anything, in fact it could cost you because you're still racking up interest on principal during those two months. You need to check out a refinancing calculator like this one http://www.bankrate.com/brm/calc_vml/refi/refi.asp. The important thing to figure out is not how much you'll save a month, but how long it will take you to recoup the refinancing fees. Then you need to figure out if you'll be in your current house that long.
buried out back		#27	[-]
Posts: 8926 (01/05/09 6:48 PM) Reply Quote More Recent Posts Message Connection Block Invite	We used a broker. They're free to the borrower and they get the banks to compete for your business. They got us 2% below what we could find on our own. We used them to renew as well.
drinkinghotchocolate		#28	[-]
Posts: 30616 (01/05/09 8:08 PM) Registered User Reply Quote More Recent Posts Message Connection Block Invite	mommalovesherColby wrote: dhc, I'm doing the same thing in May. Where did you get the 4.75 rate???? Back then I locked in for five years at 4.7, but when I look at the bank rates now, it shows a five year closed at 5.59 WTF??? The prime is lower than it was five years ago, but mortgage rates are higher. Stupid banks, lining their pockets again! Royal Bank of Canada. The posted rates are a lot worse here too, the banks are just willing to lend a lot lower than the posted rates - which basically means you have to book meetings and sit and listen to a lot of salesmanship b-s just to get a straight answer
meatball77		#29	[-]
Posts: 10108 (01/05/09 8:16 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	Below 5%? Hmm, perhaps I need to call into the bank. I wonder if I could refinance my 30 year on my rental property. Do they give you low rates on houses you don't actually live in?
buried out back		#30	[-]
Posts: 8928 (01/05/09 8:39 PM) Reply Quote More Recent Posts Message Connection Block Invite	drinkinghotchocolate wrote: Royal Bank of Canada. The posted rates are a lot worse here too, the banks are just willing to lend a lot lower than the posted rates - which basically means you have to book meetings and sit and listen to a lot of salesmanship b-s just to get a straight answer I'm telling you, get a broker like Invis, The Mortgage Center or any others. It's free, they make the banks compete for your business and get you the best rates. 1 application, 1 credit check, you just decide which one you want and go in and sign.
brokemom		#31	[-]
Posts: 5006 (01/05/09 8:47 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	YOU ARE HAVING ANOTHER KID ALREADY??? Ready to eat any of those posts you made back in your childless days yet? Congrats.
NewOrleansIsSinking		#32	[-]
Posts: 10787 (01/05/09 9:58 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	The Mortgage Center sucks ass. Go with what BoB says in terms of a mortgage broker and you could call a local realtor's office and ask for names or just call and find out who is the Royal Bank's mobile mortgage rep. That rep will give you the bank's very best rate whereas if you went and talked to whoever at the bank, you'd have to fight for a discount.
buried out back		#33	[-]
Posts: 8929 (01/05/09 10:01 PM) Reply Quote More Recent Posts Message Connection Block Invite	We used Invis. Twice. And they got us excellent rates both times. They don't deal with individual branches like you would on your own. They deal with people who actually have the power to give you a better interest rate. Also you could go to a showhome and ask the person who they use to help first time buyers qualify. That's what we did, we just pretended we were interested in building a house and they gave us all the info we needed.
NewOrleansIsSinking		#34	[-]
Posts: 10788 (01/05/09 10:07 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	Typically if you go to a showhome, it's either an independent broker or a mobile mortgage rep. And you'd be better off going to a showhome that's not directly sold by the builder. The mortgage people all offer to prepare financing sheets for the home, whether it's new or resale because it's free advertising for them. My brokers would all get the open house lists for the weekend and then prepare rate sheets and then drop them off at the office so we could take them to our open house.
buried out back		#35	[-]
Posts: 8930 (01/05/09 10:15 PM) Reply Quote More Recent Posts Message Connection Block Invite	So typically then, if you have a mortgage with one lender and you go to renew, will your current lender give you the best rate to keep the mortgage with that bank? The big lenders I mean, not Credit Unions and such. Because both times, it worked out that the best rate was with TDCanada Trust for us. And with friends who have renewed, it always seems that they get the best rate with the lender who previously held their mortgage. Is it really worth it to do a ton of shopping around for a renewal because ours is coming up again soon.
NewOrleansIsSinking		#36	[-]
Posts: 10789 (01/05/09 10:41 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	They are all competing. They have their posted rate and their discounted rate. RRSP/Loan/Mortgage chick will give you posted rate and you might negotiate it down a little. Discounted rates is normally 1 full percent off the posted rate. Mortgage broker or bank's mortgage rep will automatically give you the discounted rate. I would never ever go to a RRSP/Loan/Mortgage chick for my mortgage. I'd prefer a specialist. They still should give you the best rate since they want your business again and again but the posted rate is always in the papers so just consider it a given that you'll get at least 1 percent off. Not usually more unless it's a more specialized type of mortgage but typically it's 5 year closed over 20-30 years.
ohboy		#37	[-]
Posts: 3120 (01/05/09 10:57 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	what goes on in canada? you have to renew your mortgage? why? what does that get you? if the rates go up, you just lose? do you have to pay fees every time?
buried out back		#38	[-]
Posts: 8931 (01/05/09 11:01 PM) Reply Quote More Recent Posts Message Connection Block Invite	But if the rates go way down, you win.
ohboy		#39	[-]
Posts: 3121 (01/05/09 11:07 PM) Registered user Reply Quote More Recent Posts Message Connection Block Invite	yeah, but here, if the rates go way down, you can choose to refinance. you crazy canookians.
ripeplum		#40	[-]
Posts: 61 (01/05/09 11:08 PM) Reply Quote More Recent Posts Message Connection Block Invite	I agree with the Mortgage broker scenario...let one shop you around and get you the best possible rate. If you prefer to stay with your current bank just show them the rate the mortgage broker got you and they will likely match the rate. Just to brag....I have a variable rate mortgage (not a death sentence here in Canada) and the rate is currently 3.05%. Up until about 6 months ago the banks were offering prime MINUS 1.25. It is my understanding they no longer do this.

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