Mortgage rates.

[burn_baby_burn]

I'm in the process of buying a different house. One thing that I am curious about are current mortgage rates. Right now I am nearing the end of my 5 year mortgage at 4.23%. I am being quoted a rate of 4.35% by my mortgage broker for five years. What kind of quotes or rates have other posters heard of recently? For those of you in the business, is 4.35% a good rate at the moment? Or could I do much better if I shop around?

[IntenseFan]

Martgage rates?

But seriously, the best residential rate I've seen this month is 4.19%, so 4.35% is not too bad assuming its for 5 years.

Business rates are higher and lower, depending on who you are and who your lender is and for how long, etc. etc.

[burn_baby_burn]

Originally Posted by IntenseFan

Martgage rates?

But seriously, the best residential rate I've seen this month is 4.19%, so 4.35% is not too bad assuming its for 5 years.

Business rates are higher and lower, depending on who you are and who your lender is and for how long, etc. etc.

Spell check doesn't check the thread title. Sorry for the typo.

Who is offering 4.19%?

[Mike Oxlong]

I am a mortgage broker and 4.35% for a 5 year fixed is not that good right now. As long as you are a good applicant with good credit etc... you should be able to get in the 4.29% range at most.

Depending on when you are taking posession of the new house you might be able to get an even lower rate. There are a couple of lenders that have quick close specials.

You shouldn't have to shop around for better rates. That is your mortgage brokers job. That's one of the benefits of using a broker.

Let me know if there is anything I can do to help you out at all.

[Winsor_Pilates]

That's decent for a 5 year, but 5 years are the ones that went up in the last 2-3 months. If you're willing to consider a different term you might be better off as most of them have not gone up since their crazy lows in the last year.

[macker]

I got an email from ING the other day offering 3.75% for 5 years.

[Boblobla]

Originally Posted by macker

I got an email from ING the other day offering 3.75% for 5 years.

I got an email advertising something about adding inches.

[IntenseFan]

ING is offering that to "approved" customers for 5 years fixed.

And also that place I drive by on the 5th ave connector every morning (the name of which escapes me), which appears to be on 10th ave near 14th street sw. They have a sign out every weekday morning advertising their prime residential rate for 5 year fixed.

[burn_baby_burn]

Originally Posted by Mike Oxlong

I am a mortgage broker and 4.35% for a 5 year fixed is not that good right now. As long as you are a good applicant with good credit etc... you should be able to get in the 4.29% range at most.

Depending on when you are taking posession of the new house you might be able to get an even lower rate. There are a couple of lenders that have quick close specials.

You shouldn't have to shop around for better rates. That is your mortgage brokers job. That's one of the benefits of using a broker.

Let me know if there is anything I can do to help you out at all.

My house is sold and I am dealing on the house I want to buy. So I would be taking possession of the house around the middle of next month. Right now I am with Firstline. If I stay with them I will not have to pay any penalty for paying the mortgage off early. They quoted me a rate of 4.35 last month and told me yesterday that rates are currently the same. I guess I have to factor in what the penalty will be versus staying with Firstline at a higher rate.

[burn_baby_burn]

Originally Posted by fotze

What did they say the penalty is, it should not be very high that close to the end. Get the exact payout penalty. I have absolutely no doubt they have room to move.

Calcyulate the diference of what 4.35 and 4.29 is in payments over 5 years plus the delta in principle you will pay at the better rate, then compare that to the penalty (and possible lawyers fees).

If the penalty is < than the rate differential between the competing mortgage tell firstline to go fata their hat even if it is 1 dollar.

What do you mean by "delta in principle"?

[Jedi Ninja]

AMA is posting 4.09 right now:

http://www.ama.ab.ca/images/images_p...12_2009(1).pdf

[Jedi Ninja]

Originally Posted by fotze

What about the 3 year fixed. I always say "this is the house long term", but it never is and I end up ending the thing early. Also the company treats you better the closer you are to the end of a term (in everything) the 0.5 % difference is pretty significant.

Personally, I would just float it at that point. I can't see prime giong up that much in the next 3 years.

[edn88]

I think we just got 3.84% at CIBC for 4 years... we have a lot of our business there.

[Dan02]

closed a 3.44 for 4 years with CIBC today.(thanks mike oxlong and troutman)

Got a good rate but if i was to do it again I'd probably go with the 5 year variable. can get 2.4% right now,

[Wookie]

Just got 3.89% 5 years fixed @ Scotia.

[Nufy]

Woot !!! My HELOC at prime is still looking good. And should stay good for a while I guess.

[JustAnotherGuy]

Originally Posted by burn_baby_burn

I'm in the process of buying a different house. One thing that I am curious about are current mortgage rates. Right now I am nearing the end of my 5 year mortgage at 4.23%. I am being quoted a rate of 4.35% by my mortgage broker for five years. What kind of quotes or rates have other posters heard of recently? For those of you in the business, is 4.35% a good rate at the moment? Or could I do much better if I shop around?

I typically go for a 2-3 years for my mortgage. I now go through a mortgage broker. Let them find me the best deal. Before I used to deal with the same bank everytime. Which is fine if that is what you are comfortable with.

When dealing with the bank I always got a lower rate when I asked for one. So just say 4.35% is not good enough. What can you lower it to? Let them go figure something out. They will probably do the ole.. "Pretend to go to his bosses office to get the better rate but not really do anything and then come back and drop the rate"

[Wookie]

Originally Posted by JustAnotherGuy

I typically go for a 2-3 years for my mortgage. I now go through a mortgage broker. Let them find me the best deal. Before I used to deal with the same bank every time. Which is fine if that is what you are comfortable with.

When dealing with the bank I always got a lower rate when I asked for one. So just say 4.35% is not good enough. What can you lower it to? Let them go figure something out. They will probably do the ole.. "Pretend to go to his bosses office to get the better rate but not really do anything and then come back and drop the rate"

I have a friend that is a broker, he sent me the rates, I then called my lender and asked them to match the lowest rate and they obliged.

Had I enough equity in my house to move the mortgage and give my buddy some business I would have. But, I'm stuck with my lender. I'm not sure if they knew that or not, but they obliged and I'm happy. That's more likely going to have me stay there for the duration of the mortgage assuming they treat me well.

Your lender should give you a competitive rate if you know what to ask for. That said, I don't recommend using a broker and not giving them the business in return.

[Winsor_Pilates]

That's a great rate Wookie.
I just bought a new pre-construction condo that won't be ready for 2 years, and best I can get with that is today's posted rates held until completion. Posted are about 4.5 for 3 yr, and 5.5 for 5yr.
Still likely, much better than what rates will be in 2 years if I didn't do a rate hold.

[burn_baby_burn]

I ended up with 3.99 for five years. (I saw that I never posted that earlier).