现在Mortgage Rate能讲到多少？
- 主题发起人 华哥
- 开始时间
Variable 3.75, 5 year fix 4.5
I came from Toronto area. After house hunting for a while, I realized that you can get a much lower mortgage rate from a broker in Toronto than any broker in Ottawa.
I asked my friends in Toronto, I found out you can get a variable rate at primt-0.75 and a 5 year fix rate at 4.5. Please note it is a FULL OPEN mortgage, that means you can transfer at any time without penalty. In Ottawa, the open rate is much higher than closed rate.
My friend told me I could get this rate from any broker in Toronto. I only know one though, that is Shu Ling Wang from CIBC Bank. I called her to confirm that she will give me the same rate.
If anybody knows a better rate, please let me know. I need to have this kind of discussion with anyone who is interested in mortgage rate because interest is a lot of money.
I came from Toronto area. After house hunting for a while, I realized that you can get a much lower mortgage rate from a broker in Toronto than any broker in Ottawa.
I asked my friends in Toronto, I found out you can get a variable rate at primt-0.75 and a 5 year fix rate at 4.5. Please note it is a FULL OPEN mortgage, that means you can transfer at any time without penalty. In Ottawa, the open rate is much higher than closed rate.
My friend told me I could get this rate from any broker in Toronto. I only know one though, that is Shu Ling Wang from CIBC Bank. I called her to confirm that she will give me the same rate.
If anybody knows a better rate, please let me know. I need to have this kind of discussion with anyone who is interested in mortgage rate because interest is a lot of money.
Which rate is better, variable or fixed?
A lot of my Chinese friends who have financial background use variable rate. According to analysis, 85% of the time, variable rate is better than fixed rate. For other people who have no financial background,including a lot of my co-workers, use fixed rate.
A lot of people thought if the interest rate increases, your monthly payment will increase if you use variable rate. That is not the case. I have asked the bank, your monthly payment will not increase, just it may take longer for you to pay back. That's why they usually use 20 years to calculate your monthly payment in case the interest rate increases, it may lead to a 25 year term. Because of the lower rate of a variable right now, my monthly payment is the same if I use 20 year variable and 25 fixed.
I would like to know, what kind of rate is better (variable vs fixed)? Why?
Also, how do you think of an open mortgage or a closed mortgage?
By the way, thanks Raylee for your answer to my previous question. I have asked ING direct, they only have closed rate. I wanted an open rate and I may have to reconsider.
By the way,
A lot of my Chinese friends who have financial background use variable rate. According to analysis, 85% of the time, variable rate is better than fixed rate. For other people who have no financial background,including a lot of my co-workers, use fixed rate.
A lot of people thought if the interest rate increases, your monthly payment will increase if you use variable rate. That is not the case. I have asked the bank, your monthly payment will not increase, just it may take longer for you to pay back. That's why they usually use 20 years to calculate your monthly payment in case the interest rate increases, it may lead to a 25 year term. Because of the lower rate of a variable right now, my monthly payment is the same if I use 20 year variable and 25 fixed.
I would like to know, what kind of rate is better (variable vs fixed)? Why?
Also, how do you think of an open mortgage or a closed mortgage?
By the way, thanks Raylee for your answer to my previous question. I have asked ING direct, they only have closed rate. I wanted an open rate and I may have to reconsider.
By the way,
Re: Variable 3.75, 5 year fix 4.5
I got prime - 0.7 from Ottawa CIBC branch for 5 years fully open. Any one can get better rate than that now? It seems there are more negotiable room available than two months ago. Please share with me any good rate you can get from the bank.
I got prime - 0.7 from Ottawa CIBC branch for 5 years fully open. Any one can get better rate than that now? It seems there are more negotiable room available than two months ago. Please share with me any good rate you can get from the bank.
