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Thread: Latest Best Mortgage rates

  1. #31
    Luv Saving People Money MortgageQueen's Avatar
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    To clarify. . . all rates posted are for 1st mortgages only. This is just a general list of rates. To get into details of each product would be too complicated and time consuming.

    Thank you for the clarification just the same VM.

  2. #32
    Luv Saving People Money MortgageQueen's Avatar
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    Quote Originally Posted by AmieT View Post
    What is the requirement for getting a Home Equity Line. 3.1% is a lot lower than the personal line of credit I have right now (9%).
    Hi Aimie. A HELOC is secured by a property. Do you own a house?

  3. #33
    CaNewbie
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    Yes, I've have mortgage at the same bank I have personal line of credit. They didn't mention I can have a different product with lower interest (BMO)

  4. #34
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    Quote Originally Posted by AmieT View Post
    Yes, I've have mortgage at the same bank I have personal line of credit. They didn't mention I can have a different product with lower interest (BMO)
    HELOC is usually much lower than a LOC , as its secured by your house. Depending on your equity in your house & how much you have paid off so far , you can get a decent HELOC amt. from your bank.

  5. #35
    Luv Saving People Money MortgageQueen's Avatar
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    Quote Originally Posted by AmieT View Post
    Yes, I've have mortgage at the same bank I have personal line of credit. They didn't mention I can have a different product with lower interest (BMO)
    Up to 65% of the value of your home can be a Heloc. Beyond that, it has to be a conventional mortgage.
    A Heloc can be a dangerous thing as it's soooo easy to access those funds and NOT pay down your mortgage. I would consider it carefully or at least keep the Heloc part of mortgage as low as possible.

  6. #36
    mandolinatou
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    I ended up getting a much better off through RBC. I am still squaring up the details but they are offering a better rate than posted on that website on a 5 year fixed 2.59. I feel so lucky to be renewing now.
    Durham Couponer likes this.

  7. #37
    Luv Saving People Money MortgageQueen's Avatar
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    Please just be sure you check that there are no excessive fees for prepaying the mortgage early. There are many new products out there that give you a cheap rate, but sting you if you pay out mortgage early. (i.e. sell your house)
    Colsgirl and Durham Couponer like this.

  8. #38
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    These new low rate no frills mortgages will charge you a reinvestment fee along with the IRD if you break it early ie to refinance. Most have a clause however that if you sell your house (which you may not have control over) you will not be charged the reinvestment fee

  9. #39
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    Which of the 5 Big banks does not offer Collateral Mortgage , which sucks big time !

    I know TD's mortgage is collateral , not even sure if they have a non collateral option available.

    Do the remaining banks do the same ?

  10. #40
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    [QUOTE=tjthemanto;6322363]Which of the 5 Big banks does not offer Collateral Mortgage , which sucks big time !

    I know TD's mortgage is collateral , not even sure if they have a non collateral option available.




    You should stay away from the big banks anyways if you can because their IRD penalties are highest in industry.

  11. #41
    Luv Saving People Money MortgageQueen's Avatar
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    BUMPED
    Rate drop in 3 year term
    Durham Couponer likes this.

  12. #42
    Newbie valuemortgage's Avatar
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    On that note, bonds have risen quite a bit in recent days, and some lenders now are predicting possible increases in the 5y terms. Bonds went from 0.60 to 0.99 in a few days.

  13. #43
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    OY!!! I thought they stopped bouncing around. Here we go again!

  14. #44
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    Quote Originally Posted by MortgageQueen View Post

    6 year 3.99
    7 year 4.09
    10 yr. 4.49

    These are crazy rates when you consider that in the 80s, some paid 18% mortgages
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  15. #45
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    The 5 year bond yield bounced between .9935 and 1.0621 closing at .9935 yesterday. If it goes above 1 and stays above there probably be an increase.
    MortgageQueen likes this.

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