Mortage Rates

[Alex89]

thx Guys!

I'm going to search all the local banks web sites and print off any that have lower interest rates and she if she'll match or better beat the rate. As well, I'm going to request that no banking fee's on other banking accounts be waived for atleast one yr.

I'm hoping sience we are "loyal" customers that she can give a deal.

Any thoughts?

Thx!

Banks don't post their lowest rates on their website.

My experience is that being a "loyal" customer does not always get you a better deal. However, another bank maybe more willing to give you a better deal to win you over if you will switch all your accounts and credit cards to them.

[avoncallingu]

It seems when I was checking it out that there was a fair difference between bi-weekly and monthly but not a lot of difference between weekly and bi-weekly. But that may have changed. sounds like you've thought of most of the angles and are well prepared - good luck!

[poppleton]

We used a mortgage broker when we bought a different house last July, and our rate right now is prime -.65%. It's ridiculous how low our mortgage payment is right now.

We don't have a weekly option, but we do semi-monthly. It takes a huge amount of time off of your mortgage, and it doesn't really feel like you're paying anything different. It's great if you can do semi-monthly and also put down extra money when you're able. It's a good idea to check into their rules about how much extra you're allowed to put down at a time, and how much extra is allowed per year.

[Angela Paps]

Hello,

I am a mortgage agent with one of Canada's largest brokerage firms, Mortgage Alliance and have access to discounted rates from over 40 lenders, including all the major banks. Our services and consultations are free as we are compensated directly by the lender that the client chooses. Rates have gone up the past 2 weeks and are continuing to rise so quick timing is crucial. Feel free to review my website and email or call me with any questions - no cost, no pressure or obligation. I would be more than happy to be of service and am confident I can save you money. My office number is (toll free) 1-877-366-3487 and the link to my website is www.mortgagealliance.com/angelapapassotiriou

Best of luck,
Angela Papassotiriou

[quebe]

have you checked out the home owner's line of credit mortgage, we have this style of mortgage through manulife financial called the bank one account, it is an actual line of credit mortgage, they will give you an amount equal to the value of your home, then you do with it as you wish, my hubby has been laid off for a year now so money is tight when we have the funds to make a mortgage payment we do, and if we don't we do not have to worry, the interest at the end of the month is added on, and as long as you are not near the limit you are fine and can catch up when things are good again, or the other route, is i believe we are paying 1 percent over prime, floating rate, and i can put as much on it as i like by just adding funds to the account, or i can put nothing, i can pay off all dept and have it on here, i play the credit card game and when they send me cards for 0 or 1 per cent for six months to a year, i take the money off my mortgage put it on the credit cards for that term as a balance transfer, make the minimum monthly payment until the time is up and then put it all back on my mortgage, i save big big dollars on interest this way, but you have to watch your deadlines, if you miss a payment deadline, or do not pay it off when you are suppose to, the rate goes up to 19 percent or higher, it is just another form of mortgage for you to think about,,,,,good luck on your hunt.

[Eeyah]

Aside from getting competing rates from various lenders (and I also recommend a Broker). And don't just go with what they have posted on there websites, often those numbers can be made better.

Another thing to be wary of is some of the charges that the banks and brokers can "slip" in. As I work for a residental housing appraisal company, I can strongly suggest that you ensure that your lender pays for the appraisal of your home. All banks are now getting appraisals done on homes to cover there butts, and to ensure that the home value is there, especially if you are looking for extra money. I have seen many Brokers pawn the cost of an appraisal off on the homeowner, and often the owner finds out at the door that they are required to pay upfront. The cost for an appraisal of a home varies but is usually around $200-$500. I figure if the broker wants your business then they can work for it (ditto for banks).