Current Mortgage rates

[snopro]

Last time mortgage rates went through the roof I believe a Trudeau was running the country. Just sayn bogs...

 

[arff]

We use a Morgage broker. Seems they find the best rate and shop for you.

The bank works for the bank.

Val has been sending clients to 3 different Morgage brokers giving the options on who to use and different rates

Also if you get life insurance in the Morgage the bank rates on that is ridiculous how it's calculated.
IMO get a separate life insurance away from the bank to cover the Morgage.

Good luck.

 

[brutematt750]

Last time mortgage rates went through the roof I believe a Trudeau was running the country. Just sayn bogs...

That's one of the concerns I had, this Trudeau has already raised the mortgage rate once. It might have only been .1% but it all starts with something.


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[Puba]

Last time mortgage rates went through the roof I believe a Trudeau was running the country. Just sayn bogs...

And I have a bad feeling that in the next while they will go up....

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[X-Treme]

We use a Morgage broker. Seems they find the best rate and shop for you.

The bank works for the bank.

Val has been sending clients to 3 different Morgage brokers giving the options on who to use and different rates

Also if you get life insurance in the Morgage the bank rates on that is ridiculous how it's calculated.
IMO get a separate life insurance away from the bank to cover the Morgage.

Good luck.

And get LIFE insurance (enough to cover all your debt), rather than mortgage insurance. If your debt today is 500K and something happens in 19 years when you owe 50K, that's all they pay out with mortgage insurance. With life insurance thru a separate company you'll likely pay less overall, and if something happens in 19 years, you'll still get 500K, rather than the 50K you have remaining on the mortgage.

 

[Dragonalain]

I layman's terms: many mortgages, if you pay early, you still owe the vig. I have a Scotia mortgage right now...no penalties for early pay, no issues with extra payments.

Depending on what type of mortgage u have locked in or variable. I had locked one In with scotia. I paid mine off early due to relocating for work. had 15g in penalties to pay if I bought another place within 3 months they would refund my money. **** thing was I already bought a second house 3 months before we moved. We ended up buying another property to get our penalty fee Back.


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[Bogger]

I have my payments set in line with my current rate at a 20 year amortization but I top up my payments as if I was paying 5% on a 17 year amortization. A lower rate to me simply means more of my money is going to the principal and I'm not held to the higher payment if something comes up. My plan is a 15 year pay off.

5% is a very low mortgage rate. Build your budget around this payment and if you are able to get a 5yr amortization around 2.5%, you will be able to pay the place off sooner. Building a budget at historically low rates could be risky in the long term.


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