Comments on: Mortgage Rates: Fixed or Floating http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/ Helping you invest and prosper Sat, 11 Feb 2012 19:27:54 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: DeeJay http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-484505 DeeJay Tue, 19 Apr 2011 04:38:23 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-484505 How do you feel in today's market (2011) - variable vs. fixed. I can get a variable 5 yr rate of 2.12, or 3.89 on a fixed 5 year term. Going with variable given the amount I am looking to borrow, it's about $100 savings on a bi-weekly payment. If the rate stays the same, that's $2400 a year. Going with the higher payment, but with variable rate, that's $2400 going right on the principal !! Thoughts ? How do you feel in today’s market (2011) – variable vs. fixed. I can get a variable 5 yr rate of 2.12, or 3.89 on a fixed 5 year term. Going with variable given the amount I am looking to borrow, it’s about $100 savings on a bi-weekly payment. If the rate stays the same, that’s $2400 a year. Going with the higher payment, but with variable rate, that’s $2400 going right on the principal !! Thoughts ?

]]> By: Mortgage Deals http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-348770 Mortgage Deals Tue, 21 Dec 2010 08:50:02 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-348770 You will have to anticipate all the associated costs of taking out a new mortgage, including a valuation fee for a surveyor, solicitors fees and any charges for arranging your new mortgage. Some deals offer cash to help cover costs, or fee-free deals; you should balance the total cost against what you would save in interest to see if it really is worth switching. You will have to anticipate all the associated costs of taking out a new mortgage, including a valuation fee for a surveyor, solicitors fees and any charges for arranging your new mortgage. Some deals offer cash to help cover costs, or fee-free deals; you should balance the total cost against what you would save in interest to see if it really is worth switching.

]]> By: snow http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-303382 snow Wed, 10 Nov 2010 04:15:23 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-303382 I recommended this blog and it was totally right keep up the fantastic work. I recommended this blog and it was totally right keep up the fantastic work.

]]> By: Rachael http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-229692 Rachael Fri, 02 Jul 2010 08:17:20 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-229692 Excellent post. the post is very informative. Very good differentiation between Adjustable rate mortgages and Fixed rate mortgages. Excellent post. the post is very informative. Very good differentiation between Adjustable rate mortgages and Fixed rate mortgages.

]]> By: Melody http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-191433 Melody Thu, 14 May 2009 12:26:03 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-191433 Now that the variable rate is the lowest it will probably EVER be (2.9%) is it better to start a new mortgage with variable or take advantage of the low fixed rates as well (3.84%). Realizing of course that at this point the variable can only go up? Now that the variable rate is the lowest it will probably EVER be (2.9%) is it better to start a new mortgage with variable or take advantage of the low fixed rates as well (3.84%). Realizing of course that at this point the variable can only go up?

]]> By: Bucking the conventional wisdom on a fixed-rate mortgage — Canadian Capitalist http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-188073 Bucking the conventional wisdom on a fixed-rate mortgage — Canadian Capitalist Sun, 05 Apr 2009 22:00:23 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-188073 [...] is now widely-known that homeowners can save money by opting for a variable-rate mortgage over a fixed-rate mortgage in the vast majority of instances. Ben, an astute observer of financial matters, recently grappled [...] [...] is now widely-known that homeowners can save money by opting for a variable-rate mortgage over a fixed-rate mortgage in the vast majority of instances. Ben, an astute observer of financial matters, recently grappled [...]

]]> By: R from Montreal http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-179945 R from Montreal Fri, 23 Jan 2009 14:10:24 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-179945 Bank of Canada just dropped the prime rate again this week from 3.50% to 3.00%. With everything going on nowadays, I am guessing this trend will continue for a while. Therefore, I would think it is a great time to have a variable rate mortgage. Does anybody know what economists are predicting for 2009, at a minimum? Bank of Canada just dropped the prime rate again this week from 3.50% to 3.00%. With everything going on nowadays, I am guessing this trend will continue for a while. Therefore, I would think it is a great time to have a variable rate mortgage.

Does anybody know what economists are predicting for 2009, at a minimum?

]]> By: soon to renew http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-169282 soon to renew Thu, 20 Nov 2008 03:38:09 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-169282 I just found a very "interesting" site. bankofcanada.ca where it lists prime rates since 1935. match the rates with history class and it looks like we may be seeing the same rates Bank of Canada prime 1935-1944 = 2.5% or possibly the 1945-1950 = 1.5% an ecomony very in debt from an overseas war, trying to (re)start an auto industry . Right now prime is 4% but I think I'll wait and see if Detroit gets the $25B to keep it alive. My guess Bank of Canada will move closer to the current American 1%. I just found a very “interesting” site. bankofcanada.ca where it lists prime rates since 1935. match the rates with history class and it looks like we may be seeing the same rates Bank of Canada prime 1935-1944 = 2.5% or possibly the 1945-1950 = 1.5% an ecomony very in debt from an overseas war, trying to (re)start an auto industry .

Right now prime is 4% but I think I’ll wait and see if Detroit gets the $25B to keep it alive. My guess Bank of Canada will move closer to the current American 1%.

]]> By: Gus http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-165548 Gus Mon, 03 Nov 2008 18:50:00 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-165548 My mortage is with ING and I have prime minus 0.75% since July 2008 on a 5 year term with rates adjusted every 3 months. I got my first adjustment today (nov 2008) and now prime being 4% my rate for the next 3 months will be 3.25%. ING adjusts your monthly payment automatically in order to keep the same amortization period (unless you're already at maximum amortization rate which means you HAVE to increase your payment) My new payment is now $200 less but I choose to call in and have the payment increased back so that in effect I'm making a $200 principal repayment for the next 3 months. Had I opted for fixed rate back in July, I would still be paying 5.25%. if my payment dropped $200 from a 0.75% drop, that meant I would have pay approx. $533 more each month with a 2% difference between my current variable rate and what would have been my fixed rate! My mortage is with ING and I have prime minus 0.75% since July 2008 on a 5 year term with rates adjusted every 3 months.

I got my first adjustment today (nov 2008) and now prime being 4% my rate for the next 3 months will be 3.25%.

ING adjusts your monthly payment automatically in order to keep the same amortization period (unless you’re already at maximum amortization rate which means you HAVE to increase your payment)

My new payment is now $200 less but I choose to call in and have the payment increased back so that in effect I’m making a $200 principal repayment for the next 3 months.

Had I opted for fixed rate back in July, I would still be paying 5.25%. if my payment dropped $200 from a 0.75% drop, that meant I would have pay approx. $533 more each month with a 2% difference between my current variable rate and what would have been my fixed rate!

]]> By: J public http://www.canadiancapitalist.com/mortgage-rates-fixed-or-floating/#comment-164181 J public Tue, 28 Oct 2008 06:10:04 +0000 http://www.canadiancapitalist.com/2006/10/11/mortgage-rates-fixed-or-floating#comment-164181 Les, sounds like a scam, bank prime is indeed 4% right now. And, this makes your rate 3.05 as you say. Les, sounds like a scam, bank prime is indeed 4% right now. And, this makes your rate 3.05 as you say.

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