TD, RBC and Laurentian bank have increased their rates for fixed rate mortgages by up to .8% and the other financial institutions will without a doubt follow. The increase of the bond yield is quoted as justification. The entry level market will be effected by this increase, higher priced homes will most likely continue to sell without change.
Variable rate mortgage rates are unchanged.
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Showing posts with label mortgage rates. Show all posts
Showing posts with label mortgage rates. Show all posts
Wednesday, March 31, 2010
Thursday, August 20, 2009
Today's Mortgage Rates from Midtown Mortgage
We received an e-mail from one of our preferred business partners today. The e-mail is below is from Bill Robbins from Midtown Mortgage located here in Mobile, Alabama.
We can do USDA down to a 550 score and no credit scores. We do 203K Streamline and USDA/FHA repair escrows.
All rates and APR’s subject to change, and are based on a sales price of $135,000 (except Jumbo). Rates and APR’s vary based on credit approval, credit score, LTV, loan amount, and purpose.
Bill can be reached at his office at (251) 344-4022 or on his cell phone at (251) 753-0042. Click here to send Bill an E-Mail. Click here to see Midtown Mortgage website.
| Government: | Rate - ARP | |
| 30 FHA/VA: | 4.875%-5.719% | |
| 15 FHA/VA: | 4.500%-5.635% | |
| 203K: | 5.250%-6.116% | |
| 100% USDA: | 5.250%-5.725% | |
| FHA 2/1: | 5.500%-6.175% | |
| No Score(USDA): | 5.625%-6.111% | |
| Conventional: | Rate - ARP | |
| 30/25/20 yr Fix: | 4.875%-5.471% | |
| 15/10 yr Fix: | 4.375%-4.975% | |
| Jumbo Fix(>417000): | 6.125%-7.079% | |
| Jumbo 3/1: | 5.250%-6.234% | |
| Jumbo 5/1: | 5.375%-6.357% |
We can do USDA down to a 550 score and no credit scores. We do 203K Streamline and USDA/FHA repair escrows.
All rates and APR’s subject to change, and are based on a sales price of $135,000 (except Jumbo). Rates and APR’s vary based on credit approval, credit score, LTV, loan amount, and purpose.
Bill can be reached at his office at (251) 344-4022 or on his cell phone at (251) 753-0042. Click here to send Bill an E-Mail. Click here to see Midtown Mortgage website.
Saturday, May 2, 2009
Mike and Shelley look at the Barrie spring 2009 mortgage and real estate market
The credit crises in the US has opened up some opportunities for home buyers on this side of the border. Listen to what Barrie Mortgage Specialist Shelley Black has to say about financing and the great rates currently available to Barrie and area home buyers.
Saturday, April 18, 2009
Is your mortgage due for a tune up?
How often to Barrie real estate owners think about their mortgage? Do you know your rate? Do you know when your term is up for renewal? Do you know what 
happens if you don't renew your mortgage? Many Canadians don't. It's no wonder when it comes time to renew a mortgage, many people fall into the auto renewal trap.
An Angus Reid survey, commissioned by ING Direct found that more than a quarter (27%)of Canadians with mortgages that have come up for renewal allowed their mortgages to automatically renew – meaning they didn't perform the same due diligence upon renewal as they did when they first got their mortgage. Letting your mortgage automatically renew often means you missed an opportunity to save money.
The same survey found that 40% of Canadians waited until 30 days or less before their closing date when they first applied or got pre-approved for their mortgage. Exhibiting the same behavior at renewal time leaves little time to exercise your options. Most big banks send out mortgage renewal letters around 30 days before you need to make a decision, which doesn't leave much time to negotiate or shop around for a better rate.
Canada's big banks also typically offer their posted rates to clients upon renewal. Their posted rates are about one per cent higher than what the average Canadian normally gets. On an average $200,000 mortgage with a five year fixed term, amortized over 25 years, a one per cent difference could save you roughly $10,000 in interest over that period (calculated using average current five year fixed rates of 4.24% verses 5.24%).
How to avoid the traps
• Know your options and exercise them. Remember that you are in control of your mortgage at renewal time, not your lender. It's your opportunity to make changes to your mortgage that will save you the most money over the long term.
• Don't wait until the mortgage renewal letter arrives in your mailbox. Pay attention to your mortgage term and when it's coming up for renewal. You can usually check your renewal date online.
• Start shopping around for rates at least 120 days before your mortgage comes up for renewal. Rate guarantees, offered by most banks, mean you will get the bank's lowest rate for a set period of time, usually 90 to 120 days, and if the rates go down during that period, you automatically still get the best rate.
• Savings may be realized in renewing before the end of your mortgage term given the historic lows rates have dropped to of late. Even after a penalty for early renewal some are finding their monthly payments drop by hundreds of dollars, more than making up for any fees imposed. Fees and penalties in most cases are tacked on to the new mortgage requiring no out of pocket expense to the borrower.
Knowing and avoiding these traps will help you take control of your mortgage and save your money. Book an appointment with your Mortgage rep and have them go over your mortgage to find out if you are getting the best deal available to you in the current market.
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