Today`s reasonable variable interest rate for residential mortgage

[Nir]

Hello,

Is prime minus 0.9 considerred good interest rate for a 5 yrs varialbe interest mortgage? Haven`t recevied the info from the bank yet and my approach is not to "let the entire deal be affected" by the interest rate but obviously it`s good to know what variable interest RANGE I should expect from one of the larger known banks(?)

Also, any additional tip before the final meeting with the bank to finalize mortgage terms would be highly apprecaited..

THANKS.

 

[GarthChapman]

That is better than I have seen in a while! I would be all over that one.

 

[PeterKinchMortgageTeam]

QUOTE (investmart @ Jan 9 2008, 08:07 PM) Hello,

Is prime minus 0.9 considerred good interest rate for a 5 yrs varialbe interest mortgage? Haven`t recevied the info from the bank yet and my approach is not to "let the entire deal be affected" by the interest rate but obviously it`s good to know what variable interest RANGE I should expect from one of the larger known banks(?)

Also, any additional tip before the final meeting with the bank to finalize mortgage terms would be highly apprecaited..

THANKS.


Due to the lower lending spread, most of the major FI`s have changed the discounts on closed variables to anywhere from prime - .25% to prime - .75%. Like Garth said, I haven`t seen prime -.9% for some time, so if you can get it GRAB IT! (and see if you can lock it in for your next mortgage while you`re at it!)

 

[Nir]

Thank you Garth and Peter.

It`s amazing how I`m learning new things from the answers here almost every time I ask a question, like trying to "lock it in for your next mortgage" which I haven`t thouhgt about to be honest. Thanks again guys, the support I`m getting here is highly appreciated. Cheers.

 

[RussellWestcott]

I agree this forum is great (every day I am extremely impressed with the high quality content on this site (growing daily), and people helping people), but you should see the amount of information you pick up live at the REIN™ members workshop, and networking live with the members of the group.

Its like listening to a CD in your car vs. going to the live concert, you both get the music but the live atmosphere and hanging out with the like minded people is where the majority of your learning comes from

To add to a response to your question, if you are getting that quote (prime -.9) for a rate... that is a good rate and as Jean Luc Picard would say... "Make it so #1"

Cheers

 

[mponte]

That`s a very good rate. With our last couple of purchases, the best I was able to get was -.8 for a 5 year variable.

Good luck with your purchase.

QUOTE (investmart @ Jan 9 2008, 08:07 PM) Hello,

Is prime minus 0.9 considerred good interest rate for a 5 yrs varialbe interest mortgage? Haven`t recevied the info from the bank yet and my approach is not to "let the entire deal be affected" by the interest rate but obviously it`s good to know what variable interest RANGE I should expect from one of the larger known banks(?)

Also, any additional tip before the final meeting with the bank to finalize mortgage terms would be highly apprecaited..

THANKS.

 

[heliman2]

QUOTE (investmart @ Jan 9 2008, 09:07 PM) Hello,

Is prime minus 0.9 considerred good interest rate for a 5 yrs varialbe interest mortgage? Haven`t recevied the info from the bank yet and my approach is not to "let the entire deal be affected" by the interest rate but obviously it`s good to know what variable interest RANGE I should expect from one of the larger known banks(?)

Also, any additional tip before the final meeting with the bank to finalize mortgage terms would be highly apprecaited..

THANKS.

Which bank are you using? Awesome rate!

 

[RobMacdonald]

One thing to be cautious of is that your bank is not offering a `teaser` rate on the VRM product. There`s several institutions that offer such products, and the rate then jumps to P-.4 or higher after a few months.

If this is the case, just do the math before deciding.