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Mortgage rate

llee

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Jun 22, 2008
Messages
191
Hi,

My bank`s mortgage specialist said she could offer variable closed for P-0.7. Does anyone have any better rate? If you have referral who can get me a better rate, send me an email or post here.
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Thanks.
 
Be careful playing the rate only game. A point 1 difference in rate is only about $6.00 per month on a hundred thousand dollar mortgage. Have your mortgage professional work with you to come up with a long term plan. Interest rates are just one factor, how you set things up is even more important. Remember that the interest on an investment mortgage is tax deductable so rate is less important than on your principle residence and setting things up right will allow you to buy more properties.
 
QUOTE (llee @ Sep 14 2008, 08:21 PM) Hi,

My bank`s mortgage specialist said she could offer variable closed for P-0.7. Does anyone have any better rate? If you have referral who can get me a better rate, send me an email or post here.
style_emoticons


Thanks.


As Mike pointed out, if you are planning on building a large portfolio it`s far more important that you make your finacning decisions within the context of your 5 year plan, not just on rate. P - .7% is a very good rate, but if its from a lender that you may need to rely on when you have a larger portfolio, you may find yourself in a position whene you are unable to qualify too early.

Make sure that your broker or mortgage specialist is familiar with real estate investors and your 5 year plan, before you make any financing committments.
 
Hi

I`ve been doing some looking around and prime minus .7 would be a great rate.
Just wondering if anyone has any thoughts of where the prime rate is headed.

Sincerely,
Andrew
 
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