Mortgage Corner

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.29% 3 Year 2.34% 4 Year 2.49% 5 Year 2.79% 7 Year 3.44% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.50% = 2.20% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

A closed mortgage is a mortgage where the term of the mortgage is fixed for a period of time. Generally speaking, a closed mortgage will come with a lower interest rate as compared to an open mortgage.  While an owner will benefit from lower mortgage payments with a closed mortgage as compared to an open…

Over the past few weeks interest rates, specifically longer term (5 year term) fixed rates, have risen on average 0.25%. Not a massive leap, and not the beginning of the end of low rates by any stretch. Understanding The Basics Fixed interest rates are predicated on the bond market. Where the bond market goes is…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.29% 3 Year 2.34% 4 Year 2.49% 5 Year 2.59% 7 Year 3.44% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.50% = 2.20% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.19% 3 Year 2.34% 4 Year 2.49% 5 Year 2.59% 7 Year 3.44% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.55% = 2.15% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.19% 3 Year 2.34% 4 Year 2.49% 5 Year 2.49% 7 Year 3.44% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.85% = 1.85% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime plus…

One headline suggests interest rates are bound to rise soon, the next suggests they may drop to new lows, and a third suggests no changes anytime soon. This has been the case since rates dropped to 50-year record lows in 2009. Many were adamant that rates could go no lower at that point, and yet…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.29% 2 Year 2.19% 3 Year 2.34% 4 Year 2.49% 5 Year  2.49% 7 Year 3.44% 10 Year 3.89% Prime = 2.70% Variable Closed (5 yr) = Prime minus 0.70% = 2.00% Variable Open = Prime plus 0.80% = 3.50% Secured Credit Lines = Prime  …

1. Have you explored all your options? Once you receive your mortgage renewal statement, there’s nothing easier than simply signing on for another term. But while this may make sense in many cases, your family or financial situation may have changed over time. 2. Are you comfortable with your payments? If you’ve been feeling financially…

Term Fixed Closed Rate 6 months 3.95% 1 Year 2.79% 2 Year 2.29% 3 Year 2.39% 4 Year 2.77% 5 Year 2.69% or 2.49%* 7 Year 3.29% 10 Year 3.89% Prime = 2.85% Variable Closed (5 yr) = Prime minus 0.70% = 2.15% Variable Open = Prime plus 0.80% = 3.65% Secured Credit Lines =…