Archive for category Mortgage Rates
Mortgage Bits: Increase your Payment Every Chance you get
Posted by Top Home Loans in General Banking, Mortgage Advice, Mortgage Rates on November 13th, 2009
Nothing affects the amount of interest that you pay more than the duration of time it takes you to pay off your mortgage in full. Even if you had received the worst rate in the market each term, you would still be better off if you take advantage of lump sum payment and prepayment options.
However, how do you when you can increase your mortgage payments?
There are several specific times when it is most appropriate. These include:
- When your annual income rises due to a raise or a promotion.
- When you receive an annual or quarterly bonus, you should put most of it onto your mortgage.
- When you work overtime, you should put a percentage of the extra income you receive onto your mortgage priciple balance.
- if you run into an inheritance, gift, or other financial aid, then consider applying these funds against the balance of your mortgage.
The more money you are able to put against your principle balance, then the less money you will end up giving to interest.
By increasing your payments with inflation annuaaly, you can shave off years of interest by using this simple rule.
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Mortgage Interest Rate Update – Lowest Available Rates – November 11, 2009
Posted by Top Home Loans in Mortgage Advice, Mortgage News, Mortgage Rates on November 11th, 2009
When refinancing, transferring, buying, or selling, you want to make sure that you have the best mortgage rate. It is important to have a low rate in order to be able to pay off your mortgage faster, and you will have lower monthly payments.
Lowest Mortgage Interest Rates in Canada
Buying a new house: Lowest available mortgage rate 3.74% on a 5 year fixed rate closed.
Buying a new house: Lowest available mortgage rate 2.05% on a 5 year variable rate closed.
Already have a mortgage and not moving: Lowest available mortgage rate 3.74% on a 5 year fixed rate closed.
Already have a mortgage and not moving: Lowest available mortgage rate 2.05% on a 5 year variable rate closed.
Need cash back with your mortgage: Lowest available mortgage rate 5.25% on a 5 year fixed rate closed with 5% cash back
Already have a mortgage and not moving and looking for a long term: Lowest available mortgage rate 5.20% on a 10 year fixed rate closed.
Average Mortgage Interest Rates in USA
30 year fixed rate: 5.06%
15 year fixed rate: 4.64%
5/1 ARM: 4.20%
Unfortunately, I cannot post the name of the financial institutions that are offering these rates. These rates are also subject to change at any time and are only good for November 11, 2009. They could change at any time after this date. Please use the form below, and I will provide the name of the firm for the selected product. This website has no relation to these firms.
All quoted mortgage rates are subject to change at any time and without warning.
Compare Rates with Previous Posts:
- Mortgage Interest Rate Update – Lowest Available Rates – October 16, 2009
- Mortgage Interest Rate Update – Lowest Available Rates – September 17, 2009
- Mortgage Interest Rate Update – Lowest Available Rates – June 11, 2009
- Mortgage Interest Rate Update – Lowest Available Rates – June 2, 2009
Mortgage Bits: Cheap Money to Continue Indefinitely
Posted by Top Home Loans in Credit Information, Economy, Investing, Mortgage Rates on November 9th, 2009
Over the weekend, the G20 met to discuss cheap money. Interest rates have been at record low levels for periods of over a year and show no sign of increasing. These low interest rates, in an effort to defer recession, have been continued on in an attempt to restore the economy.
So far this has shown some positive gains, and the manipulation of monetary policy has saved thousands of jobs and has kept the economy from imploding.
How long can we have cheap money for? As long as the inflation rate is kept lower than the interest rates, then the interests rates can be kept at these low levels. However, once enough money has been returned to the marketplace, then interest rates will begin to go higher.
Unfortunately, while interest rates remain low, you may see your pay check staying the same or decreasing over the next few years.
When will the economy finally recover?
Unfortunately, the G20 said they need to continue to keep interest rates low to stimulate the economy. This is a bad sign for many; however, enjoy the cheap money while you can, someday it will be gone soon it will be gone.