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| Rate Update http://www.hawthornevillager.com/phpbb/viewtopic.php?f=3&t=40845 |
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| Author: | Smitty [ Tue Sep 06, 2011 9:21 pm ] |
| Post subject: | Rate Update |
Hello Everyone, Happy back to school!!!! Rates continue to be unpredictable as they have been all summer ..... 5 year closed mortgage now 3.49 %...... for now. With rates going up and down without much notice I strongly recommend getting pre approved to take advantage of the 120 day rate hold.... guarantee yourself the lowest rates until Dec 2011! Please check out my updated website at www.bemortgagefree.ca I now have my monthly newsletters up on the site! 5 yr fixed - 3.49% 5 yr variable - 2.40% |
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| Author: | williamb [ Wed Sep 07, 2011 6:26 am ] |
| Post subject: | |
rates are coming down No need to lock into anything. |
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| Author: | Smitty [ Wed Sep 07, 2011 7:54 am ] |
| Post subject: | Rate Update |
Hopefully, rates do keep on coming down!! At least for those of us that have or need mortgages! This also brings up a great point.....when you submit a preapproval, you not only get the security of the lower rate if rates increase, but if the rates decrease, you will get to hold the lowest rate during the 120 day rate hold period. |
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| Author: | PaulMeredith [ Wed Sep 07, 2011 9:20 am ] |
| Post subject: | |
williamb wrote: rates are coming down
No need to lock into anything. That is a prediction. While you may be right, there is nothing wrong with locking in a rate to guarantee you a specific rate. If you wait, and bond yields spike, so will fixed mortgage rates, and you could end up paying more than you need to. Locking in at least guarantees you a specific rate. You are not locked into that rate and if rates drop, most brokers/banks will ensure you get the lower rate. Locking in guarantees you win. Not locking in doesn't guarantee you anything. Let's try to make sure everyone gets the best advice possible on this board. |
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| Author: | PaulMeredith [ Wed Sep 07, 2011 10:04 am ] |
| Post subject: | |
ergocentric wrote: PaulMeredith wrote: there is nothing wrong with locking in a rate ... You are not locked into that rate and if rates drop, most brokers/banks will ensure you get the lower rate... So what exactly do brokers/banks have to gain by 'locking'? It builds our relationship with the borrower and gives us the opportunity to show them what we are able to do, and the quality of service we provide. If the borrower is constantly rate shopping, it gives them a guarantee on a specific rate, which would bring them back to us should they not find anything lower. Win/Win situation. A good broker will always be on the lookout for lower rates for their clients to maximize their savings. A pre-approval (rate guarantee) with one specific lender doesn't mean we are going to keep you with that lender necessarily. If lower rate pops up from another lender, we can always switch you to the lower rate. Another benefit to using a broker over a bank. |
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| Author: | williamb [ Wed Sep 07, 2011 3:36 pm ] |
| Post subject: | |
Rates are going lower. No need to lock in. sh*t will hit the fan in october. Wait. |
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