Lowest Interest Rates - 10 Year Mortgage Rates [mortgagefraud101.blogspot.com]
PropertySold.ca Mortgage Agent Abraham Niyazi discusses "How to get the lowest mortgage rate in Canada". You can save thousands of dollars in interest by getting a low mortgage rate. Abraham works with 25 different banks to make sure that his clients get a low mortgage rate. His service is available throughout Canada, excluding Quebec. He suggest that in order to get a low rate, a buyer can go to multiple banks and ask for the lowest rate, or they can choose a Mortgage Agent and have the Mortage Agent work to get the lowest mortgage rate.
mortgagefraud101.blogspot.com How To Get The "Lowest Mortgage Rate" in Canada
You can find very low mortgage interest rates in today's economic climate. Having a stellar credit rating, low debt to income ratio, and good verifiable income are all important factors in securing you the lowest rates. However, there are other steps you can take to ensure receiving a low percentage for your new home loan or refinance.
One option that many people dismiss too quickly is the 10 year mortgage. 10 year mortgage rates are the lowest being offered for any fixed mortgage loan. The reason most people do not even consider them is because they assume their monthly payment will be too high due to the shortened pay back period. This is not necessarily the case, especially if you consider certain factors.
1) Down payment. Many people choose to put less money down when purchasing a new home. They want to save their money to either have a nest egg, invest it in other ventures, or just to have laying around for various reasons.
While this is often a good move, many of these borrowers never realize that if this money were to be put into the home, a 10 year fixed mortgage would have made sense for them. They could have gotten a much lower rate and had a manageable monthly payment, saving them thousands in interest payments.2) Impact of lower interest rates. Many borrowers underestimate the impact a lower interest rate will have on their monthly payment. While the best 30 year mortgage rates are at about 4.15 %, many lenders are offering rates as low as 3.25% for 10 year loans. Your monthly payment will be more than it would be for a 30 year loan, but in many cases, not much higher.
3) Savings on closing costs and other fees. Many people choose to roll the fees associated with acquiring their loan into the principle, causing their APR to increase.
The 10 year fixed mortgage will give you the lowest APR possible. Suggest Lowest Interest Rates - 10 Year Mortgage Rates Issues
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