Mortgage calculator

4489 Views 9 Replies 8 Participants Last post by mrvvl, Dec 5, 2009

Harper77

Discussion Starter · Nov 16, 2009

There was a link that I came across in the forums and now I cannot put my finger on it but it was a mortgage calculator that listed all the mortgage companies and what their current rates are and allowed you to input mtge amount, amortize period, etc. It was very up-to-date regarding rates.

Does anyone know where its located?

Save

1 - 10 of 10 Posts

HaroldCrump

· #2 · Nov 16, 2009

Bankrate.ca is one such source.
It doesn't have the ability to accept input (mortgage amount, etc.) but you can select your province and term and it will show all available rates.

Save

Shayne

· #3 · Nov 16, 2009

Not exactly what you are looking for but I have found the best calculators out there at www.vertex42.com

As for rates, lender seldom post their best rates. You would likely be better served by negotiating with a bank directly or visiting a broker.

Save

Oldroe

· #4 · Nov 16, 2009

With banks you need to ask for a better rate .5% is available to almost everybody.

Just google mortgage Cal and you will get lots.

Get a copy of your credit report if you have a high # 750 you might get a little more than .5

Save

Shayne

· #5 · Nov 16, 2009

Are you saying that 5% is a good rate? Shoot for closer to 4% with good credit.

Save

iherald

· #6 · Nov 16, 2009

Harper77 said:
There was a link that I came across in the forums and now I cannot put my finger on it but it was a mortgage calculator that listed all the mortgage companies and what their current rates are and allowed you to input mtge amount, amortize period, etc. It was very up-to-date regarding rates.

Does anyone know where its located?

http://www.ratesupermarket.ca/

Save

firsttimehomebuyertips

· #7 · Nov 17, 2009

Shayne said:
Are you saying that 5% is a good rate? Shoot for closer to 4% with good credit.

I think Oldroe means that you can ask your bank for half a percent lower than the banks posted rate, but I could be wrong.

Save

Oldroe

· #8 · Nov 17, 2009

Yes ask the bank for a better rate.

Keep your payment at the posted rate say 5% will mean making 1 exacter payment per year approximately.

The real key to mortgages is keep lowering amortization. Check TD I always stayed them because you could adjust your amortization any time. So if you were getting lots of OT just reduce from 20 year to 10 year when the OT goes away move your amortization back up.

Get a Mortgage Cal that breaks out Principle and interest on a weekly or by weekly bases. To understand what 1 extra payment will do subtract the full payment from the principle side, so $1000 might move you down 8-10 payments and your immediate savings will be the interest for those payments. Now notice how the Principle and interest change just a little bit each payment by moving your payment down those 8-10 your money works that much hard for you.

So making your mortgage weekly or biweekly gets you 1 extra payment and negotiating 4.5% and keeping you payment at 5% will get you another payment.

Most mortgage let you but 10% every year, that's very hard so even $500 will do amazing things.

See less See more

Save