Canadian Money Forum banner

1 - 10 of 10 Posts

·
Registered
Joined
·
70 Posts
Discussion Starter #1
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?
 

·
Registered
Joined
·
7,253 Posts
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.
 

·
Registered
Joined
·
1,196 Posts
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
 

·
Registered
Joined
·
1,196 Posts
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.
 
1 - 10 of 10 Posts
Top