Mortgage Rates

  • Posted by a hidden member.
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    Dec 24, 2009 4:14 AM GMT
    Do you prefer locking into a 5yr term or winging it and leaving it open? What are the advantages for your choice?
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    Dec 24, 2009 5:34 AM GMT
    I prefer fixed rate. If the market gets better, you can always refinance at the lower rate. If the market goes to shit, you've still got an awesome rate.

    And why was this posted in the "DATING, SEX, AND RELATIONSHIPS" sub-forum? icon_lol.gif
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    Dec 24, 2009 5:43 AM GMT
    xrichx saidI prefer fixed rate. If the market gets better, you can always refinance at the lower rate. If the market goes to shit, you've still got an awesome rate.

    And why was this posted in the "DATING, SEX, AND RELATIONSHIPS" sub-forum? icon_lol.gif


    OMGicon_lol.gif My mistake!

    Oh well, maybe people locking in at a low rate will be happier and have more sex?
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    Dec 24, 2009 5:48 AM GMT
    What are the finance costs going to be? How high will the variable rate have to go to in order to justify the finance costs? You plan on staying in the home for the length of the mortgage? I recently was in a similar situation, and these were the three questions I asked myself. For me, I did not plan on staying long and the refinance costs were outrageous, so it was advantageous for me to keep the variable rate. I guess every situation is different, though.
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    Dec 24, 2009 5:51 AM GMT
    5 years is a short term. Are you flipping real estate?
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    Dec 24, 2009 10:20 AM GMT
    i'd think having an open variable rate would be better. you can always pay the loan off faster without getting penalised AND organise with the bank to have your advanced payments available to you for withdrawal at your time of need.

    they get you with the fixed rate because its so expensive to switch or break the contract.

    but im sure u can always divide your mortgage and put one of those sections as a fixed rate and have the other as a variable rate.