Mortgage Rate -Good Or Bad??

drlove said:

I got a five year fixed rate at 4.2% which is guaranteed until my closing in October. Think I got a good deal?

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here is some comparison for you
http://www.redflagdeals.com/deals/main.php/financial/mortgageclosed/

4.2% on a 5 year fixed is a competitive rate now. If you closing is not until October, you may want to keep an eye on mortgage rates because I thing rates will go down. Another consideration is going with an open variable rate which you can get for prime + .50% (2.75%). The prime will go up, most definitely, howwever your break even point would be 4.70 in the prime rate. That may take a few years and you would have paid down more principle in the process. good luck

I've got a 4% 5-year rate on hold for me... but I can't help thinking that the 1.9% variable with ING is a better option.. opinions please?

td canda trust offered me prime minus .5 on a 5 year variable closed

Variable rates are hard to ignore even when we know that the prime rate will, or should, be going up. The choice is yours to make. On the other hand, mortgages have come a long way from back in the olds days. You can now split your mortgage into 2 ( or even 3 or more segments) An example would be if you have a $300,000 mortgage, why not have $150,000 in a variable rate mortgage and the other $150,000 in a fixed rate. That way you get the best of both worlds. RBC has this under the name "Homeline" Under their product, you can divide your mortgage into as many as 5 segments. Something to think about for all you new home owners. good luck, bruce

Currently I can do P - .6 on a 5 year variable and P + .60 on a home equity line of credit.
Depending on the mortgage amount I can also buy down the rate another .10 or .20 to make it P - .70