Good mortgage rate??

[BallzDeep]

I just renewed my mortgage with Royal at a 5 year variable closed for 4.15%, this will vary but still thought it was a good rate, although I'm not in finance. I was wondering for anyone with a 200 or 300 g mortgage would it be worth it to break your mortgage and redo it to if you happen to be in the 6% range, pay the penalties and still come out ahead.

Isn't 2% savings on 200g's 4 grand a year, just a thought, no expert.

 

[landscaper]

It would depend on your individuall mortgage . Some do not allow you to break the mortgage with paying an interest rate differential. ie; the bank gets all there interest before you can break the mortgage, if you have a cmhc insured mortgage you can break it after 3 years and pay a 3 month interest penalty.

The bottom line is it depends on your individual circomstances

 

[kumamake]

I just renewed my mortgage with Royal at a 5 year variable closed for 4.15%, this will vary but still thought it was a good rate, although I'm not in finance. I was wondering for anyone with a 200 or 300 g mortgage would it be worth it to break your mortgage and redo it to if you happen to be in the 6% range, pay the penalties and still come out ahead.

Isn't 2% savings on 200g's 4 grand a year, just a thought, no expert.

did you have to negotiate that rate ?

 

[BallzDeep]

They were offering prime minus .6 so I just took, I don't haggle much and didn't shop around, so no I didn't have to negotiate that rate.

 

[BallzDeep]

Don't confuse bank or commercial lending prime with mortgage prime.

Mortgage prime has not moved as much as bank prime this year because the banks are trying to shore up their mortgage losses.


4.15% is probably the best I've heard of for "joe blow" borrowers. If you've got a load of other accounts and assets with the bank, maybe you can do better.

That's why I didn't negotiate much, I have one mortgage and don't view myself as a big stakes playa.

 

[big dogie]

I have right now 3.9% variable from RBC

 

[freakshow]

Prime -.60% is pretty standard.

 

[stang]

That's not terribly bad.
My own will be 3.95% on May 1.

 

[BallzDeep]

That's not terribly bad.
My own will be 3.95% on May 1.

I'm sorry but only members with higher rates than mine are allowed to post in my thread, 3 month ban, I'm sorry.