mortgage apr today
Interviewing Your Mortgage Broker
Getting the loan that you need can be quite challenging especially if you are not familiar with how to get the best deal. Fortunately, there are a number of mortgage brokers in the market today that can help you in your plight. Unfortunately, however, because of the sheer number of these type of professionals, seeking out a dependable one can prove to be as challenging as getting that loan.
In order to ensure that you get the right mortgage broker for your need, one of the things that you have to do is interview the person. The first thing that you should ask him or her is the type of loan that is most suited for your need. Keep in mind that a good mortgage broker, whether you are dealing with an individual or a company, would throw a number of questions at you before giving you your options. This is because, an experienced mortgage broker would be aware of the different types of loans that people like you can take advantage of depending on your need.
Once your mortgage broker has discussed with you what type of loan you should get, you should then ask how much the interest rate is as well as the annual percentage rate (APR). The latter is usually arrived at by taking into consideration the interest rate as well as other related lender fee divided by the term of the loan. You have to make sure that your mortgage broker is well versed in this one as there are lenders who are not aware about how APRs are computed. Also, in cases of adjustable loan, there is actually no accurate way of being able to compute for the APR. This is aside from the fact that the APR does not consider early payoffs.
It also pays to ask your mortgage broker in Calgary about all the costs involved. Some of the common costs that you might have to pay would include the appraisal fee, costs involved in getting a credit report, escrow, recording fees, and taxes, among others.
Make sure that you ask your Calgary mortgage company whether the lenders that they have in their network would be able to secure them a loan with a loan rate locks. What this means is that your loan would be safe from any fluctuations in the interest rate. Make sure that the loan lock rate being offered by the lenders that the mortgage company has in their network can protect your loan from fluctuations at all costs.
Lastly, check also with the Calgary mortgage company whether they have lenders in their network that do not charge a prepayment penalty. Keep in mind that in some areas, prepayment penalty is not allowed so it would be better for you to ask so as not to be caught off guard. If the lender that your mortgage broker has does charge a prepayment penalty, make sure that you get to know the details.
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mortgage apr today Questions
should i payoff my undervalued home – what are my options?
Bought the house nearly 6 years ago for $130k. According to zillow.com (okay not the best source) today’s esitmated value is $85k. Whatever the real number is, almost sure it’s less than what I paid for.
Currently I owe about $125K / APR 6.25% orginal straight mortgage, no funky ballon rates, ect…
As of right now, planning to live in the house for about 5 years.
Do have a steady income that can allow me to payoff the home within the next 3 to 5 years.
Have some options here:
1 – Pay it off early, in spite of the undervalue
2 – Make min payments, put extra money into long term investments (mutual funds, 401k)
3 – Refi the house, but why bother… unless someone has a good answer
4 – Dump it and move on
5 – ???
Since your planning to live in your house for the next 5 years, just continue to pay your mortgage. The advantage being the mortgage interest tax deduction. That being said, it would be silly to pay the mortgage off early.
You could refinance the house to decrease monthly payments, but you would have to crunch the numbers to make sure that it is worth it. The APR right now is lower than your 6.25%. This could lower your montly payments, and you still benefit from the mortgage interest tax deduction.
I see no advantage in dumping the place. You will lose money. You still have to pay off the bank, and the money you get selling it may not cover the amount owed.
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