Hi friends,
Correct me If I am wrong,
When I am selecting amortisation period of 30 years my installment is amount `X`, and when I reduce the amortisation to 15 years , my installment is not x/2, but it is x/2-100,

Which means I am paying 100 $ more in interest per installment for my entire term of mortgage,
In absolute terms extra payment of 2600 $ per year (26 installments paid bi weekly) in a year.
Aggregating to 78000$ of more interest for the 30 year term

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mor

Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.

Hi friends,
Can any one post in their latest offers they have received from their banks for renewal/refinancing of mortgages

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mor

Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.

Hi Friends,
I am being offered p-0.85 , variable, or 3.69 fixed for 5 years, What is the likely hood of prime getting to 4.75 or higher in the near future?
As long as prime is contained to 4.5 from the present stage , variable is still competitive, my question to the financial wizards is when can we approximately expect prime rising to 4.5-4.75 levels? in the current global economic scenario

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mor

Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.

As of yesterday, you get Prime minus 0.9 for 5 Year VRM and 5 Year fixed for 3.45%.

Hi freakoutguy,
VRM , what does it stand for?

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mor

Whenever you experience joy, peace, security, equanimity or purity, it is only because you are aligned with ALMIGHTY.

VRM I am getting is prime-0.9
fixed 3.75 five year

But I am only choosing known banks like RBC, BMO etc.

Also I have to see what are the deferred payment flexbility of the lender.

No point in taking prime -0.95 from a lender which is not flexible in deferred payments. the whole world's ecnomy is flacky.

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infocan

Quote:

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Originally posted by ashedfc

Quote:

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Originally posted by infocan
VRM I am getting is prime-0.9
fixed 3.75 five year

But I am only choosing known banks like RBC, BMO etc.

Also I have to see what are the deferred payment flexbility of the lender.

No point in taking prime -0.95 from a lender which is not flexible in deferred payments. the whole world's ecnomy is flacky.

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Yes 0.05 difference is negligible..
Go for the lender which has better terms & conditions..
World economy is falling apart once again.. last time it was Lehman brothers in US, this time its PIIGS in Eurozone.., so stay with variable..
Infact we might see an interest rate decrease (I mean prime going down-YES) if the economy goes back into recession.... (as many economist are predicting an hyper-inflationary depression is in store for the future)

But, please save the difference because future is not very good, specially 2012/2013. Lot of people in the whole western world are just one paycheque away from bankruptcy, this is where the problem is !!

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pranav shah