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Thread: Mortgage question

  1. #1

    Mortgage question

    What do you think a decent rate is on a 70thousand mortgage? 6.5% and $639 a month 15yrs seems a little steep no?

  2. #2
    theres no quick answer. rate comes down to your credit bad/good or lack of, ltv[loan to value] lower the ltv lower the rate, mortgage history etc.

    everybody thinks theuy know rates, most dont have a clue, its layered. ive ben writing and underwriting for 14 years, it constantly changes. another thing, alot of lenders give u a higher rate on small loans, usually 85k and below.

    best advertised rates are on 80% ltv deals or below. rep
    c4/5 inc funtioning c6. 28 yrs post.
    sponsored handcycle racer

  3. #3
    K,my credit is perfect! When you ''Loan to Value'' mean the loan requested 70 to value of the property say 450?

    Is there any reason why they couldnt change ammortization from 15yrs to 20yrs?

  4. #4
    Senior Member
    Join Date
    Dec 2004
    Alberta, Canada
    6.5 is way too high. Are you going through a bank?

  5. #5
    Quote Originally Posted by NorthQuad View Post
    6.5 is way too high. Are you going through a bank?
    not necassarily dave. theres no quick easy answer, again its layered,.

    ok great credit. do u have mortgage history. to a lender no credit or little credit is just like poor credit.

    what are you using for income.

    if your house is 450 and you owe nothing your good. ltv is a percentage of appraised value.
    ex= 315k is 80 percent ltv based on 450k appraisal. .

    now income. if all these check out 6.5 may be high. but for such a small loan u may be getting hiyt w/ up to 1.5% higher rate.

    i suggest a home equity line of credit rep
    c4/5 inc funtioning c6. 28 yrs post.
    sponsored handcycle racer

  6. #6
    Senior Member
    Join Date
    Jul 2004
    Pickering Ontario Canada
    Shaun, look into a variable rate, you should be able to get it in the 2.something range.

    6.5 is too high.

  7. #7
    duplicate post
    Last edited by quadfather; 05-30-2009 at 09:01 PM. Reason: duplicate post

  8. #8
    fuentejps is correct.

    Debt ratio, FICO, LTV, loan amount, loan purpose (cash out), points (or lack thereof) - it's not a simple answer.

    You should be able to get a quote for 15, 20 and 30 years.

    Given that rates are historically low, a fixed rate would be your best bet , if you are confident you won't move/need to refi for 5+ years

    Find a decent mortgage broker. Ask friends and family for recommendations. If you do have great credit and low LTV you should be able to shop for rates.

  9. #9
    Dave my mortgage is through a credit union (dont know if giving the name is to much info on the web)

    Ya Shelley thats what i was thinking..i keep seeing all these commercials advertising these low rates

    Quadfather..fuente thanks guys!

    I'll call a mortgage broker on monday and see whats up! I'll pay 639..but id like rather pay 400 and add the other 239 a month on to it when i choose...ya know what i mean?

    How would a home equity line of credit be different?

  10. #10
    Senior Member lynnifer's Avatar
    Join Date
    Aug 2002
    Windsor ON Canada
    Is Alberta spilling over to where you are? Far too high ... it's a buyer's market in Ontario (excluding Toronto where condos are going up like ant-hills - oh and Ottawa who's just different from anyone else anyway).

    Mine is 4.89% and that was four years ago. Probably looking at same or better next May.
    Roses are red. Tacos are enjoyable. Don't blame immigrants, because you're unemployable.

    T-11 Flaccid Paraplegic due to TM July 1985 @ age 12

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