This post will not be very long – just a quick update on the market. Interest rates recently went down. This is good.
Get them while they are low. Today they are 3.89% for a 5 year fixed, closed rate. I won’t quote any statistics but this is close to rock bottom. BUT I will advise to take advantage of them now because rates have been going up and down lately (as opposed to just down). So, if you wait too long – they could go back up.
I have included a link to a mortgage calculator that I have used (Canadian Mortgage Calculator) this one is free and it works pretty well. BUT this one (http://www.amortization.com/) works REALLY well. You do have to pay for it – but it is cheap – $40.00 Anyway – you can use it as many times as you like – I have dealt with the man who developed it and he has allowed me to continually download it after my computer died 3 consecutive times.
This Canadian mortgage calculator is a MUST for any broker or investor. It can calculate late payment charges, effective interest rates, pre-payment penalties. It has more features than you’ll ever need. It can calculate interest on a monthly and semi-monthly feature. Even if you are just a client – this is still a good investment. If you are a lender (especially a new private lender) you need this.
One of its best features – is that it produces amortization charts that are amazing – if you are being offered two mortgage financing proposals this can weed out the differences and help you measure apples to apples.
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