Mortgage Restructurer - Prime minus .25% for 3 years
November 17th, 2009 Categories: Real Estate News
This just in from my mortgage broker, Alma Pasic. Borrow as much as $400,000 and pay $1,323.35 per month. Mortgage
- The Trend is your friend: It wasn’t all that long ago that we were Prime +.80 etc..and look where we are now. What will Prime +/- look like in 3 yrs. That I can’t answer but the trend is your friend. We could easily be back to P-.60 or greater in a few years which is perfect timing for when the 3yr ARM will be up for renewal.
- Most likely you will lock-in your ARM when Prime increases, the 3 yr ARM makes the most sense as it gives you more conversion options then on the 5 yr. On the 3 yr ARM, 1 yr from now, clients could chose a 2, 3,4,5 + term. If you chose a 5 yr term, 1 yr from now, they would only be offered a 4,5 + term. REMEMBER THE LENDER CONVERTS ALWAYS AT BROKER BEST RATES, NOT CHARTERED BANKS POSTED RATES. Saving you thousands of dollars over the term
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- Qualify using 3 yr discounted rates (3.59% today)
- Appraisals waived on most conventional deals
- Add 15bps to rate on rentals and BFS deals
- 44/44 debt servicing if beacons over 680. 35/42 if under 680
Subject to change and qualification
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