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Just locked my mortgage in for 5 years @ 4.58%

K

Kenazo

Lifer
Think it'll be a wise move?

I'm thinking that interest rates are going to have to go up to contain inflation brought on by these crazy gas prices.

I was at 3.8% variable (Bank prime less .7%)

Figured I'm taking a 0.78% increase now, but I'm thinking rates will be on their way up. And even if they don't go up 4.58% is historically quite low, so I don't feel too bad anyway.
 
Yes... so long as you didn't spend more refinancing than you'll save in the difference of APRs.

4.58% is excellent!
 
Where at ?? Thats pretty damm good.
I just closed on a house at 5/1 ARM at 4.75% WITH Penfed.
Had I acted 2 weeks earlier, I could have locked at 4.5%
 
Originally posted by: DAGTA
Yes... so long as you didn't spend more refinancing than you'll save in the difference of APRs.

4.58% is excellent!
Click to expand...

My bank let me convert my variable into a fixed rate at any time with no penalty. 😀

I'm in Canada if that makes a difference. not sure how Mortgages work in the US.


My initial mortgage (got it in July):

$120,000 @ 3.55% (bank prime less .7)

Prime went up .25% so my mortgage became 3.8%

I think it will go higher as our gov't attempts to control inflation

So, now for no penalty I'm in for 5 years @ 4.58%. I think I'm quite happy, I'll discuss with my wife and then let you know if i'm happy. 🙂
 
Sounds good, depending on inflation, cost of refinancing after 5 years, how long you will own the home, etc.

I locked in almost 3 years ago at 5.25% fixed, 30 year. (1st home)
 
Originally posted by: mobobuff
Wow I don't understand ANYTHING in this thread 🙁.

I'm not ready for home ownership :Q.
Click to expand...

Then you come here and ask questions and they shall be answered. 🙂
 
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