01.05.2016
Well, if you have a choice between a 3% variable-rate mortgage, and a 3% fixed-rate mortgage, I think that taking the fixed-rate mortgage is a no-brainer. The same rate, but with less risk! Figures start at period 1 (though choice of period does not alter the relative differences very much). This is for a mortgage that is paid monthly, but is compounded bi-annually as is the standard for a Canadian mortgage.
Wait a second… are you really expecting that rates will stay at the same level for the next four years!? I find this scenario no more likely than the scenario of rates staying at the exact same place for the next four years, but let’s say that the prime rate increases by a full 100 basis points per year. If there was a good chance of rates being that high, banks would be taking on a pretty big risk by loaning cheap mortgages. That might be a good option of hedging against a greater loss should rates rise greater than expected, though at the expense of less gains if they don’t. I have also learned historically that short terms always beat taking long terms (there is a reason why 5 year is promoted :)). For now, I think I’ll stay with variable and review after the first rate increase they do whenever that may be.
With interest rates this low, I would look at refinancing any variable rates I have in the next year. It’s more likely that interest rates go up 50 points over the next year and then pause for a while rather than continuing to go up every year.
I agree that a first-time home buyer or someone renewing their mortgage right now should take the fixed rate. A few years back, I would definitely recommend the variable rate mortgage to my clients, but now I think most feel better off paying slightly more for the fixed.
For the second straight week, the 30-year fixed rate mortgage and the 15-year fixed rate mortgage average rates have risen, according to Freddie Mac’s Primary Mortgage Market Survey. It isn’t a big jump, but with news of an increase in jobs and a decline in layoffs, we can expect further gains in the employment area. If you are at all thinking of making a home purchase or even refinancing your home, now is the time to lock in your rate. This Wednesday, July 27, 2016, photo shows real estate signs at a new home community in Edmond, Okla.
The low rates, along with a solid job market, have been bolstering the housing market as it recovers from the bust that began nine years ago.
The Escambia County Housing Finance Authority (ECHFA) serves 13 counties across Florida by offering Homeownership Programs to first-time homebuyers and former homeowners (Do I Qualify?) in an effort to provide safe, decent and affordable housing.
Borrowers must meet normal standards of credit worthiness and have a FICO score of 660 or higher. Single-family homes (both detached and attached), as well as condominiums, townhomes and PUDs.
We have been in business for more than 30 years and have helped thousands of homebuyers realize their dream of becoming a homeowner.
ECHFA is under the oversight of a five-member board of citizens appointed by the Escambia County Board of County Commissioners. I would’ve had to wait several more years until I could afford the down payment and closing costs to buy my first home. ECHFA helped us buy our first home at a great interest rate so our children would have a home to call their own. I couldn’t believe how smooth the process went when purchasing my first home with the ECHFA program. We live in a world of Chicken Littles, whereby the reactions to the slightest events become magnified to outlandish and irrational proportions. On June 23, the UK voted to leave the European Union and the world has barely taken a breath from all the crazy it unleashed. Of course, there were different strategies needed for buying and selling real estate during the global recession.
Sure there is opportunity outfoxing an ill-informed, reactionary mob, but within the topic of UK real estate, it’s doubtful any of us had a suitcase full of dollars ready to chuck at a property on June 24. As a second home buyer, there are only three indicators to be concerned with: property values, currency exchange rates, and mortgage interest rates. In anticipation of the vote, estate agents report that June property transactions surged, along with currency rates, as polls showed the “Remain” camp leading.
For those with speculative bones, Edinburgh, Scotland, or Dublin, Ireland, may be worth some research.  If Article 50 is invoked and Scotland votes to leave the UK and rejoin the EU, the backbone of London’s financial services industry may relocate to language-friendly Scotland or already-in-the-EU Dublin.


One thing is certain in the short-term: already-built London property developments targeting foreign buyers will continue their price slide. Longer-term, buyers need a good estate agent and to keep an eye on the property market.  Just like the US recession cratered prices, the smart buyer looked at high-water marks to judge where valuations would someday return to. With a future looking like property and currency values are heading south, finding the bottom of both will be tricky.  A buyer must balance both property potential against currency devaluations. Next there will be another drop when the UK actually invokes Article 50, the formal notification of an intent to leave the EU. If Scotland, who voted to remain in the EU, approves their assumed second vote to leave the UK with the goal of remaining in the EU, that will send a further shockwave. As a potential property buyer, timing is everything.  In the case of Brexit, the best opportunities will only become visible with patience. For those always wanting a home in London, this may be a once-in-a-generation opportunity if you play it right. Had dinner with a well-traveled New Yorker last week who told me European friends say Brexit will make it more difficult for Europeans to travel from say, the UK to Spain.
As of today, all major property investment trusts have halted trading and some believe it will last at least through the end of 2016.
London residential values is the fact that the UK made a strategic decision to not tax the non-UK earnings of its residents. Those who bought homes in London anytime in the past two years will have difficulty recovering from that choice, just as anyone who makes a major investment in the US probably will suffer if weird things occur and those who are drawn to charismatics turn out in droves resulting in the unconsciously incompetent Donald J. By clicking the button, you acknowledge, consent and agree to the following: a) Our Privacy Policy and consent to receive notices and other communications electronically.
Estimation is calculated based on tax assessment records, recent sale prices of comparable properties, and other factors. Not a big difference, but things get more interesting when we look at the total interest paid. In the face of rising interest rates, the variable mortgage starts to fall behind the fixed-rate in terms of total interest costs.
They’ll definitely be better off in a fixed-rate mortgage if rates climb this much over the next 4 years.
Usually more than 5 years is a big rip-off which is why 5 years is the standard here in Canada. Is it even possible to run into a situation where we have both low rates and high inflation? Considering that the variable rates fluctuate with inflation, you’re always better off going fixed.
I am hoping to get pas the 3 year threshold so I can go with a 3-year fixed term if I stick to the same bank.
If the central bank wants to, it can keep the rates where they are even under the face of high inflation.
At the rate the economy is currently going, I think it is better to opt for fixed interest rate. The fixed rate is tempting for the security aspect but we decided to stick with the variable rate for now. With a rate like that, you can handle a few rate increases and still have paid less interest by the time it comes for renewal in 5 years out. On the other hand, if rates begin to fall, then you’re receiving even more savings over the initial fixed rate. It’s about investing your time, your money, and your energy wisely, in order to achieve your goals. Freddie Mac surveys 125 banks nationwide for their mortgage rates and discount points for various mortgage products, including the 30-year fixed rate mortgage and the 15-year fixed rate mortgage. First, the rates are based on a national average, so depending on your market, fees and rates may be higher. The positive economical news will most likely have an effect on the rates moving forward and we can expect to see a small increase or leveling off of rates moving forward. Actual rates may vary depending on a variety of factors including credit rating and current market trends. The 13 counties we serve are Escambia, Santa Rosa, Okaloosa, Walton, Leon, Gadsden, Wakulla, Alachua, Bradford, Marion, Indian River, St. ECHFA Programs are available to not only first-time homebuyers, but also individuals who have not owned a home as their principal residence in the last 3 years.Plus, the first-time homebuyer restriction is waived for veterans who have received an honorable discharge and individuals who select a home in one of the Targeted Areas. This tenure has allowed us to fine-tune our skills in quickly and efficiently making the loan origination process as smooth as possible.


My family would’ve never been able to afford it without the ECHFA assistance and low interest rate.
While currency and interest rates fluctuate by the second, property values are a slower, and in this case, more important target. The same can be said of wealthy areas of traditional London, such as Mayfair, Belgravia, and Knightsbridge, as well as areas catering to European ex-pats who may feel xenophobia’s rise and continued employment in the UK is less secure.
The key to property buying post-Brexit is to focus on the delta between current and pre-Brexit prices.  The bigger the gap, the bigger the opportunity.
With approximately half of London’s residences being used as investments and those owners being precisely the ones who will run away, opportunity abounds for the patient.
In addition to variable rate mortgages, they have fixed-rate options ranging from 2-10 years before refinancing. Were financial services firms to decamp from London and setup shop in Edinburgh or Dublin, the effect would be magnified.
In the states we tend to forget how easy we have it travel wise, no border crossings between Texas and Arkansas. Trump being elected as POTUS in a time in which the 45th President may well be called upon to nominate three separate Associate Justices to the United States Supreme Court. Built in 1960, this property was last sold for $155,000 in 2016 and currently has an estimated value of $184,852. We have four more years to go before it’s time to renew into another mortgage, and another rate. By sticking with a variable-rate mortgage, if rates don’t rise at all, we will save $6,562 in interest payments.
If we were renewing, we could expect fixed-rate mortgages to be in the 8% to 9% range by this time.
He believes that by properly managing our energy and time, we can learn to invest our lives wisely. Also, for someone getting a new mortgage today there’s no point in going variable since the rates are the same. I think it is, at least on the official domestic markets, if the central bank outbids all other buyers.
Variable rates are great when life is dandy but if you are like me and don’t want to worry fixed is best. Though, if you’re in the market for a new mortgage right now the variable looks like a lose-lose.
In addition, these rates assume that the buyer is paying discount points, which are equal to one percent of the loan amount. The Refinance Index has declined for five straight weeks and is at its lowest level since the end of August. Individuals of middle, moderate and low incomes are welcome to apply.Learn the income limits for each Participating County. Perhaps they bring back happy memories of sharing bedrooms with siblings (fights forgotten), summer camp, slumber parties, ghost stories, whispers, and giggles. In this post, I’ll compare both scenarios, and take a look at what happens should interest rates rise. When we were looking for a mortgage, premiums on the fixed rate were a little bit ridiculous; the situation has changed and now you can get a fixed-rate at 2.99%!
However, if you already have a mortgage, you have to renew in at most 5 years, regardless of whether it’s fixed or variable, so even fixed is not going to save you from increasing interest rates.
Anything much higher than 2.99% and I think that variable is still the winner, until renewal time 4-5 years out.
Borrowers can opt to lower their mortgage rate by paying “points,” However most borrowers do not pay points on their loan. Note, property values in the past two years have grown precipitously, largely offsetting the pre-Brexit currency losses. There are currently 3,178 similar properties for sale within 10-mile radius, ranging from $45,900 - $475,000.
The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates.



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