Back to: October 2019


What is The Best Mortgage Rate?
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A 1.9% online rate will definitely attract attention! But the cheapest is not always best. Once the fine print is read, many will find they don't qualify, and often there are restrictions that could really cost homeowners in the long run. 

That low rate may be for quick close mortgages only i.e. closing within 60 days, or for those who have less than 20% down in which case mortgage default insurance is required to protect the lender. If you put 20% or more down, you don't need mortgage default insurance, but your rate will be higher because the lender doesn't have that protection. And that low rate definitely won't be for refinances or other situations like investment properties.

Rate is only part of a successful mortgage strategy. On a $500,000 mortgage, a rate difference of 0.1% only equates to a difference in payments of about $300 a year. The right mortgage privileges can save you much more than that. That's why you need to look deeper.

Mortgage contracts are full of devilish details that make winners and losers of Canadian homebuyers. Rates are just the lure. Often, the lower the rate, the bigger the catch. Sometimes a cut-rate mortgage comes with higher fees, penalties, or restrictive terms, which could prove more costly over the long term than a slightly higher-rate mortgage with flexible terms.

To get you the best mortgage for your situation, some of the things we'll look at include:

- The fee to break your mortgage. This is huge: there can be substantial differences between lenders. Remember life happens. If there's even a chance you'll need to break your mortgage, going with a lender that has reasonable fees can save you thousands.

- Prepayment privileges: those options that can help you pound down your debt by increasing your payments and/or putting down lump sums so you can save thousands in interest and shave years off your mortgage.

Important mortgage privileges don't fit in a rate ad. But be assured, this is where the rubber hits the road in building the right mortgage. If you found yourself looking at low online rates? Do all of the research you can to make sure you understand the fine print.  

 

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OTHER ARTICLES
 

With Compliments of

Michele Vyge-Fraser
Real Estate Agent/ Associate Broker/ CNE®


Red Door Realty
1314 Martello Road
Chapter House
Halifax, Nova Scotia,
T: 902-830-6397
NovaScotiaRealEstate@gmail.com
www.HalifaxHomesandCondos.com




NATIONAL MORTGAGE RATES
Term Posted
Rates*
Best
Rates*
6 Months 3.34% 3.30%
1 Year 3.59% 3.04%
2 Years 3.74% 2.89%
3 Years 3.89% 2.79%
4 Years 3.95% 2.95%
5 Years 5.34% 2.69%
7 Years 5.80% 2.99%
10 Years 6.10% 3.04%
Variable Rate 2.90%
Prime Rate ** 3.95%
*last updated: Nov 12,2019


www.RedDoorRealty.ca
Exclusive Listing $525000!!!

Welcome to 3224 Union Street, Northend Halifax!


Backs onto Needham Park!! Imagine owning a very cool bright open concept home with Halifax Harbour Views, with direct path access from your backyard to the dog friendly Needham Memorial Park! In the vibrant north end of Halifax, walking distance to the Hydrostone Market, welcome to 3224 Union Street! This wonderful home and property offers 2 storey's, 3 bedrooms, 2 baths, recreation room and a sunny main floor passive solar extension with in-floor warm radiant heat. Hardwood floors and ceramic tile throughout, this home is made for easy living. Perched on a hill, the side and backyard give you quiet privacy and great spaces for entertaining. New windows, upgraded wiring, great kitchen and updated baths, freshly painted throughout, main floor laundry, fireplace and attached garage - this home is ready for new owners. Considered to be one of the best north end streets, this location is in a refreshingly friendly and charming neighborhood. And even more...? Rush hour does not apply to this location! Call for your viewing today!

Please click on the photo to visit the virtual tour at www.3224UnionStreet.com 
Coming back to market soon!...

Welcome to 22 O'Hara Drive in Wedgewood Park!


Spacious bungalow set back from the street has great curb appeal and is larger than it looks. Large kitchen, open concept lr/dr, 4 good size bedrooms plus 2 full baths! Incredible value!

List Price $319900.

Please click on the photo for the virtual tour at www.22OHaraDrive.com



New Listing!
5 bedroom, 2 full baths, deep backyard...

$239900. on Courtney Road, Dartmouth!

Family friendly - Walk to School, Churches, Parks and more!

Call for more details. 

Halifax Mortgage Specialist Bruce Lusby 

(902) 210-0515

http://mortgageweb.ca/BruceLusby

Halifax, Nova Scotia - updated Oct 6, 2015

Variable:

5yr @ Prime - .65% (2.05%)

HELOC @ Prime +.25% (2.95%)

Fixed:
1yr 2.29%
2yr 2.09%
3yr 2.24%
4yr 2.54%
5yr 2.54%
6yr 3.39%
7yr 3.44%
10yr 3.84%

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The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.