How to Get the Best Mortgage Interest Rate

[Purifiedinfire]

Today i was talking to a colleague about mortgages. They said a fixed open mortgage would have prepayment charges if switched out. I thought open mortgages didn't have prepayment charges. Is this true?

[MortgagesInVancouver]

@Purifiedinfire Fixed closed mortgages have penalties to get out of them. Open fixed mortgage do not but will probably have a $75 admin fee or something like that. You pay a higher rate for open mortgages which is why there are no penalties. Thanks for watching!

[Purifiedinfire]

@Purifiedinfire The part I forgot to mention is this co-worker is a branch manager. Must have been a long day for her, when I went to work she told me there were no fees.

[JPHET37]

She has a good point about buying your new home. What she means is do your home work first, ask! I hate bank lenders says you have a fair credit and your rate is this much. In order for you to make this affordable payments you must put down 3% or more depending on your credit history.

[bobby321456able]

do you only do mortgages in Canada? I am in NJ and you seem very helpful....

[MortgagesInVancouver]

@bobby321456able Thanks for watching! Unfortunately I am only able to be licensed in Canada. In fact, I think that each state in the US has it's own licensing requirements fo you may have to specifically find a Mortgage Broker who works in NJ.

Sorry I can't help. Good luck in your Purchase!

[leighdeeming]

Hmm you seem to be a little snooty about the whole thing.

[ackilla86]

I didn't see that? @leighdeeming