We have a drop in the prime rate from P+ .80 to P+.75. That is good news as it is a sign that the lenders costs are decreasing. Five year rates have also dropped down.
Just a quick note when you are searching for a mortgage. The lowest rate in the market is not always the best product in the market!
Often the lender will have a great low rate but the mortgage has restrictions on it such as:
-there are no provisions for extra payments or
-it can't be paid out unless you sell your house.
Not all mortgages and rates are the same. Make sure your mortgage works with your future plans.
No comments:
Post a Comment