3.5% interest rate for 5 year mortgage?

[dfluet]

Don made a comment last month regarding 5 year mortgages with a 3.5% interest rate. Does anyone know if ths was residential or commercial. If it was residential, where can one find this rate. I can get fixed 3.2% for a year but the 4 and 5 year rates are around 4.5 to 5%. And yes, I did ask about getting a lower rate. The banks don`t seem to want to move much right now.

Thanks people!

 

[REINteam]

Hi Darrell,

Don just got that rate on a commercial building...and I have another member who just got 3.18 on commercial for the same term. Maybe Rob can shed more light on residential fixed rates....


Regards,

Ray Reuter
Real Estate Investment Network
1-888-824-7346

 

[PeterKinchMortgageTeam]

QUOTE (dfluet @ Apr 15 2009, 02:25 PM) Don made a comment last month regarding 5 year mortgages with a 3.5% interest rate. Does anyone know if ths was residential or commercial. If it was residential, where can one find this rate. I can get fixed 3.2% for a year but the 4 and 5 year rates are around 4.5 to 5%. And yes, I did ask about getting a lower rate. The banks don`t seem to want to move much right now.

Thanks people!


Those rates are way to high for a qualified residential deal. Most fixed rate lenders are offering the 5 year fixed rates from 3.69% - 3.95%. I`d keep shopping......

 

[RobMacdonald]

Fixed rates are down to 3.0% for a 1 year term and we`re seeing lots of competition on the 5 year rates. Every day a new lender seems to either lower their rate or offer a quick close special.

It`s a good postion to lock in for less than 4.0%, but you may be able to benefit even more by taking a vrm for the next 6 to 12 months and watch rates fall further.

The rate Don quoted was on a commercial deal, and yes that seems to be a common rate for CMHC insured commercial financing.

 

[Thomas Beyer]

QUOTE (dfluet @ Apr 15 2009, 03:25 PM) Don made a comment last month regarding 5 year mortgages with a 3.5% interest rate. Does anyone know if ths was residential or commercial. If it was residential, where can one find this rate. I can get fixed 3.2% for a year but the 4 and 5 year rates are around 4.5 to 5%. And yes, I did ask about getting a lower rate. The banks don`t seem to want to move much right now.

Thanks people!
it is for CMHC insured multi-family properties. We locked in at 3.5% in early March on a large asset near Edmonton, for 5 years. 10 year money is around 5%.
This rate today is about 3.2%.

When s.th. is on sale, get lots of it ... i.e. money aka a mortgage !

 

[MikeMcCrae]

Always talk to a broker. They only deal in discount rates. We don`t play the used car game. (I will talk to my manager and see if I can get a better deal)