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Old 12-10-2008, 09:30 AM   #16
jstalin
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Quote:
Originally Posted by uber e36 View Post
I'm not saying this just to sell houses, but I'm really excited for any of my first-time buyer clients because the combination of low rates and a higher inventory of properties means the next 6 months is going to be an awesome time to buy your first house/condo.
It can be 0%, still doesn't help when buying a depreciating asset
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Old 12-10-2008, 05:38 PM   #17
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common misconception occuring here

Mortgage rates are not entirely based on the fed rates. It is based on the bond rate. I have seen mortagage rates come down based on bond rates while fed is raising the rate and vice versa
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Old 12-10-2008, 07:14 PM   #18
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Quote:
Originally Posted by jstalin View Post
It can be 0%, still doesn't help when buying a depreciating asset
Real estate is always a good investment. If price is down (doesn't happen that often or by much) just wait a bit before selling.

Land is one thing that very hard to create, we can lose/destroy it easy so buying it is a good investment.

Three years ago I bought 36 acres of land that used to be a farm but the owners moved and I just had it sitting for 2 years, then a developer came and made me an offer I couldn't say no to. When I bought the land it was in the middle of nowhere now there are houses/plaza on it.
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Old 01-06-2009, 01:08 PM   #19
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Originally Posted by T.Dot_E30 View Post
Not sure how you can say this, a buyer isn't going to get a mortgage like you have, banks are offering prime + 1% on 5yr variable mortgages. (right now without the recently drop it is 4 + 1= 5%)

That is probably the rate you paid a year ago. So even thou prime went down, mortgages haven't. I'd aruge it actually went up.
The mortgage companies are down to around prime + 0.60 so you're looking at about 4.1%.

When I bought my house Spring '08, my mortgage was 4% but prices were higher - so the buyers are at the same rate that I was, but with cheaper homes.

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Old 01-06-2009, 10:03 PM   #20
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im sitting at prime + 0% on my mortgage... so 3.5%
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Old 01-07-2009, 11:34 AM   #21
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Did you hear some financial forecasters are predicting %1 or even %0.75 interest rates by mid 2009 !!.great timing for me since I have to look for mortgage around that time.So why is damn car rates still so high?..the best I can find for a used three old car is %6.9.....
That refers to the Bank of Canada rate, the rate the BoC charges banks. You will never get a mortgage anywhere near that.
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Old 01-07-2009, 11:37 AM   #22
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Originally Posted by T.Dot_E30 View Post
Even thou prime goes down, banks jack up mortgage rates to offset it.

Few months ago a variable mortage was prime - 1% .

Now that prime has dropped, banks are offering prime + 1%. Assholes.
They aren't assholes. The world credit market has collapsed. Funds are hard to come by. Banks eliminated the discount to prime and put a premium on it as a result. Economics 101. High demand, low supply.
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Old 01-07-2009, 11:44 AM   #23
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The car industry is on a downward spiral !
Me and my used car manager got let go on monday after 7+ and 13+ years working there.Not fun to be in the car industry right now.
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Old 01-07-2009, 11:45 AM   #24
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^ Good luck to you
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Old 01-07-2009, 12:18 PM   #25
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im sitting at prime + 0% on my mortgage... so 3.5%
That is a prime (pub intended) mortgage rate you've got there.
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