Ten questions to help you avoid mortgage-penalty shock

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This week’s Globe column poses ten questions to help you avoid mortgage-penalty shock. (Attached below) Other things being equal, avoiding lenders with costly penalty rules is one of many ways to reduce your overall borrowing costs.

Mortgage Rates as Stable as They’ve Been All Month A $250,000 mortgage financed at today’s readily available 4 percent rate would cost about $1,194 a month for a principal and interest payment. cut the rate to 3 percent and the payment falls to $1,054. At 2 percent that $250,000 mortgage would cost only $924 a month. From 4 percent to 2 percent the savings is $270 a month.

In doing so, you’ll often find that a lender’s bargain interest rate is offset by its harsh penalty. Before settling on a lender, try this. If you want a five-year fixed term, have your mortgage adviser estimate that lender’s penalty as if you planned to break the mortgage after 3.5 years (the average breakage), assuming rates stay the same.

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>> Ten questions to help you avoid mortgage-penalty shock (Globe & Mail – September 14, 2012) >> The perils of home buying without a rainy-day fund (Globe & Mail – August 30, 2012) >> Save up for a down payment? The young adult’s struggle (Globe & Mail – August 17, 2012)

Mortgage Rates Drop Closer to All-Time Lows The typical mortgage payment has trended higher in recent years, but CoreLogic notes that as of January 2019, the typical payment is still 32.5 percent below the all-time. rates to their lowest.Current BC Mortgage Rates – Compare the Best Rates in BC | Ratehub.ca Most recently, a global poll by banking giant HSBC found that Canadians were the least likely among current and. feature “sponsored” mortgage rates at the top of search results, even though these.

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Mortgage Rates Drop Again; Existing-Home Sales and Prices Climb MBS Day Ahead: New Tariff Announcement Keeps Bonds In Recent Range "Impending breakout. hold for bond markets. What we CAN be sure of is that bonds have been locked well inside last Tuesday’s range for 5 straight days now, and this range-bind persists even as.You can’t always predict how the market will move. But you can watch it move. Let’s look at historical interest rates for a 30-year fixed-rate mortgage.Generally, the rule of thumb is when interest rates go up, sales prices move down to compensate, but not always.Housing Headlines Disappoint. Mortgage Rates at 2009 Lows Mortgage Rate Trends: Holding At Multi-Year lows. mortgage rates are still holding at or near 36-month lows. Brexit drama continues to be a factor in the low rates, but some market watchers believe that we’re about to see the first increase in rates soon, if for no other reason than what’s termed "bond market weakness" that could be an indication things are about to change soon.

If you want a five-year fixed term, have your mortgage adviser estimate that lender’s penalty as if you planned to break the mortgage after 3.5 years (the average breakage), assuming rates stay.

Some of the above will require an early pre-payment charge (a.k.a. penalty). This week’s Globe column poses ten questions to help you avoid mortgage-penalty shock. Other things being equal, avoiding lenders with costly penalty rules is one of many ways to reduce your overall borrowing costs.