(Closed) Bees who have a mortgage – what is your interest rate?

posted 7 years ago in Home
Post # 32
Member
706 posts
Busy bee
  • Wedding: October 2011

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@AB Bride:  Thanks! I think I missed that part!  

Post # 33
Member
1165 posts
Bumble bee
  • Wedding: July 2011

1. When did you  buy your home? We closed the last week of Nov 2012

2. What is the length of your loan? 30 year fixed

3. What is your interest rate? I think it’s 3.375%

4. Where do you live? About an hour north of San Francisco


Post # 34
Member
698 posts
Busy bee
  • Wedding: September 2013

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@melisandescott:  yikes! Could you imagine a 5 year loan? The payments would be out of control!! 

Not sure if this is the case in the US, but we can also pick frequency of payment (monthly, biweekly, or weekly), as well as put down additional money – if you have it – up to 20% of the outstanding mortgage per year. 

Because I set it up as biweekly payments (basically, they divide the monthly costs by 2 and pay every 2 weeks), the interest doesn’t accumulate as quickly, and it cut the amortization by roughly 5 years! So I’ll pay my mortgage off faster than the amortization period! Highly recommend this if you’re able to do it!

Post # 35
Member
706 posts
Busy bee
  • Wedding: October 2011

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@ykyegbride: You can do that in the US, but have to be careful.  Sometimes loan holders enact a penalty for pre-paying, so you just have to make sure that you don’t have that.

Also, if you want to do irregular payments (really, anything besides monthly), some mortgage companies have fees for doing that.  So people who go that route will sometimes just figure it out themselves (i.e. pay extra each month or make a 13th payment in a year).

Just depends on who holds your loan.

Post # 36
Member
698 posts
Busy bee
  • Wedding: September 2013

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@melisandescott:  That’s too bad, it’s a nice perk to be able to put down a little extra when you have it, or set up different frequencies to help keep interest costs under control.  

Post # 37
Member
17 posts
Newbee
  • Wedding: October 2013

1. July 2013 (closing in 2 weeks)
2. 15 year fixed
3. 3.00%
4. New Jersey (across the river from New York City, 5 minute train ride)

We locked our rate on June 5 this year and I have to agree with several of the posters above, it is crazy how quickly the interest rates climbed in just a span of 3-4 weeks!

Post # 38
Member
10357 posts
Sugar Beekeeper
  • Wedding: September 2010

1. November 2012

2. 10 year fixed, then variable to 30 years

3. 3.15% APR

4. San Francisco Bay Area

Post # 39
Member
10357 posts
Sugar Beekeeper
  • Wedding: September 2010

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@melisandescott:  They do loans totally differently in Canada, with only 5 year locks on rates – doesn’t mean it is only a 5 year loan for the total balance! But, I have seen people who have very large down payments, or who have a lot of equity, either buy or refinance to a 5 or 10 year loan to get the ultra low interest rates that go with it. Doesn’t mean that their payments are huge, usually means that they put 80+% down!

Post # 40
Member
369 posts
Helper bee
  • Wedding: September 2012

1. December 2010

2. 30 year fixed

3. 3.75

4. 30 minutes out of Boston, MA

Post # 41
Member
706 posts
Busy bee
  • Wedding: October 2011

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@crayfish:  Yea, that was one of my “not think it through moments” lol

 

I can’t imagine knowing that my interest rate could change in 5 – 10 years.

Post # 42
Member
1327 posts
Bumble bee

1. When did you  buy your home? 2009

 

2. What is the length of your loan? 30 Years but Closed Fixed for 5 Years

 

3. What is your interest rate? 3.75% w/ 20% Downpayment

 

4. Where do you live? Just outside of Vancouver BC

 

Post # 43
Member
893 posts
Busy bee
  • Wedding: December 2012

@soy:  

 

June 2013

 

4 years fixed

 

2.7

 

Quebec

 

Post # 44
Member
102 posts
Blushing bee

1. When did you  buy your home? March 2010

2. What is the length of your loan? 25 years

3. What is your interest rate? variable – 2.3%

4. Where do you live? Vancouver, Canada

Post # 45
Member
922 posts
Busy bee
  • Wedding: September 2013

@soy:  

1. When did you buy your home?

     August 2012

2.  What is the length of your loan?

     traditional 30-year fixed

3.  What is your interest rate?

     3.5%, we bought at the very bottom of the market, got lucky!

4.  Where do you live?

    metro-Atlanta, about 30 min NE of downtown

Post # 46
Member
6934 posts
Busy Beekeeper
  • Wedding: September 2011 - Boy #1 12/2015, boy #2 02/2018

1. When did you  buy your home? March 2013

2. What is the length of your loan? 30 years fixed

3. What is your interest rate? 3.5%

4. Where do you live? Texas


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