Now, Now, NOW!!!!! You should immediately lock your mortgage if you haven`t done so. The mortgage rates can`t be any lower or the Canadian economy will blow. The rates can not be so low with todays economy. Locking your mortgage for 5 year fixed with a good rate will only benefit you in the future.

I would and I did..... Mortgages are all time high, if it goes any lower the economy in this country will blow up. Lock your mortgage for the next five years to obtain the lowest rate. Will double payments on biweekly payments would decrease your principal very fast.

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Hi folks i purchased my home in aug 2005 with a 5/1 arm loan with washington mutual at a 6.35% interest. as of oct 2010 this becomes a variable rate and my new internet rate will be 3.57% (index + margin). but, chase says my monthly payments will remain the same (as i'm paying today) because of amortization. why is this the case? current 5/1 arm is principal & interest

Without knowing the terms of your contract I can only guess, but if your current loan is Interest Only during the first five years, based on the rates you mentioned your payments would remain close to the same for the next year. If that is the case, your loan is about to begin the "amortization period" like the person from Chase told you. While you were paying interest only the balance remained the same, but your new payments will start reducing the balance now. If your loan has a conversion to fixed rate feature this may be a good time to use it and if not, refinancing at current fixed rates is a good idea if you plan to stay in the home for several years.

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My mortgage term is up for renewal in january 2010. right now i have a variable rate mtg that the bank will no longer be offering. i can still choose a different variable rate mtg or i can take a fixed. the bank is offering an early renewal becasue "the trend is that interst is getting higher" and therefore if i wait 6 more months, the variable might be higher than what the fixed they are offering now (around 4%). i always thought that over time, a variable will be the best choice. why are they trying so hard to convince me to go fixed? i have about 10 years left on my payments. forgot yo add that i live in canada, if that matters also, my payment doesn't increase if the rate does, it just extends the length of time it takes me to pay it off...up to a point (right now if it hits 8.75 then my payment is not enough)

Keep this in mind: Rates are at historic lows right now. The Federal Reserve's rate is still at 0%. Once the Fed starts raising rates, that will trickle into mortgages, and they should rise as well. During the 1970s, when inflation was rampant, mortgage rates were upwards of 13%. If you stick with a variable rate mortgage, you may end up paying close to that 13% if mortgage rates go there again. If you lock into the fixed rate now, you'd be at around 4% no matter what the rates did. Personally, I don't think mortgage rates can get any lower. If anything, they might drop marginally - no more that 0.5%. The possibility of rates jumping a lot higher is much greater, IMO.

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As of 19/09/2009 the variable rate is 2.35 % and the fixed 3.99 for 5 years. i am planning to by a house on 01/11/2009 but since it’s the beginning of winter the heating costs would be high, i was thinking of taking the variable rate for 5-6 month from now which will reduce my payments by around $ 150 a month to offset the heating costs and then switch to fixed mortgage. would this be a smart or risky move? are the interest rates expected to jump in the beginning of 2010?

NO ONE can say what WILL happen. What we CAN say is the rates you list are at or near historical lows and there is not much room to go down. An increase is significantly more likely than a decrease. A fixed rate is ALWAYS smarter than a variable rate. If rates drop, you can refinance at the lower rate. If they go up, you many not be able to.

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Mortgage help i was wondering if anyone could help advise on what mortgage i should possible go for, based on their own personal experiences. my property was bought back in 2007 for £163, and now in 2010 its worth around £158 (from previous recent sales). i currently owe £135k on the property. my fixed rate has ended and now i am on my banks current variable rate of 4%. savings i have is around £20k. i have a fixed income of £35k pa. i intend to stay in my current property for at least 5 years. what would be the best deal to go for? any help would be most appreciated.

Keep the 4% interest for as long as you can that is a very low interest rate. Otherwise shop around for the lowest interest rate, the better your credit the lower your interest rate will be, and you will save a lot of money for the duration of your loan. Best Wishes.

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This is html with javascript inside. but it does not work. i cannot find out any errors. <!--jingyan sun july 20, 2010 csc110 this is my week three homework. it is a metro bank mortgage calculator that calculate loan payments. the user will enter the amount to borrow from the bank, the annual interest rate percentage, and the number of years. then the program will display the monthly payment and the total amount of interest that will be paid. --> <html> <head><title>metro bank mortgage calculator</title> <script language = "javascript"> ////////////////////////////////// ////////// // function definition /////////////////// ////////////////////////////////// ////////// /* compound -- function to calculate monthly payment * parameter a -- amount of the loan * parameter r -- interest rate per period (for this calculation, each month is 1 period) * parameter n -- number of periods * returns the future value after payment * note: a, r, and n are the traditional variable names in this equation */ function compound(a,r,n){ var a = a*r/(1-math.pow(1+r,-n)); return a; } /* compound -- fuction to calculate total interest paid * parameter p -- the monthly payment * parameter n -- the number of periods (each month is one period) * parameter a -- amount of loan * note: p, n, and a are the traditional variable names in this equation */ function compound(p,n,a){ var b = n*p-a; return b; } </script> </head> <body> <h1><img src="metro.jpg" img align="center" height="40%">metro bank mortgage calculator</h1> <hr> <script language = "javescript"> //declare the variables var amount, length, interest, length, payment, interest; //input section var amount = parsefloat(window.prompt("plea se enter the amount of loan you want","")); var length = parsefloat(window.prompt("plea se enter the length of loan in years","")); var interest = parsefloat(window.prompt("plea se enter the annual interest rate in percentage","")); //process section var length=12*length; var payment = compound(amount,interest,length); var interest = compound(payment,length,amount); //output sectin document.write("the amout of loan is $"+amount.tofixed(2)+"< ;br>" ); document.write("the length of loan is "+length.tofixed(2)+" years<br>"); document.write("the annual interest rate is "+interest.tofixed(2)+"%& lt;br><br>"); document.write("your monthly payment is $"+payment.tofixed(2)+"&l t;br>"); document.write("your total interest paid is $"+interest.tofixed(2)); </script> </body> </html>

In the second part of your javascript, you wrote: <script language = "JaveScript"> It should be Java right? not Jave :)