Gordon Burditt wrote:
Your US rates are confusing, because unlike here in Canada (where we do
have a single advertised rate) you have a bunch of other fees and
"points" tacked on which makes it less clear what your actual "all-in"
rate is, and also makes it hard to compare mortgages from bank to bank.

There is supposed to be an Annual Percentage Rate that includes all
the interest and points. They can't practically advertise that
because interest rates vary with amount of down payment and credit
report.

Don't mortgage rates vary with "good credit" vs. "bad credit" in
Canada?

But yes, just recently some financial instututions here in Canada began
offering 1.99% mortgages (3 year fixed term I think). That's the entire

You have *THREE YEAR* mortgages? On a $200k house with $10k down,
that means payments of $5,277.00 *just for the principal*. Very
few people are going to be able to afford that. (And if they can,
do they really need a mortgage at all?) Or, if it has a big payment
at the end, you're placing yourself between a rock and a hard place
if you're forced to refinance after 3 years not knowing if you can
(at any interest rate, and you'll be in big trouble if you are now
"upside-down" at the end of 3 years).

In the USA, it's more common to have 15-year or 30-year terms for
fixed-rate mortgages.


Hmmm,
$200K house or $200K mortgage? Where the hell is 200K house? No mortgage
here. I just have LOC which I don't use. Just in case for the
unexpected, I arranged it long ago.