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Whether you are buying your first home, moving from one home to another, or just re-financing your current mortgage, knowing the current best mortgage rates available can save you thousands of dollars over the term of your mortgage.

As an 'Oakville Real Estate Agent', I always recommend that my clients talk to my mortgage specialist, or, go into their own bank knowing what the best available rates are. Most major banks will negotiate on the rates that they are offering, and will often come right down the best available rate, if you are knowledgeable, quote the best rate, and ask them to match it.

For example, if you were in the 'Oakville Real Estate' market for a home with a purchase price of around $600 000, and you were going to be looking at a $300 000 mortgage, the difference between the banks posted rate of 5.44% for a 5 year closed mortgage, and the rate of 3.84% that you can actually get as of today, would be significant. Getting the best rate would save you $268.56 per month, and when you account for the difference in principal repaid, that represents a savings of $23007.16 over the 5 year term. Many people often leave the bank feeling good after having negotiated .75% or even 1% off of the posted rate, but even at 1% off of the posted rate, that would still end up costing an extra $8594.61 over the five year term for the example given here.

This can all be easily avoided by simply talking to a reputable mortgage specialist, or dealing with your own bank, as long as you go in knowing what the best available rates are. Check back here for the best rates. I will post updates whenever the rates change. As of today, the going rate for a 5 year closed mortgage is around 3.84% and the variable rate you should be able to get is 0.8% below the prime rate, (the prime rate is currently 3.0%) so you would be paying 2.2%. These rates should be used as a guideline only and are subject to change any time without notice. They also assume that the borrower is well qualified and may not be available to everyone.

03/17/2011 –This article was posted by Ryan Crane, an Oakville Real Estate agent who works throughout the GTA and specializes in the Milton, Mississauga, Burlington, and Oakville Real Estate markets. You'll find him at www.OakvilleRealEstate4sale.ca.

This Oakville Real Estate Agents website has tools that will provide you with all Oakville MLS Listings for Oakville Homes for Sale plus all of the Oakville Sold Prices.

Tags: Oakville Real Estate, Oakville MLS Listings, Oakville Real Estate Agents, Mortgage Rates
 

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