Chris Bates
speaker
1,659 appearances
5 recordings
1 series
first heard Jun 2021
last heard Dec 2022
Chris Bates’s voice in public audio — every appearance, attributed to the second.
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Appearances
And so what it does is the interest rate is, say, 3%.
But because of $400 in annual fees...
which a lot of the quality property mortgages are around $300 to $400 a year for the good packages.
Because of those fees, that makes a big difference to your overall cost of that mortgage.
So you have to pay the interest plus those fees.
So the comparison rate isn't really a fair rate if you're borrowing more than $150,000 because it should drop.
So if you're borrowing $500 or $1 million, what really matters is your interest rate because what most people will do will get a similar type of loan, which we'll probably talk about, which is package loans.
And every bank charges probably $200 to $400 for a package loan.
So it's not the fee that matters.
It's really your interest rate.
Yeah, exactly right.
So 3% on a million-dollar mortgage is $30,000 a year.
$30,000 plus $400 isn't a big deal, right?
But if you have had a $150,000 mortgage, the numbers are a lot less.
And so that $400 really increases your overall cost.
Generally speaking, you should be in a variable camp.
That should be your go-to.
You shouldn't be consciously thinking, I want to go fixed rate, I want to go fixed rate.
Because if you look at all the stats long-term,
generally you'll win on variable over fixed rate.
Showing 1201–1220 of 1,659 · page 61 of 83
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