| Term | Bank Rate | Our Rate |
| 1 Year | 7.84 % | 6.74 % |
| 2 Year | 7.34 % | 6.09 % |
| 3 Year | 7.14 % | 4.79 % |
| 4 Year | 6.99 % | 4.99 % |
| 5 Year | 7.04 % | 4.74 % |
| 7 Year | 7.10 % | 5.49 % |
| 10 Year | 7.25 % | 5.74 % |
For years Americans have enjoyed the benefits of being able to deduct the interest paid on their residential mortgages and save on income tax. Some people may say that this benefit is partly why Americans have encountered so much housing trouble as this concept encourages you to keep a high mortgage balance…after all the interest
Don’t open any new creditor accounts. If you already have enough credit cards etc…please don’t open or take out any new loans. A new loan will report on your credit score as an R0 and will be considered “too new to rate” and will take big points bite off your credit score. Pay everything on
It always surprises me when I hear people say they simply renewed with their existing bank or mortgage lender. With today’s historically low rates compared to just a few years ago, it’s important not to be too quick to renew or refinance your mortgage with your existing lender until you check out all your options.
