Hopefully someone can explain. I have knowledge of UK and Canadian mortgages. Looking at options in the US.... but there is only one, RBC Bank, and they only do ARMs (they work with Canadian credit).
Just did a quote, it comes out as 4.75% "rate" but 3.6% APR for a 5 year ARM, fees of $3200. Cannot go up more than 5%, can't go down more than 2.25%, etc etc. So do I take it that the 4.75% includes paying off the $3200 in fees over the 5 years? And it's the 4.75% that is the base (ie mortgage can be 2.5% - 9.75%)?
3 year is 4.375%, 7 year is 5% - are these really bad rates? Bearing in mind I have no choice in lender...
This is for an investment loan, btw.