Friday, November 28, 2008

Mortgage interest rate update

Good Afternoon everyone,

At long last, mortgage interest rate decreases are being announced! It would be nice if I can be reporting on further decreases in the near future, but the announcements today are a good start to rates coming down now and in the future.

In summary:
  • Variable rates: Prime less .60% (down from Prime less 1%);
  • For clients who want a really competitive rate .... consider the 4 yr fixed @ 4.89%;
  • Currently some of the best 5 yr fixed are priced at 5.10% (mortgage amount over $500K or 5.30% for lower amounts).

If you have any questions about financing options? Please contact me via email.

You may be aware or heard that that the licensing requirements for mortgage brokers changed on July 1st, 2008. As of January 2009, my new title is 'Mortgage Agent' and all mortgage agents are required to show their license number on business cards etc. The mortgage documentation that Mortgage agents present to clients will also be changing. Hopefully FSCO's new licensing requirements will help insure mortgage clients receive the information & guidance they require to make mortgage decisions.

Many of your know I am a real estate Broker. I am contemplating becoming a Mortgage Broker too, why not add another service to my current level of service. Do you have any thoughts on me becoming a mortgage broker? Postive or negative or neutral?

Hope your weekend is great! :-))

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