Mississauga Real Estate, Homes, TREB & MLS Blog by Mark Argentino: More on Mortgage Interest Rates

Sunday, March 28, 2010

More on Mortgage Interest Rates

There are some very good interest rates currently on the market if you are renewing, now may be the time to do it!
All the best,
Mark

Best Rates seen in the market place

Terms	Posted Rates	Best Rates
6 MONTHS	4.60%	3.85%
1 YEAR	3.65%	2.49%
2 YEARS	3.95%	2.95%
3 YEARS	4.30%	3.40%
4 YEARS	5.04%	3.69%
5 YEARS	5.39%	3.79%
7 YEARS	6.30%	4.95%
10 YEARS	6.50%	5.20%
Rates are subject to change without notice. *OAC E&OE

Prime Rate is 2.25%.*

*Prime rate may vary according to lender. Be sure to check with your mortgage professional for full variable-rate mortgage pricing details.

Rates are subject to change without notice. Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals. Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your mortgage professional for full details.

Mortgage Market

Mortgage Market Changes

Effective in April – make sure you’re in the know

Home buyers and real estate investors need to keep up with some upcoming changes to mortgage rules that could affect their purchase, if they are applying for a mortgage with a down payment of less than 20% of the value of the property.

Qualifying for a Mortgage
Borrowers applying for a variable-rate mortgage or a fixed-rate mortgage with a term of less than 5 years must qualify based on the Bank of Canada’s five-year fixed posted mortgage rate.

Rental Properties
A minimum down payment of 20% will be needed for government-backed mortgage insurance on non-owner-occupied properties such as rental properties. There are also changes in how much of rental income can be used when qualifying for financing.

Self Employed?
Make sure you contact your mortgage professional about how to show proof of income to lenders, and access mortgage products tailored for your needs.