Tuesday, May 20, 2008

Holiday weekend rate update & more


Hoping everyone has some free time to enjoy the first long weekend of the spring/summer season! If the weather guys are right....the yard work may need to be postponed!

Important information about variable rate mortgages:

Did you know:

  • Lenders allow clients to switch their variable rate mortgage into a fixed rate product during the term;
  • Only a few lenders will commit in writing, that the client will receive the best rate when they switch;
  • Most lenders will offer the posted rate (approx. 1.5% higher than the best rate).

Of course, no one advertises the rate will be posted but when the decision is made to lock-in, it becomes a very shocking & expensive realty.

Working with a mortgage broker, you will receive unbiased advise & information.

Based on the comparison of all the features & terms, the mortgage broker can advise you on the best lender for the type of mortgage you want. Having choices is significant.

Interest rates have remained stable...the next Bank of Canada announcement is scheduled for June 10th.

Have a great weekend,

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