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Respectful Service - Guaranteed.
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Mortgage Rates with Marianne LePan
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Marianne’s Mortgage Moments: Mortgage Rates: Current rates as of March 2, 2010. See how our rates compare.
| Term | Ours | Posted | | | | 1 Year Closed | 2.65 | 3.40 | 2 Year Closed | 2.95 | 3.75 | 3 Year Closed | 3.50 | 4.15 | 4 Year Closed | 3.69 | 5.04 | 5 Year Closed | 3.84 | 5.39 | 7 Year Closed | 4.95 | 6.65 | 10 Year Closed | 5.20 | 6.80 | Variable Rate | 1.95 | 2.25 |
*Rates are subject to change without notice and subject to approval of credit Let me help you create a borrowing strategy beyond great rates that can save you money! | Prime Rate: | | 2.25% | | | | Bank of Canada acknowledges economy recovery however, holds low lending rate until at least July 20 meeting. Prime rate stays at 2.25%. Next Bank of Canada meeting April 20, 2010. | | | | | | New Mortgae Rules! | | Ottawa Making Changes to Insured Mortgages | | | | We have just received a notice from CAAMP (Canadian Association of Accredited Mortgage Professionals) of changes to the rules for insured mortgages (less than 20% downpayment). 1. Currently all borrowers with a variable rate or shorter term need to qualify at a 3 year fixed rate – NOW 5 year fixed rate 2. Currently refinancing is 95% of home value – NOW 90% of home value 3. Currently rental/investment property is 10% downpayment – NOW 20% downpayment These new rules are for insured/high-ratio mortgages and are intended to be effective April 19, 2010. No changes to minimum down payment 5% and no change to maximum amortization of 35 years. Now is the time to take advantage of the housing market and the current rules – buy or invest today! “MORTGAGE INSURANCE RULES ANNOUNCEMENT
This morning, Federal Finance Minister Jim Flaherty announced prudent changes to mortgage insurance rules intended to come into force on April 19, 2010. CAAMP was actively engaged in the discussions around these changes which are as follows: - All borrowers must meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter term;
- The maximum amount one can withdraw in refinancing their mortgage will be reduced to 90% from the current 95% of the value of one's home;
- Non-owner occupied properties will require a minimum down payment of 20%.
There were no changes to down payment requirements or length of amortizations for owner-occupied residences. “ |
APPLY ONLINE FOR YOUR PRE-APPROVAL TODAY! Marianne LePan, AMP
Mortgage Associate, Managing Partner
MortgageBrokers.com
O 403-278-7000
C 403-650-9056
F 403-278-4233 | |
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