It looks like the fixed mortgage rate market has stabilized after the bank of Canada’s decision to increase the prime rate earlier this month. While rates aren’t as low as earlier this year, mortgage interest rates still remain low historically speaking.
With signs that the housing market is cooling and interest rates are staying low you have decided that now is the time to buy your first home. But what is the first step? Unless you are lucky enough to have the cash available to purchase without financing you should talk to a mortgage broker before you even talk to a real estate agent or search on MLS. By sitting down with a mortgage professional you can eliminate uncertainty and save yourself a lot of time when searching for a home. In many cases it takes only a 10 minute conversation to get assessed. You’ll be able to set a realistic price range and become aware of any potential pitfalls that could arise when satisfying conditions for the lender. Visit my website www.TridacMortgages.com to submit a quick & secure online application or send me an e-mail if you have any questions?
Chris Molder – Son Of A Broker
2.80% – 1 Year Fixed
3.75% – 3 Year Fixed
4.25% – 5 Year Fixed
3.13% – Merix 50/50 Mortgage (Fixed/Variable hybrid)
P-.65 3 Year Variable
P-.60 5 Year Variable
Prime Rate is currently 2.50%.
NOTE: Rates are subject to change without warning at the lender’s discretion.