Economic recoveries do not occur overnight. An economy is considered to be in a recession when there are two or more consecutive quarters of negative growth. To get out of a recession the opposite has to occur which is 2 consecutive quarters of positive growth. The numbers haven't officially come out for the fourth quarter in Canada, but there is a strong case to be made for the growth to be in the 2.3% to 2.6% range. With a strong start to the 2010 year, many financial analysts and economists see the economy growing by even a larger amount in the first quarter. This could ultimately lead to the Bank of Canada raising their prime rate to help combat any fears of inflation beyond the 3% threshold. http://www.financialpost.com/story.html?id=2499487 Job Growth = Economic Recovery?
One of the most important indicators for economic recovery, unemplyment numbers had a reduction in January. The 43,000 jobs that were added last month beat more estimates from economists which will help aide a reduction in the unemployment rate to 8.3% nation wide. When jobs are created, disposable income is increased which in turn allows consumers to pay their debt off and purchase new materials such as cars and houses. Positive unemployment rates triggers a waterfall effect by stimulating through economy through increased consumer spending. When consumer spending increases, it also increases demand for raw materials (oil, gold, lumber, etc.) and manufactured products (auto, consumer goods, etc.). http://www.financialpost.com/news-sectors/economy/story.html?id=2525962 Canada's Reputable Mortgage Brokers In Canada, the useage of mortgage brokers by the general public is a slow methodical process. We are slowly educating consumers that we are the way to go when it comes to mortgages. In the US, the exact opposite is occurring. In 2006, 65% of all mortgages were done through mortgage brokers and in 2009 that total dropped to 15%. The lack of government regulation in the US mortgage industry lead to frivolous lending practices by mortgage brokers. However, in Canada the regulations have been much stringent over the years which has helped Canada steer clear of a massive housing correction. http://www.canadianmortgagetrends.com/canadian_mortgage_trends/2010/02/us-broker-share-collapses.html Frustrated with your clients not being pre-approved?
Have them contact us for a quick pre-approval so that you never have a deal fall through because of financing.
We Value Your Clients:
Our main objective in working with your clients is to educate them on their financing options as well as provide them with adequate financing to help them purchase their home, investment or vacation property. We help clients see what they are capable of affording based on the rates we are able to offer. With our ability to fund mortgages with a high efficiency, we are able to pass along special rates that lenders offer us to your clients. We have the ability to set up mortgages all across Canada.
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BROKER’S BEST RATES
TERM | RATE* | PMT/$1,000** | APR |
1 YEAR CLOSED | 2.25% | $3.44/$1,000 | 2.26% |
2 YEAR CLOSED | 2.85% | $3.76/$1,000 | 2.87% |
3 YEAR CLOSED | 3.25% | $3.98/$1,000 | 3.28% |
5 YEAR CLOSED | 3.69% | $4.23/$1,000 | 3.72% |
7 YEAR CLOSED | 5.25% | $5.17/$1,000 | 5.32% |
10 YEAR CLOSED | 5.35% | $5.23/$1,000 | 5.42% |
3 YEAR VARIABLE | PRIME - 0.30% | $3.28/$1,000 | 1.96% |
5 YEAR VARIABLE | PRIME - 0.25% | $3.31/$1,000 | 2.01% |
PRIME RATE 2.25%
For more information give us a call
Shaun Pierce, AMP Lesley Pierce, AMP
Mortgage Consultant Mortgage Consultant
(250) 717 – 8949 (Ext. 102) (250) 717 – 8949 (Ext. 103)
Paul Cescon, BBA
Mortgage Consultant
(250) 717 – 8949 (Ext. 101)
Follow us on Twitter - @MORTGAGE_BC
* Rates are subject to change and Lenders approval
** Payments based on a 35 year amortization and monthly payments
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