Interest Rates March 5, 2010
CREATIVE MORTGAGE CORP.
March 5, 2010 - Mortgage News and Rates
New Service -Due to the demand from realtors inquiring into client friendly editions of our newsletter and rate sheet, we have added this which can then be forwarded to your clients. The newsletter will be more focused on issues pertaining to your clients such as new market regulations, interest rate movements and the different types of mortgages that may benefit them. We also plan to add examples on recent mortgages that we have helped clients obtain. If you have any clients that you would think could benefit from our newsletters while you are trying to find them a home, please let us know. All we will require is their name and email address and they can asked to be removed from out list at any time in the future.
As predicted, the Bank of Canada did not move their interest rates on Tuesday of this week. They did however give a good indication that the Canadian economy is starting to heat up and that they will need to temper the growth at some point. In the fourth quarter of 2009, the economy grew at a pace close to 5%. With Canada showing large signs of strength and the US still faltering, it places tremendous amounts of pressure on the Bank of Canada to make a monetary adjustment in some capacity. Raising interest rates would be the easiest way to cool down the hot market, however with a lagging US market and a high Canadian dollar, it makes this task a little more complex. Any sort of increase in interest rates by the Bank of Canada could cause our Canadian dollar to increase which would harm our exporting economy that is still struggling. http://www.financialpost.com/news-sectors/economy/story.html?id=2631601 The new HST tax credit is going to be difficult on the real estate market once it comes into effect in July of this year. We have a great breakdown of 10 of the most important facts about HST that your clients should know about when purchasing a home. There are also a few simple examples which will help break down what your clients could be paying by purchasing a house after the rules comes into effect. http://www.vancouver-real-estate-direct.com/HST/index.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.
If you know of anyone who would enjoy reading our weekly Newsletter and Rate Sheet, please let us know and we can add their email address to our growing list.
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 | 4.95% | $4.98/$1,000 | 5.01% |
10 YEAR CLOSED | 5.20% | $5.14/$1,000 | 5.27% |
3 YEAR VARIABLE | PRIME - 0.40% | $3.24/$1,000 | 1.87% |
5 YEAR VARIABLE | PRIME - 0.30% | $3.28/$1,000 | 1.96% |
PRIME RATE 2.25%
For more information give us a call
RED Indicates a Recent Rate Change
Shaun Pierce, AMP
Mortgage Consultant
(250) 717 – 8949 (Ext. 102)
Lesley Pierce, AMP
Mortgage Consultant
(250) 717 – 8949 (Ext. 103)
Paul Cescon, BBA, AMP
Mortgage Consultant
(250) 717 – 8949 (Ext. 101)
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* Rates are subject to change and Lenders approval
** Payments based on a 35 year amortization and monthly payments
If you would like to be removed for our weekly rate sheet mailing, please reply to email asking to be taken off list