A variable-rate mortgage is a mortgage where interest rates
fluctuate with the prime lending rate. (Prime is currently at
2.25%) Most variable rate mortgages can be locked into a fixed rate
mortgage without penalty providing you lock in for at least the
remainder of the term. Historically, variable-rate mortgages have
tended to cost less than fixed-rate mortgages when interest rates
are fair ...
Finance Minister Jim Flaherty Tuesday announced tighter lending standards for mortgages, saying that while the housing market\l " is healthy and there's no solid evidence of a bubble, the moves are needed to "help prevent negative trends from developing."
Under the new rules, all borrowers will need to meet standards for five-year fixed-rate mortgages regardless of whether they're seeking a ...
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Prime Rate = 2.25% |
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Prime Rate = 2.25% |
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ECONOMICS DIGEST
September 2009
Current trends…
First increase in monthly GDP in 10 months
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Canada's economy contracted at a 3.4% annualized rate in the second quarter, a significant easing in the pace of decline compared to the 6.1% drop in the first quarter. The sizeable decline in quarterly GDP in the past nine months has generated significant slack ...Hi Everyone
Well the end of August is in sight and kids will be heading back to school soon
A perfect time to review your mortgage options
With the rates continuing to be at an all time low this is the time to take advantage of lower interest costs.
If you currently have a variable rate, Stick with It!!
But if you are in a fixed rate, I am more than happy to have a look and see if we can ...