Current Rates and Solution to finding out if YOU are carrying too much debt like our government suggests

Current Mortgage Rates

Prime Rate Still Holding at 3.00%

Term

Rate

  3 year fixed

    3.09% 

  4 year fixed

    3.19%

  5 year fixed

    3.44%

  10 year fixed

    4.39%

  5 year variable

 2.60% (P-.4%)

 OAC & call for quick close specials

Currently in the Mortgage News…….

Globe and Mail recently published an article, “Home Shoppers, don’t rush to buy just to lock in a cheap mortgage”.  In my view, the main message in this article is:

a)             Get a 120 day pre-approval to protect yourself from rate increases and ensure your mortgage broker resets the rate hold every few months as necessary.  (This works for mortgages renewals also!) and;

b)             Take your time, block out the rate chatter, and wait for a property that’s the perfect long-term fit and good value.  Canadian’s live in their homes an average of five to 10 years.  That’s a long time to live with a rush decision. (reconnect with your real estate sales rep and revisit what it is you are looking for.  There may be new listing out there that you'll want to see)

According to TD Canada Trust Economists, years of ultra-low interest rates have spurred consumers to take on more mortgage debt than they might have otherwise. Have you tested yourself to see if you fall into this category?

Call or email Leslie Fallaise and together we will take a few minutes to determine if you have taken on too much mortgage and other debt?  This exercise will compliment your mortgage renewal strategies, even if you’re not renewing for another couple years.
 

We are constantly being bombarded with tighter mortgage guidelines and being told we Canadians are all taking on too much debt.  Let’s see for ourselves!  I love this test because it may prove that you do not fall into this category.

Leslie Fallaise is a Mortgage Planner who owns Centum Mavin Lending Ltd. Mortgage Brokerage.

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