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bank rates: Re-financing your mortgage? Watch out for those insane penalties! - 04/30/09 01:29 PM
This from my friend and associate, Rita Cruse of Mortgage Alliance:
"There has never been a better time for people to take a close look at their current mortgages...However the Bank's are also aware of the fact that rates today are significantly better then they were 6 months ago... So watch out for the penalties.. We are seeing "HISTORICAL PENALTIES" that are being quoted with these new historical low mortgage rates... I had one client this week with $36,000 being quoted.In the last 2 weeks I have had clients penalties go from $4000 - $25,000 and up...How can the Bank's get … (0 comments)
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bank rates: Let's blame the banks - 01/22/09 11:34 AM
I came across an article today that speaks to the increasing frustration all of have with banks. (link below). Despite a downturn in the economy, banks boasted over $19.5 billion in profits for 2007 (not income, profits!).
The Bank of Canada has now lowered the lending rate to 1%, the lowest in history.
The CMHC has purchased over 33 billion in mortgages and the government has agreed to take another $75 million off the bank's books.
{Steve Foerster, a professor of finance with the Richard Ivey School of Business at the University of Western Ontario, said many people are basing their frustration on a trend they saw when … (1 comments)
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bank rates: Five-year fixed rates at 4.99! - 12/15/08 11:40 PM
My friend Rita from Mortgage Alliance, here in Dundas, is on top of things once again. Here's a little insight from her on mortgages in this challenging economic time:
"It looks like those who are sitting in variable rate mortgages or credit lines, are getting an early {New Year's gift} this year. As expected the Bank of Canada did announce a drop in the overnight rate {before Christmas} but what was a little surprising was the fact that it was a full .75% drop.... That places the overnight bank rate at 1.75% which is the lowest since 1958. The Bank's have dropped their Prime … (0 comments)
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bank rates: Renovate to stand out...and sell! - 12/10/08 03:35 PM
Okay, so they're telling us it's going to be harder to sell your home in 2009. Those of you who don't let others tell you what life is going to do to you have no doubt thought about some renovations you can do to your home that will make it stand out in the crowd when you sell.
This advice from Elizabeth Blair, a Licensed Mortgage Agent with Mortgage Edge in Richmond Hill, Ontario.
If you live in a freehold house, you should be spending an average of 1% of your home value annually, on maintenance, just to keep it in good … (0 comments)
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Robert Morrow
Hamilton,
ON
More about me…
Chase Realty Inc. Brokerage
Office Phone: (905) 648-3333
Cell Phone: (905) 536-4644
Email Me
Blog by Hamilton Home Review's editor, Robert J. Morrow, a licensed Realtor with Chase Realty Inc., in Ancaster, ON, Canada.
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