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mortgage rates: The Magic Mortgage number seems to be 3 - 02/26/09 10:22 PM
In Canada, a recent search of various mortgage brokers shows that the best mortgage term seems to be three years.
For example, Mortgage Alliance states a variable rate of 3.75, TD Canada Trust 3.6%. In the latter's case, even the five-year variable is 3.6%, which begs the question "Why would anyone choose a risky 5 year term when the same rate is available fixed for 3 years? Proponents of variables, of course, will argue, but there is no doubt that in the current economy, a 3 year quarantee is very attractive.
The average 6-month is around 5%, 1 year 3.89% and … (0 comments)
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mortgage 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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mortgage 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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mortgage rates: Mortgage rates not moving yet! - 10/27/08 12:06 PM
This one from my good friend Rita Amalfi Cruse at Mortgage Alliance in Dundas, Ontario:
"Wow have you been keeping up with all the media hype on the economy? I have, and sometimes I wonder if we didn't have all the "doom and gloom" coming at us from every which way then maybe the Laws of Attraction would really work.
If you think it, it will happen !!!!!! Well, think low interest rates because that is what is happening, right now, look at my chart.
*Rates may vary by province and are subject to change without notice. Rates last updated … (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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