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Interest Rate Expected to Reach Record Low

By Gina Burgio

Mortgage and Lending with VERICO Designer Mortgages Inc.

January 15, 2009 05:43 PM

Many economists expect that the Bank of Canada will cut interest rates to a record low next week on January 20th to stimulate the economy. Its expected that the Bank of Canada will cut its rate by 0.50% to a record low of 1.00%. The Canadian Banks are expected to follow with a cut to their prime rates, which are currently sitting at 3.50%.

European Central Bank to cut its trendsetting interest rate to two per cent on Thursday.

Gina Burgio

Gina Burgio, Mortgage Agent
VERICO Designer Mortgages Inc.
Toll Free: 1-877-345-6265
Fax: 1-877-345-6256
Email: gina@ginaburgio.com

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Each VERICO Broker is an independent owner operator.

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Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Gina: Good. Lower rates would be nice. And... in view of Bank of America getting another 25 Billion Dollars today... it might be nice if we consumers saw some benefit from that. Doncha think ?

Jan 15, 2009 05:47 PM

Randall Sandin

Carolina One Real Estate - Charleston, SC

843-209-9667 - Search for Charleston SC Real Estate

lower rates are starting to help here a little in our market but the lenders are swamped with re-fi's

Jan 15, 2009 07:53 PM

Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv

REISA - 317-663-4173 - Indianapolis, IN

I believe that rates are about as low as they will go. Need to focus on home value. After next week things should hit bottom

Thanks

Tony

Jan 15, 2009 09:03 PM

VERICO Designer Mortgages Inc. - Ancaster, ON

Thanks everyone for your feedback! Keep the comments coming!

Jan 16, 2009 01:46 AM

Anonymous

Paul Fraser

RBC Bank President Gordon Nixon - Salary $11.73 Million

$100,000 - MISTAKE (FISHERMEN'S LOAN)

I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca

http://www.pfraser.blogspot.com

http://www.corporatebully.ca

http://www.youtube.com/CORPORATEBULLY

http://www.p2pnet.net/story/17877

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Jan 16, 2009 05:24 AM