Interest Rates Update March 2012

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Interest Rates Update March 2012

Below is a summary of our current interest rates. Rates are still very low and will probably be around for a little longer. If you are considering a mortgage in the near future now is a good time to get one of these rates held for up to 4 months as they will most likely move a little higher in the next few months.

Terms Our Best Rates
Variable Rate Closed
*(Prime – .20%)
Variable Rate Open
*(Prime + .80%)
4 year closed–special** 2.89%
5 year closed 3.19%
5 year closed-special** 3.09%
3 year closed 2.79%
2 year closed** 2.59%
1 year closed 2.89%

*Based on current prime rate of 3.00%.  All rates subject to change without notice.
**Some restrictions may apply. Rates may vary depending on quality of the credit application. All mortgages are subject to credit approval.

Important Reminder Regarding Your Mortgage Renewal

If your mortgage is up for renewal and you are being contacted by your lender to early renew before the maturity date please call or email us before signing the renewal. We are able to give you a quick recap of rates in the market to make sure you aren’t signing for a rate/term that isn’t beneficial for you. Often times your lender will tell you that you only have a very limited time to sign the renewal to pressure you into taking the rate they want. Get in touch with us for a quick 2nd opinion!

If you require any further information regarding this article or any other mortgage matters please contact our office at 604‐556‐3893. Also, as a reminder to anyone looking for a mortgage, we offer 4 month pre-approvals at no cost to you. This means that you can get a rate hold for up to 4 months to protect yourself in case rates rise.

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About the Author:

Alex Kotai
Alex Kotai has worked in the mortgage lending business for over 10 years. His career started at HSBC Bank Canada where he spent most of his time in senior management roles which involved training and managing the sales staff at his branch. After leaving HSBC, Alex decided to open his own mortgage brokerage firm, Your Mortgage Source. Through his company, Alex has access to many lenders across the country with a very expansive list of products.