December 9, 2008
Interest Rates, News
No Comments
WOW!
One thing that continues to surprise me over and over in this profession is when things change in the mortgage industry they really change fast. Over the past couple of months (since late September) fixed interest rates went up and stayed steady. But over the past day or so the one, four and five year rates have all dropped quite a bit. One of the major lenders just dropped their four year to 4.89% and the five year to 4.99%. Wow!
No one has the ability to forsee the future but if these rates stay around and if housing prices stay steady then perhaps we will have a busy January in the housing market in Calgary.
Interesting times.
If you have any questions call me and we can run a few numbers for you.
Cheers.
October 21, 2008
Credit, Interest Rates, News
No Comments
According to the Globe and Mail the Central Bank of Canada has decided to drop their prime lending rate once again. This time by ¼ of a percentage point.
The last time they dropped the rate by ½ percent it took the big five chartered banks a little while to drop their key lending rate. Some banks even decided to hold back some of the rate cut.
So I will be keeping an eye out to find out how your lenders will react.
Please call if you have any questions.
http://www.reportonbusiness.com/servlet/story/RTGAM.20081021.wrates1021/BNStory/Business/home
October 1, 2008
News
No Comments
This topic is not mortgage related but it is something that I believe a large number of my friends will be interested in.
The Canadian Government set up a Do Not Call Registry for telemarketers. It is now active and is really easy to get on. All you have to do is go to the following website: https://www.lnnte-dncl.gc.ca/index-eng . Once there follow the simple instructions and you will be put on the list.
This will not block all of the telemarketing calls you get but if it reduces the annoyances by 25-50% then that is a step in the right direction.
All the best,
Jason
July 31, 2008
Mortgages Over Malts, News
No Comments
Hi
Just wanted to thank all of you that attended my first Mortgages Over Malts session last night. It was a pleasure to see all of your support. I really hope that you found it to be useful and had a good time.
We will definitely do it again in two weeks.
See you there.
All the best,
Jason
July 30, 2008
News
No Comments
One question that I have been asked quite a bit recently is, “Can I still get 100% financing and 40 year amortizations?” And typically the follow-up question is, “What do I need to have completed by October 15, 2008 to get this arrangement?”
First questions first.
And the answer is yes it can be done by some lenders.
But recently a number of lenders have stated that they are no longer offering these options.
So a good mortgage broker will be able to find these conditions for you.
The same rules apply as they did before but lenders are very particular (maybe even picky) right now as they expect a major influx of people trying to do these types of deals before October 15, 2008. So in order to make the deal go smooth I will ask for as much paperwork as possible early in the process.
Second question second.
To get a mortgage with a 40 year amortization and/or no money down you don’t have to move in by October 15, 2008. But you will have to have all conditions (i.e. Proved income, proved closing costs, have a completed offer to purchase, etc) met prior to that date and take possession of the property before January 12, 2009.
Two and half months may seem like a lot of time but act soon as this time will fly by. Call me.