Expert Mortgage News
Current Views, News, and Advice
The Bank of Canada raised its key interest rate by ¼% today. This has been the second increase in a row.
The Bank of Canada stated that the hike was a response to the slower than expected Canadian recovery as well as a weaker global economy and growth. Lenders are expected to increase the Prime Lending Rate by ¼% from 2.50% to 2.75% at some point in the near future.
This hike will effect variable rate mortgages tied to Prime and Lines of Credit. Fixed rate mortgages are not expected to change.
Borrowers with good credit, qualifications and quick closes can qualify for as low as 4.05% for a 5-Year fixed rate.
Variable rate mortgages currently sit at Prime -.60% for 5 Years. Dreyer Group has a 3 Year Variable special at Prime -.70% or 1.75%
Have your client pre-qualified as soon as possible to secure their best rate and mortgage.
If you have any questions, please call me, I’m here to help you and your clients make smart decisions with financing options.
Don't forget about our iPad contest. If you refer us a client or refinance your own mortgage by September 15, you will be entered to win an iPad. Each referral will be counted as a separate ballot.
Hope you have a great rest of the week and I look forward to helping you, your friends and family.
Jared Dreyer, AMP
About Dreyer Group Mortgages, A Member of the VERICO Brokers Network
As a senior mortgage consulting team with extensive experience in the financial services industry and thousands of happy clients throughout the Lower Mainland, we understand what it takes to build long-term relationships through service and expertise. As an independent brokerage, we are not restricted to one financial institutions mortgage options. We provide the best range of financing solutions by accessing over 40 lenders and hundreds of products coast-to-coast.
Each VERICO member is an independently owned and operated business.
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Refer us a friend or refinance your mortgage between July 1st and September 15 2010 and be entered to win an ipad!
Email me the name of the next person you know who needs our help and you will be entered to win!
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