Just a quick note.
The mortgage market is buzzing with the news of various lenders increasing their variable rates. So far RBC and TD have both moved up their variable rates from Prime-.65% to Prime-.45%. We still have a lot of lenders that are offering variable rates from prime-.75-.90%.
This will not affect clients that already have a variable rate mortgage or mortgage approval currently in process.
Those of your clients that are house hunting should be aware.
If you have any questions regarding this please give us a call. To get approved call our office now at 604 536-3802
In other news, Timing is everything: Canadians think it's a good time to buy - and to sell
In this year's survey, Canadians were more likely to say that investment opportunities and market conditions played a factor in their decision to buy another home (both at 21% versus 15% in 2010). The large majority (82%) plan to sell their current home and of those who are selling, four in five expect to sell at or above asking price (78% versus 66% in 2010).
Among those who have purchased a second home and do not plan to sell their previous home, 42% will keep the first home as a rental property. More buyers this year than last indicated that they will stay in their current home and the new home they purchase will be a rental property (32% versus 20% in 2010). Interestingly, there was a big increase this year in the number of buyers who said that rather than selling their current home, a family member will move into it (12% versus 4% in 2010).
"Buyers should keep in mind that if they are expecting to sell above asking price, it's likely they will need to also buy at above asking price," says Haque. "A home is, obviously, a very big purchase - especially if you will not be selling your previous home to put towards the cost. A mortgage expert can walk you through your financing options and show you strategies and products that may save you money and provide flexibility over the course of your mortgage."
Aug. 23, 2011 /CNW/
To Your Success! Jared Dreyer
About Dreyer Group Smiles
Dreyer Group Smiles is a program dedicated to giving to facilities that provide safe and transitional housing to children and youth in the Fraser Valley of British Columbia. By providing funds to these programs, Dreyer Group will make a meaningful difference to kids who otherwise may not have a roof over their heads, or hope for a bright future.
Dreyer Group hopes to expand this effort through their clients and business partners. In addition, they plan to raise additional funds through annual events and corporate fundraising initiatives. Dreyer Group is working closely with the Salvation Army to allocate these funds to the children and shelters.
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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3.39% 5 Year Fixed Mortgage Rate
Prime - 90% (2.10%) 5 Year Variable Rate
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When you do business with Dreyer Group, a portion of every mortgage funded goes towards providing safe housing for children and youth. Thank you for your support.
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