Mortgage
rules have drastically changed in the last few years meaning if someone
qualified a few years ago they may have a hard time qualifying now under the
new regulations.
For the
self-employed, approvals have become increasing more challenging requiring
additional documentation and guidelines. That being said, there are broker only
lenders that do have custom products for the owner/professional.
Prime Rate
is now sitting at 2.85%, with Prime -.65% variable rates as low as 2.15%.
However while very attractive, variable rates are not for everyone.
Fixed Rates
are now under 3% and have dropped as low as 2.69% on a 5 year however watch
very closely what the restrictions are for the penalty to pay off the mortgage,
to refinance, pre-payment and frequency privileges as the deep discounted rates
have terms and conditions that are not always favorable depending on your
objectives.
6 comments:
This is a First time i m reading Your Blog .your blog gives us useful information .keep it up and thanks .
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Yes you are absolutely right.Mortgage rules are drastically changed.There are some new rules ,techniques are used.Your thinking and updating market is so nice.Thanks for sharing.
If there ever was a time when home loans were easy to qualify for, it must not have lasted long. These days, it feels like it is getting harder and harder to receive a home loan. This does not mean it is impossible to get a loan but the bank requires a lot of information from the borrower lately.
Today we must look to other avenues to provide security, longevity and stability in our financial lives. We must get rid of the job mentality and launch our own turn key internet businesses which is where all the wealth is created.
Here are some tips and data that hopefully will give you the information and tools needed to find the right mortgage broker, how to work with them and to help minimize the risks before you get to the closing table. Please see more: www.omj.ca,
mortgage rates
A flexible mortgage gives you more control than with a traditional mortgage. Although a flexible mortgage has a higher interest rate, the ability to make regular overpayments and lump sum payments means the mortgage is paid off earlier, thus saving you thousands of pounds. See more: www.omj.caontario mortgage rates
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