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Mortgage News and Advice 2013

on 21 February 2013

Mortgage rates in Canada have dropped again.

5-year fixed is now sitting at 2.89%! 

To give you a historical account of rates and payments:

In March of 1993 the 5-year fixed mortgage rate was 8.97%
Your monthly payment for a $400,000 mortgage with a 25-year amortization would have been approximately $3304.03.

Fast-forward to today, 20 years later, that same $400,000 mortgage with a 25- year amortization has a monthly mortgage payment of $1,870.48

That is a difference of $1433.55 per month!

So what to do now?


IF YOU ARE CURRENTLY IN A FIXED RATE MORTGAGE

If you or anyone you know is in a fixed rate mortgage with a maturity date greater than January 2014, we should do a quick check to see if paying the penalty and securing the new lower 5-year rate makes sense.

IF YOU ARE CURRENTLY IN A VARIABLE RATE MORTGAGE

If you or anyone you know is in a variable rate, even Prime Minus rates, now is an opportune time to have your mortgage reviewed.
Our office can do a quick analysis to see if locking in makes sense at no charge to you.

If you are on the fence, we can hold this new  rate for you for up to 120 days.

Call our office now, we are here to help.

 

Vancouver Mortgage Brokers borrows-need-to-be-cautious
604-669-6006

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604-536-3802

Canada Mortgage Broker
1-800-687-9020