Recent interest rate specials have presented existing homeowners and new home buyers with historically low interest rate opportunities. There have been signs this week of an end to these ultra low rates. Just last week the bond rate yield INCREASED which puts pressure upon the banks to increase the mortgage rates. This upward pressure may put an end to rate decreases and reverse rates back up slightly.
This ominous email arrived today from one of my preferred lenders regarding a couple of their rate specials which are now scheduled to come to an end by the end of the month. If you are thinking about refinancing or locking it, now may be the time to do so. The economy is a long way from recovery, but the lenders are under pressure to stabilize rates and it will likely happen at a rate which is slightly higher than what is available right now.
Here is a small chart showing a couple of ending specials:
21 month term @ 2.90%
§ 21 month term at 2.90%
§ High Ratio CMHC only product
§ DEAL MUST CLOSE BY MAY 29, 2009
§ NEW BUSINESS ONLY
§ No pre-approvals or transfers/switches
§ Applies to BFS and Rentals add 15 bps
Quick Close 3.78%
§ High Ratio Genworth insured deals only
§ New submissions only
§ No pre-approvals
§ New Customers to MERIX only
§ Purchases, refinances and switches accepted
§ CMHC top up not permitted
§ Must close on or before May 29, 09
§ Add 15 bps for BFS and Rental applications
REMINDER: ARM pricing is Prime +0.60%
Here are a few of my favorite past articles from my Lethbridge real estate and mortgage blog you might have missed or wish to recommend them to a friend.
WANTED: Single Women: - Single women are a hot mortgage market
Common Financial Problems - Avoid these financial mistakes
Get Your Credit Score UP - Invaluable insight into your credit score
Mortgage Guidelines Get Tighter - Harder and harder to borrow money
Is Your Mortgage Company Out of Business in 2009? - What to do when your bank goes broke
What is wrong with MLS - Is your info being abused?
Survivor - Real Estate Edition - Let's vote a few more off the island
Robert May is a Realtor, as well as the broker and owner of Rainbow Realty of Lethbridge Alberta. He is also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta. He has been in the Lethbridge real estate industry since 1993 and offers full MLS real estate services to Lethbridge and surrounding area, as well as Lethbridge mortgage financing, mortgage refinancing, preapprovals, and Lethbridge heloc financing to Lethbridge and Southern Alberta. He can be found online at this link: mortgage broker Lethbridge
Let me share my 15 years experience in the local Lethbridge real estate and financing market with you! It is the first step towards making a profitable real estate decision.
Robert W May is a Real Estate Broker in Lethbridge Alberta, having now been in the industry for over 23 years. . He was also a licensed Lethbridge mortgage broker and financing expert with Canada First Mortgage of Calgary Alberta for the past 10 years. He is an industry leader always willing to help train and educate others in how to improve their business models for financial and personal benefit.