Just received an update from several lenders indicating possible changes coming up ASAP to interest rates. While this blog is specific to Lethbridge real estate and mortgage market, this information is valid all across Canada and affects the entire Canadian mortgage marketplace.
First, there is increased pressure on the banks to raise their 5 year fixed rate. There are currently rates available to this term ranging from 3.65% up to about 3.89%. I am expecting to see these rates move back and settle around the 4% mark very soon.
Also, the adjustable or variable rate mortgages are become a little less volitile as the banks realize that the goverment is going to force some economic stability upon the lending marketplace. There is word today that by the end of this week we will have variable rate mortgage products back with an interest rate of Prime + .4% which is much better than what has been available in almost a years time.
Now is the perfect time to plan your mortgage financing. Do you need to consider a fixed or variable term? Do you prefer to accelerate your payments? Do you just want to lower your payments as low as possible and free up monthly cash flow?
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.