With the new mortgage regulations last week, every lender saw instant increased volumes. As a result, we are experiencing slower turnaround times.
On the conventional side, a few of our lenders have tightened amortizations to be consistent with that of the new changes but we do still have many offering the 30 -35 year amortizations.
The next announcement from Bank of Canada will take place on July 17th. No changes are expected. The bond rate remained steady this week with five year money maintaining the 3.09% – 3.19% range.
We now have 3 lenders offering 10 year funds at 3.89%. A wonderful option for those concerned with future rates.
On the conventional side, a few of our lenders have tightened amortizations to be consistent with that of the new changes but we do still have many offering the 30 -35 year amortizations.
The next announcement from Bank of Canada will take place on July 17th. No changes are expected. The bond rate remained steady this week with five year money maintaining the 3.09% – 3.19% range.
We now have 3 lenders offering 10 year funds at 3.89%. A wonderful option for those concerned with future rates.
If you have a variable rate of any more than prime +.75 or a fixed rate of 4.0% or more, we should explore the merits of refinancing to a lower rate.
Bank prime is 3.00%
The next meeting of the Bank of Canada is on July 17th, 2012.
Call us for a second opinion on your mortgage! Spending a few minutes could save you thousands of dollars.
–Cory Kline (Mortgage Advisor at Neighbourhood DLC, cory@ndlc.ca or 705-794-1283)