The 2.99% rate war between BMO and some other lenders is now over and the following attractive product rates are now available…
* 5 year fixed @ 3.25% (very flexible product features for conventional financing)
* 3 year fixed @ 2.79% (special rate offered by 1 lender)
* 5 year variable @ Prime less .10% = 2.9% floating rate
* Line of Credit product @ Prime + .50% (3.50% floating rate)
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update-Mar 26/12 - Cindy Bendixen, RBC
Its official!! Mortgage rates are going up on Thursday. Good news is we have been given lots of notice. Time to lock in for your purchase or switches now!!
I will have more details on the new rates in a couple of days. I do know the 2.99% 4 year rate is changing to 3.49%.
Thanks. Have a good day.
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update-Mar 19/12 - Shaun Kush, Invis
Tere is still a rate war going on with BMO advertising their 5 year fixed term @ 2.99% which is available until the end of this month however this product is restrictive in terms of maximum amortization, limited pre-payment options, etc.
In response to this many of the lenders have offered a 4 year fixed term @ 2.99% with no product restrictions and there is even one lender that is offering a 5 year fixed term @ 2.98% to compete so for buyers there are some very low attractive rates available.
Keep in mind that these product rates can be pulled at anytime should the bond yields put pressure on the interest rates.
Shawn Kusch, AMPSenior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update -Mar 9/12 - Cindy Bendixen, RBC
Effective tomorrow RBC will offer 4 years at 2.99% !!!
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update -Mar 5/12 - Shaun Kush, Invis
Below are the present rates that would be attractive to buyers…
* 3 year fixed @ 2.79% (no pre-approvals available)
* 5 year fixed @ 3.25% (90 day rate hold available)
* 5 year variable @ Prime less .20% = 2.80% floating rate with prime
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update -Feb 20/12 - Shaun Kush, Invis
In terms of product/rate updates…the lenders have discontinued the rate specials on their 4 & 5 year fixed term products @ 2.99% and the rates are now back where they were previously…around 3.29% for both terms.
Below are some attractive rates/product offerings by various lenders…
* 3 year fixed @ 2.79% (pre-approvals are not available for this rate & the new mtg must be funded within 60 days)
* 5 year variable @ Prime less .20%
* 5 year fixed term is at/around 3.19 to 3.35% depending on the lender & product features
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update -Feb 13/12 - Shaun Kush, Invis
Many of the lenders have eliminated their 4 year fixed term rate specials however there are still a couple of lenders that are providing the lower rates…anyones guess as to when they will last until:
*3 year fixed @ 3.79%
*4 year fixed @ 3.95%
*5 year variable term @ Prime less .20%
Have a great week.
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIShttp://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update -Feb 8/12 - Cindy Bendixen RBC
Current rates this week are .....
* 3 year 3.09%
* 4 year 3.19%
* 5 year 3.39%
*Variable 2.90%
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update -Jan 23/12 - Shawn Kusch, Invis
BMO has a 5 year fixed term rate for primary residences @ a low rate of 2.99%. This product has a number of 'restrictions' which is like a no-frills type product.
Other lenders are offering a 4 year fixed term @ 2.99% to compete with BMO and even though the term is for 1 year less there are no restrictions with the other lenders mtg product. One lender is even offering a rate of 2.95% for the 4 year fixed term.
*BMO's product offering is only available until this Wednesday and it is likely that the other lenders will adjust their rate higher given that there will no longer be a need to compete against that product.*
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Jan 17/12 Cindy Bendixen RBC
Below are the best rates available for a 4 year or 7 year mortgage!
*2.99% 4 year
*3.99% 7 year
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - Jan 9/12 - Shawn Kusch, Invis
Below are the present rates available for the applicable mortgage product…
* 5 year variable from Prime -.10% to Prime - .30%
* 5 year fixed term @ 3.24% (quick close)
* 5 year standard fixed term @ 3.39%
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Dec 12/11 - Shawn Kusch, Invis
The bond yields have settled down a bit and therefore the fixed term rates have remained pretty steady with the following product rates in effect…
* 5 year fixed @ 3.14% (45 day close)
* 5 year fixed @ 3.29% (120 day close)
* 5 year variable ranging from Prime + .10% to Prime -.25% depending on the lender
* 4 year fixed @ 3.09%
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Nov 28/11 - Shawn Kusch, Invis
There have been some recent changes in the 'discounts' being offered for the variable rate mortgage products and the discounts have been 'shrinking' where now the majority of the lenders are only offering around 'prime - .10%' to just 'prime only' (prime is 3%) for their variable rate products which do not make the variable mortgages as attractive as they use to be. As for the fixed term products their rates have remained at low levels with some highlighted rates below…
* 5 year fixed term @ 3.45% - 3.59% (what most lenders are presently offering)
* 5 year fixed @ 3.14% (primary residence only & must close within 45 days)
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Nov 14/11 - Shawn Kusch, Invis
* 5 year fixed @ 3.45%
* 5 year variable @ Prime less .30%
* 5 year fixed (45 day quick close special) @ 3.14%
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Oct 31/11 - Shawn Kusch, Invis
Over the past week we have seen the majority of the lenders 'shrink' the discounts that they are making available for the variable mortgage product. The majority of the lenders are now only offering a variable mortgage at/around 'prime' or 'prime less .10%' however there is still a lender presently offering Prime less .50% for their mtg product.
As for the fixed term mortgage rates they have crept up a bit with the majority of lenders offering a 5 year fixed term rate between 3.59% & 3.69% however there is one lender offering 3.29% still at this present time.
Happy Halloween!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Oct 17/11 - Shawn Kusch, Invis
The discounts offered on the variable rate mortgage products with the majority of the lenders has been 'shrinking' and now they are offering a 5 year variable product around 'prime' only to 'prime less .20%. However there are a couple of lenders still at Prime less .40% or Prime less .50% but this could change at anytime.
As for the 5 year fixed term rates the lowest discounted available at this time would be the following:
Conventional financing (80% or less of property value) = 3.45%
High Ratio financing (above 80% financing) = 3.24%
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Oct 3/11 - Shawn Kusch, Invis
The discounts offered on the variable rate products have been reduced given the cost has increased for the lenders therefore the following rates would now apply…
5 year variable @ Prime less .50% = 2.50% floating rate
5 year fixed @ 3.45%
Line of Credit @ Prime + .50%
Note: there are some quick close specials avaialable on the fixed term rate products that are slightly lower than the above advertised rate however it really depends on the funding date of the mortgage whether a client would be eligible for the lower rate or not.
Have a great week.
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Sept 19/11 - Shawn Kusch, Invis
In terms of interest rates the fixed term rates continue to be lowered by the lenders however the variable rate discounts have shrunk a bit…
5 year fixed term @ 3.39% - 3.55% (depending on lender)
5 year variable term @ Prime less .70% (most are at/around Prime less .35% now)
Line of Credit @ Prime + .50%
Have a great week.
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - July 11/11 - Shawn Kusch, Invis
In terms of interest rates the fixed term rates continue to be lowered by the lenders however the variable rate discounts have shrunk a bit…
Weekly Mortgage Update - September 8/11 - Cindy Bendixen, RBC
"Hi. Its been a crazy few weeks!!
Yes. Big changes in mortgage land. Best variable is prime - 65% and best fixed is 4 year 3.29% "
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - Aug 8/11 - Shawn Kusch, Invis
Thinking of buying in the next 60 to 90 days? We seen a few lower rates this week!
If you haven't already, call your mortgage broker or either of the Brokers we have listed below, get pre-approved and a rate guaranteed for your purchase.
Weekly Mortgage Update - July 11/11 - Shawn Kusch, Invis
lowest discounted rates offered…
5 year fixed @ 3.65%
5 year variable @ P-.90%
Line of Credit @ Prime
Some lenders did increase their rates on the fixed terms however many dropped them back down shortly after…although the ones that did modify their rates are higher than what is referenced above.
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - July 5/11 - Cindy Bendixen RBC
Effective today fixed mortgage rates have increase .15% for long term rates. The new current 5 year rate is 3.84%.
If you have any clients looking to switch or purchase in the near future please let me know. I have today and tomorrow to secure the previous rates.
Variable has not change.
Cindy Bendixen Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - June 29/11 - Cindy Bendixen RBC
5 years at 3.64%!!
and homeline line of credit rate is prime + .50%.
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - June 27/11 - Shawn Kusch INVIS
Rates have settled down with most lenders and the following is still what is presently available…
* 5 year fixed term @ 3.65%
* 5 year variable term @ Prime less .90%
* Line of Credit @ Prime + .50%
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - June 16/11 - Cindy Bendixen RBC
Good news I can now advertise 5 years at 3.64%!!
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - May 30/11 - Shawn Kusch
many of the lenders who increased their fixed term rates over the past couple of weeks have started lowering some of their term rates due to a recent reduction in the bond yields…below are the present discounted rates available to clients:
5 year fixed @ 3.65%
5 year variable @ Prime less .90%
Line of Credit @ Prime + .50%
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - April 18/11 - Shawn Kusch
The majority of the lenders did increase their fixed term mortgages (eg. 5 year fixed @ 4.29%) however there are a few lenders that have no yet adjusted their rates and below are the lowest rates available as of today...
*3 year fixed @ 3.50%
*4 year fixed @ 3.60%
*5 year fixed @ 3.65%
*Variable closed @ Prime less .90%
*Line of Credit @ Prime + .50%
Weekly Mortgage Update - April 14/11 - Cindy Bendixen RBC
Are current rates are Variable closed 2.15% to 2.35%
5 year fixed 4.09% to 4.34%
Line of credit prime + .50%=3.5%
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - April 4/11 - Shawn Kusch
Weekly Mortgage Update - March 25/11 - Shawn Kusch
There was a recent reduction in the fixed term mortgage rates however only by .10% and the change occurred through lenders that were already offering higher rates so there really has not been any change with rates…
5 year fixed @ 3.80%
5 year variable closed @ Prime less .80% = 2.2% floating rate
Line of Credit @ Prime + .50%
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - March 16/11 - Cindy Bendixen RBC
Rates are Down!
3.79% to 3.99% on a 5 year
2.15% to 2.35% on a variable
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - March 8/11 - Shawn Kusch
There has been some movement with the fixed term rates last week as we did see an increase from all of the lenders…certainly still some attractive rates available considering where they have been not too long ago…
5 year fixed term @ 3.85%
5 year variable rate @ Prime less .80% (2.20% floating rate)
Line of Credit @ Prime + .50%
Have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Feb. 8/11 -
Get your pre-approval done at today's rates! See Shawn's notes below and RBC has a new limited down payment program
Weekly Mortgage Update - Feb 8/11 - Shawn Kusch
Hi Sharon and Darrell,
With the recovery of the global economy taking place more and more investors are pulling their money out of the bond market and investing in the stock market which is putting pressure on the bond yields. With the shift in money out of bonds and into stocks this is causing the bond yields to rise in order to attract investors and this is going to have an impact on the fixed term mortgage rates. We have already received notification that they are increasing their 5 year fixed term rate this week and we would anticipate more lenders to follow…
The present product rates are below…
5 year fixed term @ 3.65%
5 year variable term @ Prime less .80%
Line of Credit @ Prime + .50%
Thanks and have a great week!
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Weekly Mortgage Update - Feb. 8/11 - Cindy Bendixen RBC
New RBC lending programs for homebuyers with limited down payment
RBC has recently launched two mortgage programs that can help get purchasers who have limited down payment and a solid credit history into a home sooner. Through these programs, buyers with limited funds for down payment may be allowed to use borrowed funds or Mortgage Cash Back offers to assist them in meeting the 5% equity requirement for default insured mortgages.
Other important details of these new programs include:
Available for home purchases only
The property must be a owner occupied primary residence and all mortgage applicants must reside at the property
Mortgage Cash Back and funds borrowed for down payment cannot exceed 5% of purchase price
Available to clients for one mortgage only
I’m here to help your clients get the right advice
Understanding home financing options and affordability is especially important to first time buyers and other purchasers with limited funds for down payment. That’s where I can help by working with your clients to provide mortgage pre-approval, and offering tailored advice that meets their needs for today and the future.
For more information about how RBC can assist your clients with their home financing needs, please contact me today.
The following is a link to our Home, Mortgage and Lending Advice Centre. http://www.rbcadvicecentre.com/
Your new home doesn't come with mortgage advice. I do.
Contact me today:
Cindy Bendixen
Mobile Mortgage Specialist
RBC Royal Bank
(604) 649-9388
Cindy.bendixen@rbc.com
http://mortgage.rbc.com/cindy.bendixen
Weekly Mortgage Update - February 1, 2011
This week we are seeing an increase in pre-approvals. This is on account of the new mortgage changes coming March 18 and low interest rates. I am also seeing a lot of clients looking to restructure their mortgages for lower rates. Canada’s Mortgage Experts™
5 year fixed term @ 3.65%
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
______________
The Real Estate market is 'heating up' with clients actively searching and making offers on properties. I am receiving a significant number of calls from my clients re-confirming their pre-approval limits…looks to be the start of a busy spring market!
5 year fixed term @ 3.65%
5 year variable rate @ Prime less .80% (2.20% floating rate)
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Mortgage Rule Changes -
Important dates:
March 18, 2011 - Amortization reduction changes
April 18, 2011 - line of credit changes
http://www.fin.gc.ca/n11/11-003-eng.asp
Jan 17/11 Mortgage Rule Changes - Shawn Kusch, INVIS
Hi Sharon & Darrell, below are the changes that will be taking effect in the spring of this year…
The new measures:
• Reduce the maximum amortization period to 30 years from 35 years for new government-backed insured mortgages with loan-to-value ratios of more than 80 per cent. This will significantly reduce the total interest payments Canadian families make on their mortgages, allow Canadian families to build up equity in their homes more quickly, and help Canadians pay off their mortgages before they retire.
• Lower the maximum amount Canadians can borrow in refinancing their mortgages to 85 per cent from 90 per cent of the value of their homes. This will promote saving through home ownership and limit the repackaging of consumer debt into mortgages guaranteed by taxpayers.
• Withdraw government insurance backing on lines of credit secured by homes, such as home equity lines of credit, or HELOCs. This will ensure that risks associated with consumer debt products used to borrow funds unrelated to house purchases are managed by the financial institutions and not borne by taxpayers.
Regarding the above changes…
- the lenders qualify clients based on their 'total debt service ratio' which takes into consideration the total housing/personal expenses divide by their total gross income. The maximum TDS ratio considered is 44%...as an fyi the reduction in the amortization will impact the TDS ratio by approx. 2.25%.
- 5% down payment is still available for Purchases, it is just the restriction to 85% for clients looking to refinance (ie. pull equity out of) their existing residence
Please let me know if you have any questions regarding the above info.
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
www.shawnkusch.com
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Jan 12/11 Mortgage Rate Update - Shawn Kusch, INVIS
After the holidays I have noticed an increase in activity with my pre-approvals as clients are now starting to put more effort into searching for their future home.
It is anticipated that interest rates will be on the rise this year and many clients that are nearing the end of their existing mortgage term are entertaining the idea of a refinance to secure a lower interest rate for an extended period of time so they are protected.
5 year fixed term as low as 3.65%
3 year fixed term as low as 3.50%
5 year variable term as low as Prime less .80% (2.20% floating rate)
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
__________________________
Rates as at Nov 30, 2010 at RBC
3.94% 5 year fixed
3.75% 3 year fixed
2.35% variable
Credit line is prime + ,50%
compliments of:
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
_______________
what does 3.44% mean to you?
Whenever I see a rate, unless I have my calculator with me, it doesn't really mean much, so I had Cindy Bendixon or RBC calculate it and here's the deal:
If you borrowed : $100,000
Interest rate : 3.44% (5 yr term)
Amortization; 35 year
Payments: $408.42 per month (principal and interest)
or
Amortization: 15 years
Payments: $710.70
So, here's what buying a new 650-840 sq. ft condo or one that's a little older (12-20 yrs) and larger, 900-1,200 condo in the city of Surrey for $212,000 (including HST if new) would look like:
With a minumum of an annual income of $40,000 and 5% down, $10,000
property transfer tax $2,000 (or if first time, you may be eligible for a grant)
mortgage: $200,000
P&I payment: $816.84
taxes: $100.00
strata fee: $220.00
Total Monthly Payment of $1,136.84
* strata fees often cover heat and hot water
There was a recent reduction in the fixed term mortgage rates however only by .10% and the change occurred through lenders that were already offering higher rates so there really has not been any change with rates…
5 year fixed @ 3.80%
5 year variable closed @ Prime less .80% = 2.2% floating rate
Line of Credit @ Prime + .50%
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Shawn Kusch, AMP
Senior Mortgage Consultant - INVIS
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
Yes. Big changes in mortgage land. Best variable is prime - 65% and best fixed is 4 year 3.29% "
Wow - great rates, call Cindy for more info
Cindy Bendixen
Mortgage Specialist, Royal Bank of Canada
T. 604-649-9388
F. 604-534-6651
Weekly Mortgage Update - August 5/11 - Darrell & Sharon
5 year fixed term @ 3.39% - 3.55% (depending on lender)
5 year variable term @ Prime less .70% (most are at/around Prime less .35% now)
Line of Credit @ Prime + .50%
Senior Mortgage Consultant - INVIS
http://www.shawnkusch.com/
Tel: 604-598-9973
Fax: 604-598-9982
Canada’s Mortgage Experts™
