We started off this morning with the lowering of the fixed 5 year special offered by mortgage lender Merix Financial leading all the lenders down. The “quickclose” special is now at 3.69% for a fixed 5 year rate. The only condition is that the mortgage must close by March 26th 2010. Other than that this is a mortgage with full privileges. Most other lenders have followed suit and are currently offering 3.89% for their standard rates. You can currently lock in your variable at 3.89%. If you are looking for a mortgage and need somebody to lead you through the confusion that is the mortgage market please feel free to contact me. Also keep in mind that I am donating my services to the Hatian Relief.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.50%

5 year fixed – 3.79%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.25% (2.00% effective rate)

RATE SPECIALS

5 year fixed – 3.69% (must close by March 26th 2010, purchase & refinance only)

3 year variable Prime-.30% (1.95% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

I have joined a group of Toronto volunteers who have committed themselves to offering their professional services in exchange for donations to the Haiti relief effort. www.TorontoWorksForHaiti.com Our group includes professionals and entrepreneurs offering a wide range of services all the way from Artists, to Japanese translation services, to Style Consultants and Social Media services.

I personal am committed to donating $200 from every mortgage that I arrange under this initiative to our goal of raising $5,000 by March 18th, 2010. Irrespective of the size or type of mortgage. Although a month has almost passed since the devastating earth quake in Haiti, and the main stream media has moved on to other stories, Haitians are still with out food and water and much needed assistance.

If you are in need of mortgage financing over the next 60 days, please consider our cause and help me help those in Haiti. As a Toronto mortgage broker my service will not cost you, I don’t serve the interest of any bank, I only serve the interest of my clients and of course I will be able to offer you the most competitive rates in the market today.

Please e-mail me or fill out a secure online mortgage application to get started.

Thank you for your consideration.

Chris Molder – Son Of A Broker

Mortgage interest rates have remained pretty stable over the last week and there are no signs of any changes to come. It looks as though the trend is downwards as the majority of lenders have begun to adjust their fixed 5 year rates to match the most competitive rates in the market. Given the economic outlook variable rate mortgages may be a good choice.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.50%

5 year fixed – 3.89%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.25% (2.00% effective rate)

RATE SPECIALS

5 year fixed – 3.75% (must close by Feb 23rd 2010, purchase & refinance only)

3 year variable Prime-.30% (1.95% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

I’ve recently picked up the classic novel The Foutainhead by Ayn Rand (1943). Reading it this afternoon I came across an unusually insightful quote by one of the lesser characters in the book; Kent Lansing.

“When facing society, the person most concerned, the person who is to do the most and contribute the most, has the least to say. It’s taken for granted that they have no voice and reasons they could offer are rejected in advance as prejudiced – since no speech is ever considered , but only the speaker. It’s so much easier to pass judgment on a person than on an idea. “

The context of the quote was to express how Lansing was going to sell his conservative board of directors on selecting the protagonist of the novel Howard Roark as the architect for their mega Manhattan hotel.  Roark is a very risque, non traditional architect who is a rebel and individualist.

The quote got me thinking on how business decisions are made and specifically decisions to select a mortgage broker over the bank. Could it be that not everyone uses a mortgage broker over their bank because its easier to pass judgment on the individual rather than the idea of the bank as an institution? A good mortgage broker is better educated, has only your interest to serve, is highly specialized in his or her area, can offer better guidance, and the service doesn’t cost a borrower anything and yet approximately only 35% of mortgages in Canada are serviced by brokers.

Highly philosophical question for a mortgage blog! Especially for a Saturday… but feel free to add your 2 cents! If not at the very least add the Fountainhead to your to read list.

You don’t need me to tell you that Toronto is currently experiencing an incredible real estate boom spurred on primarily by low mortgage interest rates and first time home buyers entering the market. If you are looking at buying in the near future, what you do need to hear from me is who can help you understand the mayhem that is the Toronto condo market? Enter The Condo Chicks!

With such a hot market, changes develop very quickly and you need a real estate agent who is current with information and market trends. I have had the pleasure of working with the CondoChicks, Joy & Erica, and I can assure you that these chicks have “large talons” (insert Napoleon Dynamite voiceover). They are extremely knowledgeable of their market, and have the skills to guide you through the jungle that is the Toronto Condo market.

They are also great bloggers! Check out their blog Condochicks.com. Of particular interest they profile specific buildings. My favorite is in there… TipTopLofts. Is yours?

There haven’t been any further significant changes to Toronto Mortgage Interest Rates over the past 7 days. Rates remain unchanged from last week… if you would like to explore if you qualify for our rate specials or are looking for a specific product, please don’t hesitate to contact me.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.50%

5 year fixed – 3.89%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.25% (2.00% effective rate)

RATE SPECIALS

5 year fixed – 3.75% (must close by Feb 23rd 2010, purchase & refinance only)

3 year variable Prime-.30% (1.95% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Toronto mortgage interest rates have taken a definite U turn from the direction predicted by economists at the beginning of the year. It looks like low interest rates may be here to stay for a while longer. I can currently offer a 5 year fixed at an unprecedented low rate of 3.75% subject to lender restrictions. However it is a very clear indication of where rates are headed. Last week some conservative lenders had increased their fixed 5 year rate to 4.50% but were quick to reverse that decision. If you don’t see a rate here or have any questions please contact me.

Chris Molder – Son Of A Broker

1 year fixed – 2.30%

3 year fixed – 3.45%

5 year fixed – 3.89%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.25% (2.00% effective rate)

RATE SPECIALS

5 year fixed – 3.75% (must close by Feb 23rd 2010, purchase & refinance only)

3 year variable Prime-.30% (1.95% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

There is no such thing as a silly question. Especially when it comes to your mortgage and money! As a mortgage broker I sit down and work with a lot of borrowers, some have a very high level of financial literacy and others never had the opportunity or need to learn.  Arranging a mortgage on your home along with being a necessity should also be an educational experience.

When you arrange a mortgage on your home with a lender you are entering into a contract with the lender. Term refers to the length of time that the mortgage contract is effective for. For the term of the mortgage both you and the mortgage lender are obligated to honor the conditions and terms as set out by the mortgage contract. Most mortgages in Canada are arranged for 5 years at a time, however there are mortgages with terms from 6 months all the way up to 10 or 15 years and beyond.

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In a complete U-turn from the attitude and expectations of last week, one of our lender partners Merix Financial has announced a slew of competitive rate cuts. The mortgage interest rates have come down and I am happy to be able to offer you the following:

-Fixed 5 year 3.75% (for closings before Feb 23rd, 2010 only)**

-3 year variable rate Prime minus 0.30 (1.95% effective rate)**(must close within 30 days)

This will no doubt give the market legs and it will be interesting to see how the winter will play itself out. If you are in the market and would like to explore what options are available for you and if you qualify for these rates please feel free to contact me.

Chris Molder – Son Of A Broker

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

**Rates are subject to change without notice and are subject to borrower’s qualifications.

Mortgage interest rates have remained unchanged from last week. Although some lenders have increased their rates, the majority have opted not to buy into the hype created by the markets and held off on increasing rates this week. While lenders are still warning us of immanent rate increases nothing will budge until it is clear if jobs are being created both in Canada and the US. If you have questions about the relation between fixed rate mortgages and the economy get in touch with me to discuss.

1 year fixed – 2.65%

3 year fixed – 3.29% (must close before March 31st 2010)

5 year fixed – 3.99%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.20% (2.05% effective rate)

RATE SPECIALS

5 year fixed – 3.89%

3 year variable Prime-.25% (2.00% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.