Son Of A Broker » monday mortgage minute

Monday Mortgage Minute- Toronto June 21st

chris — Tue, 22 Jun 2010 01:41:04 +0000

It looks like the fixed mortgage rate market has stabilized after the bank of Canada’s decision to increase the prime rate earlier this month. While rates aren’t as low as earlier this year, mortgage interest rates still remain low historically speaking.

With signs that the housing market is cooling and interest rates are staying low you have decided that now is the time to buy your first home. But what is the first step? Unless you are lucky enough to have the cash available to purchase without financing you should talk to a mortgage broker before you even talk to a real estate agent or search on MLS. By sitting down with a mortgage professional you can eliminate uncertainty and save yourself a lot of time when searching for a home. In many cases it takes only a 10 minute conversation to get assessed. You’ll be able to set a realistic price range and become aware of any potential pitfalls that could arise when satisfying conditions for the lender. Visit my website www.TridacMortgages.com to submit a quick & secure online application or send me an e-mail if you have any questions?

Chris Molder – Son Of A Broker

2.80% – 1 Year Fixed

3.75% – 3 Year Fixed

4.25% – 5 Year Fixed

3.13% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.65 3 Year Variable

P-.60 5 Year Variable

Prime Rate is currently 2.50%.

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

Click here to view the embedded video.

Monday Mortgage Minute June 7th 2010

chris — Mon, 07 Jun 2010 20:02:36 +0000

Following the Bank of Canada’s interest rate announcement last Tuesday we weren’t too sure in which direction the fixed rate market would move. Mortgage lenders responded by lowering their fixed rate mortgage rates. They also increased the spread on the 5 year variable rate mortgage from P-0.50 to P-.60 giving an effective rate of 1.90% based on the new prime rate of 2.50%. If you are just entering the interest rate market because you are considering buying or your mortgage is coming up for renewal it may not be obvious whether to go fixed or variable in this market. The circumstances are individuals are unique and there is a mortgage solution to suit your circumstances give me a call to discuss. 416.461.0204ext2

Chris Molder – Son Of A Broker

2.80% – 1 Year Fixed

3.75% – 3 Year Fixed

4.25% – 5 Year Fixed

3.10% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.50 3 Year Variable

P-.60 5 Year Variable

Prime Rate is currently 2.50%.

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

Click here to view the embedded video.

Monday Mortgage Minute – May 31st

chris — Tue, 01 Jun 2010 00:56:57 +0000

Toronto mortgage interest rates haven’t changed over the past 7 days. However tomorrow morning after the Bank of Canada makes their decision regarding the prime rate we could see some interesting movement in the fixed rate mortgage market. Stay tuned for more.

Chris Molder – Son Of A Broker

2.85% – 1 Year Fixed

3.85% – 3 Year Fixed

4.35% – 5 Year Fixed

3.10% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.50 3 Year Variable

P-.50 5 Year Variable

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

Click here to view the embedded video.

Monday Mortgage Minute – Toronto Interest Rates May 24th

chris — Wed, 26 May 2010 01:25:31 +0000

I didn’t manage to get this post up yesterday it was way too nice of a day! As explained in past videos, fixed rate mortgages are dependent on bond yields. Over the past 2 weeks the yields have suffered as a result of the economic turmoil in Europe caused by the Greek crisis. Even positive economic data like increased inflation and record breaking retail sales in Canada weren’t enough to bolster interest rates. This of course is good news if you are buying or remortgaging. A recent article in the Toronto Star “Rate Hike Not Guaranteed“ by Emily Mathieu argues that the Bank of Canada may not have the ability to increase the prime rate on June 1st. If you are stumped on how to position your mortgage in these unique times get in touch with me.

Chris Molder – Son Of A Broker

2.85% – 1 Year Fixed

3.85% – 3 Year Fixed

4.35% – 5 Year Fixed

3.10% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.50 3 Year Variable

P-.50 5 Year Variable

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

Click here to view the embedded video.

Monday Mortgage Interest Rate Minute May 10th

chris — Tue, 11 May 2010 00:14:48 +0000

2.65% – 1 Year Fixed

3.85% – 3 Year Fixed

4.35% – 5 Year Fixed

3.25% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.40 3 Year Variable

P-.50 5 Year Variable

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

Click here to view the embedded video.

Monday Mortgage Minute May 3rd 2010

chris — Mon, 03 May 2010 16:28:42 +0000

Mortgage interest rates continue to climb for the 4th week in a row. There is a lot of discussion between observers and economists who think that the banks are prematurely driving rates up as highlighted in Rob Carrick’s Globe & Mail article, “Are Big Banks Jumping the Gun?”. With each passing week the variable option looks better and better, the only draw back is if you require a high ratio mortgage you will need to qualify based on the Bank of Canada’s Qualifying Rate which is an astronomical 6.25%. Not only is the spread between fixed and variable almost 3% there are a lot of forces at play which may prevent the prime rate from increasing significantly over the coming months, inflation is down in Canada and the Greek crisis will have far reaching global effects.

Chris Molder -Son Of A Broker

2.65% – 1 Year Fixed

3.85% – 3 Year Fixed

4.64% – 5 Year Fixed

4.39% – 5 Year Fixed Quickclose (Must close before June 15th)

3.25% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.40 3 Year Variable

P-.50 5 Year Variable

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

Click here to view the embedded video.

Monday Mortgage Minute & Interest Rates For April 19th

chris — Sun, 18 Apr 2010 16:07:14 +0000

A combination of positive economic data, the high Canadian dollar and probably the most important factor, the end of RRSP season in mid March when lenders artificially kept rates low to attract business, has caused two increases to fixed rate mortgages over the past 10 days. The difference between current fixed rates (4.59%) and current variable rate mortgages (1.75%) is 2.84% making variable a very attractive option today. Mortgages aren’t a one size fits all product, please call or write me if you would like to see what option suits you best.

Christopher Molder – Son Of A Broker

Fixed 1 year – 2.95%

Fixed 3 year – 3.95%

Fixed 5 year – 4.59%

SPECIAL Fixed 5 year – 4.44% (must close before May 31st)

3 or 5 year Variable P-.50 (1.75%).

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

Click here to view the embedded video.

Monday Mortgage Minute For April 5th 2010.

chris — Mon, 05 Apr 2010 21:50:35 +0000

We all knew it was going to happen, we just didn’t know exactly when. Last Monday fixed rate mortgages increased. The fixed 5 year rate increased by a half of a percent from 3.89% to 4.39%. The following are current rates that I can offer but if you are feeling down that you missed an opportunity to capitalize on a low fixed rate mortgage consider my argument for opting for a variable rate mortgage at Prime minus 0.50 (1.75%). It appears that in the long run sticking it out with a variable may still be a good option. If you have questions or comments please feel free to write or contact me.

Chris Molder – Son Of A Broker

Fixed 3 year – 3.70%

Fixed 5 year – 4.39%

3 or 5 year Variable P-.50 (1.75%).

Click here to view the embedded video.

Monday Mortgage Interest Rate Minute – March 22nd

chris — Tue, 23 Mar 2010 00:36:51 +0000

Fixed mortgage rates are married to bond yields. As a mortgage broker I constantly look towards the 5 year Government of Canada bond yield to forecast where rates are heading to advise clients. Bond yields and fixed rate mortgages have a positive relationship. Put another way, when the yield on 5 year Canadian Bonds increases, the mortgage interest rate for a fixed 5 year mortgage also increases. Over the past 3 weeks we have observed an interesting trend. The bond yield has increased from 2.52% to 2.82%, an increase of +0.30% and yet lenders are not budging on their historically low interest rate offerings. If past trends are anything to go by a rate increase is just around the corner. In the mean time the following rates are still being offered.

Christopher Molder – Son Of A Broker

1 year fixed – 2.55%

3 year fixed – 3.35%

5 year fixed – 3.79%

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

3 year variable – Prime-.50% (1.75% effective rate)

5 year variable – Prime-.40% (1.85% effective rate)

Monday Mortgage Minute March 8th Interest Rates

chris — Tue, 09 Mar 2010 03:05:32 +0000

Although bond yields rose last Friday as of Monday March 8th Toronto Mortgage Interest rates remain unchanged. Over the weekend some lenders have warned of the possibility of fixed rate mortgages increasing. This weekend I decided to deliver my Monday Mortgage Minute from the slopes of Mont Tremblant Quebec, however I am back in the office this week refreshed and recharged after a nice little ski vacation. If you would like to contact me please write or call 416.461.0204 ext 2.

Chris Molder – Son of A Broker

1 year fixed – 2.65%

3 year fixed – 3.35%

5 year fixed – 3.79%

3 year variable – Prime-.40% (1.85% effective rate)

5 year variable – Prime-.30% (1.95% effective rate)

RATE SPECIALS

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

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

Click here to view the embedded video.