Lynn Meldrum

Best Mortgage rate right now are a 1 year at 4% then 2 & 4 years at 4.69% then a 5 year at 4.74% all are fixed rates. I find the variable rates a good deal right now, but as I don't know what's happening in the future the 0.60 & Prime woundn't be a good rate if prime goes up again.

Best Mortgage rate right now are a 1 year at 4% then 2 & 4 years at 4.69% then a 5 year at 4.74% all are fixed rates. I find the variable rates a good deal right now, but as I don't know what's happening in the future the 0.60 & Prime woundn't be a good rate if prime goes up again.

It seems daily that the interest rates are coming down. I opened up another email from a lender and they are at a 30 day close of 4.69%. If only I had gotten a variable rate when they were at prime -0.90.

Clients Qualifying for a new mortgage will be having a bit more trouble as the qualifying criteria has gotten more cumbersome with limits on the credit bureau score and down payment. At this point someone who wants to get into a house without a down payment is looking at paying bank posted rates for a 5 year period. With a minimum of 5% down they get the rate I quoted above. It's hard to sell a 0 down when the interest rates aren't saving you any money. People are quite confused with the new regulations espeically the 40 year ammortization. We can no longer sell a mortgage with a 40 year ammortization if it is an insured mortgage (less than 20% down). However if you have a home that you have more than 20% equity in you can certainly get a 40 year mortgage still. Before going through this with any of your clients make sure you have super accurate information, it's confusing enough without making it confusing and conveluted.

Have a great week in your business

Lynn Meldrum

Verico Canada First Mortgage

403-554-9142

well life's certainly getting interesting in the last few days. Mortgage rates continue to edge lower so that more people can afford a mortgage and House Prices are starting to stablize. Rates are awesome Best rates are 4.94% for a 5 year fixed. I am anticipating the Canada Bank meeting on Jan 21, 2009 to see if Prime Rate goes up or down.

I beieve that people will start to look at other options instead of the traditional banks and lenders in this new year as the rules have tightened up and the end of last year. This is why using a mortgage professional is becoming very appealing. AS we do all of the shopping for your clients. Your clients generally don't have to go into a bank to finish their mortgage off and take days off of work. Your clients can get preapproved within 24 hours and go forward with the purchase of their home.

Have a great day and hope everyone is very successful tomorrow

Lynn Meldrum

Verico Canada First Mortgage (Calgary AB)

(403) 554-9142