Whether you are a first time homebuyer or renewing your existing mortgage you can contact your mortgage broker upto 120 days before buying or renewing to obtain and LOCK IN the best rate. 

Take advantage of the rate holds offered by most lenders so that you have time to shop for that new home or, in the case of a renewal, ensure you are with the right lender for the rest of your mortgage term.  You don't have to wait until you purchase and you don't have to wait till 30 days before your renewal.  You have upto 4 months in advance to compare rates.  Waiting could cost you money. 

For a complete article on how to get the most of your refinancing - or to obtain a rate hold, give me a call at 604 813 8402 or email intouch@telus.net.

 Keeping up with the variable rates over the past week was a full time job!  The Bank of Canada reduced the overnight lending rate by .5% and the banks hesitated before lowering the PRIME lending rate by only .25% and removing their discounts on variable rate mortgages.  The result - PRIME is now at 4.25% and most lenders are offering variable rate mortgages at PRIME or PRIME +.75% - +2%.  For those already in a variable rate mortgage - you have a locked in discount from PRIME and that stays in effect throughout the term of your mortgage - you only gain by the drop in the PRIME rate.  If you are unsure - contact your mortgage broker.

For more information on rates or qualifying for a mortgage, please give me a call at 604 813 8402.