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Dear ,
If you need a new variable-rate mortgage, call or email me NOW! 604-736-1855
As I've said before, things can change quickly and are highly unpredictable; like our Vancouver weather. Don't blink or you'll miss it! Variable rate mortgages are all the rage and a huge savings to borrowers. For the second time since the end of August, multiple banks (CIBC, RBC, TD, Scotia) are slashing variable discounts again.
Monoline lenders (ING, Merix, etc) probably won't be too far behind. Banks seem dead-set on herding borrowers out of low-margin variable rates. The spreads are simply not profitable enough, at least compared to fat and juicy fixed rate margins!
We're hearing estimates of variable rates on the street moving to prime minus 0.40%, or perhaps prime minus 0.50% for really aggressive lenders.
One of our top lenders has reduced all the way to Prime minus 0.25%! We still have Prime minus 0.70% (2.30%) for well qualified borrowers in BC.
New borrowers now face a decision: A 2.50% rate that floats (variable) OR A 2.49% two-year, 2.99% four-year or 3.29% five-year rate that doesn't (fixed). We'll help you figure out what's best for you!
Consumer psychology being what it is, there will certainly be a giant shift into fixed-rate mortgages given this new pricing. Wondering if that is a good decision? Call me to discuss it. I always have time for my clients!
In the two articles that follow, we talk about "the warning bells" you should be paying attention to. We also look at moving up and how to figure out if you are in a position to do it now while interest rates are so low.
Sincerely,
Justin Blacklock
PS. If you know of someone who is in the market for a new home or are up for renewal, we sure would appreciate the referral! There is no doubt that we will give them our best!
604-736-1855
Find current Mortgage Rates HERE | 
