Invis on the Peninsula Announces
Prime stays static.
Surrey, BC - June 10, 2008 - The Bank of Canada did what was predicted and left the Prime rate at 4.75%. With the US in a recession and the Canadian econopmy slowing, some had thought another drop may happen, but concerns about inflation left the Bank on the sidelines. Many still think another .25% to .50% could be cut as the economic numbers grow more negative.
While this is great news for those of you floating with a variable currently, for those who are in a fixed rate now may be the perfect time to make a move and break your current term. With Fixed rates staying stubbornly in the mid 5s and above, the penalty you would pay is likely the smallest it will ever be...combine that with significant savings with current variable rate mortgages (now in the mid to low 4s and below!) and now is the time to make a move. Call us now to save yourself a lot of money! |
| Please note I have changed my email to mikework@shaw.ca please adjust your address book...thanks! |
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Rental Property Programs
A lot of people ask about rental property programs and how they work. Basically, like financing your home, if you have 20% or more down, there is no High ratio insurance fee. However, if you wish to put less down, there are programs right up to 0% down that CMHC & the other insurers offer through different lenders. The fees for these are higher than their regular programs as they view them as slightly higher risk, but may enable those that didn't think they could afford to buy a rental the chance to do so. If you would like to have a review of your situation and more detail on these programs, please contact me at anytime...
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