Surrey, BC - Oct. 22, 2008 - The Bank of Canada dropped Prime again today and the Banks have followed along and adjusted theirs to 4.00%.  Indicating there may be more cuts to Prime in the future, the Bank of Canada completely removed any talk of Inflation fighting and indicated both the US & Canada will see or are in a recession. 

 

So what does this mean for you?  If you are in a variable product we set up for you, stay in it!  Your rate will be going down by another .25%!  Now is not the time to lock in, as fixed rates will likely start to drop near the end of the year and certainly into the new year as competition comes back into the market. If you are in the midst of getting refinanced or purchasing with Invis on the Peninsula, those rates are in place.  Our plan for those clients needing to plan a transaction in the current market will likely be to opt for open products like lines of credit or possibly a 1 year fixed in the 4.75% range and the flexiblitiy to move you to a better product as they start to reemerge.  Call us for a no obligation review at anytime.

We have an excellent all in one secured line of credit product available with easy access to the line of credit, ability to split your borrowings into different pieces (i.e. Car loan, fixed mortgage portion, line of credit portion), it's totally open and best of all, still at Prime (now 4.00%).  If this sounds interesting to you, give us a call!

 

Invis on the Peninsula is a group of Mortgage Experts led by Michael Anthony Lloyd who believe in looking after their client's best interests over the long term.  With a combined lending experience of over 40 years they have the experience to find the best strategy for any situation.  Their business is built on a referral basis, the referral of a friend or family member is the greatest compliment they can receive.

 

Michael Anthony Lloyd is an Accredited Mortgage Professional & member of the Canadian Association of Accredited Mortgage Professionals.  www.caamp.org