Prime now at 3.00%.
Surrey, BC - Jan. 20, 2009 - The Bank of Canada made a move to drop their key lending rate by .50% with the Big Banks following along with a similar drop in their Prime rates to 3.00%. Fixed rates now hover in the range of 4.75% for 5 years fixed.
We will see some pressure on lenders to increase their spreads between current rates on deposits and the current variable rates. Whether this translates into increases on new variable rate mortgage products (from the current Prime + .80%) or not we will have to see. If you have clients thinking of purchasing in the spring it is a good idea for us to get them pre-approved and hold the current products for them.
As always, having a Mortgage Strategy in place is always the best plan!
Sending your clients to Invis on the Peninsula will ensure they get the best strategy possible and makes you look good!
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Useful website for Your clients
Apart from our own website www.lloydonline.com (which is currently being reno'd, watch for changes soon!) here are some helpful links to provide to your clients who are looking for more information on mortgages.
If you need more specific information, please let us know! |
| Why the right lending partner is so important now...
Six months ago, there seemed to be lots of deals for you to grab...if your lending partner of choice couldn't get a deal done, there was always more out there. That was a long time ago. There are now fewer deals to go around, and when you have one, you need it to get approved and close. Are you willing to risk that to your local branch or a lending rep? An Independent Mortgage Broker can deal with over thirty lenders instead of one. What makes Michael different than the other brokers you can choose? 20 years lending experience, 9 as an Independent Mortgage Broker, and his South Surrey office is one of the highest mortgage volume teams in British Columbia. That means when your client is referred to Michael he has the knowledge and the volume to get them approved and with the best product. Lenders offer special packages and approve more for their best brokers. Does this mean he gets everyone approved, of course not, but if there is any way to get it approved, Michael will find it. So when your client says they need a mortgage, refer it to Michael and you can feel comfortable your deal is going to close...isn't that the most important thing?
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