Mortgage Broker

[oilfan69]

Do you have a website?

[Mike Oxlong]

Originally Posted by oilfan69

Do you have a website?

Yep.

www.jamiecoulter.ca

[Mike Oxlong]

Fixed rates just keep dropping.

3.49% on a 5 year fixed now.

Bank of Canada announcement on the Variable rates tomorrow.....

[Mike Oxlong]

Not too much new in the mortgage market.

Rates are still extremely low.
3.49% on a 5 year fixed
3.39% on a 4 year fixed.

Bank of Canada didn't move prime (on October 22) so it remains at 3%

Great rates available if you are looking to buy a place or your mortgage is happening to come up for renewal anytime soon.

If you have other expensive credit card debt and want to consolidate this might be the time to think about it.

Happy to answer any mortgage related questions - just let me know!

[Mike Oxlong]

Rates are about to climb!

We have been getting emails from lenders all day warning rates are about to jump.
If you have a renewal coming up, or are thinking of buying get a hold of me ASAP and I can get you a 120 day rate hold before they climb.

[Mike Oxlong]

So rates did climb last week but nothing too severe. Basically the best 5 year rate is now 3.69% up from 3.49% last week.

3.69% is still an amazing 5 year rate.

Fire away with any questions....

[Mike Oxlong]

Bank of Canada expected to stand pat on Interest rates again.....Looks like no increases (on variable) until next year

http://www.cbc.ca/money/story/2010/1...w.html?ref=rss

[Mike Oxlong]

As expected the Bank of Canada leaves the key overnight rate at 1%
http://www.calgaryherald.com/busines...megadrop_story

And if they aren't going to raise rates now, when will they?
http://www.financialpost.com/When+wi...819/story.html

[Mike Oxlong]

Another jump in fixed rates on the way.

Looks like the 5 year fixed will land somewhere around 4.04%. Fairly significant increase. RBC raised yesterday and everyone else is following suit today.

[Mike Oxlong]

The rate increase wasn't quite as drastic as expected.
Looks like the best 5 year rate now will be about 3.89%.

[Mike Oxlong]

Looks like the government is set to introduce new mortgage rules tomorrow morning.

• Mortgage amortization periods will be reduced to 30 years from 35 years.
• The maximum amount Canadians can borrow to refinance their mortgages will be lowered to 85 per cent from the current 90 per cent.
• The government will withdraw its insurance backing on lines of credit secured on homes, such as home equity lines of credit.

http://www.ctv.ca/CTVNews/TopStories...-rules-110116/

[Travis Munroe]

Mike, are people still able to lock in for 4 months on the 35 year by being pre qualified?

[Mike Oxlong]

Sorry I missed those questions above....I need to monitor my own thread a bit more closely.

Best 5 year fixed right now is 3.89% and some lenders have a special for 3.79% if you are closing within 45 days.
Best variable is Prime less .7%

As far as being locked in on the 35 year amortization. Pre approvals do not count. You need to have a firm deal in place before March 18th if you want the 35 year am.

[Travis Munroe]

Thank You

Also, for those who follow this thread, I'm working on a few deals with Mike and he is great at what he does. Best of all he is easily approachable.

[troutman]

Originally Posted by realtor 1

thank you

also, for those who follow this thread, i'm working on a few deals with mike and he is great at what he does. Best of all he is easily approachable.

+1

[Mike Oxlong]

Hey Everyone...sorry I haven't updated in a while.

Some increases on fixed rates recently. They originally made a big jump up to about 4.14% on a 5 year fixed but have settled down a bit now and there are a number of lenders offering 3.99% on a 5 year fixed and some offering 3.94% on a quick close.

Bank of Canada also kept the key overnight rate at 1%. Which means no change for those of you in variable rates. Next Bank of Canada rate announcement coming up on April 12th.

[Mike Oxlong]

Just a quick update.
As of Friday last week (March 18th) 35 year amortizations are no longer available. Maximum amortization available now is 30 years.

The yo-yo cycle of fixed rates continue. After the increase from a few weeks ago a lot of lenders are back to offering 3.89% on a 5 year fixed.

[Deegee]

35 year amortizations are still available on conventional Mortgages. We are still offering them and I would assume others are as well.

On high ratio Mortgages they are not available.

[Mike Oxlong]

Originally Posted by Deegee

35 year amortizations are still available on conventional Mortgages. We are still offering them and I would assume others are as well.

On high ratio Mortgages they are not available.

Yes you are correct. In fact 40 year amortizations are still available on conventional mortgages as well from some lenders.

[Deegee]

Originally Posted by Mike Oxlong

Yes you are correct. In fact 40 year amortizations are still available on conventional mortgages as well from some lenders.

There are some interesting programs with CMHC that allow existing clients to use 40 year amortizations as well as lend above property value, they just aren't really advertised.