Good Morning,

No surprises here, prime remains the same the full press release can be viewed here http://www.bankofcanada.ca/publications-research/press-releases/

What is making news is we finally have longer term fixed rates below prime at 2.99%, various lenders have different policies and conditions on this offer, which may or may not be worth it for you and as independent mortgage brokers we can show you which lender has the best option and terms for you without bias.

Jim and Linda of Port Moody reviewed their mortgage this week and the details were as follows:

Old Mortgage: $300,000                                                New Mortgage of $310,000 ( to include the penalty and legal fee’s)

                                4.25% 25 year amortization        2.99% 25 year amortization

                                Monthly Payment $1619           Monthly Payment $1466

Savings $153 a month and when applied to the mortgage it saved them $18,841.95 in interest alone AND took 3 years off the life of their mortgage

If you or anyone that you care about would like to see if this could do the same for them, we are here to help personally and work towards making 2012 your best money saving year

 Contact us at: 604-802-3983 or acalla@dominionlending.ca

Always here to help, have a great week.

Angela Calla, AMP
Mortgage Expert
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm