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 firstname.lastname@example.org
Always here to help, have a great week.
Angela Calla, AMP
Host of “The Mortgage Show” on CKNW AM980 Saturdays at 7pm
Facebook: Angela Calla Team, AMP Your Mortgage Experts