Just received a message from Ritchie Simpson "The Mortgage Guy" at CENTUM Advantage Financial Group Inc about new rates coming...with this and programs such as the First Time Home Buyers Credit...this could be just what you need
So, The Bank of Canada has lowered the Over Night Rate again to 0.50% yes, that's right 1/2 of 1%. According to the media Canada's chartered banks are following with 0.50% cut to their Prime Rates; this will put Bank Prime at 2.5% and Variable Mortgage Rates at 3.3%. Fixed Rates remain at 4.39% (4.29% at a few lenders) for the Banks so the cost of Mortgage money this week looks like this:
5 Year Fixed Rate - 4.39% - $5.47 per Thousand per Month at 25 Years
$4.65 at 35 years
Variable Rate - 3.3% $4.89 at 25 Years
$4.00 at 35 Years
We have a new mortgage website now that is quite exciting and full of helpful tips and links for your clients check it out.... www.centumpei.com
So as you can see...now is a great time for buying real estate on PEI. Sure this is what we do and it is hard to believe us but with rates this low, it is affordable to achieve your real estate goals.
Here is a great commercial from the US that states the same message.
For More info contact any of our agents at 902-566-2121 or through our site www.5662121.com