Mortgage Interest Rate Update


This communique just in from our Office Affiliated Mortgage Broker (Jill Hawe, INVIS):

Bond yields are continuing to fluctuate in amongst the violate global economic landscape but rates are holding steady for the moment. Historically during an US Presidential election fixed rates rise. We shall see. Lenders who offer home equity lines of credit have recently change their policies to reflect the Office of the Superintendent of Financial Institutions' (OSFI) new guidelines. The deadline was October 31, 2012 but lenders have chosen to change their products early. The maximum line of credit portion allowed is now 65% of the value of the home. That said, the line of credit can be in conjunction with a fixed or variable portion to a maximum of 80%. There is one lender left offering 100% financing - 0% down payment. Deadline is October 31, 2012 **High Ratio Specials available: 5 year fixed 2.99% (less than 20% down payment/equity) 5 year variable prime less .35% (2.65%)

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Doug Sunray

Doug Sunray

CENTURY 21 Queenswood Realty Ltd.
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