The Mortgage Centre – BC Direct Mortgages

Found this great article from Castanet in Kelowna: 

The housing market’s gradual upswing will continue throughout the fall and into the new year, says Kelowna’s Paul Fabri of the Canada Mortgage and Housing Corporation.

Read the article here…

Here is an article I found on http://www.cbc.ca/ :

The signs of economic recovery seem to be everywhere these days. Consumer confidence is up.

Click here to read the article…

Here is an interesting article I found online at The Financial Post website:
The worst is over for North America’s beleaguered housing markets, with a steady stream of data out of Canada and the U.S. indicating the recovery is at hand, economists say.

Click here to read the article…

One of our major lenders has just announced a rate reduction to their variable rate mortgage. The rate is now at Prime plus 0.20% which is 2.45% (current Prime lending rate is 2.25%). For those of you who are not wishing to lock in your mortgage just yet, take advantage of our best variable rate product in the financial marketplace.

In April 2009, CAAMP (Canadian Assoc.of Accredited Mortgage Professionals) reported from a recent survey the following:

• First-time mortgages are most likely to be sourced through a mortgage broker (48%) (compared to Banks at 44%).
• The mortgage broker industry represented 46% of all new mortgages written in Canada last year (compared to 43% through Banks).
• The average mortgage holder has $145,000 in equity in their home.
• Last year, about 15% of mortgages involved an equity take-out (average amount of $42,500).
• Mortgage Brokers are most frequently used in Alberta (36% of mortgage activity), British Columbia (35%), Ontario (32%), and Manitoba (31%).

If you would like to read the contents of this survey, please visit CAAMP’s website at www.caamp.org. Click on “mortgage industry” and under Survey Reports click on “The Canadian Residential Mortgage Market During Challenging Times”.

What a great day! The sun is shining, birds are singing, and mortgage rates are still a bargain! Yes, we’ve seen the rates slowly go up these past few weeks but no one would imagine that the lowest rates in history would last forever. The best 5 year fixed rate is now 4.29% which, in my opinion, is not bad at all considering past historic rates. Most lenders are offering a variable rate at Prime plus 0.60% but we have a few lenders offering even lower. One has a variable rate at Prime plus 0.35% for their 4 year term and Prime plus 0.40 for their 5 year term. Most economists are predicting that the Prime rate will go up next year so if those of you who like “peace of mind” then the 5 year fixed rate is a good bet.

Here in the Okanagan we are seeing healthy signs of people wanting to buy and anxious to get pre-approved. A pre-approval is a good idea to not only have a rate hold at these low rates for 120 days, at no cost to you, but also gives you an idea what you can afford before you go out to buy. Please feel free to give me a call anytime at 250-762-2070(local) or 1-888-877-3535(for you out-of-towners)for a quick review of your own situation. There is no cost nor obligation to you for this service. Let my 30+ years of mortgage lending experience go to work for you and find you the best deal!