Considering A 5 Year Fixed Closed Term?

By Mortgage News

When shopping for a mortgage most of us would be interested in just securing the lowest rate while others may be keen in the lowest payment. The difference is that the lowest rate (ie 5 year fixed closed term at 2.99%) has blended payments of both interest and principal, while an interest only payment may very well have the lowest payment, but there is absolutely no requirement to pay down any principal.   Read More

5 Year or a 10 Year Fixed Term…Which to Choose?

By Mortgage News

Firstly, both the 5 year and 10 year fixed term rates are at or near all time lows. Historically, we’ve seen much higher rates. Does anyone remember the early ’80’s when rates were in their mid to high teens?  No one would have predicted that five years earlier. I personally do not believe mortgage rates would ever come back to those levels, but what if they were to double to say 6%? Surprisingly enough, just 5 years ago to the day, our lenders were offering their best “special” 5 year fixed term rate at 5.84%. Most likely one day we will start to see a slow increase of rates so the real question is not if rates will go up, but when. Read More

Self-Employed? Here’s How to Qualify

By Mortgage News

If you are self-employed and considering a home purchase with a 5% downpayment, you will need to confirm (if you are a sole proprietor or in a partnership) via business licenses, HST/GST returns, or T1 Generals that you have been in business for at least two years. If you are incorporated, then your articles of incorporation or company financial statements will be required as evidence of self employment. For most of you this will not be a difficult task to fulfill. Read More

What a Difference in Five Years!

By Mortgage News

Back in October 2007, we were offering our clients the best 5 year fixed rate available at that time, which was 5.79%. In addition, clients were able to choose a maximum amortization of 40 years for both insured and conventional mortgages. In Kelowna, the median house price in October 2007 was $466,500. Read More