Agent Blogs
Cory Kline, AMP
Mortgage Agent
Cory's Mortgage Market Update...
Updated Thursday, May 2, 2013
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Did you know? Both CMHC and Genworth will consider refinances for marital split payouts up to 95% of the home value, on an exception basis. Typically clients can only refinance up to 80% LTV of the equity in their property. This allows for greater payouts and/or debt consolidation to help facilitate the separation.
5 year funds are available in the 2.84-2.99% range, 10 year funds as low as 3.69%. Variable rate mortgages are available as low as 2.60%. 'Free Down Payment' mortgages are still available at the low rate of 4.85%.
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If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate. It may result in savings of thousands of dollars and a longer term at today's record low rates.
Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. Bank prime is 3.00%. The next meeting of the Bank of Canada is May 29, 2013.
-Cory Kline (Call/Text 705-794-1283) Mortgage Planning since 1998 P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.
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