Mortgage Rates & News March 29, 2010

March 29, 2010

This edition of Rate-Mail has our latest, best national rates for Canadian mortgages. You may qualify for even better discounts or regional specials, so be sure to contact your Invis mortgage professional to learn about all your rate options. At Invis, we work on your behalf to find the mortgage that fits your needs, and your life.

In This Issue

• Our Best Rates
• Refinancing Your Mortgage

Our Best Rates

Terms       Posted   Our Rates
6 MON       4.60%   3.85%
1 YEAR       3.65%    2.49%
2 YEARS    3.95%    2.95%
3 YEARS    4.30%    3.40%
4 YEARS    4.94%    3.69%
5 YEARS    5.25%    3.79%
7 YEARS    6.30%    4.65%
10 YEARS  6.50%    4.99%
Rates are subject to change without notice. *OAC E&OE
Variable rate mortgages from as low as Prime minus 0.40%.

Prime Rate is 2.25%.*

*Prime rate may vary according to lender.  Be sure to check with your Invis mortgage professional for full variable-rate mortgage pricing details.

Rates are subject to change without notice.  Fixed mortgage rates shown in table above and quoted variable mortgage rates are available nationally to qualified individuals.  Lower rates may be available in certain regions, or to those with higher credit scores or higher net worth – check with your Invis mortgage professional for full details.

Refinancing

Refinancing Your Mortgage

With many mortgage rates still at historically low levels, when reviewing their financing options some borrowers have chosen to refinance their mortgage.  Refinancing a mortgage refers to paying off an existing mortgage and replacing it with a new one.  Homeowners choose this strategy for a range of reasons, the most common being:

• lowering one’s monthly payment to improve cash flow or free up money for a rainy day savings fund,

• consolidating high-cost consumer debt, such as credit cards, car loans or other personal loans,

• renovating one’s residence,

• setting up a home equity line of credit.

A key element in evaluating any refinancing option is calculating the prepayment penalty that may be imposed by your current lender.  Most mortgages contain a clause that obliges the borrower to pay a penalty if they pay off their mortgage in full before the maturity date.  This penalty is usually based on the remaining term on the mortgage, as well as a calculation of the differential between the rate being paid and that lender’s current mortgage rate offerings.

Refinancing is a strategic financial decision that requires the assistance of a mortgage expert to get you the best deal from the many options available.

Joe Tomkins | Invis

250.754.7775 | joetomkins@invis.ca