"Last week I skipped the regular mortgage update for the single reason that there was nothing exiting to write about. Is this week different?"
"Think about it: lenders have targets too. They have a business plan, they are looking at their bottom line and always trying to make adjustments to improve their situation. With the fierce competition—especially at the most popular 5-year close term—some lenders are becoming more creative and trying to position themselves as the lender of choice for shorter terms."
"A few days ago the Business Development Manager for one such lender phoned me to say, "We are not meeting our target this month. Do you have any files that you can send to us? Our 3-year term mortgage is currently the lowest in the market..." He was right but unfortunately I did not have any files in the works which would fit their strict criteria. This is just one example to illustrate that there are still some real bargains in the mortgage market."
"Consider the following:"
3-year Fixed Rate = 2.90%
4-year Fixed Rate = 3.80%
"And if you still need a 5-year closed term, and are ready to close within 30 days, then we can gladly offer 4.04%."
"You can't beat that!"
Vasko DeLev, AMP
Accredited Mortgage Professional
License # M08000574
Verico Capital Mortgages Inc.
106 - 18 Deakin St, Ottawa ON K2E 8B7
Direct Line: 613-882-7603