Hi Larry,

This week in mortgages:

- Bank of Canada kept their prime lending rate as is. Fixed and variable rates holding steady. 

- Pre-approvals. 

5 YEAR RATES:

Fixed insured 5.69 

Variable insured 6.20 

Fixed conventional 6.04 

Variable conventional 6.55 

Rentals Fixed 6.49 

Rentals Variable 7.15 

LENDER TURNAROUND TIMES:

2-4 business days for a Conditional Mortgage Commitment, and similar for any back and forth of documents. 

NEWS PIECE or TIDBIT:

Pre-approvals. 

For lenders, a pre-approval is a rate hold only, and not an underwritten file. They don’t typically look at any documentation and trust the information put into an application is correct and provable. But often the documentation tells a different story that changes the qualification of a file. 

This is why it is so very important for clients to provide documentation up front to back up their application and have someone look at it to at least do a pre-qualification. Whether there is a rate hold or not. Someone looking at the documentation will determine how likely the file is to get approved. 

No sense having a really good rate held, if you don’t get the mortgage in the end. 

Make sure your clients are supplying documents to their lender/mortgage person and that person is looking through those documents to pre-qualify them. Then if they are in a time period where rates are increasing, they can send it in for a pre-approval to grab a rate hold. 

Have a productive week!

Courtesy of James Sicotte
Polaris Mortgage Planners
jim@polarismortgageplanners.ca

BUYING SELLING INVESTING 

You're #1 goal is our #1 goal 

Larry Kennedy 

RE/MAX Real Estate 

587-930-9704 

LarryKennedy@remax.net

LarryKennedy.RemaxRealEstateEdmonton.com