This week in mortgages:

- Bond market dropping these past couple of weeks. Should see many lenders lowering rates on their fixed rate mortgages as a result. 

- Commodity vs. Service

5 YEAR RATES:

Fixed insured 5.59 (decrease -0.10%)

Variable insured 6.20 

Fixed conventional 5.89 (decrease -0.15%)

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:

Commodity vs. Service

Even though I send out rates each week,  remember as a mortgage broker it’s not only about mortgage rates but also about service. 

Some lenders out there can have teaser rates that come with big penalties or limitations on paying off the mortgage or refinancing. 

Some lenders take forever to get to a file and may not approve the mortgage in time. 

It’s important to remember that although rate is a signifiant factor in getting a mortgage, it is also important to have the right flexibility with that mortgage, and most importantly, actually getting the mortgage, and getting it approved in time to waive financing conditions on an offer. 

It’s not about getting the best rate, it’s about getting a client the best mortgage for their situation and plans. 

Courtesy of: James Sicotte
Polaris Mortgage Planners
jim@polarismortgageplanners.ca
‭(780) 719-6888‬

Have a Great Week!