Blog
Dear Clients,
Sorry this is a week late but its crazy out there! With the deadline of the financing changes April 16th many people are looking into improving their financing situation (consolidating debt) before it is too late.
So if you do know of anyone we only have 2 week left to get their applications in for 95% Loan to Value refinancing and many times that makes the difference on successful refinancing.
Attached I am having a bit of fun by sending you the CIBC world markets report from March 2009 and the update from this week. Just to remind you how tough this recession is.
You will be happy to hear that Benjamin Tal (advisor to the Bank of Canada) is predicting that if they do raise prime it will be a very small maybe 20 - 30 basis points. And may have to retreat back to .25% if the move has a negative effect.
So all good news! Just sit tight and do not go for the headlines - it is slow news time. They have to sell papers somehow.
If you were caught in the upswing last year and are at .60 above prime and over you can drop your rate now and save a lot.
If you jumped into a fixed rate in the 3% + range you can still get out with a three months interest penalty and drop your rate considerably. Just email or call me.
Have a great weekend and keep the Robins who jumped the gun a bit warm!
Cheers,
Suzanne Boyce
Broker\ Owner
blog
Dear Clients,
Well I guess no news is good news for low interest rates. Prime did not move this week and the Budget is saying - we are afraid of upsetting the apple cart by making any real changes - other than to cut back on their spending. Europe is getting really shaky with Greece Bankrupting and Portugal is holding on by their finger nails. The Commercial paper which was secured and insured is coming down the chute right now and we can expect troubles in the States to continue to grow by leaps and bounds.
It seems like a lot of reporters are writing articles like crazy but most of them make absolutely no sense. If I find something this week that is of real value to your knowledge level we will send it over.
So stop reading the headlines and sit tight we are now moving well below prime. The economic situation just continues to get bleaker and dollar is staying high in the high .90's
Still absolutely not recommending any lock-ins as the rates are steadily dropping. There is nothing supporting any sustainable growth in GDP. The last 1\4 of 2009 is not continuing this quarter.
So keep on doing the RATE DANCE (thanks to one of my favorite clients for that one) you are doing a great job at saving thousands and thousands of dollars and paying down your mortgage at record speed.
If you are .60 above prime or higher please contact us about dropping your rate. If you also know of anyone who should refinance to pay out lines and cards they should do so now as we only have 3 weeks left to use the 95% financing for this.
Prime still at 2.25%
Lock in rates (not recommending lock in)
3 yr 3.45%
4 yr 3.84%
5 yr 3.89%
Have a fabulous weekend and get a tan!
Suzanne Boyce
Broker\ Owner
