Good Monday Morning to You!

Just when we think rates are as low as they can go… we just received a very attractive rate special…

3.29% for 5 years fixed rate is available for any deals that require CMHC insurance (less than 20% down payment).

I also thought this would be a great time to do a refresher on the other programs we have to offer that could really benefit your clients:

Flex Down-Borrowed Funds – Can Borrow Up to 5%
We have a lender that participates in this program where the clients can borrow the down payment from a line of credit or credit card or a personal loan. The clients must have 1.5% closing costs set aside. Payments for the borrowed funds are included in the mortgage application. Premium surcharges apply.
**Current 5yr rate special for this product is 3.39%.***

No Money Down Mortgage
The lender offers up to $25K for the down payment, but the client has to have 1.5% of the purchase price already set aside for the closing costs. For this service the client is only offered the 5 year posted rate-currently at 5.39%.

Cash Back
Clients can take advantage of up to 5% cash back from the lender. The 5% cash back cannot form the clients down payment or closing costs, and the funds are not released to the client until after the mortgage completes. The client can receive gifted funds from an immediate family to close the purchase (down payment and closing costs) and receive the cash back funds after closing. For this service the client is only offered the 5 year posted rate-currently at 5.39%.

Clients need to have clean credit, stable income and 1.5% of the purchase price in savings for closing costs.

LOWEST MORTGAGE RATES EVER

Subject: LOWEST EVER Mortgage Rates

Mortgage rates this week:  September 15 2011

5 year variable: 2.30% (prime less .70)
3 year fixed: 3.09%
5 year fixed: 3.39%

Did you know shorter mortgage terms are the current trend?
 Canadians are opting for shorter term mortgages. 39% of the mortgages granted in the last year had terms of less than 5 years (up significantly over the previous year)
 On average, Canadians refinance their homes every 3.5 years
 The 3 year fixed rate is historically lower than the 5 year fixed rate.