Calgary Alberta Mortgage Broker
alberta lowest mortgage rates
No problem, I can say a few words about my experience.
- What were your financing needs were and how I was able to help?
I needed to arrange Mortgage financing for the purchase of a new Calgary home. I did not expect any trouble with being approved but I wanted to discuss the best plan for my situation. After asking a couple qualifying questions, I felt you got right down to the information I was looking for.
- Did you feel you received the best current mortgage rate at the time?
The rate you got me was the best rate I could find, and I did my due diligence. Scotiabank, the bank I got my last mortgage with and have been dealing with for 15 years, could not come within 0.5% of the fixed rate you offered me through CIBC Firstline.
A friend of mine is building a new house and is required to use the Calgary Mortgage Broker provided by the builder. He was offered 3.99% from CIBC Firstline the same week you offered me 3.69%. I told him what I was getting and he complained to his Calgary Alberta Mortgage Broker. The best they could do for him was 3.69% over four years instead of five. In short, I am happy with the lowest Alberta mortgage rate I received at the time.
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Newest update for Variable Rate Mortgage Fans
So if you are still trying to decide between fixed and Variable rate mortgages here is a positive for those leaning towards the variable rate mortgages. The Bank of Canada today announced that it’s overnight lending rate is staying the same. What that means is that Prime is still at 2.25%. They say the following reasons are why they have not raised rates:
- “Heightened volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflation pressures.”
Many economists with re looking at their early statements of supporting Bank of Canada’s statement of them not increasing rates until the second quarter of 2010 because of these reasons:
- “Stronger business and consumer confidence”
- “Increase in household wealth”
- “Higher Commodity prices”
Personally I have seen a huge increase in consumer confidence not only in Real-estate but also people investing in paper assets again. Although many people have noticed a huge increase in spending here are some comments the Bank of Canada is making on inflation and economic growth. “Growth is expected to be slightly higher in the second half of this year than previously projected but to average slightly lower over the balance of the projection period. The Canadian economy is projected to grow by 3.0 per cent in 2010 and 3.3 per cent in 2011, after contracting by 2.4 per cent this year. This is a somewhat more modest recovery in Canada than the average of previous economic cycles.”
All in all I feel that Prime’s days of not increasing are numbered. Australia, the first of 20 countries, has already raised their central bank rates. Could Canada be number two? Whatever report you read the ending point is always the same, you as the consumer have to make the best choice for you. Can you afford your mortgage if rates do jump up? Are you going to watch carefully enough to be able to lock in your rates if they jump up higher than what is comfortable for you? If you feel you can ride it out then Variable is a great choice. If you will lose sleep over it then getting the best fixed mortgage rate is my suggestion for you.
Fixed Mortgage Rates are going Up!
Fixed Mortgage Rates are going Up!!
So what are the rates going to do? Well here is the information and I’ll let you decide. The 5 year bond rate, one of the biggest key indicators for 5 year fixed rate mortgage rates, has just increased over 23 points. The bond 5 year bond rate has been increasing for the last couple of weeks but this is the largest jump in the last year. Not very long after the jump, Royal Bank announced an increase in their mortgage fixed rates. Here is what they have announced.
