Mortgage Loan Minute
... 60 seconds to informed home ownership
In This Issue
Tips for saving money with your mortgage
How does your lawyer work for you?
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  Current interest rates:

  Prime Rate ................... 5.75
  3 year fixed ..................  5.85 
  5 year fixed ..................  5.74
  7 year fixed ..................  6.00
  10 year fixed .................  6.15
  Variable rate .................  5.15
Tracy Irwin, AMP
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Tips for saving money with your mortgage

Your home is the single largest purchase you will make in your lifetime. Therefore, the largest debt you will ever carry is your mortgage.

News Fact:
Did you know that it will cost you $581,597 to pay off a $200,000 mortgage loan at a rate of 5% amortized over 25 years?

The good news is that there are some mortgage strategies that you can easily implement to help reduce the high rate of interest costs and save you money.

Using the example of a $200,000 mortgage loan with a 5% interest rate amortized over 25 years, the following savings will apply:

Click Tips for saving money with your mortgage

How does your laywer work for you?
Andrew Pringle, Wynne, Dingwall & Pringle 
There is often a misunderstanding of what a lawyer does in the course of a residential real estate purchase. This may in part be attributable to the fairly minimal amount of interaction between purchasers and their lawyers.
After an initial telephone call from the lawyer's office to obtain full names, dates of birth and contact information, a purchaser may not have any further contact with the lawyer until a meeting just before the closing to sign some documents. On the day of closing, the only thing left is to come back to the lawyer's office to pick up the key.
There is a significant amount of work that goes on outside of these brief periods of interaction.

During his twenty years as CEO of General Electric, Jack Welch transformed the company from bureaucratic behemoth to a dynamic and revered powerhouse, increasing the company's market value from $13 billion to $500 billion.  So, if you had to do it all over again, who would he want to be?  "If I could, I'd be Tiger Woods," Welch said. (wouldn't we all!)
Tracy Irwin
The Mortgage Centre