Mortgage Loan Minute 60 seconds to informed home ownership
winter fun at the new home
In This Issue
The Devil Is In the Fine Print
Tracy's Q & Eh?
Quick Links
  Current interest rates: 

  Prime Rate ...................  3.00
 Qualifying Rate ..............  5.19
  3 year fixed ..................  2.90
  5 year fixed .................. 3.39
  7 year fixed ..................  4.45
  10 year fixed .................  5.09
  Variable rate .................  2.25
   (prime - .75%)
Tracy Irwin, AMP
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Dear Tracy, 

I invite you to connect with me with one or all the social media options available. 

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The biggest compliment is a referral and it's always nice to be rewarded for your efforts.  Take advantage of my Referral Rewards program!

The Devil Is In the Fine Print

Mortgages sometimes have costly and irritating restrictions that you won't know about unless you read the fine print or ask your mortgage broker!  Watch for these:
  • Interest rate differential penalties that are based on bond yield calculation (this is a very costly method of calculating the interest rate differential penalty)
  • Inability to transfer your mortgage to your new home unless the purchase and sale happen on the same day (which can be difficult to arrange)
  • A poor conversion rate guarantee (especially important when converting your variable rate mortgage to a fixed rate option)
  • No refinancing opportunities within the 1st year (life isn't always predictable - who needs restrictions)
  • Restrictions on breaking your mortgage before the term is up
  • Restrictions on breaking your mortgage for the first 3 years and reinvestment fees on top of mortgage penalties
  • No ability to break your "open" homeowners equity line of credit
  • No lump-sum, annual payment increases or prepayments permitted

Last but not least, watch closely for restrictions that apply to cut-rate mortgages.  Generally, the lower the rate, the more restrictions! 

Let your accredited mortgage broker provide you with the freedom and peace of mind you deserve from your mortgage!

- Excerpts from article published by Canadian Mortgage Trends

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Tracy's Q & Eh?

Q:  As a general rule, your total housing costs and other monthly payments should not exceed ____ of your gross (pre-tax) income?
  1. 30%
  2. 40%
  3. 50%
  4. 60%


 Eh?  2.  40% is the maximum you should budget for in case of unexpected expenses.  However, lenders will go up to 44% with excellent credit.



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At age 102, Elsie McLean is the oldest golfer to make a hole in one on a regulation course.   It was her first ace!

Isn't that amazing...

Tracy Irwin, AMP
Mortgage Broker

I always have time for your referrals. Start earning your referral
rewards points today by contacting
me at

R.D.M. Financial Consultants Ltd. o/a The Mortgage Centre | Each office is independently owned and operated | Brokerage Licence # 10716, Broker Licence # M08007700 | 418 North Service Road East, Unit 1D | Oakville | ON | L9W 2E7 | Canada