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 Edition #33    Volume # 1

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Mortgage Loan Minute 60 seconds to informed home ownership
Winter fun
In This Issue
The Great Debate over Extended Amortization
Tracy's Q and Eh?
Quick Links
  Current interest rates: 

  Prime Rate ...................  3.00
 Qualifying Rate ..............  5.19
  3 year fixed ..................  3.39
  5 year fixed ..................  3.59
  7 year fixed ..................  4.45
  10 year fixed .................  5.05
  Variable rate .................  2.25
   (prime - .75%)
Tracy Irwin, AMP
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This magical time of year creates a wonderful caring attitude. 

In the spirit of the holiday season, I wanted to take this opportunity to wish you and your family a very Merry Christmas and all the best for 2011!
The Great Debate over Extended Amortization

Should the government cut the maximum amortization from 35 years to 25 years?

According to TD Bank CEO, Ed Clark - most definitely!  He feels that " ... in a world in which low interest rates and excess liquidity has created asset bubbles all over the world", we should be proactive in making sure that we don't create a problem here in Canada. 
There was speculation around the idea that the government's Finance Department might cut the amortization to 25 years earlier this year.  You may recall the government cut the maximum amortization from 40 years to 35 years amidst the sub-prime crisis.  This strategy was adopted to give consumers a of confidence that the government was protecting our financial well being.
While the interest paid over the life of the mortgage is much higher with a 35 year amortization, the average Canadian pays off their mortgage in 1/2 to 2/3 of their original amortization period  (according to insurer sources).

There are some great examples of borrowers who are well suited to the 35 year amortization:

Read The Great Debate over Extended Amortization

(Excerpts taken from Canadian Mortgage Trends)

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Tracy's Q and Eh?

Q: Which payment frequency pays down your mortgage the  fastest?   
  • Monthly
  • Semi-monthly
  • Biweekly Accelerated
Eh? A biweekly accelerated payment frequency equals big savings on your interest as well as a shortened amortization period. 

This is due to the fact that you are making a total of 26 payments per year, essentially an extra month of payments each and every year.

Click How to Save Money with your Mortgage?


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On September 25, 1974, Austin, then sixty-four, unleashed all hell on the ball, sending it 515 yards before it finally came to rest - sixty five yards beyond the flagstick on the par-four fifth hole.

It's still the longest drive ever!

Tracy Irwin, AMP
Mortgage Broker

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