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Edition button Edition #35   Volume button Volume # 1

Mortgage Loan Minute 60 seconds to informed home ownership
Spring Family Enjoying their new home  
In This Issue
Getting the Best Mortgage Rate
Tracy's Q and Eh?
Quick Links
  Current interest rates: 

  Prime Rate ...................  3.00
 Qualifying Rate ..............  5.69
  3 year fixed ..................  3.64
  5 year fixed ..................  3.89
  7 year fixed ..................  4.75
  Variable rate .................  2.20
   (prime - .80%)
Tracy Irwin, AMP
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Getting the Best Mortgage Rate

You know those people .. the ones that boast about how they got this great mortgage rate and you feel like a schmuck!


Well, the Bank of Canada conducted an extensive study on mortgage discounting and Canadian Mortgage Trends summarized their conclusions below. 


The Canadians who get the best mortgage rates are those who:



  • Banks don't offer their best rates up front.  They give better deals to skilled negotiators and well-informed borrowers.

Have larger mortgages

  • ".....since few negotiate the renewal of their mortgage ... (this) provides lenders with an incentive to attract consumers with larger loans who have large outstanding balances at the time of renewal."mortgage rates

Use a Broker

  • Report states that mortgage brokers lower the "search costs"of getting multiple quotes that translate into lower rates
  • "Over the full sample the average impact of a mortgage broker is to reduce rates by 17.5 basis points."  That's $1,670 of interest savings on a typical $200,000 mortgage over a 5 year period.
  • Bank "mortgage specialists offer convenience to consumers, although they do not reduce search costs.  This is because they work for one lender only."

Click Getting the Best Mortgage Rate

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Tracy's Q and Eh?

Q: First Time Home Buyer can withdraw up to ______ from their RRSP and put towards a down payment on their first home.
  • $5,000
  • $10,000
  • $25,000
  • $50,000
Eh? You can put $25,000 down for each first time home buyer applying for the mortgage. 

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Who won a record six PGA Player of the Year Awards?  Jack Nicklaus, Arnold Palmer or Tom Watson.
Email me your answer for your chance to win a free sleeve of Titleist Pro V1 golf balls.
Tracy Irwin, AMP
Mortgage Broker

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