October 2011  |  Edition #36
Mortgage Loan Minute 60 seconds to informed home ownership

Fall Pumpkins    
In This Issue
CIBC's Class Action Law Suit
Tracy's Q and Eh?
Amazing But True Golf Facts
The Toughest Mortgage Question Ever?

  Current interest rates: 

  Prime Rate ...................  3.00
 Qualifying Rate ..............  5.29
  3 year fixed ..................  2.99
  5 year fixed ..................  3.29
  7 year fixed ..................  4.44
  Variable rate .................  2.55
   (prime - .45%)

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Tracy Irwin, AMP

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 Dear Tracy,
Fall has arrived. The kids are back in school, the temperature is more tolerable, and it's apple and pumpkin picking (and eating) season. We are so blessed to live in Ontario with its abundance of local farmers offering fresh fruits and vegetables. Let's get out there and enjoy it!

When you get home, relax and challenge yourself with The Mortgage Quiz over a cup of tea. What you learn today could help you avoid becoming involved in a class action law suit tomorrow. Read on...    
Another (BIG) Reason to Work with an
 Accredited Mortgage Professional!

Class Action Lawsuit Filed Against CIBC Mortgages  

on Prepayment Penalties 

(Source: Canadian Mortgage Trends, October 12, 2011)

No surprise here... "Consumers hate mortgage prepayment penalties largely because they don't understand them. Now, there is about to be a high-profile challenge of how mortgage penalties are calculated.  

Class Action Law Suit Against CIBCCIBC Mortgages Inc., a subsidiary of CIBC bank, has just been named the subject of a pending class action lawsuit. The intended suit claims that CIBC improperly calculated penalties for customers who broke their mortgages from 2005 to date.

Bridge says the lawsuit applies to most CIBC mortgages, including many of those originated in CIBC branches and through its related entities, such as FirstLine Mortgages and President's Choice Financial."

Read the original article in Canadian Mortgage Trends and supporting article published in Moneyville.  

One of the things I have always taken personal pride in is offering clients education, insight and understanding. That's why you're reading this newsletter! Thank you!


Mortgage Strategies for First Time Home Buyers  


Forward to a Friend 

Tracy's Q and Eh?

Q: With an open term mortgage you can pay the balance owing at any time without incurring a penalty, right?

Right! An open mortgage has the most flexibility since it can be paid off faster - however it does come with a higher interest rate.  An open mortgage is a good choice if you anticipate a move in the near future.  It may also be a good option if you are expecting a large sum of money that would exceed the pre-payment privileges in a fixed rate or variable rate mortgage.
Amazing But True Golf Facts
The Bounce That Made History...
Andrew Magee is the only golfer in PGA history to make a hole-in-one on a par 4 hole during a regular PGA Tour event. He did this with a driver at the 332-yard 17th hole of the 2001 Phoenix Open. The ball bounced off Tom Byrum's putter and into the cup. Byrum was in the group ahead and was squatting down looking over a putt.

The Toughest Mortgage Question EVER? 
Email your toughest mortgage question today! The toughest of the tough, along with my answer will be published in an upcoming Mortgage Loan Minute!

Tracy Irwin, AMP
Mortgage Broker

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