April 2012  |  Edition #39
Mortgage Loan Minute 60 seconds to informed home ownership
Linus van Pelt
In This Issue
Tracy's Q and Eh?
Would Linus Choose a 5 or 10 Year Term Mortgage?
New Session of XPANSE Starts May 3rd
Amazing But True Golf Facts

  Current interest rates: 

  Prime Rate ....................  3.00
  Qualifying Rate ..............  5.44
  3 year fixed ...................   3.14  
  5 year fixed ...................   3.29
  7 year fixed ...................   3.94
  10 year fixed .................   3.99  
  Variable rate .................   2.80
  (Prime - .20%)

Quick Links

Tracy Irwin, AMP

Join Our List
Join Our Mailing List

Tracy's Q and Eh?

Q:  Is there a way to compare a closing date to a particular rate hold expiry date, in order to determine the shortest rate hold period?


Eh:  Try this mortgage rate hold calculator. You'll be able to quickly determine which rate hold period applies to a given closing date (assuming you apply today); when to submit an application in order to qualify for a specific rate hold and the number of days between any two dates. Keep in mind, the calculator doesn't factor in holidays.   


Connect with me
Find us on FacebookView our profile on LinkedIn Follow us on Twitter


If Linus Had to Decide
Would He Choose a 5 or 10 Year Term Mortgage?

Over the last few months, variable rate mortgages have lost their luster as discounts off of the 3% prime rate are shrinking or disappearing altogether. Financial institutions have lowered rates for four or five year mortgages to as low as 2.99%.

Enter the Great Pumpkin. Not a legendary being invented by Linus, but rather a new mortgage product - the 10-year mortgage. The Canadian Association of Accredited Mortgage Professionals says 10-year mortgages are about 1% of the marketplace right now - but that may change as rates for the decade - long term have dropped to an all-time low with some lenders said to be offering an interest rate of 3.99%.

The decision on whether to go 5 or 10 should be based on your risk tolerance. In other words, how big would you like your security blanket to be? While variable rate mortgages represent the highest risk (because of floating rates), the 10-year term represents the ultimate in security - but with a higher premium.


Get all the facts. Work with an Accredited Mortgage Professional to understand which product is right for you. "Because after all, happiness is a warm blanket, Charlie Brown." By the way, I think Linus would have chosen the 10 year term for sure.What industry professionals chose.  


Ready to learn more? Contact me today!  

Forward to a Friend 

XPANSE logo  

X Marks the Spot 
Contemplating or Facing Separation or Divorce?

Gain access to support, tools, resources and inspiration. Become part of a holistic empowerment program designed for women by women and connect with an integrated team of 'Empowerers' that provide you with a sense of ease in all areas of your life.


Next workshop series begins:

Thursday, May 3rd in Oakville

(click on date to register)


More about XPANSE. I encourage you to preview and share my recent interview on the energy around this incredible movement.     

" ... the program is exactly what you said it would be - empowering. Every week I see it more and more and it continues to make me a stronger and more informed person. I understand more and what to do to deal with my situation and, for that I thank you and those who are there alongside me in this journey as we care and encourage one another."



Amazing But True Golf Facts
What golfer hit Ben Crenshaw in the head with his putter, forcing Crenshaw to head for the hospital? Ben Crenshaw. Double ouch!

Tracy Irwin, AMP
Mortgage Broker

A referral is the highest compliment a person can give... your referrals are sincerely appreciated! Join my Referral Rewards Program today.  

Contact me at  tracy@tracyirwinmortgages.com