July 2013  |  Edition #46
Mortgage Loan Minute 60 seconds to informed home ownership
In This Issue
New Immigrant to Canada?
Debt-Servicing Ratios Raise Eyebrows
XPANSE for Separation or Divorce
Tracy's Q and Eh?

  Current interest rates: 

  Prime Rate         ................ 3.00
  Qualifying Rate   ................ 5.14
  6 month             ................  3.95
  1 year               ................  2.70
  2 year               ................  2.69
  3 year fixed       ................  2.84
  4 year               ................  2.99 
  5 year fixed       ................  3.39
  7 year fixed       ................  3.59
  10 year fixed     ................  3.69
  Variable rate      ................  2.60
  (Prime - .40%)

Quick Links

Tracy Irwin, AMP

Join Our List
Join Our Mailing List

New Immigrant to Canada?

Are you new to Canada and not sure where to turn for sound advice on qualifying for a mortgage? The Canadian lending industry has stepped up to create some new solutions to help you access financing and realize your dream of home ownership.

Read the complete article
Watch the video
Talk to Tracy.


Amazing But True  

Golf Facts

Question: Who were the first and last golfers to win the Canadian Open?

Answer:  John H. Oke - 1904 and Scott Piercy - 2012


Connect with me
Find us on FacebookView our profile on LinkedInFollow us on Twitter
Debt-servicing changes raise eyebrows with mortgage brokers! 

Does this make sense to you? Two nationally recognized lenders recently changed how they calculate debt servicing ratios in relation to unsecured lines of credit. The result? While it becomes more difficult to apply for mortgage financing, it's easy to obtain unsecured debt. This change will also have an enormous impact on anyone who has a secured or unsecured line of credit ... even if the balance is zero! We kid you not! Read the article... 

Forward to a Friend 

Going Through Separation or Divorce?


XPANSE provides 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 offer you a sense of ease in all areas of your life.

Meet Empowerer, Meredith Cox Meredith Cox  

Collaborative Family Lawyer,
Mediator and Enlightened Litigator

Meredith Cox's practice focuses exclusively on family and divorce as well as resolving family disputes through litigation, arbitration, mediation, negotiation of domestic contracts (separation agreements, cohabitation agreements, marriage contract) and collaborative family practice.  Learn more about Meredith. 

We invite you to explore the XPANSE program and enroll in the next program starting soon!      



Tracy's Q and Eh?

Q:  How can I reduce my mortgage costs?
  Here are 5 ways:

1. Most mortgages offer pre-payment privileges that let you pay an extra 10 to 25 per cent, per payment or per year. Those payments go directly to the principal and can take years off your mortgage, but few people take advantage of it.

2. Changing from monthly payments to accelerated bi-weekly payments will pay off your mortgage sooner - with significant savings in interest.

3. If your mortgage is up for renewal and you're paying rates from five years ago, get the current lower rate, but don't rush to reduce your payment.

4. Shop around at renewal time. If your current mortgage financing is through a bank, pay attention to how they don't offer a competitive rate until you present it to them via other lender. Is that really fair? 

5. Consult with an Accredited Mortgage Professional like Tracy Irwin and get her knowledge and experience working for you to open doors! 


Tracy Irwin, AMP
Mortgage Broker

A referral is the highest compliment a person can give.  



In a Maritz/CAAMP survey, 82% of mortgage borrowers find out  

about their mortgage broker via referral.   


Join my Referral Rewards Program today and allow me to properly thank you!  

Contact me at  tracy@tracyirwinmortgages.com

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