Edition # 4 Volume # 1


Tracy Irwin

Mortgage Loan Minute

... 60 seconds to informed home ownership

Curren interest rates:

Prime Rate ...................   6.00
3 year fixed ..................  5.35 
5 year fixed ..................  5.44
7 year fixed ..................  5.75
10 year fixed ................. 5.90
Variable rate .................  5.05

Pay it forward - Please feel free to forward this email to a friend and let them experience the benefits of informed home ownership.

Irwin Mortgages. AMP

Tracy Irwin Mortgages, AMP


Welcome to the Mortgage Minute!

Check out the
Homeworks Quiz this month for your chance to win a $50.00 gift certificate to Home Depot.

Congratulations to last month's winner of a $50.00 gift certificate to
Marks Work Wearhouse - A. Blinch, Burlington

mortgage minute
What you should know about financing your recreational property .....

There has been unprecedented growth in the recreational property market as Canadians are looking both for an investment and a means to improve their quality of life - not only for themselves, but for their families.

Financing for these properties can be more challenging than traditional borrowing for a primary residence.

Things to consider:

  • does the property have year round access by vehicle?
  • can the property be occupied year round?
  • if on an island, is there year round bridge or ferry access?
  • does the property have a permanent source of electricity?
  • is there a year round supply of water?  From where?
  • is the property part of a rental pool?
  • are there time share interests?

How you answer these questions is what determines how your Mortgage Professional will review your recreational property when determining the lender with the most favourable financing options.

Options for financing:

  • take equity out of your primary residence
  • finance as a second home - with up to 95% loan to value on the purchase
  • take out a second mortgage on your primary residence

If you’re dreaming of a ski chalet, a golf time-share, or a cottage in the Muskokas – start your conversation with a Mortgage Professional today and turn your dream into reality!

For more information, contact Tracy Irwin.

Article by Alison King, Time to Get Organized
A New Twist on Spring Cleaning!
I love Spring time. The snow has melted and the grass is turning green and the buds on the trees are starting to appear. It is a kind of rebirth. It’s a great time to clean and de-clutter! I always feel so much lighter after a de-cluttering session. It’s like losing weight! Your home needs to shed its layers so it can have room to breathe. Read more

homeworks quiz
 » Your chance to win a $50.00 gift certificate from Home Depot
» Answer the Homeworks Quiz question - What is the quote from Barbara Hemphill? (hint:  answer in Homeworks Article above) and send your response to tracy@tracyirwinmortgages.com for your chance to win!
The winner will be announced in next month's newsletter.  

tracy's trivia
» Life lessons from golf by Scott Sindelar, Ph.D., BCFE

» Principle # 3 - In golf, it is important to develop a good swing.  In life, it is important to be able to swing with it. 
We are in balance when we plant our feet equally on the ground.  If we put all our weight on one foot (our job, our relationships, etc.), we will be out of balance.  When out of balance, we are more likely to fall down, miss the target, or lose our valuables in the rough!


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