Message from Faisal Jamil -Mortgage Broker:
Many of you should be aware that the fixed rates have gone up, specifically the 5 year rates. The variable remains unchanged.
As rates continue to rise, it is even more important to have your clients pre-approved. I know many of you like to deal with the banks, however if the ratios do not fit that bank you are going to refer them to, what is your plan B and do you have enough time to achieve it? Let a broker do the shopping for you to avoid lost time.
The Bank of Canada is meeting tomorrow to discuss the prime rate. Updates will be sent out accordingly.
Hypotheca courtier hypothécaire AC
|Term||Bank Rate||Hypotheca Rate|
|Variable||3.00% – 0.75% =2.25% – 5 year|
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