Mortgage Rates

[beecue]

Would this be a bad time to check what I would be pre-approved for?

[gwill]

^your other either prepared to buy a house or condo or aren't. What are your plans?

[beecue]

Thinking about purchasing a condo. Just not sure when to go in for mortgage approval. I will be getting a salary bump in January so would it be better to go in after that? Do banks also look at job stability or is it a combination of everything? I've only been at my new job for a few months.

[Meback]

Originally posted by beecue
Thinking about purchasing a condo. Just not sure when to go in for mortgage approval. I will be getting a salary bump in January so would it be better to go in after that? Do banks also look at job stability or is it a combination of everything? I've only been at my new job for a few months.

sounds like u want to completely max out. I suggest just going in now, banks already love giving away cheap money.

[tpurcell4]

It's never too nearly to make a plan. I will PM you and we can look at what your options are.

[tpurcell4]

Here is the aftermath of the rate increases since Friday. Not too bad, still some great specials out there! PM me if you are interested in learning more!

Cheers,

Todd Purcell

[tpurcell4]

In addition, here are the values at market close today for financial indicators!

Cheers,

Todd Purcell

[tpurcell4]

A few recent changes. Primarily the 5 year fixed pre-approval rate has increased.

[tpurcell4]

Recent rate updates. Less options available for the lower Variable and 5 year fixed options. The following are still available under various quick close and special programs.

[tpurcell4]

Here are updates on today's financial indicators:

[tpurcell4]

A few more changes in the 5 year fixed and the Variable today.

[tpurcell4]

Today's updated indicators

[tpurcell4]

A few rate changes as of late. On the plus side, speaking with one lender, a possible rate drop scheduled in the new year!

[tpurcell4]

And an update on the financial indicators. A minor increase in the Canadian unemployment rate, but a large jump in the Alberta Unemployment rate. Oil hit the lowest it has in 6 years, and following it was the Canadian dollar, down to $0.7399.

[tpurcell4]

T’was the week before Christmas, when all through the hallways,
All the brokers are stirring, hot coffee and Baileys®.
The files have been settled, with the lenders with care,
In hopes that possession, soon would be there.

The buyers are nestled, all snug in their beds,
While visions of home-ownership, danced in their heads.
And the Realtors® awaiting, the call to release keys,
While the lawyers transfer funds, for nominal fees.

The big day arrives, brushing snow off their feet,
Movers are on route, and the walk-through’s complete.
A sigh of relief, a weight off the chest,
Finally, home with the family, and a much needed rest.

Happy Holidays!

[tpurcell4]

And an update on the indicators!

[tpurcell4]

Rate update February 8, 2016,

We are starting to see rates come back down!

[tpurcell4]

Last Months Financial Indicators and current bond yields.

Canadian Bonds are on a downward trend. Then 10 year bond closed today at 1.053%, which is only 0.004% higher than the 5 year bonds peak on May 17, 2015.

Crude is maintaining its price just above $30, and gold and silver have been on the rise.

Unemployment in Alberta rose to 7.40%, which is the highest it has been since 1996, and the first time it has been higher than the national unemployment rate since 1988.

[tpurcell4]

Down payment Table which takes effect February 15, 2016
New rule is 5% on the first $500,000 and 10% on the remaining balance of the purchase price.

This is a quick cheat sheet when trying to determine how much you need for down payment after February 15th up to $1,000,000!

[tpurcell4]

Latest Rates: We have seen a slight drop for 5 year pre-approvals down to 2.69%, and there are some options available for 5 year fixed rates as low as 2.39% (there are several conditions that apply to these rates).

Please contact us should you have any questions!