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| Mortgages
Rates Prime is 3.5% Variable Prime: 4.1% |
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| 6 mo. | 4.75% | |
| 1 yr | 4.49% | |
| 2 yr | 5.35% | |
| 3 yr | 5.15% | |
| 4 yr | 4.9% | |
| 5 yr | 4.99% | |
| 7 yr | 6.20% | |
| 10 yr | 6.4% | |
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| Step 1 | Step 2 | Strategy 1 | Strategy 2 | Paperwork | Costs |
| Mortgage Renewal Information - Rule #1 Some banks are hot, others are not. The
first step on the path to being an educated mortgagor is to realize
that the bank that gave you the biggest discount three years ago
may now have a shortage of investment money, and therefore are less
aggressive in pursuing mortgages. This happens month in and month
out in the money market. A certain bank has an influx of investment
money coming in and becomes very aggressive, offering large discounts
to win new business. The excess money doesn't last forever and eventually
the rates are scaled back to normal levels. Unfortunately the offering
now must still be better than any other lenders. Obviously this
is not the case. This leads us into the first rule of Renewals.
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