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First Rate A newsletter specifically designed to keep you updated on interest rate trends |
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Note: if this page does not display correctly, click on First Rate - Feb 2006 edition(this page is optimized for MS Outlook, Yahoo mail and Hotmail)
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February 2006
Dear Homeowner,
You just recently signed up to receive First Rate Newsletter. If you are a homeowner (or potential homeowner), you are aware that your mortgage is the single largest expense you'll ever make. Keeping abreast of interest trends will help you make the best decision when your mortgage is up for renewal.
If you don't find value in this email, please send me a quick email so I can remove you from this email list. Thank you.
In this issue:
- Market commentary and Interest rate trends
- What can your mortgage planner do for you?
- Deferred closing costs
Market commentary & Interest rate trends
Despite a slight uptick in the fixed rate market, CIBC World Markets continues to forecast a declining trend in the 2007. The first rate cut is expect by the second quarter of 2007. By the end of the year, the bank forecasts the prime rate to be down by 1%. This reinforces the view that the variable rate strategy will save the most over the long-term. If you feel the need to lock-in, you're better off by waiting until the end of the year.
When chosing a variable rate mortgage, the key is to find a lender that will guaranty at the onset the best rate when you do decide to convert. If rates are increasing, you don't want to have to haggle with your lender for the best interest rate.
Rates and Charts
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Prime @ 6.0% (next review on Mar 6, 2007)
Term
Dec 23
Dec 30
Jan 5
Jan 12
Jan 19
Jan 26
Today
3 year
5.15%
5.15%
5.15%
5.15%
5.15%
5.15%
5.24%
5 year
5.09%
5.09%
5.09%
5.09%
5.09%
5.09%
5.24%
10 year
5.60%
5.60%
5.60%
5.60%
5.60%
5.60%
5.64%
Table shows the discounted residential mortgage rates for 3, 5 and 10 yr closed fixed rate mortgages
For a longer term view, click here to see the 3, 5 & 10 year best residential rate since September 2003 (updated monthly)
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Click to view other relevant graphs
What can your mortgage planner do for you?
Your investments and your mortgages are the two main tools for building wealth. For investments, you'd go to your investment broker for advise. When it comes to mortgages, you need the services of a mortgage planner.
A mortgage planner will focus on helping individuals build wealth through their mortgage. Besides having the expertise in securing a mortgage, this individual will have knowledge financial planning and analysis, real estate investments, taxation and credit. Mortgage planners can assist you to become debt-free sooner, pay less tax, build a real estate portfolio, manage home equity and increase cash flow.
Deferred closing costs
The process of buying a home is exciting but it can also be an overwhelming experience. Unexpected expenses often pop up such as moving costs, improvements on the home and furniture purchases. When looking at your financial picture, consider options that offer you flexibility at a time when you may need it most - Choose First Canadian Title's Deferred Closing Cost Programme, offered exclusively through Invis.
With our programme, you can defer a number of closing costs, including: (1) Land transfer taxes; (2) Legal fees; (3) Title insurance premiums; (4) Registration or levies, if applicable; (5) Disbursements; (5) Applicable taxes
You pay no interest or principal for 6 months - There is a $199 administrative fee for amounts up to $3000 and $249 from $3001 to $10K.
Attend our upcoming seminar on how to make your mortgage tax deductible. Click here for details:
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Please consider the information provided in this newsletter as general information. Before you do anything consult a professional.
To unsubscribe, please click reply with the subject "unsubscribe" and you will be removed from this email list.