22 September 2011
Just when we think mortgage rates are as low as they can go… we just received a very attractive nmortgage rate special…3.29% for 5 years fixed rate is available for any deals that require CMHC insurance (less than 20% down payment).
I also thought this would be a great time to do a refresher on the other programs we have to offer that could really benefit your clients:
Flexdown-Borrowed Funds – Can Borrow Up to 5%
We have a lender that participates in this program where the clients can borrow the downpayment from a line of credit or credit card or a personal loan. The clients must have 1.5% closing costs set aside. Payments for the borrowed funds are included in the mortgage application.
**Current 5yr rate special for this product is 3.39%.***
No Money Down Mortgage
The lender offers up to $25K for the downpayment, but the client has to have 1.5% of the purchase price already set aside for the closing costs. For this service the client is only offered the 5 year posted rate-currently at 5.39%.
Cashback
Clients can take advantage of up to 5% cash back from the lender. The 5% cashback cannot form the clients downpayment or closing costs, and the funds are not released to the client until after the mortgage completes. The client can receive gifted funds from an immediate family to close the purchase (downpayment and closing costs) and receive the cashback funds after closing. For this service the client is only offered the 5 year posted rate-currently at 5.39%.
Clients need to have clean credit, stable income and 1.5% of the purchase price in savings for closing costs. The rate is 5.39% (banks posted rate) which is not bad, my first mortgage was 6.50% and I thought that was really good at the time!
Interesting fact I heard on the radio the other day that over 50% of young perspective homeowners now believe that interest rates are not that low and they feel mortgage rates average range. They obviously did not live through the 80's or 90's! Funny how we get accustomed to our surroundings.
To book this low rate or to find out more about our Special Programs, please call our office at 604 536-3802
