A need for a mortgage broker has never been greater then it is today. Lenders are no longer cookie cutter like they have been in the past. Previously you would have a mortgage with very similar mortgage rules and terms with slight variances in rates. Very easy to choose between.
Now the banks have flipped everything on its head and it is like comparing apples to screwdrivers (I would have said oranges but it is more confusing then just comparing two fruits)
Here is some recent changes that is making it more confusing for the public.
– TD recently changed their prime rate from 2.70% to 2.85%. That means all current variable rate clients received a .15% increase on their rates. Changing a prime rate is not uncommon but this usually takes place when the Bank of Canada adjust its lending rate. On top of that no other lenders have changed their prime rate?
They were nice enough to lower the discount they give off the prime rate to -.50%. That means clients get 2.35% for their variable rate (TD previously gave.35% off the 2.70% prime rate to give you a 2.35% variable rate)
Effectively they just increased all the rates to their loyal client base that took variables. I guess they are hoping the public has short term memories.
– Royal Bank just increased their fixed rates. Once again not uncommon! But RBC did it differently this time. They have two sets of rates. A lower rate for people who take 25 year amortizations and a higher rate for people who take 30 year amortizations
These are just a few of the changes that have come through the industry over the last little bit on top of all the rule changes by the government.
Needless to say….call a mortgage broker before making any decisions. We would be more then happy to give you advice on what ever you have been told by the banks.
By Referral Mortgage Consultants*
“Click, Call, Chat – Award Winning Brokers”
Dave 604 897 2741 Jordi 604 615 1312 www.ChilliwackMortgageBroker.com
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*By Referral Mortgage Consultants – doing business as BRMC is: Verico Preferred Financing Inc / Verico Canadian 1st Mortgage Corp which have a co-brokering agreement and there is a common Mortgage relationship and are licensed with the Verico Dreyer Group. Mortgage ownership, that employees of both Mortgage companies may review, advise and help process the Mortgage files. That Verico Preferred Financing Inc & Verico Canadian 1st Mortgage Corp share the some expense and income from mortgages. Kim Langille Featured on thess site is an unlicensed mortgage assistant only, not a Mortgage Consultant. Jordi Browne featured on this site is the Mortgage Broker of record. “The Broker” is Jordi Browne. Jordi Browne also holds a Life Insurance License and represents Verico Canadian 1st Mortgage Corp. Dave Browne featured on this site has a Life Insurance License too but is an independent agent– Jordi and Dave Browne co-broker life insurance files and share expenses, all income retained by Verico Canadian 1st Mortgage Corp.