Edmonton Real Estate Blog

By: The Canadian Press, Published on Fri Jun 28 2013

To take advantage of these rates call:

Chita Rattanarasy

The Mortgage Group Alberta Ltd.

780-932-2225

Zero down payment mortgages will ends on October 31, 2012. In order to get in before the deadline, buyers need a offer in place by October 31 and must take possession before December 31.

For any buyers who have difficulty saving a down payment, this is a great alternative to renting. Lenders are tightening up and once this ends, I can’t see lenders bringing it back.

Today (June 21, 2012), the federal government announced amendments to government-backed mortgage standards in Canada that will take effect on July 9, 2012. These changes will make it more difficult to qualify for a mortgage, and will reduce the mortgage amount that you will be able to get. Buy now before the changes come into affect.

Jim Flaherty, Minister of Finance, announced the following changes to the standards governing government-backed insured mortgages:

the maximum amortization period was reduced from 30 years to 25 years;  the maximum amount Canadians can withdraw in refinancing their mortgages was lowered to 80 per cent from 85 per cent of the value of their homes; the maximum gross debt service ratio was fixed at 39 per cent and the maximum total debt service ratio at 44 per cent; and the availability of government-backed insured mortgages was limited to homes with a purchase price of less
than $1 million.

Better buy now before the mortgage rule changes making it more difficult to buy a home, and making it less affordable.

http://business.financialpost.com/2012/06/21/ottawa-tightens-mortgage-rules-what-the-analysts-say/

So, today is the official first day of Spring!!!! The real estate market is very brisk these days and prices are on the rise.

There is a great mortgage rates out there right now. 3 year and 4 year fixed promotion: 2.79% (3y) and 2.99% (4y) It’s an amazing rate, no restriction on amortization or prepayment privileges. It is a PROMOTION so will disappear at anytime.

For more information visit www.edmontonmortgagesource.com

Lenders and policy makers are currently in discussions to change the mortgage rules again!! They are currently debating reducing the maximum amortization period back down to 25 years. This will make mortgage payments higher and will reduce the overall amount of a mortgage you will be able to qualify for.

They are also having discussions about increasing the amount of down payment required to buy.

Both of these will have a huge impact on your ability to buy, and how much you will be paying monthly. If you are thinking of buying you should consider buying right now before these changes come into being.

Search all MLS listed homes on our website www.edmontonhomesforsale.biz or call me today 780-995-6520

It might appear that the downward pressure on valuations are easing somewhat. With 3,065 single family dwellings for sale the amount of inventory is coming down. In the last 30 days there were 656 single family homes that sold.

That give us a listing to sales ratio of 4.67:1 which is down from the previous week and hopefully is a trend that will reverse and we will see valuation rise again as I expect them to do in early spring of 2012.

That makes now a perfect time to buy with the current low interest rates that are available. To check out todays best mortgage rates visit www.edmontonmortgagesource.com

My mortgage broker recently told me of a special promotion on some mortgage rates.

Right now she has 4 year rate at 2.99% and 5 year rate at 3.29%. This is a great time to get pre-approved for a mortgage to buy or if you have a renewal coming up.

You can contact her at www.edmontonmortgagesource.com

With today’s interest rates being so low and the downward pressure on valuations right now I think this is an ideal time to buy before prices go back up as anticipated in the spring time.

To check out today’s mortgage interest rates or would like to get pre-approved for a mortgage check out www.edmontonmortgagesource.com

Edmonton mortgage rates information provided by Chit Rattanarasy of Dominion Lending Centres Optimum.  For more informations visit her at http://www.edmontonbestmortgagerates.com

Terms           Bank Rates        Our Rates
6 Month      4.45%                  3.95%
1 YEAR        3.50%                  2.64%
2 YEARS      3.75%                  3.29%
3 YEARS      4.35%                  3.59%
4 YEARS      5.14%                  3.84%
5 YEARS      5.44%                  3.94%
7 YEARS      6.34%                  4.94%
10 YEARS    6.65%                  5.15%
Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%
Variable rate mortgages from as low as Prime – .70% 
 Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.
*O.A.C., E.& O.E.