Mortgage rates are on the rise. If you have been thinking about buying you might want to do sooner than later.

We’re seeing most all lenders now up to the 3.19% 5yr fixed term rates or higher on pre-approvals.   The bond markets are still showing signs of movement, so it could go up a bit from here.  If you are thinking of purchasing, refinancing, or renewing within the next 90-120 we encourage you to do a pre-approval and get a rate hold locked in through us.

If you are seeking an approval on your purchase, refinance, or renewal, then there are a couple non-preapproval lenders that can offer a slightly lower rate on approvals only.  Also, if your financing closes or can close in 30 days or less you can obtain a quick close discount closer to the 2.99% range right now.

If you are thinking about buying a home within the next 4 months you should call in to get pre-approved to lock in today’s interest rates.

For more information call Chita at 780-932-2225 or visit: http://www.edmontonmortgagesource.com/

A good credit report and credit score are important factors in determining whether or not you will be approved for a mortgage. Here are some simple steps you can take to maintain a good credit history and improve your chances of being approved.

What is a Credit Score

Your credit score is a number that illustrates your financial health at a specific point in time. It also serves as an indicator of your financial past, and how consistently you pay off your bills and debts. This is one of the factors mortgage professionals consider in qualifying you for a mortgage.

How to Check Your Credit Score

To find out your credit score, contact Canada’s two credit-reporting agencies: Equifax Canada at www.equifax.ca and TransUnion Canada at www.transunion.ca.

For a fee, these agencies will provide you with an online copy of your credit score as well as a credit report – a detailed summary of your credit history, employment history and personal financial information on file. You can also obtain a free copy of your credit report by mail. If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately.

If You Do Not Have a Credit Score

It’s important to begin building a credit history as early as possible. You can begin to build one by applying for – and responsibly using – a credit card. Your financial institution or mortgage professional can help.

How to Improve Your Credit Score

Demonstrating your ability to manage credit is key to maintaining a good credit score. There are a number of things you can do to improve your credit score.

These include:

• Always pay your bills in full and on time. If you cannot pay the full amount, try to pay at least the required minimum shown on your monthly statement.

• Pay off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible.

• Never go over the limit on your credit cards, and try to keep your balances well below the limits.

• Reduce the number of credit card or loan applications you make.

Once your credit score has improved, work with your mortgage professional to obtain a mortgage that works for you.

Find Out More

To find out more about credit scores and reports, visit the Financial Consumer Agency of Canada website at http://www.fcac-acfc.gc.ca and download or request a free copy of their guide, Understanding Your Credit Report and Credit Score. This guide provides practical, straightforward information on how to obtain and understand your credit report and score, as well as how to build and maintain a good credit.

Source: CMHC Resource

This is the trend in the USA but we follow them fairly closely.

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.

For more information or to get pre-approved visit www.EdmontonMortgageSource.com

Canada’s economy is gradually recovering and is expected to grow by 2.25 % this year and 2.5 % in 2013, according to a new report by the Organization for Economic Co-operation and Development.

Private consumption and investment will continue to be the primary drivers of growth in Canada, said the report, which was published Tuesday.

Canada’s growth will slightly outpace the OECD average, which is expected to be 1.6% in 2012 and 2.2% in 2013.

Source: National Post – May 22, 2012

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

After selling 2 homes in the last 7 days I am really starting to feel that the Edmonton Real Estate market is starting to pick up.

This could be do to the fact that many people are trying to buy before the March 18th deadline for the change in mortgage rules. But I also have to attribute it to a all the economic developement that is starting to happen in Edmonton now and scheduled for the year 2012.

The Edmonton rea estate market should be booming again and I see prices increasing again in the incoming 18 months as well as I expect interest rates to increase and we see economic recovery happening and we see the Bank of Canada trying to curb any inflationary pressures by raising interest rates.

This make now the best time to buy for the next 2 years before prices in Emdonton go up and before interest rates also go up.