Carlos Montes Calgary Real Estate

November 3, 2010 Mortgage Update by Jen Mikla Calgary Mortgage Broker

This past week was one of my busiest to date. Things certainly do seem to be picking up and gaining more and more momentum. Rates continue to stay low and there are some great deals to be had out there. It’s a good idea to get a pre-approval in place even if you are buying for a while, that way if rates go up you will be protected against the rate increases. 5 year fixed still offered at 3.49% on live deals, and a great 3 year option at 2.90%. 120 day rate hold available at 3.59%. For those looking to hold their mortgages in a line of credit there is a great promotion for the line of credit at Prime, rather than the Prime +1% most lenders are offering.

There still seems to be a lot of confusion on the downpayment requirement for purchasing a owner occupied home. The minimum downpayment is 5% for a home you will be living in. If you are buying a rental property you need to put down 20%. If you aren’t quite there with the 5% down, there are some options out there such as the free downpayment mortgage and certain cashback mortgages where you pay a higher interest rate, BUT you you don’t have to put the 5% down. Something to think about for sure.

Happy November!

Jen Mikla, AMP

Mortgage Planner

Mortgage Architects

P: 403.863.9770

F: 403.398.1360

E: jen@mortgagewithjen.com

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