Hopefully everyone is enjoying the hot Kamloops summer. Stewart Mortgage Corp. has some great new fixed rates to announce effective immediatley.
 
Our 3 year fixed has dropped down from 3.44% to a great low of 2.90%. If you are looking for a low rate and don't want to gamble on a variable this 3 year fixed rate is a great alternative.
 
We also had our 5 year fixed at 3.89% and it has just dropped down to 3.85% this morning.
 

Are you looking at buying a new home or refinancing your current home in the Kamloops Area? This list of important items are a few things you should make sure you know before you finalize your next mortgage. 

Today on Canadian Mortgage Trends they posted an interesting article outlining what all of the Big Bank economists are forecasting for the rates to be by the end of 2011.

Many of our lenders today followed RBC's announcement from yesterday and raised fixed rates slightly effective tomorrow, April 15, 2010. Our new 5 year fixed rate is going to be 4.64% with a quick close of 4.54%. We still have a few lenders left at our old rates so if you are planning on buying in the next few months lock in now at 4.34 for a 60 day rate hold, 4.39% for a 120 day rate hold, 4.58% for a 180 day rate hold or we still have a 30 day quick close available at 4.29%. These rates will only be around for a few more days at the most and they will be up as well with the rest.

What are posted mortgage rates you ask? At all of the big banks (Royal Bank, TD Canada Trust, Scotia Bank, BMO etc) you will notice that they use the term, Posted Rate. Posted Rates are somewhat like a MSRP at a car dealership or a big box retail store; banks offer these rates to new and existing customers as a starting point, there is almost always some room for negotiation with the end result being a discounted rate.
 

In addition to yesterday's post, mortgage rates have started to rise on closed terms effective immediately. The new five year fixed is now 4.39% up from 3.89%, we have a 30 day quick close rate special of 4.09% available. Contact Stewart Mortgage Corp. @ 250.372.1995 or info@stewartmortgage.ca to discuss these rates today and lock in before there is any more movement in rates.
 
250.572.0762 - jamie@stewartmortgage.ca
 

Three of Canada's largest banks signaled today that these record low rates could be coming to an end.
 
RBC Royal Bank, TD Canada Trust and Laurentien Bank will all raise the posted rates by more than half a point effective Tuesday March 30, 2010. These rate hikes will affect three, four and five year closed term mortgages.
 
We still have our low rates, contact Stewart Mortgage Corp. at 250.372.1995 or info@stewartmortgage.ca to lock in today, we are your Kamloops Mortgage Specialists.
 

Looking for ways to improve your credit score? Here are some steps on how to strengthen your credit and raise your beacon score.

The five year variable rate dropped slightly today from prime - .30% to prime -.40%. Prime rate is currently at 2.25%, making the current variable rate on a five year 1.85%.
 
Contact Stewart Mortgage Corp. today to lock in at these low interest rates before the new regulations come in to effect on April 19, 2010.
 
250.572.0762 - jamie@stewartmortgage.ca
 

A lot of new home buyers are unaware of the closing costs that are involved in purchasing a home. Below is a list of some of the costs, as well as an explanation of what they are, to give you a better idea. CMHC & Genworth both recommend that you should have approximately 2% of the mortgage on top of the down payment set aside to cover closing costs.