MORTGAGE RATES UPDATED
With access to over 30 competing banks, trust and life insurance companies, Dave Trithart can find the right combination of mortgage features, options and rates to meet your needs. You’ll get the best mortgage rate possible for the type of mortgage that meets your needs.
TM Trademark of Mortgage Intelligence Inc. ® Registered trademark of Mortgage Intelligence Inc. A GMAC Company
MORTGAGE RATES
TERM - MARKET RATE* - BEST RATE†
6 month - 6.40% - 5.75%
1 year closed - 6.55% - 5.25%
2 year closed - 6.65% - 5.35%
3 year closed - 6.75% - 5.45%
4 year closed - 6.80% - 5.45%
5 year closed - 6.95% - 5.50%
6 year closed - 7.05% - 5.70%
7 year closed - 7.10% - 5.60%
10 year closed - 7.55% - 5.75%
Call today and ask about an Adjustable Rate Mortgage at a rate today of 5.15% !!!!
Bank Prime Lending Rate is currently 6.00%.
Rates Effective June 26, 2006 and subject to change.
* Market rate is the posted rate offered by the majority of Canadian financial insitutions. E&OE† OAC. Certain conditions may apply. Rate subject to borrower, property qualification and can change without notice.
Mortgage Intelligence is Canada’s largest and fastest growing mortgage brokerage firm and a subsidiary of GMAC Residential Funding of Canada.For more information on any of these mortgage terms or how Dave can arrange a financing package to suit your individual needs, please contact Dave Trithart @ 440-9313 Ext-306.
Tuesday, June 27, 2006
Wednesday, June 21, 2006
Mortgage to have 40-year amortization
Offering will not be insured
Wells Fargo & Co. is launching a new mortgage product with a 40-year amortization period – the first of its kind for Canadians. The offering will not be insured, however, suggesting the rate could be higher than typical mortgages.
Longer-term amortizations mean monthly payments are lower, giving younger people, or those with poor credit histories a way to purchase a house that otherwise they couldn't afford. But it also means people can end up paying thousands of dollars more in interest, and can be faced with payments long after they retire.
"People who can't afford a house at 25 years maybe shouldn't be jumping in at 40 years," said Benjamin Tal, senior economist at CIBC World Markets. "They're basically shifting the risk, but they're also carrying longer mortgages and are more vulnerable to economic shocks."
Taking a mortgage worth $300,000, an interest rate of 6.5% and a 25-year term, the monthly payment is $2,009.48, while the total interest paid over the entire term is $302,914.
If the rate and mortgage value are kept the same and the amortization period is 40 years, the monthly payment falls to $1,737.96. But the total interest paid jumps to $534,413.
For years, the longest amortization period available to Canadians was 25 years.
But in March, the Canada Mortgage and Housing Corporation said it would insure 30-year terms, and Genworth Financial Canada said it would insure 35-year terms.
When a loan isn't insured, such as the Wells Fargo one will be offering, the lender usually charges a default insurance premium, which is factored into the rate. The company already offers a similar product in the United States.
Offering will not be insured
Wells Fargo & Co. is launching a new mortgage product with a 40-year amortization period – the first of its kind for Canadians. The offering will not be insured, however, suggesting the rate could be higher than typical mortgages.
Longer-term amortizations mean monthly payments are lower, giving younger people, or those with poor credit histories a way to purchase a house that otherwise they couldn't afford. But it also means people can end up paying thousands of dollars more in interest, and can be faced with payments long after they retire.
"People who can't afford a house at 25 years maybe shouldn't be jumping in at 40 years," said Benjamin Tal, senior economist at CIBC World Markets. "They're basically shifting the risk, but they're also carrying longer mortgages and are more vulnerable to economic shocks."
Taking a mortgage worth $300,000, an interest rate of 6.5% and a 25-year term, the monthly payment is $2,009.48, while the total interest paid over the entire term is $302,914.
If the rate and mortgage value are kept the same and the amortization period is 40 years, the monthly payment falls to $1,737.96. But the total interest paid jumps to $534,413.
For years, the longest amortization period available to Canadians was 25 years.
But in March, the Canada Mortgage and Housing Corporation said it would insure 30-year terms, and Genworth Financial Canada said it would insure 35-year terms.
When a loan isn't insured, such as the Wells Fargo one will be offering, the lender usually charges a default insurance premium, which is factored into the rate. The company already offers a similar product in the United States.
Saturday, June 10, 2006
Current Mortgage Rates
With access to over 30 competing banks, trust and life insurance companies, Dave Trithart can find the right combinationof mortgage features, options and rates to meet your needs. You’ll get the best mortgage rate possible for the typeof mortgage that meets your needs.
TM Trademark of Mortgage Intelligence Inc. ® Registered trademark of Mortgage Intelligence Inc. A GMAC Company
MORTGAGE RATES
TERM - MARKET RATE* - BEST RATE†
6 month - 6.10% - 5.60%
1 year closed - 6.25% - 5.15%
2 year closed - 6.35% - 5.25%
3 year closed - 6.45% - 5.30%
4 year closed - 6.55% - 5.30%
5 year closed - 6.75% - 5.30%
6 year closed - 6.55% - 5.50%
7 year closed - 7.15% - 5.40%
10 year closed - 7.35% - 5.55%
Call today and ask about an Adjustable Rate Mortgage at a rate today of 5.15% !!!!
Bank Prime Lending Rate is currently 6.00%.
Rates Effective June 1, 2006 and subject to change.
* Market rate is the posted rate offered by the majority of Canadian financial insitutions. E&OE
We'd like to thank Dave Trithart of Mortgage Intelligence for providing this update.For more details please call him at (780) 440-9313
With access to over 30 competing banks, trust and life insurance companies, Dave Trithart can find the right combinationof mortgage features, options and rates to meet your needs. You’ll get the best mortgage rate possible for the typeof mortgage that meets your needs.
TM Trademark of Mortgage Intelligence Inc. ® Registered trademark of Mortgage Intelligence Inc. A GMAC Company
MORTGAGE RATES
TERM - MARKET RATE* - BEST RATE†
6 month - 6.10% - 5.60%
1 year closed - 6.25% - 5.15%
2 year closed - 6.35% - 5.25%
3 year closed - 6.45% - 5.30%
4 year closed - 6.55% - 5.30%
5 year closed - 6.75% - 5.30%
6 year closed - 6.55% - 5.50%
7 year closed - 7.15% - 5.40%
10 year closed - 7.35% - 5.55%
Call today and ask about an Adjustable Rate Mortgage at a rate today of 5.15% !!!!
Bank Prime Lending Rate is currently 6.00%.
Rates Effective June 1, 2006 and subject to change.
* Market rate is the posted rate offered by the majority of Canadian financial insitutions. E&OE
We'd like to thank Dave Trithart of Mortgage Intelligence for providing this update.For more details please call him at (780) 440-9313
Single month property sales top previous record by 22%
Edmonton: REALTORS® are riding the crest of a real estate wave as the market continues to shatter previous records. Property sales through the Edmonton Real Estate Board Multiple Listing Service® (MLS®) set a new single month record. In June 2005 the bar was set at 2,448 properties sold in a month. May 2006 sales totalled 3,002 properties: a 22.6% increase.
“Record sales are causing our housing inventory to turn over faster than ever,” said Madeline Sarafinchan, EREB President. “Like many manufacturers, REALTORS® are adopting new ‘just-in-time’ inventory techniques. Computer software provided by the Board, and available only to REALTORS®, can advise clients about a property that meets their needs within minutes of it coming onto the market.” Up to 180 homes are listed on the MLS® each day and new listing advisories are broadcast every 15 minutes.
“REALTORS® found homes for over 2,500 families last month and they continue to meet the demand despite the urgency of this market,” said Sarafinchan. At the end of May there were just 1,857 residential properties in the MLS® inventory and properties sold on average in just 20 days (down from 46 days last May).
The average price* for single family dwellings in May rose to $282,208: a 6.27% increase from April. Condo prices were up 6.14% to $172,553. Duplex and rowhouse prices were up from $221,941 last month to $225,624 in May.
Average residential prices in the Edmonton area are up 23% from this time last year. “Other markets in Canada may be less dynamic,” said Sarafinchan. “But properties come available in all parts of the region and are still reasonably priced compared to other major centres in Canada and Alberta. If I have one piece of advice to give, it’s stay in close touch with your REALTOR® to ensure that you get the best assistance and most up-to-the-minute market information.”
* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact Shami Sandhu.
Edmonton: REALTORS® are riding the crest of a real estate wave as the market continues to shatter previous records. Property sales through the Edmonton Real Estate Board Multiple Listing Service® (MLS®) set a new single month record. In June 2005 the bar was set at 2,448 properties sold in a month. May 2006 sales totalled 3,002 properties: a 22.6% increase.
“Record sales are causing our housing inventory to turn over faster than ever,” said Madeline Sarafinchan, EREB President. “Like many manufacturers, REALTORS® are adopting new ‘just-in-time’ inventory techniques. Computer software provided by the Board, and available only to REALTORS®, can advise clients about a property that meets their needs within minutes of it coming onto the market.” Up to 180 homes are listed on the MLS® each day and new listing advisories are broadcast every 15 minutes.
“REALTORS® found homes for over 2,500 families last month and they continue to meet the demand despite the urgency of this market,” said Sarafinchan. At the end of May there were just 1,857 residential properties in the MLS® inventory and properties sold on average in just 20 days (down from 46 days last May).
The average price* for single family dwellings in May rose to $282,208: a 6.27% increase from April. Condo prices were up 6.14% to $172,553. Duplex and rowhouse prices were up from $221,941 last month to $225,624 in May.
Average residential prices in the Edmonton area are up 23% from this time last year. “Other markets in Canada may be less dynamic,” said Sarafinchan. “But properties come available in all parts of the region and are still reasonably priced compared to other major centres in Canada and Alberta. If I have one piece of advice to give, it’s stay in close touch with your REALTOR® to ensure that you get the best assistance and most up-to-the-minute market information.”
* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact Shami Sandhu.
Saturday, June 03, 2006
KPMG RANKS EDMONTON AS TOP MAJOR CITY!
As you know, housing costs are quickly increasing in Edmonton, due in part to the number of people moving to the area. This study from KPMG shows Edmonton as the least expensive place in Western Canada to run a business.
This could mean more business will open up offices here, increasing the number of jobs and therefore the number of people relocating here and in a round about way could further increase the demand for housing...here is the article:
Edmonton has the lowest business costs of any major city (500,000-plus population) in Western Canada … and western North America, according to an independent report released by KPMG.Edmonton is second only to Saskatoon, Saskatchewan in comparison with 31 cities of all sizes evaluated in western North America. And Edmonton is second only to Quebec City, Quebec in comparison with 20 global cities with populations between 500,000 and one million.Business costs are expressed as an index, with the United States being assigned the baseline index of 100. An index less than 100 indicates lower costs than the U.S. Edmonton’s business cost index is 93.3 … just 3.2 points from the top-ranked Canadian city (Sherbrooke, Quebec).
All 17 business operations measured in Edmonton have low index ratings, ranging from clinical trials (85.9) to telecommunications (96.8). Eight of these business types in Edmonton —advanced software, telecom equipment, specialty chemicals, food processing, pharmaceuticals, medical devices, electronics assembly and shared services centres — are ranked among the top-10 globally for cost-effectiveness.
The 2006 Competitive Alternatives study measured 27 cost components — including labour, taxes, real estate and utilities — as applied to business operations in nine countries: Canada, France, Germany, Italy, Japan, the Netherlands, Singapore, the United Kingdom and the United States.
Business cost comparisons were provided for 95 cities in these countries based on start-up and operational costs for 17 types of businesses over a 10-year planning horizon.
As you know, housing costs are quickly increasing in Edmonton, due in part to the number of people moving to the area. This study from KPMG shows Edmonton as the least expensive place in Western Canada to run a business.
This could mean more business will open up offices here, increasing the number of jobs and therefore the number of people relocating here and in a round about way could further increase the demand for housing...here is the article:
Edmonton has the lowest business costs of any major city (500,000-plus population) in Western Canada … and western North America, according to an independent report released by KPMG.Edmonton is second only to Saskatoon, Saskatchewan in comparison with 31 cities of all sizes evaluated in western North America. And Edmonton is second only to Quebec City, Quebec in comparison with 20 global cities with populations between 500,000 and one million.Business costs are expressed as an index, with the United States being assigned the baseline index of 100. An index less than 100 indicates lower costs than the U.S. Edmonton’s business cost index is 93.3 … just 3.2 points from the top-ranked Canadian city (Sherbrooke, Quebec).
All 17 business operations measured in Edmonton have low index ratings, ranging from clinical trials (85.9) to telecommunications (96.8). Eight of these business types in Edmonton —advanced software, telecom equipment, specialty chemicals, food processing, pharmaceuticals, medical devices, electronics assembly and shared services centres — are ranked among the top-10 globally for cost-effectiveness.
The 2006 Competitive Alternatives study measured 27 cost components — including labour, taxes, real estate and utilities — as applied to business operations in nine countries: Canada, France, Germany, Italy, Japan, the Netherlands, Singapore, the United Kingdom and the United States.
Business cost comparisons were provided for 95 cities in these countries based on start-up and operational costs for 17 types of businesses over a 10-year planning horizon.
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