Posted by & filed under Victoria Real Estate Update.

Weekly Mortgage Rate Update from Prime Mortgage Works and Properties in Victoria Professionals.

Mortgage Rates Effective: Sept 13, 2012

“Mortgage delinquency remains at < .50% (LESS than half a percent, really) and though we continue to enjoy low rates, mortgage delinquency is largely unchanged from when rates were 5% in the early 2000’s through to 2008 when rates began to drop. says Callum Greig, owner of Prime Mortgage Works. “Bottom line is historically Canadians pay their mortgages. It may have something to do with the recourse rules around Canadian Mortgages. In Canada if you sell your house with a shortfall owing, then the bank and/or mortgage insurer can go after you for the difference owing. In the U.S. once the house is sold the lender or insurer have no further recourse to go after the shortfall and you, the borrower, is OFF THE HOOK.”

Term Our Best Rates Bank Rates
6 month open 3.80% (Prime +.80%) 6.70%
6 month closed 4.40% 4.55%
1 year 2.39% 4.30%
2 years 2.49% 3.95%
3 years 2.69% 4.55%
4 years 2.99% 4.99%
5 years 3.09% 5.39%
6 years 3.89% 6.30%
7 years 3.79% 6.35%
9 years 4.86% 5.42%
10 years 3.89% 6.75%
1 year variable Prime% 3.00%
3 year variable P – 10% 3.00%
5 year variable P – 35% 3.00%
Prime Rate: 3.00%

*Rates are Subject to Change Without Notice

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and the know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.comor just email Bill and Dave.

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Multiple Royal LePage and Victoria Real Estate Board Award Winners!

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