Weekly Mortgage Rate Update from DLC Prime Mortgage Works Inc and Properties in Victoria Professionals™.
Mortgage Rates Effective: June 22, 2012
New Mortgage Rules were announced yesterday and are scheduled to take effect July 9, 2012, (*Any deals that had been contracted for sale via RESALE or NEW Construction will survive these changes so long as they close by December 31st 2012.) Deals contracted AFTER July 9, 2012 will fall under the NEW RULES.
• Max 25 year amortizations (for HIGH RATIO deals only at this time). NOTE: we still have a number of lenders doing 35 year amortizations on conventional deals, the benefit of using a broker)
• $1 million plus mortgages are no longer insurable (Not a large market here in Victoria)
• Maximum GDS 39% and TDS 44% (Again HIGH RATIO deals only and not a large segment of our market and the extra income of a rental suite can assist here)
• 80% maximum LTV on a refinance (This may be a bit of a challenge for consumers who want to consolidate debts into their home, though many consumers have changed their habits in the last 6 months)
|Term||Our Best Rate||Bank Rates|
|6 Month Open||6.70%||6.70%|
|6 Month Closed||4.40%||4.55%|
|Line of Credit||P+.50%||Prime|
|3 Year Variable||P-.10%||Prime|
|5 Year Variable||P-.15%||Prime|
*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.
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