(778) 668-9320 scott.dawson@verico.ca

There has been little change in mortgage rates since last weeks mortgage rate review. Here’s the best mortgage rates for July 15th, 2013:

What are today’s mortgage rates?

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Best 5 Year Fixed Rate is 3.24%

The 5 year fixed rate mortgage is 3.24%. This is a 30 day quick close rate so it’s perfect if you’re purchasing a home, refinancing or your mortgage is up for renewal in the next 30 days this is for you.

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Best 10 Year Fixed Rate is 3.99%

The 10 Year Fixed Rate is perfect for those people that want the security and piece of mind knowing what your mortgage payment will be for the next 10 years!

If 10 years sounds like a long time, you can take some comfort in knowing that the 10 Year Fixed mortgage is also assumable and portable. Best of all after 5 years you’ll only pay a 3 months interest penalty to break it. Not the IRD.

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What other mortgage products are available?

In this space each week I like to cover a lesser know mortgage product. This weeks product is the CHIP Home Income Plan. Unlike a traditional mortgage in which you make regular payments, a CHIP Home Income Plan mortgage pays you. This product is available exclusively for homeowners age 55 and older and is secured by the equity in your home. Check out this video for more information.

Mortgage Rate Hold

Do you need a mortgage rate hold? Getting pre-approved is easy and once your application is completed I’ll be able to lock in your rate for up to 120 days.

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