Five Year Interest Rates at Record Lows

Valerie Edwards, RE/MAX Camosun

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February 2012

When I first got into the Real Estate industry 22 years ago, I was told that 8.9% for a 5 year term was probably the best I would ever see. Having experienced the record high of 21% in 1981, I had to agree that 8.9% looked very good. Who would have thought that in 2012, buyers would be able to get a 2.99% fixed 5 term mortgage. Amazing!

But interest rates are not the only thing to consider. Payout penalties, annual lump payments allowed, variable rates, and amortization length are also important things to consider. No matter what the banks are currently offering, I always suggest that buyers consult an experienced mortgage broker before committing. Bank loan officers work for their bank and are usually under behind-the-scenes monthly quotas that may affect what you are offered. As well, each bank has it’s own restrictive policies that may not be the best for you. On the other hand, MORTAGE BROKERS WORK FOR YOU AND FOR FREE. They receive their fee from which ever lending institution they end up placing your mortgage with. The point is, that because they have access to many lenders but are employed by none, they can pick the best rates and terms that meet your particular needs. To me that’s a winning situation for the consumer.

Valerie Edwards
Sensitive Sales Solutions
RE/MAX Camosun
Cell: 250-477-9947
Email: valerie@valerieedwards.com
Website: www.valerieedwards.com

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