Hope you all had a great weekend…..and thank goodness we didn’t get any snow!! But I think snow would be the least of our worries…..with all the talk about New Qualifying Rates and Rule Changes.
I just received an announcement from one lender that the rates may be increasing by as much as .25% within the next 24hrs…..
Funny the Government didn’t change the overnight rate a couple of weeks ago but the Banks and Lending Institutions are doing everything they can to gain Market Share.
And as you may all be aware TD Raised their Prime Rate a few weeks ago to 2.85% (SO FAR NO ONE ELSE HAS FOLLOWED)
We are still offering Prime 2.70% less .35% to .50% VARIABLE PRODUCT – depending on institution and client qualification.
I also heard prior to the weekend that there will be an announcement today from the government regarding First Time Home Buyers…….Hmmmm does this mean they may lower the qualifying rate….I am sure hoping that is the case…..but honestly I don’t know!!!
And Finally – we are fast approaching the dreaded November 30th date which is the day that all the changes will take place – yes there are more…..but we are still unclear as to what those changes are and how they will affect consumers.
I will try to keep you posted as I hear things but if you have any questions – you know you can call me anytime to discuss.
Thank you all and Have a Fantastic week!!!
A referral is the greatest compliment a person could ever receive!
Nelia Skilich | Mortgage Broker
Phone: 905.450.5553 | Mobile: 416.550.8827 | Fax: 905.796.2697
Lic. # M08004392