If you’re look­ing for a way to improve cash­flow with lower pay­ments, there are still lenders that have 35, and even 40 year mort­gages avail­able. As long as you have 20% equity in your home, this is some­thing we can still con­sider. So if you’re giv­ing thought to refi­nanc­ing to con­sol­i­date some bills, let’s talk about your options. For a no oblig­a­tion con­sul­ta­tion, please call my office at 416 698 9990.

If you or some­one you know was giv­ing some thought to refi­nanc­ing some debts or adding the cost of a ren­o­va­tion to their mort­gage, you may want to give this some urgent thought as the new gov­ern­ment rule restrict­ing refi­nances to 85% of the value of your home will take effect late next week.

Cur­rently, home­own­ers can refi­nance up to 90% of the value of their home. When the rules take effect March 18th, this will drop to 85%. For some­one with a $400,000 home, this can mean a $20,000 difference!

If you cur­rently carry a large debt load, it makes sense to explore this option as you can reduce your bor­row­ing costs sig­nif­i­cantly and improve cash flow by hun­dreds of dol­lars per month!

By con­tact­ing a mort­gage bro­ker, you’re using a pro­fes­sional that can guide you through this process and make rec­om­men­da­tions that can save you thou­sands of dol­lars in inter­est and costs.

Give my office a call now if you have ques­tions or need more infor­ma­tion. Or, feel free to com­plete my online appli­ca­tion and we’ll give you a call once we receive it. Don’t delay, as this option is only avail­able a short time longer!

Many econ­o­mists are pre­dict­ing that if this strong out­put and the global recov­ery con­tin­ues, we could see increases as soon as the sec­ond half of this year, and a one per­cent increase in prime by the end of 2011.

I’m firmly of the belief that you pick a horse and ride it.  There’s no clear indi­ca­tor that rates are going to rise at a mete­oric rate so no need to lock in at this point. 

If you are los­ing sleep over this, or want to lock into rates while they are still around 4%, then this would be the time.  Oth­er­wise, stay put and ride out the cycle as you will likely end up bet­ter in the long run.

If you have a higher rate than what is quoted in this update, then there may be some ben­e­fit to switch­ing so please feel free to con­tact me to discuss.

I always rec­om­mend you give me a call before com­mit­ting to the idea of lock­ing in, so we can dis­cuss the pros and cons of your decision.

Next Rate Announce­ment: April 12, 2011