The Bank of Canada has suggested they will continue to put off any increases to bank Prime which impacts variable rate mortgage pricing, and we continue to see bond yields decrease down almost to 1%. This means that mortgage rates are below 3% for both fixed and variable products. Wow!
Even though rates are low and there appears to be no immediate upward pressure on rates, it is always beneficial to have your buyers pre-qualified for purchasing. This can mean different things at different lenders, varying from a full approval after having reviewed an applicant’s confirmation of income and down payment to simply having a short conversation with a bank employee at the teller window.
You can always be assured that your Origin Mortgage Advisor completes a full pre-approval for all applicants including obtaining an updated credit history and a review of their employment and down payment documentation. This way you and your clients can take action with total confidence.
Additionally, Origin offers our pre-approval clients the same best mortgage rates and terms as we do to our purchasing clients. Not all lenders and brokerage firms can make the same claim. In fact, we can offer our pre-approval clients a 5 year fixed rate as low as 2.89%. There are no odd restrictions or rate commitment terms with this product, just a great rate and competitive repayment terms.
Talk to a Mortgage Broker today about getting pre-approved today. If you don't know one, I have a great one I can recommend.