2.99% 5 Year Fixed -Until July 9th

Just an FYI. If you are closing on a home within the next 30 days or considering refinancing, we are offering 2.99% for a 5 year fixed mortgage. This applies to high ratio mortgages only (less than 20% down-payment). This offer is valid until July 9th. Contact me today if you are interested. Mark Kupina | 1.888.955.9011 | mark@kmortgage.ca

Weekly Rate Minder

May 29, 2012: This edition of the Weekly Rate Minder has the latest, best rates for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the mortgage that suits your needs. Best of all — our service is free.* It's the selected lender that pays us and YOU get the best rate. Please note that rates shown are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. Check with us for full details and to determine what rate will be available for you.*(O.A.C., E.&O.E.) Explore Mortgage Scenarios with Helpful Calculators at http://www.KupinaMortgage.com

Current Mortgage Rates

Term	Bank rates	Our Rates
6 Month	4.45%	4.45%
1 YEAR	3.20%	2.89%
2 YEARS	3.55%	3.09%
3 YEARS	3.95%	2.99%
4 YEARS	4.64%	3.25%
5 YEARS	5.44%	3.19%
7 YEARS	6.35%	3.99%
10 YEARS	6.75%	3.99%

Rates are subject to change without notice. *OAC E&OE Prime Rate is 3.00% Variable rate mortgage from as low as Prime

The 10-year Versus 5-year Mortgage: Which is Better?

Mortgage debates used to centre around whether to go fixed or variable but the discussion these days is not whether to lock in a rate but for how long? Variable rate mortgages have slumped in popularity over the last few months as discounts off of the 3% prime rate are either shrinking or disappearing. At the same time, financial institutions have dropped rates to as low as 2.99% for terms as long as four or five years. But there is a new entrant to the marketplace — the 10-year mortgage. The Canadian Association of Accredited Mortgage Professionals says 10-year mortgages are about 1% of the marketplace but that may change as rates for the decade-long term have dropped to an all-time low with some lenders said to be offering an interest rate of 3.84%.

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Banks Rolling Back Mortgage Discounts

The deep discounts seen in the Canadian mortgage market in recent weeks are beginning to evaporate, as Canadian banks pull back on the historic low rates they rolled out in January. Royal Bank of Canada announced Monday that it is raising rates on a four-year fixed-rate mortgage with a 30-year amortization, to 3.39 per cent. That is an increase of 40 basis points from the 2.99 per cent RBC had been offering. (A basis point is 1/100th of a percentage point.) RBC also increased the rate slightly on a five-year fixed rate mortgage to 4.04 per cent, an increase of 10 basis points. The move comes after Bank of Montreal recently ended a two-week push in late January that saw it offer five-year fixed-rate mortgages with a 25-year amortization at 2.99 per cent. The move was designed to drum up mortgage sales in an otherwise slow month, and forced other banks to match those rates on a variety of similar offerings. Since banks track each others' moves closely, it is expected others will likely follow with a similar increase in the days ahead, now that RBC and BMO are pulling back. When RBC announced it was dropping its rates Jan. 13, the bank intended to keep them in the market until Feb. 29. The price-cutting by the banks caught Ottawa's attention, as the Bank of Canada and the Finance Department both remain concerned about Canadians taking on too much household debt. Sources told the Globe and Mail last week that officials in Ottawa were unhappy with the price war that developed on mortgage rates in January, at a time when the government is watching the housing market closely, concerned about consumers taking advantage of low rates to pile on debt, which could result in problems in the future if rates begin to rise.

Globe and Mail Update | Published Monday, Feb. 09, 2012 5:03PM EST

5 year 2.95%...take that BMO!

The newest, unthinkable rate is now beatable! If you are looking to purchase or renewing/refinancing your existing mortgage, now would be the time to do it! For those considering the 2-week BMO promotion, be aware of its restrictions. Why deal with us vs. BMO... 1)     Max 25 year amortization vs. 30 years with us 2)     Max 10% Prepayment Privilege Payments vs. 15% and higher with us 3)     Max 10% Increase Payments vs. up to 100% with us 4)     BMO's Flexible Mortgage Features (called Break & Family Care) are not available with this mortgage vs. our lender's Flexible Mortgage Features which are available. 5)     Full repayment before maturity or discharge cannot occur before 5 years unless there is a bona fide sale of the property or if the mortgage is renewed and/or refinanced with BMO. Vs. Repayment with us is allowed with standard prepayment penalties 6)     Our Personal Mortgage Service Hours are the best in the business...24/7! Contact us for more information!!

Kupina Mortgage | info@kupinamortgage.com | 1-888-955-9011