There are many alternative products available for clients that don’t fit the bank mould due to their type of income, or credit history.
- Business for self mortgages where reported income is low
- Cash income sources (ie. roommate pays cash that will help pay the mortgage)
- Equity lending (strong net worth, low declared income)
- Private and 2nd mortgages
- Bruised or damaged credit
- Consumer proposals
- Former bankruptcy
If you or a client of yours may benefit from one of these products, please give me a call. I am happy to see if there’s a match right now, and/or help people understand what changes they may need to make to qualify down the road.
Full feature, 5 year fixed rates
~ Most Big Bank 5 year fixed rates are around 2.59%.
~ Most Monoline Lender* 5 year fixed rates are around 2.54%.
Basic Feature, 5 year fixed rates
~ Most basic feature mortgages are around 2.44%
~ Most Variable rates are around 2.35%.
*Monoline lenders are lenders that deal only in mortgages. They don’t sell RRSPs, or checking accounts etc. Mono = 1.
**These rates are generally competitive rates to give you a feel for where the market is at. Contact me for quick close deals and rate specials!
Calgary Key Market Indicators
~ WTI Crude Oil is at $46.21 this week (last week it was at $43.33).
~ Natural Gas is at $2.10 this week ($2.10 last week).
~ Canadian dollar settled in a little at $0.78 (last week was $0.77)
~ 5 Year bond is at 0.700 (last week it was at 0.691).
~ Year over year (yoy) inflation in Calgary from March 2015 to March 2016 was 1.4%, February 2015 to February 2016 was also 1.4% (2.0% in January).
~ Year over year Canadian inflation in March was 1.27%. February was 1.36%. In January it was 2.01%. In December it was 1.61%. The Bank of Canada preferred bandwidth is 1.0% to 3.0%.
~ Calgary unemployment dropped for the first time in a while to 8.3% in April. It was 8.6% in March. It was 8.4% in February and 7.7% in January.
~ Canadian unemployment in April was 7.1%.
~ Calgary’s population grew by 1900 in April.
“Someone who is rebellious does not want a solution. Set limits until there is true repentance.”