Attention Buyers!

Attention Buyers!

As of Monday, May 14th, 2018, the minimum qualifying rate for mortgages increased from 5.14% to 5.34%.
This will decrease the total mortgage amount you will be able to qualify for.
Just as a side note, one year ago the qualifying rate was 4.64%.
To give you an idea of how much impact this has, a couple with a $120,000 household income would have qualified for a mortgage as high as $800,000 a year ago.
Today, that same couple would only qualify approximately for around $600,000. That’s a 25% drop!

Read more about it in this article of the The Financial Post .

Current Mortgage Rates

TERM RATE

2 Year Fixed 2.89%

5 Year Fixed 3.54%

5 Year VRM 2.60% Prime minus 0.40%

 

QUOTE OF THE WEEK

“Either you run the day, or the day runs you.”

–Jim Rohn

 

Have a great week!
Mortgage Expertise at your doorstep 24/7

Paul Croteau, AMP Mortgage Specialist BMO Bank of Montreal

Phone: (905) 321-3230 Fax: (905) 641-7854 Paul.croteau@bmo.com

Current Mortgage Rates for St.Catharines/Niagara

TERM                  RATE

5 Year Fixed        3.29%

5 Year VRM         2.90% Prime minus 0.10%

QUOTE OF THE WEEK

It’s not the having, it’s the getting.
Elizabeth Taylor

Please let me know if you have anyone interested in these great interest rates.

Mortgage Expertise at your doorstep 24/7

Paul Croteau, AMP
Mortgage Specialist
BMO Bank of Montreal
31 King Street
St. Catharines, ON
ph: (905) 321-3230
fx: (905) 641-7854
Paul.Croteau@bmo.com

Current Mortgage Rates for St.Catharines/Niagara

TERM                  RATE

5 Year Fixed        3.29%

5 Year VRM         2.90% Prime minus 0.10%

QUOTE OF THE WEEK

Don’t be obsessed with the technical details, but do be obsessed with the details of the “Customer Experience” Steve Jobs

Please let me know if you have anyone interested in these great interest rates.

Mortgage Expertise at your doorstep 24/7

Paul Croteau, AMP
Mortgage Specialist
BMO Bank of Montreal
31 King Street
St. Catharines, ON
ph: (905) 321-3230
fx: (905) 641-7854
Paul.Croteau@bmo.com

Current Mortgate Rates for St. Catharines/Niagara area

TERM                  RATE

5 Year Fixed        3.29%

5 Year VRM         2.90% Prime minus 0.10%

QUOTE OF THE WEEK

A mind that is stretched by a new experience can never go back to its old dimensions.
Oliver Wendell Holmes, Jr.

 

Please let me know if you have anyone interested in these great interest rates.

Mortgage Expertise at your doorstep 24/7

Paul Croteau, AMP
Mortgage Specialist
BMO Bank of Montreal
31 King Street
St. Catharines, ON
ph: (905) 321-3230
fx: (905) 641-7854
Paul.Croteau@bmo.com

Current Mortgate Rates for St. Catharines/Niagara area

TERM                  RATE

5 Year Fixed        3.29%

5 Year VRM         2.90% Prime minus 0.10%

QUOTE OF THE WEEK

Action is the foundational key to all success. Pablo Picasso

Please let me know if you have anyone interested in these great interest rates.

Mortgage Expertise at your doorstep 24/7

Paul Croteau, AMP
Mortgage Specialist
BMO Bank of Montreal
31 King Street
St. Catharines, ON
ph: (905) 321-3230
fx: (905) 641-7854
Paul.Croteau@bmo.com

Current Mortgate Rates for St. Catharines/Niagara area

TERM                  RATE

5 Year Fixed        3.29%

5 Year VRM         2.90% Prime minus 0.10%

 

QUOTE OF THE WEEK

Action is the foundational key to all success. Pablo Picasso

Please let me know if you have anyone interested in these great interest rates.

Mortgage Expertise at your doorstep 24/7

Paul Croteau, AMP
Mortgage Specialist
BMO Bank of Montreal
31 King Street
St. Catharines, ON
ph: (905) 321-3230
fx: (905) 641-7854
Paul.Croteau@bmo.com