Today’s Mortgage Update: April 2018

I am so thankful every day for (good) mortgage brokers. Their job is tough (and tedious if you ask me), and a good broker can be the difference between you securing a great new home, or struggling to make sense of the new mortgage rules and requirements. Every time my clients have had issues with their financing, it’s because they’re going through a bank, who hinders the process with red tape and blanket requirements that don’t take into account unique situations. The mortgage world world has seen a lot of changes in the last few years, and recently, since slight increases in interest rates. Most people don’t know that you can still get a mortgage with a sub-3% rate, which is very good. Whether or not this is possible for you, and whether or not it makes sense for you, depends on a million other factors, and that’s what a good mortgage broker is there to determine.

One of my preferred Mortgage Broker Teams, Pinsky Mortgages, had made this handy chart with today’s mortgage rates* to give you an idea of what you can expect:

Term Insured Insurable Uninsurable
5 Yr Variable 2.40% 2.41% 2.75%
5 Yr Fixed 3.19% 3.19% 3.44%
3 Yr Fixed 3.09% 3.09% 3.29%
2 Yr Fixed 3.19% 3.19 3.19%

*Note that rates can increase or decrease, and can change based on the specifics of your financial situation.

Contact Pinsky Mortgages to get a crash course in the mortgage world and how you fit in. You’ll have an understanding of your best options and how they affect your short and long term goals. Pinsky has helped my clients through very intricate and confusing scenarios, so there’s no doubt they can find a solution for anyone.