New lower fixed mortgage rates! – Feb 17, 2009 – Ottawa’s Home Team


New lower fixed mortgage rates! Mortgage rates continue to move lower, definitely helping to motivate reluctant buyers. The following are our current specials, please see attached rate sheet for various term lengths and rates. (coutesy of Mike, Donna and Elyse of )
1 year fixed @ 3.50%, 3 year fixed @ 3.75% and 5 year fixed @ 4.05%!
New Alternate Lender – VFC Home Mortgages is now open for business
VFC Hime Mortgages, a subsidiary of TD bank, is only available via the broker channel
Unique in the industry as a lender who does not use traditional credit scoring or debt service ratios to qualify a deal. Lending decisions are made on the applicants credit profile (or credit behaviours) and property marketability.
Purchases and refinances, including BFS stated income to 90% LTV
Rates are reasonable considering the level of risk involved with this type of lending, rates start as low as 6%.
There are no mortgage insurance premiums to be paid, they self-insure with an administration fee of 1% to 3.5%.
30 & 35 year amortizations available. Just recap, no beacon (credit) score or debt service ratios used to qualify.
The Bank of Canada says it has room for another rate cut at its next March 3 meeting. 
Governor Mark Carney said earlier this week:  "There is further one could move if we saw fit."
Scotia economist Derek Holt says the market is expecting a 1/2% cut, but that is far from certain.  More conservative commentators are predicting 1/4%.
On the other hand, Carney said our economy will bounce back sooner than many expect.  In fact, the BoC projects GDP to rebound at its fastest pace in two decades (3.8%) in 2010. 
When challenged on his optimistic projections, Mr. Carney said, "We don’t do optimism, we don’t do pessimism. We do realism at the Bank of Canada. We don’t do spin."
Positive news as Carney feels the U.S. stimulus package will provide "stabilization" to the North American economy by late this year, or 2010.
Thank you for your continued support,
Mike, Donna and Elyse

Michael Hatch AMP
Mortgage Agent   Lic#M08008114
Integrity Financing – Dominion Lending Centres
704-2197 Riverside Dr, Ottawa , ON K1H 7X3
Tel: 613.203.2030     Fax: 613.424.2111   Toll Free: 1.877.238.3521


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