Mortgage rates drop again

Contact your mortgage broker to latch onto a great low 5 year fixed mortgage rate. At just 3.59%, its not looking like rates can drop any further than this! Last spring, discounted mortgage rates were available at approximately 5.75% ... that's a drop of over 2% in less than a year's time.

Most Canadians never take advantage of their lump sum prepayment feature ... and let's face it, who has extra money to plunk down as a lump sum ? Why do we mention this ? Read on ...

This new "Value Mortgage" offering is specifically designed with this fact in mind. Mortgage lenders take into account the cost of offering a prepayment feature into their normal pricing and the resultant interest rates. By removing this extra cost, they pass the savings on to you.

First-time homebuyers are prime candidates for this type of feature and can reap huge benefits in the savings and spend that money on furnishing their home, RSP contributions, renovations etc.

This new offering will be available Monday, April 27/09 through licensed mortgage brokers.

Over the five year term, this makes for interest-cost savings of roughly $1,200 on a $100,000 mortgage with 25-year amortization period.

For all the details on the product make sure you get in touch with your mortgage broker as soon as possible .. you never know when these historically low rates will disappear again.