Newsletter - March 7, 2014

Bank of Canada Update

Ealier this week there was yet another Bank of Canada Meeting.  It probably comes as no surprise to anybody at this point that it was decided yet again to leave the rate unchanged for another term.  It has been speculated that the interest rate should go up and for many it was to go up before now.  With this rate remaining unchanged for as long as it has it brings up the age old debate of fixed vs. variable.  I think the biggest variable to take in to consideration when deciding which way to go is your own unique situation.  There are situations where I find that people might be on a fixed income and could not afford a rate increase down the road, for them I would definitely suggest getting a longer term fixed rate.  Others with a little bit of risk tolerance and can afford a possible rate increase down the road a variable rate might be a good option.  For information about this please contact me.

Don't forget to move your clocks ahead 1hr this weekend. 

Buy a House in Calgary Now
Average List Price: $624,324 (did you know there are approximately 680 listings over $1M?)
Active Listings: 5066
5 year fixed Annual income required:$101,482.21
Debt payments per month: $422.84
5 year variable Annual income required:$121,975.31
Debt payments per month:$508.23
Based on 5% down.  O.A.C.  For Information purposes only. 
**To see what you qualify for contact me**

Buy a House in Airdrie Now
Average List Price: $436,027
Active Listings: 288
5 year fixed Annual income required:$71,756.64
Debt payments per month:$298.99
5 year variable Annual income required:$86,068.99
Debt payments per month:$358.62
Based on 5% down.  O.A.C.  For Information purposes only. 
**To see what you qualify for contact me**

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Shawn Mooney
Bayfield Mortgage Professionals Ltd.
Mortgage Expert
Phone 403-945-8769
Toll Free 1-866-388-1838
Email:
mortgages@shawnmooney.com
Website:
www.shawnmooney.com
Mobile Website
www.shawnmooney.ca 

Current Rates: 
Terms   Our Rates
1 Year   2.74%
2 Years   2.59%
3 Years   2.79%
4 Years   3.09%
5 Years   3.19%
7 Years   4.09%
10 Years   4.49%
VIRM   2.35%
The prime rate is 3.00%
Benchmark rate is 5.24%
Different, lower rates may be available. Please contact me for details. Rates can change anytime. O.A.C. Some special conditions can apply, rate might be quick close or high ratio only.