April 3, 2008:

When searching for a home, it makes sense to get a mortgage pre-approval and line up the necessary documents prior to house hunting.

What is a pre-approval? Its the process of determining how much money a prospective homebuyer will be eligible to borrow prior to a formal application for a mortgage loan, based on information they have provided.

With a pre-approval, you’ll get a good sense of how much you can afford, and you’ll be assured of a particular mortgage rate for a set period of time. With a locked-in rate, there is no risk of interest rate increases while you are house hunting. A mortgage broker may be able to obtain a longer pre-approval rate hold. Another benefit of a pre-approval is that you’ll be in a much better position to negotiate with sellers.

On the other hand, a pre-approval is not a rock-solid guarantee of financing, does not eliminate the need to make a conditional offer, and you still must consider all closing costs.

I always recommend that you get a pre-approval in person. While it is possible to get pre-approval over the phone or internet, you will get the most value by meeting your mortgage broker one-on-one. This will allow you to ask questions, run scenarios and learn all your options different options. Remember, the amount you are qualified to purchase is not just ONE number. It is a range of amounts based on several factors such as your income, the lender, the interest rate, the down payment, your credit, the type of property, etc. When you are meeting your mortgage broker, he/she should be able to run through the various amounts you will be qualified to purchase.

Thank-you for the opportunity to earn your business J

   

CURRENT INTEREST RATES: If you have any questions regarding rates or programs, please contact direct at 604.716.0203.
 

Date

6mth

1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

7 Year

10 Year

VRM  prime

Comments/Specials

Posted rates

3/10/08

9.40

7.25

7.30

7.30

7.19

7.29

7.55

7.70

8.05

5.25

Posted are TD/Canada Trust Rates
                         

ATB Financial

4/1/08

6.95 cls

5.10

5.95

5.95

5.95

5.69*

    

6.80

-.60

*5yr rate =30 day quick close - 30 mos= 5.95 - AB only

Bridgewater Gold

3/6/08

  

6.70

6.20

6.15

  

5.69

    

6.69

-.25

  

Citizens

3/31/08

  

6.20

6.20

6.20

6.15

5.94

  

6.30

  

-.25

VRM 3 yr

Coast Capital Svgs

3/10/08

6.5 cls

5.85

5.85

5.85

5.85

5.85

    

6.25

-.40

BC only

Concentra

3/31/08

7.00 cls

6.00

6.05

6.05

6.05

5.89

  

6.65

6.80

-.25

5yr insured rate = 5.79

Desjardins

3/17/08

7.05 cls

5.49

5.74

5.74

5.74

5.59*

      

-.65

Ontario only  *5yr term = 725+ beacon

Envision

3/25/08

6.85 cls

6.40

6.25

6.20

6.04

6.04

  

6.35

6.50

-.50

BC only

Firstline

4/2/08

7.70 cls

7.10

6.00

5.90

5.80

5.69*

  

6.05

6.20

-.50

Dbl Presidential (due 2012) = 5.80  *30 day quick cls

First National

3/13/08

7.05 cls

5.20*

5.50

5.39*

6.05

5.79

6.35

6.20

6.25

-.60

*Limited time offer

Gulf & Fraser

3/26/08

6.6 cls

6.15

6.00

5.95

5.79

5.74

  

6.25

  

-.50

BC only

HSBC Bank

4/2/08

5.94 cls

5.05

5.89

5.89

5.79

5.62

  

6.10

6.15

-.45

  

Industrial Alliance

3/25/08

      

6.05

6.00

5.54*

6.25

6.35

6.70

-.50

*No Frills - Ontario only

ING Direct

3/25/08

  

5.50

5.50

5.50

6.05

5.79

  

6.20

6.25

-.60

  

Interior Savings C. U.

3/25/08

7.05 cls

6.20

6.25

6.25

5.95

5.70*

  

6.20

8.20

-.25

*5 yr rate to be funded by May 1, 2008

Laurentian

3/24/08

7.05 cls

6.25

6.45

6.20

6.10

5.74

  

6.20

6.60

-.50

  

Maple Trust A

3/25/08

  

5.20

5.50

5.50

6.00

5.69

  

6.35

  

-.75*

*spcl variable until Apr 30, 2008 - conditions apply

Macquarie

4/2/08

      

5.45

  

5.59*

      

-.75**

*High Ratio clsd 100-499K  **Variable expires June 30th

MCAP

3/27/08

6.5 cls

5.50

5.50

5.50

6.05

5.59*

  

6.20

6.25

-.60

Teaser rates available - contact BDM   *30 day quick close

Merix

3/31/08

7.20

5.50

5.50

5.50

5.50

5.35*

6.25

6.25

6.40

-.60

*45 Day Quick Close Offer

National Bank

3/31/08

  

4.99*

5.49

5.49

5.59

5.64*

6.15

6.20

6.45

-.50

*Best 1 yr cls rate - *5 yr 30 day quick close

Northern Savings C.U.

3/25/08

  

6.65

6.70

6.20

6.05

5.84

  

6.55

6.90

-.50

BC only

North Shore C.U.

3/28/08

  

5.79

5.79

5.69

5.74

5.74

          

ResMor

3/31/08

  

5.99

5.99

5.99

5.99

5.74

      

-.50

  

Scotia Express

4/1/08

6.95 cls

5.10*

5.50

5.50

6.00

5.79

  

6.35

6.55

-.50

*1yr rate - (SNSL) expires April 30

Street Capital

3/13/08

      

6.30

  

5.79*

        

*5 yr rate is $250-$499k (up to 250k=5.84) ( 500k+ =5.74)

TD/Canada Trust

4/1/08

6.95 cls

5.10

5.95

5.95

5.79

5.54*

6.25

6.25

6.50

-.60

*p-.80 spcl cond apply / *5yr rate = 45 day quick close

Valley First

3/31/08

  

6.35

6.45

6.20

5.75

5.80

      

-.55

BC only

VanCity

3/31/08

  

6.10

6.10

6.10

6.10

5.79

  

6.25

6.50

-.25

VRM 3 yr  - BC only

Westminster Savings

4/2/08

8.8 op

5.32

5.69

5.66

5.82

5.75

  

6.25

6.30

-.50

BC only - Approved Brokers

Xceed

4/1/08

      

5.69

  

5.64

        

AAA Credit
   
     
                         

David Nguyen,MortgageConsultant
Dominion LendingDowntown Financial
An IndependentlyOwned&Operated Corporation
1428W. 7thAvenue
Vancouver,BC.
V6H1C1
Tel:604.716.0203      Fax: 1.866.662.9548
Click here to watch myvideo presentation

Email: dnguyen@dominionlending.ca           Webste:www.davidnguyen.ca

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