Now's definitely the time to be Jolly...and think of saying goodbye to your landlord!! I just got the latest interest info from one of my trusted Mortgage Specialists, Bruna Di'Iorio from HLC (Home Loans Canada).

Bruna has just secured a mortgage for clients of mine: a cash back mortgage at 2.2 % interest. They're renting right now...and in a couple of months they'll be moving into their new address! The amazing part is it's going to cost them the same price as their apartment did! Which confirms my belief that right now the prices are great, selection is fantastic..and interest rates are low...so why pay someone else's mortgage when you can pay down your own!!! It's a win/win situation!! When you get your Mortgage statement at the end of the year and see that you've increased your equity by 3 or 4 thousand dollars in the very first year!

As an example, a $150,000 mortgage at the 5 year fixed rate of 3.69%, 25 year amortization, will cost you $764.00 a month. (taxes will add another $200 or so) At the end of 5 years, your mortgage would only be $129,866. If you were to take advantage of the 5 year variable rate of 2.2% but make the payments of the 5 year closed, after 5 years, your mortgage would only be $119,397.00 !!!! Now that's called getting ahead! If you want to see which is more economical for you...renting or buying, check out this nifty calculator

http://www.mortgagecalculatorcanada.com/rentbuy.html

UPDATED MORTGAGE RATES FROM Bruna Di'Iorio, Mortgage Agent, FSCO lic# M08001919, HLC Homes Loans Canada FSCO Lic # 10423  Call Bruna at (905)972-3249 and tell her Donna sent you!!  

Bank of Canada rate is 3%

Variable Rate- Prime less .8     2.2%

Posted Best Rates: 

1 Year fixed  2.35%

2 Year fixed  3.20%

3 Year fixed  3.49%

4 Year fixed  3.54%

5 Year fixed  3.69%

7 Year fixed  4.25%

10 Year fixed 5.15%

Wow...these are excellent rates! It's a tremendous market for Buyers right now...with loads of great properties to pick from! Think about beating the Spring Rush and take advantage of great prices and excellent mortgage rates!