 | Current interest rates:
Prime Rate .................... 3.00
Qualifying Rate .............. 5.29 3 year fixed ................... 2.89 5 year fixed ................... 3.19 7 year fixed ................... 3.89
10 year fixed ................. 3.89 Variable rate ................. 2.85 (Prime - .15%) | 
|
|
| Join Our List
|
|
|
Tracy's Q and Eh?
|
|
Q: Which part of Canada boasts having the most expensive 2-bedroom apartment rental in 2010?
Eh: CMHC says bragging rights belong to Iqaluit, Nunavut at $2,365 per month. Second place goes to Yellowknife at $1,486 per month. [Ouch... cold and expensive at the same time.] |
|
|
| Greetings,
This month's mouth watering mortgage morsel serves up two options for cash strapped RRSP investors. The first is the obvious RRSP Loan. The second solution is a Cash Back Mortgage. The RRSP deadline for 2011 contributions is February 29, 2012, by the way. Read on!
|
|
RRSP Loan OR Cash Back Mortgage?
|
|
An RRSP Loan is simply a straight loan secured against other assets or investments instead of your house. RRSP Loans are meant to be short-term.
A Cash Back Mortgage is different from an RRSP Loan in that it provides you with 1 - 7% of your mortgage in cash on closing. You can take that cash and immediately make an RRSP contribution.
Each has its relative benefits...
RRSP Loan advantages:
- You can sometimes borrow more with an RRSP Loan than with a cash back mortgage, depending on the mortgage amount and lender.
- Unlike a Cash Back Mortgage, there is no claw-back of cash to consider with an RRSP Loan. If you decide to break a Cash Back Mortgage early, you typically must pay back a pro rata portion of the cash you received.
Cash Back Mortgage advantages:
- Monthly payments are normally lower on funds borrowed for RRSP contributions. That's because the amortization period of a mortgage is typically longer than an RRSP Loan.
- Most mortgages compound semi-annually. In contrast, RRSP Loans often compound monthly, which is slightly more costly.
Key Difference between an RRSP Loan and Cash Back Mortgage is the interest rate.
- RRSP Loan rates: currently 3.0 to 7.0% depending on lender, amount, qualifications, term, etc.
- Cash Back rates: usually 0.40% to 2.00% more than a standard fixed mortgage, which means roughly 3.60% to 5.29% today. Again, the rate is dependent on factors such as lender, amount, mortgage term, etc.
Want to learn more? Contact me today!
|
|
|
Introducing... XPANSE™
|
|
XPANSE™ is a NEW! 6 week empowerment program starting March 22nd, designed for women by women contemplating or going through separation and/or divorce.
Qualified and professional "Empowerers" in these areas will allay your inner most fears and inspire confidence: Life Coach, Collaborative Family Lawyer and Enlightened Litigator, Financial Planner, Money Coach, Naturopathic Doctor, Mortgage Broker.
Click to learn more about the XPANSE™ program or contact Lead Empowerer, Tracy Irwin at 905.961.2798 or tracy@xpanse.ca. Contact is absolutely confidential. |
|
Amazing But True Golf Facts
| | |
The only golfer to be named the youngest and oldest player to win the Masters in 1963 and 1986 was The Golden Bear himself, Jack Nicklaus.
|
|
Tracy Irwin, AMP
Mortgage Broker
1-866-797-7616
|
|
|
|
