With the hike of fixed rates again last week with some of the 5 big banks variable rates are looking attractive with a discount if -40 off prime interest rate currently at 3% making a 5 year variable rate 2.6%. A 5 year fixed is 3.39-3.79 depending on lender.
Variable rate mortgages are a great option but also come with a few challenges too, to qualify for a variable rate we must use a higher rate which can impact your borrowing power as well they fluctuate with the Bank of Canada prime lending rate so there definitely is more risk attached.
Best way to know if variable rates are for you is get informed and look at all your options. Any questions you can call me or email me! 1-888-819-6536 or firstname.lastname@example.org.
Bank Vs Broker
A good credit score is required to obtain “A” lenders best mortgage rates.
But what are some options out their for you to rebuild your credit so you can take advantage of A lenders and A mortgage rates.
Lendit created a GIC Investment Loans to help people build up their financial savings and also re-establish their credit history. No matter why you have bad credit, Lendit’s loans are designed to help you re-establish your credit history, invest your loan in a secure GIC, jumpstart your savings, and even earn you interest on your investment. They specialize in lending to people with poor credit, and their products are affordable and designed not to take advantage of our customers.
Here is how LendIt works;
|How a Lendit GIC Investment Loan Works|
|Your Lendit loan is automatically invested into a GIC (Guaranteed Investment Certificate) with a Canadian Financial Institution – in trust for you.|
|Your investment is insured by the CDIC, so you know your money is safe.|
|Your repayment history is reported to your credit profile helping you build your credit rating.|
|Only 12.99% per annum, much lower than secured credit cards or bad credit card loans!|
|Three loan options to fit your budget: $2,300, $3,200 or $5,500.|
|Access cash during the term of your loan based on the equity you’ve built up in your GIC.|
|Get full access to your GIC plus interest at the end of the loan term.|
|Lendit GIC Loans are available even if you haven’t been discharged from bankruptcy or are still making payments under a consumer proposal.
Applying for a Lendit GIC Investment Loan is simple and approvals can be obtained within 48 hours.
Contact me at email@example.com for more information or by phone at 1-888-819-6536