CURRENT MORTGAGE RATES Last updated:  April 28, 2008 Term Bank Rate Our Rate 6 month 6.20% 6.20% 1 year 6.95% 5.00% 2 years 7.00% 5.85% 3 years 7.00% 5.85% 4 years 6.85% 5.69% 5 years 6.99% 5.35% 7 years 7.40% 6.15% 10 years 7.75% 6.40% Variable Prime - 0.6% 4.15% Prime: 4.75% * rates subject to change without notice    .

"I am writing to express my appreciation of your services in helping me secure my mortgage. I found your advice & service to be impeccable-you have shown an exact understanding of my needs, and your efforts to research & offer me the best advice & options to fit my requirements is greatly appreciated. You remain my first point of call should I ever need assistance & I have no hesitation in recommending you to my friends & other family members. Thanks again."  - Grant Smillie, Calgary, AB

When we do not fit into the Beacon score of 620 + you may need assistance with a higher ratio mortgage from the mortgage insurer.  Genworth Insurance is a consumer friendly product designed to enhance affordability and access to home ownership.  The Genworth Credit Assist  Insurance Program offers an innovative plan to give Canadians who may not typically qualify for a mortgage an opportunity to own a home.  Typical lending criteria can often exclude borrowers based on their past credit events.  Their common-sense underwriting approach individually evaluates borrowers circumstances and enables lenders to extend high-ratio purchase or refinanced mortgages to borrowers with the following characteristics.  These are Product Features:

Genworth Credit Assist

• Purchase up to 95% LTV
• Refinance up to 90% LTV
• For customers who may not qualify for a mortgage according t o traditional underwriting guidelines
• Extended amortization up to 40 years
• Credit bureau score of 540 or higher
• Expanded debt service ratios

Credit Assist (PDF document, 1 page)

AIG Equity Assists

• Max. 95% LTV on Purchase for credit scores of 575+
• Max. 90% LTV on Refinance for credit scores of 575+ - $150k equity removal for debt consolidation or $200k asset enhancing
• Max. 85% LTV on Purchase and Refinance for credit scores of 540+
• 1 to 4 units, 1 unit owner-occupied (refer to Product Sheet for details)
• GDS 35%; TDS 40%
• Minimum 5% down payment from own resources, partial gifts from an immediate family member are eligible
• No foreclosures or bankruptcies in past 2 years
• No mortgage delinquencies in past 6 months

Self Insured lenders would be your next option for obtaining mortgage financing.  The lenders ie Xceed and Wells are two self insured lenders who have products that would suit borrowers who a damage credit that will have to pay a higher interest rate until your credit has come back to a higher level.  What this does it lets you purchase a new or refinance your existing home at a high loan to value with a higher interest rate so you can get into the market and correct your credit all at the same time. 

When you are not sure what your credit is like you can go to the Equifax site and request a copy of your credit bureau.  Canquest can assist in analysis your credit and advising what you need to do to get it back to a higher beacon score.