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 consider myself very fortunate to have had Karen Loehndorf act as my mortgage broker. I found Karen to be quite resourceful as she examined my personal and professional scenario and  all possible options. Her attention to detail and sense of professionalism provided great assurance in her abilities. Throughout my experience with Karen I was pleased in the way Karen shared my enthusiasm and was always accessible and prompt with phone call returns etc... Karen provided sound information regarding all aspects of my mortgage acquisition and followed up  upon completion in the event I had any questions and concerns." - Jolaine St.Pierre

First off, let’s start by discussing what “equity” is. Equity is like your home “working” for you while you sleep. It is the difference between the value of your home, and the balance left owing on your mortgage.

Example; your home is worth $250,000 and your mortgage owing is at $150,000. You have $100,000 worth in equity in your home. Herein lies the power in ownership.

As time goes by, typically the value in your home will go up. This is not a rule written in stone, however over time it should work to your benefit. Ownership x Time = Equity Gains. Whether or not you decide to do anything with your equity is up to you.

Equity Take-Outs

Now that we know what equity is, just how do you go about accessing it? What are the benefits to drawing from it?

Rule #1 – do not decide to access the equity out of your home on a rash decision, or on a whim. There are contributing factors that you may not be aware of at the time of your decision.

Firstly, think about what it is that you want the money for? Are you renovating, or adding onto your home? Maybe the kids need braces? Whatever the reason, we can tell you which route is most advantageous for you.

When you draw equity from your home, you may be “interrupting” your current mortgage situation. Depending on the situation, sometimes it may be necessary to get out of your current mortgage, and register a new one. Factors such as; your current interest rate, your payout penalty (if applicable), lawyers fees (if applicable), a new or higher mortgage amount, must be taken into consideration. Perhaps seeking a line of credit secured against your home is the answer?

Talk to us first and let us assist you in providing the professional mortgage advice you need before you proceed. You likely have more than one option.

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