First Foundation’s Best Rates To Open The Week:
1 Year 2.89%
2 Year 2.49%
3 Year 3.09%
4 Year 3.09%
5 Year 3.29%
7 Year 4.59%
10 Year 4.99%
ARM / Variable 2.90%
Line of Credit 3.50%
Qualifying Rate 5.29%
Global stocks shot higher Monday on strong indications that European leaders are moving toward greater economic integration as the region scrambles to head off a potentially disastrous phase of the sovereign-debt crisis
Canada’s S&P/TSX composite index closed at 11,640.21, up 178.15 points or 1.6 per cent but the real story came form the European markets where Germany’s DAX index rose 4.6 per cent and France’s benchmark index rose 5.5 per cent.
European Leaders have signalled that they will work towards an agreeent that intigrates the Union’s various economies more closely, making budget discipline among all member states binding. This move should essentially reduce the risk of default by any of the members by making them accountable to the whole. This was welcome news to the world markets following a terrible run last week.
The annual CAAMP Mortgage Professionals Conference was held last week and as a regular feature, CAAMP commissioned Moritz Research to perform a study based on 2000 Canadians and their mortgages.
One interesting finding was that Canadians pay off their mortgages an average of seven years quicker than their original amortization.
Even more interesting:
Homeowners who obtained their home financing through a mortgage broker expect to pay their mortgages off two years sooner than homeowners who obtained their mortgages through banks.
This could indicate that brokers are better educating their clients about utilizing prepayment privilages and empowering them to see their mortgages as part of their overall financial stratagy.
Have you used First Foundation’s Mortgage Payoff Calculator? Give it a whirl and you’ll be amazed with how far a few extra payments will take you!