Key lending rates have changed – the first increase since July 2007.

Stats Canada has released their first quarter report and the economy is hot as its findings say.  Real GDP has grown 6.1%, the biggest increase in a decade. Residential investment continued to increase for the fourth quarter in a row.

In an effort to slow inflation, Bloomberg has surveyed and 25 of 27 economists say the Bank of Canada will raise the lending rate by a quarter percent.  The markets (predicted by the Overnight Index Swap) are slightly less sure at 70-80% chance of a rate boost.

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There are several variables to consider when looking for a mortgage. One of them is selecting a mortgage term that’s right for you. The mortgage term is the length of time that the mortgage interest rate is fixed. Standard mortgage terms range from 1 -10 years. The choice is yours and depends on your particular financial situation, and whether you’re willing to take a bit of a risk, or you prefer security over potential savings.

In general the longer the term, the higher the rate.

Is a shorter mortgage term right for you?

• Do you plan to move in the next year or two?
• Do you estimate that rates will go up and want to protect yourself against a larger rate increase while taking advantage of the much lower interest rates on 1-3 year terms?

Is a longer mortgage term right for you?

• Do you feel that rates are pretty good now and want to hold on to them as long as possible?
• Do you prefer the security of knowing your payments and interest rate will be the same for a longer period of time?

SMP’s mortgage coordinators can provide you with the details you need to make a choice that works for you. Apply online at www.smpapplication.com.

Finder Financial Services Ltd. has entered into a strategic partnership with Home Trust Company, one of Canada’s leading trust companies, to offer numerous discounted mortgage products through the Sutton Member Program (SMP).

“We are very excited about these new products being offered through Finder Financial Services Ltd. as it ensures that more SMP members will qualify to receive the best mortgage rates in Canada.” says Rene Girard, President of Finder Financial Services Ltd.

With the addition of this partnership, SMP solidifies its third of three very strong lender relationships ensuring that SMP, through its distribution channels, continues to offer the best rate mortgages in the industry.

Visit www.suttonmember.com for current rates.

Finder Financial Services Ltd. has negotiated an industry-leading rate of 3.25% for a 3-year fixed/closed mortgage — a Sutton Member Program exclusive. This is significantly low in comparison to competing rates currently at 3.65%.

“The 3-year term at 3.25% offers incredible value for individuals looking to maximize savings in the short term as well as hedge against the interest rate risk inherent on a traditional 5-year term,” says Rene Girard, President of Finder Financial Services Ltd.

Visit www.suttonmember.com for all rates.

Apply for a mortgage today.

The benefit of getting your mortgage through SMP? We’ll help you find the best mortgage for your needs, at the lowest rate available. A rate savings of even half a percent could save you well over twenty thousand dollars throughout the life of the mortgage.*

As a high-volume, low-risk, low-cost service provider, we have access to preferential rates from the finest Canadian lenders including the lowest rates available in Canada.

We’ll compare rates and products from dozens of lenders offering you flexibility in:

* Fixed and variable rates
* High loan to value ratios
* Wide range of amortization periods
* Mortgage portability
* Prepayment privileges
* Choices for payment frequencies

With SMP you’ll save time and energy — the mortgage application process from beginning to end is completed online and by telephone.

One of our mortgage coordinators will be in touch with you throughout the process.

We’ll add more benefits to the SMP as time goes on so that you’ll experience saving and one-stop shopping for products and services like never before. Stay tuned.

*Normal purchase of an average Canadian home, based on a 5-year term, 30-year life of mortgage, monthly payments, semi-annual compounding.