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The Cabbage Patch / Mortgage Craze

Mike De Sousa

Do you remember the Cabbage Patch dolls?  I think they came out around 1982.  It was a huge craze.  The suppliers could not keep up with the demand; the stores could not keep them on the shelves.  I remember this to be one of the oddest things I had ever seen regarding supply and demand.  Really.... what was it all about? Mothers would be crying in a parking lot of a store because they could not get the last doll on the shelf.  Never mind they waited 12 hours in line over night in zero degree temperatures.  My whole attitude was: why wait at all, it’s a doll…another one will come along once this fad has died down.  Not unlike the pet rock…go ask your parents about that one. I was old enough not to want a Cabbage Patch Kid…I was in grade 10 (I know I am dating myself eh!!)  The thing I remember is the frenzy that it caused at the time.

Before the doll I did not notice how a provider of a product could cause such sheer panic!! 

Once again that FRENZY is back with a capital F.  I cannot get over what the lending institutions as a whole have caused in the last 3 months. The mortgage providers and their rhetoric has gone something like this…Interest rates at an all time low… 2.99% for 5 year term…..  3.89% for a 10 year term.  Prime rate is 3%, but who knows how long it is going to stay there.  Redo your mortgage now before it is too late!!! 

Here is what I would like to remind you.  Not all split second decisions are for the best.  I am urging everyone to take a step back and consider all of the pros and cons of redoing your mortgage before it is up for renewal.  Do not refinance because the lenders say it is the right thing to do.  Have an independent mortgage broker review your penalty and compare it to your interest savings to early renew your mortgage.  We will make sure it is in YOUR best interest before you make a decision. 

Everyone needs to relax in this time of frenzied mortgage providers trying to make us decide without thinking things through.  Take the time to talk about what your options are, compare the penalty versus a new mortgage rate….breath, smile, and make a decision you feel comfortable with. 

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671