Episode 109 Transcript – Difference between a rate hold while camping

Hello there! You have Jessi Johnson live from camping 2009. I’m currently sitting here with my mom and getting bombed by squirrels. You tell the story. What happened? [Last night we had camp robbers. Somebody got into our screen tent which we have over our picnic table. They ate through a roll of toilet paper and about $6 worth of mixed nuts.] A pound of nuts. [An easy, easy pound. There's nothing left. Completely consumed them.] So what did they do to repay us? [Now they are bombing us from up above as we sit here. They're up in the tree eating their bits and it's falling on our heads and in our coffee.] So funny. I’m sitting here reading my Groom-to-be’s Handbook which was mysteriously dropped in my car by my sister-in-law-to-be. I’ll actually have a book review for that in my September newsletter. My real estate point of the day today is the difference between a rate hold and a look back. If you go to the bank a typical rate hold is about 60 days whereas if you get a rate hold with a broker you get about 120. That means if you get a rate hold today and the rates go up you are protected by obtaining this lower interest rate for the duration of your shopping as long as it doesn’t exceed 120 days. You have to close within that time. What we’re offering that is more popular these days, I’m finding people are taking a little bit longer to find a property, is a 90 day look back. What they do is they look back 90 days from your closing purchase date and you get the lowest rate within that 90 days. So if you take six months to find a property then you are not too concerned about exceeding the 120 days. You can reach me at www.jessijohnson.ca or www.firsthomeinfo.ca. Remember to own your life. Have a good day.

I’ll give you a tour of our campsite. Look at that! In my coffee! These are our neighbours from last night who were very loud. Back here we have our own private washrooms with lockable garbage cans for bears. There’s our car which is very dirty from the ride up which actually doesn’t look that bad in the light. There’s our hammock, fishing poles, big huge tent. This was a godsend last night. We have a very large mesh tent surrounding the picnic table to keep out wasps and the mosquitoes last night. Of course we have a campfire which we didn’t use due to the fire restrictions right now. It’s a little unfortunate camping and not being able to have a fire. Over there if you can see that is a beautiful lake behind the cars.