30 Nov

Steady markets this week! Slight decrease in rates! Mortgage Market Update November 29, 2012

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: November 29, 2012  
Keeping you updated on Mortgage Matters

Market Update

Both the bond market and interest rate market remained steady the past seven days. We have 5 year money as low as 2.99%, and 10 year money as low as 3.79%. Variable rate costs as low as prime less.35%. 

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on December 4th, 2012.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada
27 Nov

Early Renewal Offers, Beware!

General

Posted by: Anne Martin

Homeowners should never accept the first rate offer from their existing lender. Without any negotiation, simply signing up for the market rate on a mortgage renewal is unnecessarily costing the homeowner a lot of money on their mortgage.

Generally it is a good idea to start shopping for a new term between four and six months before your current mortgage term expires.

Each lending institution is different. Many will send out your renewal letter very close to the time that your term expires and this does not give you ample time to arrange for a mortgage term through a different lender. This means that you need to be tracking your own mortgage term timeframe and know when it is time to start shopping for a good mortgage renewal rate.

Your lending institution may contact you 6 months prior to the mortgage renewal date.  If you are at a higher rate than the current market trend, they may intice you with an early renewal citing the money you will save.  They will offer to waive any penalties usually associated with an early discharge.  They will make it sound like an offer to good to refuse.  But is it? 

Often the lenders offer will be at a higher rate than the rate you may get from a different lender, therefore, you will be actually paying the early discharge fee and more over the term you sign up for. 

Be cautious.  Before signing on the dotted line, contact an unbiased mortgage professional.  They will do the math and ensure you receive a best possible mortgage opportunity available.

16 Nov

Another uneventful week. Not a bad thing when interest rates are low.

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: November 15, 2012  
Keeping you updated on Mortgage Matters

Market Update

An uneventful week in terms of interest rates. Bonds remained steady with 5 year money currently in the 2.99% – 3.09% range. We still have 10 year funds available at 3.89%. 

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on December 4th, 2012.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada

9 Nov

Economic Summary, 2013 Housing Starts to Moderate, Resales Stable. Mortgage Market Update November 8, 2012

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: November 8, 2012  
Keeping you updated on Mortgage Matters

Market Update

Rates remained unchanged the past week.

In the article below is a summary of an economic forecast given by  Craig Alexander of TD Bank, one of Canada’s top economist, last evening. It is worth your time to review the information. 

Regular 5 year money is currently in the 2.99% – 3.19% range.  
We now have 2 lenders, both conventional and high ratio, offering 10 year funds at 3.89%.                

 

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on December 4th, 2012.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

TD Economic Forecast

Craig Alexander 
Senior Vice President & Chief Economist 
TD Bank Financial Group
Craig Alexander TD Vice President
Craig Alexander

Economic Summary

 

  • Global healing from the financial crisis  is to continue, but slowly and with a risk filled environment.
  • European crisis to remain the #1 risk.
  • U.S.recovery is still fragile, but recovery pieces are beginning to fall into place.
  • U.S. Fed is doing everything they can to stimulate growth.They are still down 4.5 million jobs.
  • The Fiscal Cliff- he feels the U.S. parties will not allow this to happen. 
  • Emerging markets are to pull off a soft landing.
  • The Canadian economy has fared better than most, but needs to transition to export and investment led growth to record a substantial expansion.
  • Interest rates are expected to stay low until 2015, following the U.S. rate pattern. 
  • How do you make a politician make decisions they do not want to?- Have a crisis-this will continue to play out around the world the next several years.  
  • Canada-Consumer and Government can no longer be the engine of growth.
  • Housing market- There is no bubble-The risk is not evenly distributed across Canada-some areas(Vancouver and GTA condo market) are at risk on the short term picture. Longer term, immigration and demographics will correct the GTA condo market. 
 

Canadian Housing Starts to Moderate, Resales Stable in 2013

 

OTTAWA, November 5, 2012 – Canada’s new home market is expected to continue to moderate in the last quarter of 2012 and into 2013. Meanwhile, activity in the existing home market is expected to hold steady, leading to house price growth in line with or slightly below inflation, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter 2012 Housing Market Outlook, Canada Edition.  

 

“A weaker outlook for global economic conditions and the waning of the effect of pre-sales from late 2010 and early 2011, which contributed to support multi-family starts this year, will bring moderation in housing starts next year. Nevertheless, employment growth and net migration will help support housing starts activity going forward,” said Mathieu Laberge, Deputy Chief Economist for CMHC.

 

On an annual basis, housing starts will be in the range of 210,800 to 216,600 units in 2012, with a point forecast of 213,700 units. In 2013, housing starts will be in the range of 177,300 to 209,900 units, with a point forecast of 193,600 units.

Click here to read the full article

 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
TD Economic Forecast…
Canadian Housing Starts to Moderate, Resales Stable in 2013…
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada

9 Nov

Is your mortgage up for renewal? Put the pen down!

General

Posted by: Anne Martin

So, your mortgage has come up for renewal. 

Many banks handle this differently.  Mostly, they will either send you a letter, or give you a phone call shortly before the renewal date.  At this point you will be given a renewal offer including interest rate, with a term that usually reflects your current term.  Sometimes they will give you several options that you can choose from including potential term, amortization and the rate.  

What they are not telling you is that the offer is usually sent with an interest rate higher than what is currently offered on the market to their new business or by other lenders.

This is where you put the pen down!  Remember the tv commercial that says “it’s not nice to treat new friends better than old friends”?  This is a prime example! The bank or lending institution hopes that you will sign without reading the document or asking questions. Therefore they make more money from your mortgage loan than they deserve! They also purposely send it close enough to renewal time hoping that you will feel there is no time to shop around, so you just sign it.

Allow me to reflect on a situation that happened to my daughter recently, not mortgage related but similar.  She had a GIC with one of the big banks, and forgot what the maturity date was.  She got a call 3 DAYS before maturity from the bank rep who left a voice mail.  My daughter called back and left the rep a voice mail .  She was never called back but instead the bank just rolled the GIC into a new GIC with the same terms and their “posted” interest rate.  This rate was well below the rate that most banks currently offer for interest payments on a GIC.  We then made an appointment at the bank where we requested a better rate, sighting a rate that is being offered by their competitor.  Since they were unable to match that rate, we strolled her money over to the competitor and received a better rate of return with better terms and conditions than the original bank.  This holds true for mortgages too. 

Did you know that you can negotiate your interest rate with your bank at renewal time?  Many don’t and if your current lender informed you of the pending renewal early enough, you would have had the time to do so.

Here’s where your friendly mortgage broker, like me, comes in.  When you arrange your mortgage through a licensed mortgage agent, you will be notified approx. 6 months prior to the renewal date of your mortgage.  Although in most cases we cannot hold an interest rate for you for six months, using my free advise you will have lots of time to ponder your situation and to look at options. 

 At the 120 day mark, we can then begin to shop your mortgage to our many lenders and financial institutions to get you the best deal possible.  There is normally no cost for dealing with a mortgage broker and no obligation, therefore, why not?  If staying with your current lender is your best option, you will be informed of that as well. 

Mortgage brokers offer their best rates upfront equal to new and old business!  Our job is to get you the best deal we can find creating an individualized plan, just for you!

So you see, there is good reason to put that pen down! 

Next time, put the pen down, and pick up the phone!  Call a mortgage agent, we are here to help!

3 Nov

Yet another uneventful week. Mortgage Market update November 1, 2012

General

Posted by: Anne Martin

 

Neighbourhood Dominion Lending Centres
FSCO 11764 | Independently Owned & Operated
Mortgage Market Update
Date: November 1, 2012  
Keeping you updated on Mortgage Matters

Market Update

No changes would best describe interest activity for the past week.
Regular 5 year money is currently in the 2.99% – 3.19% range. 
We now have 2 lenders, both conventional and high ratio, offering 10 year funds at 3.89%.                

 

If you have a variable rate of any more than prime +.75 or a fixed rate of 3.75% or more, we should explore the merits of refinancing to a lower rate.  It may result in savings of thousands of dollars and a longer term at today’s record low rates.  

  

Contact us for a free, no obligation review. Spending a few minutes could save you thousands of dollars. 

  

Bank prime is 3.00%


The next meeting of the Bank of Canada is on December 4th, 2012.

  

P.S. If you, your family, or co-workers require guidance on current market trends, please call us, we are always available to help.  

….Anne

 

Bank of Canada held its key interest rate steady at 1%

 

The Bank of Canada held its key interest rate steady at 1% for the seventeenth consecutive time last week. That was expected but in its commentary and Monetary Policy Review, published last week, the Bank  adjusted its outlook somewhat, pushing back the timing of any rate increase.

Click here to read the full article

 

 

Historical Interest Rate Graphs 

 
Below you will find a feature which will give you current interest rate trends.interest rate graph It can also be accessed on our web site. I hope you and your clients find it useful..

 
 

Our Commitment to You 

  • Constant update of Market Conditions
  • Innovative Mortgage Products
  • Value Added Services
  • Unbiased Advice
  • Innovative Mortgage Strategies and NOT just Order Taking
In This Issue
Market Comment
Bank of Canada held its key interest rate steady at 1%…
Interest Rate Graphs
Quick Links

Anne Martin
 Anne Martin
Mortgage Agent
FSCO Lic. M10002257  
Neighbourhood Dominion
Lending Centres
FSCO Lic. 11764

39 Collier Street,
Suite 300
Barrie, ON  L4M 1G5

P: 705.720.1001 x225 or 1.888.500.1841
Direct: 705-791.6683
Fax: 705.739.1893 or 1.866.739.1893

Email
Visit My Website

Like me on Facebook  
 
This email was sent to annem@rogers.com by anne@barriemortgagelocators.com |  
Head Office; Neighbourhood Dominion Lending Centres | FSCO 11764 | Independently Owned and Operated | 1140 Stellar Drive | Newmarket | Ontario | L3Y 7B7 | Canada