15 Oct

The art of leveraging. Consumer ‘s Home Digest October 2018.

General

Posted by: Anne Martin

Welcome to the October issue of my monthly newsletter!

This month’s edition looks at getting a mortgage for an investment property any why the banks offer different rates. Please let me know if you have any questions or feedback regarding anything outlined below.

Thanks again for your continued support and referrals!


The art of leveraging

For some people, just owning one property and having a single mortgage is enough to handle. But for others, home ownership can be a gateway to owning multiple investment properties. You might be thinking: there’s no way I can turn the value of my modest home into a real estate empire. Ok, maybe not an empire, but you can take the equity of your home and, with the right investment, get a return far greater than a stock portfolio.

Most people are trained to stay out of debt and don’t want to consider using the equity in their home to buy an investment property. But they haven’t realized the art of leveraging.

If you’re using equity from your primary residence to buy an investment property, keep in mind that the interest you’re using is tax deductible. Consider that you’re also buying an appreciating asset, and if you compare a real estate portfolio with a stock portfolio, there is no comparison.

Who is a good candidate? You might be surprised to learn you don’t need to make six figures to get into the game.

Essentially, you just have to be someone who wants to be a little smarter with their down payment.

Before you go down that road, there are some quick things you need to know.

With investment properties, the minimum down payment will jump to 20 or 25 per cent from five percent. Rental income from the property can be used to debt service the mortgage application, while some lenders will have a minimum liquid net worth requirement outside of the property.

Most lenders also limit the number of mortgages in a portfolio. Usually, after five mortgages, you’ll be considered a commercial file. However, a mortgage broker can work with other lenders to increase the number of investment properties.

Typically, when you’re considering a mortgage, you’re looking at the rate. But the rate is less important compared to your cash flow and future equity position. If it all sounds like a bit much, consulting a mortgage professional with an understanding of investment financing is the best way to start.

Most people who get into investment real estate think they’ll only end up buying one property, but that’s not usually the case. A broker will prep you for a 10-year plan of purchasing property and position you accordingly. A broker will also have a good understanding of the alt-side of lending and how you can benefit from that type of financing.

A mortgage broker with the right experience and understanding of financing rental properties can be an invaluable resource.


Does the bank have your back?

If your mortgage is coming up for renewal, you’re probably keeping a close eye on rates. But it can be a little bewildering to see the banks offering a bunch of different rates.

If you’re left wondering why, the short answer may be a little harsh. The banks offer different rates because they can, and consumers are brainwashed to believe the banks have their best interest in mind.

So what can you do to get the best rate? To start, know that the bank does not have your best interest in mind. Then, reach out to a mortgage broker for help.

A mortgage broker has no bias opinion on what lender they’re going to use. A reputable broker only thinks about your best interest when deciding where to put the mortgage and has multiple lenders to choose from who compete for your business.

If you’re about to embark on the renewal process, you might want to try this approach. Tell your bank you’re working with a top mortgage broker and you intend to call them back every day to get their best five-year fixed and variable rate.

If your mortgage broker can’t beat that rate, you’ll likely be advised to stay there. However, most of the time, your broker will be able to get you a better rate, just based on the number of different lenders in which they have access.

You’ll likely go back to your bank, who may match the new lower rate, but you should ask yourself an important question: If they really valued your relationship, why didn’t they just offer you that rate in the first place?

With a bit of homework and a mortgage broker, nine out of 10 times you will get you a better rate.

Lastly, you need to keep in mind a mortgage is more than just a rate. You need to consider the personality of your mortgage, and certain aspect like the penalties to break the mortgage and if it’s portable. These are things a mortgage broker can help you figure out.


HOMEOWNER TIPS…
Fall Lawn Care:

What you do for your lawn during the fall will have a great impact on what your lawn will look like next spring. There are four simple steps you can take to help ensure your lawn will be healthy, green and the envy of the neighbourhood next year:

Aerate. This means to puncture your lawn with small holes throughout to allow the fertilizer, sunlight, water and important nutrients that grass needs to grow deep within the ground;
Fertilize. Basically this means feed your lawn before it goes to sleep for the winter;
Overseed. This is when you spread new grass seed all over your existing lawn with a spreader; and
Mow. In November, mow your lawn one more time as short as you can without scalping your lawn. This will help all the other steps above work better.

20 Sep

Are you leaving money on the table? Mortgage Market Update September 20, 2018

General

Posted by: Anne Martin

MARKET UPDATE

Are you leaving money on the table?

It’s just as important to ensure you review your mortgage options when you’re up for renewal as when you secured your very first mortgage.

Still, it appears Canadians are leaving a lot of money on the table when it come to renewing their mortgages.

An HSBC survey earlier this year of 10,000 people across 10 countries showed that Canadians are the least likely to look for a better mortgage product or rate to fit their current needs, with only 50% saying they’ve done so, in comparison to the global average of 61%.

It’s my job to ensure I get the lenders competing for your mortgage business every time you need a mortgage so you’re always matched with the product that best meets your unique needs.

Is your mortgage coming up for renewal or you’re thinking of tapping into your home equity through a refinance? I’m here to help!

Best fixed rates are as low as *3.29 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.70%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

 

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.34% 2.99%
2 YEARS 3.54% 3.24%
3 YEARS 3.69% 3.39%
4 YEARS 3.89% 3.54%
5 YEARS 5.59% *3.29 – 3.69 %
7 YEARS 5.80% 3.79%
10 YEARS 6.10% 3.99%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

 

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

7 Sep

Bank of Canada Holds interest rate. Mortgage Market Update September 7, 2018

General

Posted by: Anne Martin

 

 

MARKET UPDATE

Bank of Canada holds rate

The Bank of Canada (BoC) kept its trendsetting interest rate steady at 1.5% during its latest rate meeting Wednesday.

The BoC also kept the door open to a possible rate hike for its next meeting set for October 24th. This is not a shock, as economists have suggested another increase is possible before the year’s out.

The key rate has been raised four times since last June – to 1.5% from 0.5% – most recently on July 11th.

Overall, rates are expected to gradually increase over the next couple of years, returning to more normal levels, since rates have been near historic lows for several years.

Check out this article from the Financial Post.  http://ow.ly/yTs730lJihC

If you’re planning to buy a home, I can help secure a rate hold to protect you from rising rates while you’re home shopping!

Have questions? I’m here to help!

Best fixed rates are as low as *3.29 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.70%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

 

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.99%
2 YEARS 3.44% 3.24%
3 YEARS 3.59% 3.39%
4 YEARS 3.89% 3.54%
5 YEARS 5.59% *3.29 – 3.69 %
7 YEARS 5.80% 3.79%
10 YEARS 6.10% 3.99%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

30 Aug

Quick Guide to Equifax Credit Score. Mortgage Market Update August 30, 2018

General

Posted by: Anne Martin

 

 

 

 

 

Mortgage Agent #M1000225739 Collier St. #306
Barrie Ontario L4M 1G5
Phone: 705-791-6683 | Email: anne@ndlc.ca
http://www.barriemortgagelocators.com

MARKET UPDATE

A Quick Guide to Your Equifax Credit Report & Equifax Credit Score

Your credit score is important when you’re in the market for a mortgage or other type of loan.  Factors relating to how much credit you have, how much of your credit limits are utilized and how you manage and make payments all contribute to the determination of your credit score.    Most creditors and lenders take all these into consideration when deciding whether or not you are a worthy credit risk.  Keeping all debts paid on time and utilizing a maximum of 75% of your credit limits will provide you with a high credit score and prove you are a good risk for credit and loans.

Watch this quick video to learn the basics on what goes into a credit report, how credit reports relate to credit scores, and how lenders may use them to make financial decisions about you.

Have questions? I’m here to help!

Best fixed rates are as low as *3.29 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.70%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.99%
2 YEARS 3.44% 3.24%
3 YEARS 3.59% 3.39%
4 YEARS 3.89% 3.54%
5 YEARS 5.59% *3.29 – 3.69 %
7 YEARS 5.80% 3.79%
10 YEARS 6.10% 3.99%
Rates are subject to change without notice. *OAC E&OE

 

 

 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

17 Aug

What does your dream home mean to you? Mortgage Market Update August 17, 2018

General

Posted by: Anne Martin

 

 

MARKET UPDATE

What does “Dream Home” mean to you?

The first step to purchasing your dream home is determining what “dream home” means to you.

Is it a spacious suburban house with a big yard? How about a smaller home/property that demands less upkeep?

Once you know what your homebuying goals are, you can plan how to get there. Here’s a three-step guide to getting started. Have questions? I can help you determine which home best matches your needs and budget.

Best fixed rates are as low as *3.29 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.70%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

 

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.99%
2 YEARS 3.44% 3.24%
3 YEARS 3.59% 3.39%
4 YEARS 3.89% 3.54%
5 YEARS 5.59% *3.29 – 3.69 %
7 YEARS 5.80% 3.79%
10 YEARS 6.10% 3.99%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

10 Aug

Buying before selling your home. Mortgage Market Update August 10, 2018

General

Posted by: Anne Martin

 

 

 

MARKET UPDATE

Buying Before Selling Your Home

So, you’ve made the decision to move. Now the million-dollar question presents itself: Should I sell my home first and then buy another property or buy first and then sell?

It’s not an easy choice to make, and can prove stressful for any homeowner. The decision to move is an undertaking in itself and when you’re buying and selling at the same time, there are a number of added factors that come into play. Here are a few things to consider.

Regardless of what you decide to do, I have mortgage options available to meet your unique needs.

Best fixed rates are as low as *3.29 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.70%

*High Ratio/Quick Close Specials

This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

 

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.99%
2 YEARS 3.44% 3.24%
3 YEARS 3.59% 3.39%
4 YEARS 3.89% 3.54%
5 YEARS 5.59% *3.29 – 3.69 %
7 YEARS 5.80% 3.79%
10 YEARS 6.10% 3.99%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.

 
23 Jul

Barrie and area real estate sales perk up in June 2018.

General

Posted by: Anne Martin

The Canadian Real Estate Association released its statistics for the month of June.  All statistics are of interest but one has to take into account the inflated nature of 2016 and 2017 which artificially inflated numbers, only to create large gaps in sales levels, which can be defined as a moderate change back to normal levels.

Fueled by new mortgage rules and interest rate increases, it is hoped that we are returning to a more normal real estate market.

Read the statistics published by the Barrie and District Real Estate Association here.  http://creastats.crea.ca/barr/

In summary……

Residential property sales in the City of Barrie and District perked up in June 2018 to sell 478 unit in June of 2018 which was an increase of 15.2% over June of 2017 but was still below the 5 and 10 year averages for the same month.

Year to date, there were 2178 units sold over the first six months of the year, down 28.5% for the same period in 2017.

Within the city of Barrie, there were 252 in residential sales in June 2018, up 25.4% on a year over year basis.  In surrounding areas there was an increase of 5.6% in year over year sales tottaling 226 units sold.

“Sales activity perked up noticeably from May to June,” said Geoff Halford, 2018 BDAR President. “That improvement, combined with the falling sales trend at this time last year, resulted in a double-digit year-over-year increase in the June 2018 sales figure. That said, we’ve still got a long way to go before activity is anywhere near the record sales activity of early last spring.”

Average prices –

$479,553   –  City of Barrie  (decrease of 6.8% compared to the first 6 months of 2017.

$525,578 –  Surrounding areas (decrease of 9.1% from the first 6 months of 2017)

Listings were up by 15.9% on a year over year basis with 1,095 new listings by the end of June 2018 and was a record for the month.

Active listings by the end of June was 1.766 units which was a big increase for 41.5% from June 2017 and being a more healthy levels.

Sales of all property types in the Barrie region numbered 504 units in June 2018, an increase of 17.5% from June 2017. The total value of all properties sold was $258.5 million, rising 18.9% from June 2017.

 

 

 

16 Jul

Last week: Poloz Opens The Door For More Rate Hikes. Bank of Canada update

General

Posted by: Anne Martin

Poloz Opens The Door For More Rate Hikes

As expected, the Bank of Canada hiked its key overnight rate this morning by 25 basis points to 1.5%. What wasn’t expected was the hawkish tone of the press release which brushed aside the threat of greater protectionism, instead emphasizing the need for higher interest rates to keep inflation near its target. In today’s Monetary Policy Report (MPR), the Bank maintained its forecast for growth of the global economy. The U.S. economy, however, has proven stronger than expected, “reinforcing market expectations of higher policy rates and pushing up the U.S. dollar. Meanwhile, oil prices have risen. Yet, the Canadian dollar is lower, reflecting broad-based U.S. dollar strength and concerns about trade actions.”

Canada’s economy continues to operate close to full capacity. “Household spending is being dampened by higher interest rates and tighter mortgage lending guidelines.”  The ratio of household debt to disposable income is edging down as household credit growth continues to slow (chart below).

Consumer spending growth has been slowing since mid-2017, led by a pullback in interest-sensitive components such as vehicle purchases, furniture, appliances and dwelling maintenance. With the slowdown in housing purchases, housing-related spending has also slowed.

The sensitivity of consumption and housing to interest rates is estimated to be larger than in past cycles, given the elevated ratio of household debt to disposable income. The impact of higher interest rates likely differs across categories of borrowers, with highly indebted households the most affected.

The Bank said that “Recent data suggest housing markets are beginning to stabilize following a weak start to 2018.”  The July MPR report estimates that housing will contribute a mere 0.1 percentage points to growth this year, with no contribution in 2019 and a slightly negative impact in 2020 (see Table below). The MPR elaborated that residential investment is slowing, reflecting the effects of higher interest rates and tighter mortgage rules. Resale activity contracted when the revised measures went into effect but is anticipated to improve over the next few quarters. Data on resale activity and housing starts suggest that the housing market is beginning to stabilize. The growth of new construction spending is expected to slow over the projection horizon. The new mortgage measures may cause households to purchase less-expensive residences because typical homebuyers are now more constrained in how much they can borrow.

Meanwhile, exports are buoyed by strong global demand and higher commodity prices. “Business investment is growing in response to solid demand growth and capacity pressures, although trade tensions are weighing on investment in some sectors. Overall, the Bank still expects average growth of close to 2% over 2018-2020.” This is somewhat above the Bank’s estimate of noninflationary growth at full capacity, the so-called ‘potential’ growth rate.

Inflation remains near 2%, consistent with an economy close to capacity. The Bank estimates that underlying wage growth is running at about 2.3%, slower than would be expected at full employment. The actual growth rate in wages has recently been boosted by increases in the minimum wage rate in some provinces.

These economic projections take into account the estimated impact of tariffs on steel and aluminium recently imposed by the U.S., as well as the countermeasures enacted by Canada. “Although there will be difficult adjustments for some industries and their workers, the effect of these measures on Canadian growth and inflation is expected to be modest.”

The Bank wrapped up its press release with the following statement: “Governing Council expects that higher interest rates will be warranted to keep inflation near target and will continue to take a gradual approach, guided by incoming data. In particular, the Bank is monitoring the economy’s adjustment to higher interest rates and the evolution of capacity and wage pressures, as well as the response of companies and consumers to trade actions.”

Bottom Line: This rate hike signals that the Bank of Canada is determined to bring its benchmark overnight rate back to more normal levels and that the economy is strong enough to withstand further rate increases. The Bank believes that stronger-than-expected business investment, higher oil prices and a weaker Canadian dollar offset the adverse effect of greater trade uncertainty. Exports have surprised on the upside because of strong global demand.

The mix of growth in Canada has shifted from housing and consumption to exports and business investment–the desired result of the many tightening moves introduced by the government, the central bank and the regulators to slow the rise in household debt.  The Bank believes that this shift in the composition of growth will result in a more sustainable expansion.

Markets expect the Bank to gradually hike the benchmark rate until it reaches 2% or 2-1/4% by the end of 2019–implying another 2 or 3 rate hikes by the end of next year. Governor Poloz said today at the press conference that the Bank’s assessment of the neutral rate for the benchmark is 2-1/2% to 3%, but it is uncertain how quickly we will get there.

The Governing Council of the Bank is scheduled to meet again on September 5. The next full update of the Bank’s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on October 24, 2018.

Dr. Sherry Cooper
Chief Economist, Dominion Lending Centres
drcooper@dominionlending.ca

 

16 Jul

Common ways to jeopardize your home financing. Monthly newsletter July 2018.

General

Posted by: Anne Martin

 

 

Common ways people jeopardize home financing

Does this situation sound familiar? You’ve found your forever home, you’ve been approved and completed all your mortgage paperwork. You think you’re done and now you want to buy a whole bunch of furniture for the new abode. Or, perhaps you’ve been eyeing a new car or even a new job at the same time. It seems pretty reasonable to make a life change or purchase, after all, you’ve been approved. What could go wrong you ask? You could sink your mortgage approval faster than a leaky boat.

People mistakenly believe once they’ve been pre-approved or approved by a lender it’s all done. But they don’t realize that a lender may pull their credit within 30 days prior to close. They also don’t realize lenders can request updated documents in that time.

And if some of the original information that got you the mortgage approval in the first places changes – and for the worse – you could lose your financing.

Here’s a short list of changes that could put your mortgage approval at risk.

1. DON’T HAVE YOUR CREDIT PULLED BY ANOTHER BROKER OR LENDER – the lender will often pull your credit again right before financing. If the lender sees that other brokers or lenders have pulled your credit, this might be viewed as credit seeking and can put your funding in jeopardy.

2. DON’T APPLY FOR NEW CREDIT – the lender calculates your debt based on the amount of credit you have. If you are applying for new credit, the obvious assumption is that you are planning on using it. Don’t get any new credit until the closing date is passed.

3. DON’T CLOSE ANY OLD CREDIT ACCOUNTS – Credit is not a bad thing…. unless you are having a hard time managing it. Old credit shows a long history of being able to handle credit. Lenders like that.

4. DON’T MOVE YOUR MONEY AROUND WITHOUT A PAPER TRAIL – When you settle with the bank on the contract of the mortgage, the lender will require bank statements showing your saved money. They look at the history along with the balance. If there are any unusual deposits, you will need to explain where the money comes from. Be prepared to show a paper trail.

5. DON’T INCREASE YOUR EXISTING DEBTS – The lender always looks at your debt to income ratio. If you increase your debt load, you can risk going over the maximum amount of debt compared to your income.

6. DON’T CO-SIGN FOR ANYTHING BEFORE YOU CLOSE – You will inherit the debt on your debt servicing ratio. This extra debt is added to your expenses which will alter your ratios and may affect your approval.

A good mortgage broker will remind you of the pitfalls that can happen if you change your financial situation before closing, but ultimately it’s in your hands. You have to take responsibility and use common sense when you’re in the closing process.

Mortgage rules and the new market

If you own a home, or looking to buy one, you probably know about tighter mortgage rules. In case you were unaware, last fall, OSFI, (the Office of Superintendent of Financial Institutions) the agency that regulates the financial industry, announced changes to rules around mortgages. The biggest change, that affects you, the consumer, relates to uninsured mortgages, or homebuyers with 20 per cent or more for a down payment. These people will have to go through a “stress test” or qualify using a minimum qualifying rate.

These new rules came into effect in January and come on the heels of several rate hikes from the Bank of Canada. And many economists and industry watchers are predicting the bank has a few more rate hikes instore before the year is out. We may already be seeing some of the effects of all this pressure on mortgage financing. Real estate markets, especially in the very heated Toronto-area, are starting to cool quite a bit. The Canadian Real Estate Association (CREA) has adjusted its forecast for home sales across the country, predicting an 11 per cent decline from 2017.

So, do you need to be worried?

If your mortgage is coming up for renewal and you’re staying with your original lender, you don’t need to be at all.

For now, you can just renew without requalifying. However, there have been hints the government could change that in the future.

If you’ve got a steady job, a credit score over 700, no debts and you make $60,000 a year in salary, getting a mortgage also shouldn’t be a problem in this lending environment.

But, it could be tougher if you’re newly self-employed or carrying a large amount of consumer debt. That said, mortgage brokers have access to literally hundreds of lenders and can always find a way to get funding.

So taking everything into consideration, the best thing to do is review your portfolio with your mortgage broker. We’re still in a relatively low rate environment, but it could change come this time next year.

If your mortgage isn’t up until 2019, it may make sense to get out of your current mortgage and pay a small fee to get a better long-term rate.

It’s always a good time to review your mortgage because everybody’s situation is different regardless of where you are in your term.

HOMEOWNER TIPS…

5 Ways to Stay Cool Without Air Conditioning:

  1. When it’s cooler outside than inside, open your windows instead of using air conditioning. Use a window fan, blowing toward the outside, to pull cool air in through other windows and to push hot air out. When it’s hotter outside than inside, close your windows and draw window coverings against direct sunlight.
  2. On hot days, delay heat-producing tasks, such as dishwashing, baking or doing laundry, until the cooler evening or early morning hours.
  3. Caulk around window and door frames, use weather stripping on exterior doors, and have a professional seal gaps where air can travel between the attic and your living space.
  4. Use energy-efficient lighting in your home. CFL and LED light bulbs operate cooler and cost less to use because most of their energy produces light instead of heat. Incandescent light bulbs, on the other hand, lose 90% of their energy as heat.
  5. Leafy shade trees planted on the east and west sides of your home can improve comfort and decrease cooling needs by blocking heat and sunlight. You’ll still have the benefit of heat from the sun in the winter, after the leaves fall. Check with your local garden centre for recommendations.

28 Jun

Recent drop in home prices not expected to continue. Mortgage Market Update June 28, 2018

General

Posted by: Anne Martin

MARKET UPDATE

HOUSING MARKET INSIGHT

The latest Housing Market Insight Ontario report from Canada Mortgage and Housing Corporation (CMHC) says a recent drop in Ontario home prices isn’t expected to continue.

CMHC predicts that moderate economic growth across Ontario will provide support for provincial real estate prices throughout 2018 and 2019.

Market imbalances are easing and fundamentals such as employment, growth in new households and slightly higher interest rates will support home prices. As such, CMHC expects inflation-adjusted home prices in the province will remain relatively stable and close to the levels of last year’s fourth quarter.

Read more

Best fixed rates are as low as *3.29 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.45%

*High Ratio/Quick Close Specials
This is a critical time to sit down and review your household financing needs. Please do not hesitate to contact me should you have any questions.

If you are in the market for a home, book an appointment today to see how the recent regulatory changes by the Office of Superintendent of Financial Institutions will affect your purchase.

**rates subject to change with market conditions – *OAC  **conditions apply E. & O. E.

 

Terms Bank Rates Our Rates
6 Month 3.14% 3.10%
1 YEAR 3.04% 2.99%
2 YEARS 3.44% 3.24%
3 YEARS 3.59% 3.39%
4 YEARS 3.89% 3.54%
5 YEARS 5.59% *3.29 – 3.69 %
7 YEARS 5.80% 3.79%
10 YEARS 6.10% 3.99%
Rates are subject to change without notice. *OAC E&OE
 **Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.”

 

Check with your Dominion Lending Centres Mortgage Professional for full details and to determine what rate will be available for you.