12 Feb

The ABC’s of alternative lending. Consumers Report February 2019.

General

Posted by: Anne Martin

Welcome to the February issue of my monthly newsletter!

This month’s edition looks at alternative lending and the qualifications of your mortgage agent/broker.
Please contact me with any questions or comments on the information below.
Thanks again for your continued support and referrals!


The ABC’s of alternative lending

Most homebuyers, when it comes to their financing, want the best rate possible. And that usually means turning to either the big banks, credit unions, or monoline lenders. In the mortgage business, these lenders are typically called, “A” lenders. If you’ve got good credit, a good job and decent down payment, you’re probably looking at one of these A lenders. But there are some people who don’t fit into conventional lending, and that’s where you might hear the term “Alt A”, or alternative lender. An alternative lender is a mortgage company backed by investors offering mortgage financing with different guidelines on credit and debt servicing and a focus on the property and exit plan.

Alternative lenders are typically there for people coming out of a bankruptcy, with bruised credit, or are self-employed and need to prove some sort of cash flow.

Borrowers will generally need to have minimum 20 to 25 percent down, there will be applicable lender and broker fees and rates will be higher than conventional lenders. But the rates may not be as high as you think. Some of these Alt A lenders are offering one-year rates between 4.35 and 5.8 per cent. Using an Alt A lender can be a great stepping stone towards a conventional mortgage with the best discounted rate and no fees.

With addition of tougher mortgage rules and stress tests, more people are turning to an alternative lender out of necessity.

If someone has enough equity, there’s always a lender who can assist with financing, but it will come with higher rates and fees.

If you find yourself on the outside of conventional lending, a well-qualified mortgage professional can help you navigate the alternative lending space to help you get the best product that fits your needs

Qualified to make sure you qualify

If you need open-heart surgery, you want to be sure the doctor in the operating room knows what he/she is doing. You want to know they’ve got the professional education, skills and experience to carry out the life-saving procedure.

You would expect nothing less from the person handling the biggest financial decision of your life – your mortgage broker.

Though a mortgage broker doesn’t need quite the same qualifications as a heart surgeon, there are still rigorous standards each mortgage professional must meet to do their job.

While regulations can vary in each province, mortgage professionals need to be registered with a government body and be licensed to carry out broker activities.

First, each broker must complete a provincially approved course for mortgage brokering. These courses are offered through various colleges and institutions and can take days or months to complete. In Ontario, for instance, after completing the course, aspiring brokers need to be hired by a Financial Services Commission of Ontario licensed brokerage, in which the brokerage applies to the commission for that particular broker’s licence.  Licences must be renewed every 2 years, and are subject to mandatory relicensing education.

Agencies like FSCO have the power to investigate public complaints, hand out fines, and suspend or revoke licences of brokers.

Not only are courses for mortgage brokers a good foundation, bit it’s these organization’s background and criminal checks that are most important.

Consumers can take comfort in knowing that their mortgage broker has gone through a rigorous screening process before they have any contact with them. The standards in place are also good at weeding out people in the industry.

There are a number of online resources available to the public through the various licensing agencies. Don’t be afraid to ask your mortgage broker about their background; they’ll be more than proud to share with you their qualifications.

HOMEOWNER TIPS…

Homeowner Insurance:

Much like car insurance, the higher the deductible you choose, the lower the annual premiums will be on your home insurance. But the problem with selecting a high deductible is that smaller claims/problems such as broken windows or damaged sheetrock from a leaky pipe, which will typically cost only a few hundred dollars to fix, will most likely be absorbed by you as the homeowner.

 

DID YOU KNOW…
Now’s the perfect time of year for a free mortgage check-up. With Spring on its way and interest rates still hovering near historic lows, it makes sense for us to revisit your mortgage and ensure it still meets your needs. Perhaps you’ve been thinking about refinancing to consolidate debt, purchasing a rental or vacation property, or you simply want to take a vacation. Whatever your needs, we can evaluate your situation and help you determine what’s right for you.
28 Jan

Staying Cool in the 2019 market. Consumer’s Home Digest January 2019.

General

Posted by: Anne Martin

Welcome to the January issue of my monthly newsletter!

This month’s edition looks at ways to stay cool in the housing market and making 2019 your turnaround year. Please let me know if you have any questions or feedback regarding anything outlined below.

Thanks again for your continued support and referrals!

Staying cool in the 2019 market

With each New Year, comes the promise of renewal. But for some, the changing calendar can bring anxiety. Especially when it comes to finances. And if you’re getting all worried about mortgage rates after seeing frequent increases the last 18 months, you really shouldn’t fret, and here’s why.

We’ve been spoiled as borrowers for years. Interest rates have been at generational lows for some time. It’s given many of us the opportunity to get into the housing market and find our dream homes. But what goes down must always come up? Maybe that’s not completely correct, but it was only a matter of time before rates climbed back to a more traditional area. As we left 2018, the Bank of Canada rate was 1 3/4 per cent. The reality is, if the economists have it right, rates are going to continue to rise for the next 12 to 24 months. The best fixed-rate mortgage could be at six per cent when all is said and done.

So rather than be scared, be educated.

Fixed rates are typically tied to the world economy where the variable rate is linked to the Canadian economy. When the economy is stable, variable rates will remain low to stimulate buying.

Adding to the rise in rates are the government stress test rules. In the fall of 2017, OSFI, (the Office of Superintendent of Financial Institutions) the agency that regulates the financial industry, announced tighter rules on mortgages. The biggest change related to uninsured mortgages, or homebuyers with 20 per cent or more for a down payment. These people are now required to go through a “stress test” or qualify using a minimum qualifying rate.

The changes came a year after a similar stress test was introduced for insured mortgages.

It will be up to the federal government if the rise in rates will make them reconsider the stress tests in place. But unless something changes, rates are going to rise. It’s important to keep in mind, a quarter point increase in the BOC rate equates to $13 on every $100,000 of mortgage. It’s not insignificant, especially if you’re carrying a million dollar mortgage, but it’s also very survivable.

In fact, the rates are the only thing we have no control over. There are some things you can do to take the power back. If you’re carrying some hefty credit and consumer debt, a refinance is something to consider. Yes, refinancing your mortgage mid-cycle might mean you lose that ultra-low rate you got a couple years ago, but getting rid of your high-interest debt could save you thousands a year. It may also be the time to have a conversation with your mortgage broker about a transfer. If you got a mortgage prior to 2016, making a switch and resetting your amortization at the rates now may be better than waiting a couple years when your mortgage is up for renewal.

Don’t get hung up on what the rates are doing and where they’re at. There’s lots of things to consider, but fear isn’t one of them.

Making 2019 your turnaround year

It’s become a bit of a cliché to talk about resolutions at the start of the New Year. You’re going to be inundated with pitches to exercise more, “eat right” or pick up a new hobby. These resolutions start out with the best of intentions but ultimately most of us can’t manage to keep them. Within a few days or weeks, we’re back to our old habits. Perhaps only a psychiatrist knows why we can’t keep our resolutions. While giving up the sweets might seem like an impossible task, getting into some good financial habits at the start of the year is easier than you think. And there is no better time to look at what you might be doing right and perhaps wrong when it comes to your finances and make a change to see a more prosperous 2019. These are by no means brand new ideas but rather tried and tested concepts worth considering.

  • Set and write down your financial goals for the year. Having these goals written down will help you stay on task. Review them as often as you need to.
  • Review your household budget. Sometimes we get caught off guard by just how much money we’re spending every month. Take a good look at those expenses, and if there are a few items you can cut, go for it. Everyone has something they spend their money on they think they can’t live without. But being fiscally responsible takes some discipline.

 

  • Pay down your credit cards. Credit can be a great thing. It helps get you out of a bind when you need it, or help with an important purchase you can pay for later. But having too much credit-card debt can hurt in the long run. Try to pay off as much of your credit-card debt as you can. Every little bit helps.
  • Plan for an annual review day. That means sitting down with your accountant, financial planner, even your mortgage broker to see where you are with your finances. Can you pay a little more for your mortgage? Is there a new government policy or an investment that you haven’t heard about from which you could benefit? Financial professionals are up to speed on all the latest options and can advise you accordingly.
  • Be realistic. We’re constantly squeezed between the things we want to buy and the bills we have to pay. You’re not likely going to go from zero to hero financially in a month, but taking a few easy steps, making good choices and chipping away at your debt will start to pay off.

These are just some basic tips to follow. With so many experts and places to look for financial advice, there’s really no excuse not to use the turn of the calendar to get started.

HOMEOWNER TIPS…

The majority of wealthier Canadians mortgage their homes by choice. 67% of high net worth Canadians (those with $500,000 or more in investable assets) with a mortgage have the cash to pay off their home – in full – but don’t, according to a survey for Investors Group. Their reasons for holding on to their mortgage vary, including tax planning and income-generating rental properties. In Canada, mortgage interest on rental properties is tax deductible.

DID YOU KNOW…
The majority of wealthier Canadians mortgage their homes by choice. 67% of high net worth Canadians (those with $500,000 or more in investable assets) with a mortgage have the cash to pay off their home – in full – but don’t, according to a survey for Investors Group. Their reasons for holding on to their mortgage vary, including tax planning and income-generating rental properties. In Canada, mortgage interest on rental properties is tax deductible.
7 Jan

What’s in store for 2019. Blog by Dr. Sherry Cooper economist for DLC.

General

Posted by: Anne Martin

 

 

 

 

 

Dr. Sherry Cooper offers her predictions for 2019.

1). Canada’s economy will continue to under perform the U.S.

2.) Canada’s population growth will lead the G7 by a wide margin.

3.) Canadian consumers are tapped out

4.) The Fed and the Bank of Canada will raise rates in 2019 by more than the market currently expects.

5.) Even with only modest rate increases in 2019, consumers will be impacted because they are so heavily exposed to debt.

6.) This effect will be offset by stronger wage growth

7.) Rising interest rates will squeeze government spending for the feds and provinces with significant debt loads.

8.) Corporate balance sheets will be negatively impacted by higher interest rates

9.) Canada could be caught in the crosshairs of a U.S.-China trade war, but free-trade deals with Europe (CETA) and China (CPTPP) will reap benefits

10). Comparable to last year, housing in 2019 will not fuel Canada’s national economy, thanks to macroprudential policy measures and modestly higher interest rates. Housing accounted for a record-high percentage of overall economic growth and job creation until early last year.

For the full blog, please visit

What’s In Store For 2019?

 

 

 

6 Dec

Bank of Canada holds its rate. Mortgage Market Update December 6, 2018

General

Posted by: Anne Martin

MARKET UPDATE

Bank of Canada Update

As expected, the Bank of Canada held the current interest rate at 1.75%.

Dominion Lending Centre’s Chief Economist Dr. Sherry Cooper breaks down the Bank of Canada rate announcement.

15 Money Saving Tips

There are many ways to save money and build strong lifelong financial habits and skills. And with a new year approaching, now’s a great time to get started!

Here are 15 money-saving tips to live by.

Looking for ways to save more by paying your mortgage off quicker? I’m here to help!

Best fixed rates are as low as *3.49 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.95%

*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 3.34% 3.30%
1 YEAR 3.59% 3.49%
2 YEARS 3.74% 3.54%
3 YEARS 3.89% 3.65%
4 YEARS 3.94% 3.64%
5 YEARS 5.59% *3.49 – 3.69 %
7 YEARS 5.80% 4.04%
10 YEARS 6.10% 4.14%
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.

26 Nov

Reminder about identity theft. Mortgage Market Update November 23, 2018

General

Posted by: Anne Martin

 

MARKET UPDATE

An important reminder about identity theft

As the holiday season quickly approaches, and we’re making more purchases that ever, it’s important to be mindful of identity theft while fulfilling your wish lists.

Identity theft is a serious crime that can negatively impact your credit score without you even being aware.

Click here to learn how to protect your personal information, and prevent identity theft and credit fraud.

Have questions? I’m here to help!

Best fixed rates are as low as *3.59 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate is 3.95%

*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 3.34% 3.30%
1 YEAR 3.59% 3.49%
2 YEARS 3.74% 3.54%
3 YEARS 3.89% 3.65%
4 YEARS 3.94% 3.64%
5 YEARS 5.59% *3.59 – 3.69 %
7 YEARS 5.80% 4.04%
10 YEARS 6.10% 4.14%
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.

25 Oct

Bank of Canada benchmark rate increases. October 24, 2018

General

Posted by: Anne Martin

 

Bank of Canada Update

The Bank of Canada (BoC) raised its trendsetting interest rate by a quarter percentage during its latest rate meeting Wednesday – bringing the benchmark to 1.75%.

This was an expected hike, as The BoC and economists had hinted at another increase this year. The new United States-Mexico-Canada Agreement (USMCA) – formerly known as NAFTA – pretty much sealed the deal for a hike this month as it settled a large source of trade uncertainty.

The key rate has been raised five times since June 2017 – to 1.75% from 0.5% – and is at its highest in nearly a decade.

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.

This means now’s the perfect time to start home shopping if you’re in the market for a new property and/or examine your debt levels. Pay particular attention to unsecured debt such as credit lines that are impacted by rising rates as well as high-interest credit cards.

I can help you build a plan to pay debt down as quickly as possible so you’re cutting down on the amount of interest you pay. Answers to your questions are just a call or email away.

Best fixed rates are as low as *3.54 – 3.69 % for a 5 year fixed,
variable rate mortgages from as low as p-.95%
Prime Rate was 3.70%, many lenders have raised theirs to 3.95%.

*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% 3.29%
2 YEARS 3.74% 3.44%
3 YEARS 3.89% 3.54%
4 YEARS 3.94% 3.64%
5 YEARS 5.59% *3.54 – 3.69 %
7 YEARS 5.80% 4.04%
10 YEARS 6.10% 4.14%
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.

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.