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.

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.