What are the Best Mortgage Rates in BC

Understand Discounted Rates and Understand the Possible Penalties. The truth about the Best Mortgage Rates in BC. If it’s too good to be true it often is… Sometimes you’ll see a you found a deeply discounted rate advertised in BC. Is the broker local in Victoria or in another city and can you go and meet with them to discuss the critical details? Is it a national bank offer or and can they clearly explain the penalty structure to you? We pride ourselves on offering the best rates, on mortgage products that are client-friendly, meaning flexible and low-fee. Our clients often hear of national ‘rate sites’ promoting rates that are ultimately not available, and people have wasted a lot of time and created more stress than is required, at an already stressful time. A large number of Canadians are forced to terminate their mortgage contracts early due to an unforeseen […]

Your Source for Lowest-Cost Funds

Canadians are looking to their mortgage for low-cost funds. According to a 2015 survey by Mortgage Professionals Canada, for those who were qualified to do so (homeowners with at least 20% equity), and did take equity out of their home, the average amount withdrawn was $70,000, up from $51,000 in the previous survey. The top reasons for refinancing include: Paying down debt (35%) Renovations (23%) Investments (19%) Purchases or education (14%) Your mortgage can be your best route to low-interest debt. Whatever your need might be, I can crunch the numbers to see if your mortgage is your most cost-effective option. We’re Your Mortgage Broker Victoria

Consumers are Becoming Much More Informed

Consumers are becoming much more informed about mortgages and mortgage products before taking the plunge into home ownership. According to the Canadian Mortgage and Housing Corporation’s (CMHC) 2016 Consumer Survey, 72% of mortgage consumers did online research, 65% compared various mortgage products with professionals and 69% used a mortgage calculator. Because consumers are highly engaged, they are more confident about their mortgage decisions, according to the survey. Still, with all that research, more than half contacted a mortgage broker to get further clarification. This is a good move, considering how much the mortgage rules have changed over the past few years. The survey also found 83% of buyers were totally satisfied with the experience with their brokers and would most likely use that broker again. An overwhelming 75% would highly recommend their broker to family and friends. Low mortgage rates have helped make owning a house affordable. It’s likely that […]

Which mortgage features are the most important?

It’s easy to look online for a mortgage rate. But rate is only one aspect of saving money on your mortgage over the long term. It’s essential that you also consider mortgage features. Here are the big ones: Early Payout Penalties. There are lots of reasons why it makes good financial sense to break your mortgage, even though you can expect to pay a penalty. But not all lenders calculate penalties the same way, and the differences can amount to thousands. Life happens, so make sure you choose a lender that has a fair early payout penalty. And watch out for no-frill mortgages that don’t let you get out of your mortgage at all, unless you sell or the term is up. Pre-Payment Privileges. You want the ability to put lump sum amounts on your mortgage and increase your payments so you can pay down your mortgage faster and save […]

Anatomy of a Mortgage Broker

For many Canadians, mortgage payments are their single biggest expense. Yet most don’t comparison shop to ensure they’re getting the best mortgage rate and terms available, which can cost tens of thousands of dollars over their mortgage years. Don’t make the same mistake! Take a look at what makes a mortgage broker tick, and make sure one is working for you! We’re Your Mortgage Broker Victoria!

Bank of Canada Holds Benchmark Rate

The Bank of Canada announced today that it is holding the key rate steady for the seventh straight time, noting that “the economy’s structural adjustment to the oil price shock continues,” and the Alberta wildfires will cause a weaker than predicted second quarter, although the economy is expected to rebound in the third quarter “as oil production resumes and reconstruction begins.” Growth in the global economy is evolving as expected, while the U.S. economy is returning to solid growth. Inflation in Canada is evolving as anticipated. As a result, the Bank “judges that the current stance of monetary policy is appropriate.” Great news if you have a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest-cost funds. The next rate-setting day is July 13, 2016. Get in touch today for help determining whether a fixed or variable-rate mortgage will work best for you. […]

What the US Fed’s rate hike means for Canada

Gordon Isfeld | December 16, ANALYSIS OTTAWA — Don’t hold your breath. Just because the U.S. Federal Reserve did what most expected it to do Wednesday — slowly raising its key interest rate for the first time in nearly 10 years — Canada’s central bank is unlikely to adjust its trendsetting lending rate any time soon, perhaps not for another year or more. But that shouldn’t come as surprise. Stephen Poloz, the Bank of Canada governor, has already cemented his view that “divergence” in monetary policy should not be feared — it’s a natural progression. “He has said for some time that policy will track the actual economy, as opposed to historical patterns. That’s definitely a key thing,” said Emanuella Enenajor, senior economist at Bank of America Merrill Lynch Global Research in New York. “Canada is digesting a huge shock to wealth from falling oil prices, which is very different […]

BNN Business News Report: Shopping for a mortgage? Why you shouldn’t ignore posted rates!

As the housing market thaws from a cold winter, mortgage rate specials are popping up like spring flowers. But even as they compete to offer rock-bottom rates, banks have largely kept their posted mortgage rates unchanged. Few borrowers give posted rates a second glance, since they’ll rarely be paying the actual sticker price on a mortgage. But those posted rates aren’t just for show. They play an important – and profitable – role in the mortgage businesses of Canada’s major banks, one that many borrowers ignore at their peril when they go shopping for the lowest rates. First, posted rates matter for borrowers seeking a variable rate mortgage. The federal government views variable rate mortgages as more risky and it has sought to limit their growth by requiring borrowers to meet the qualifying standards for the higher posted fixed rate. (For instance, posted five-year mortgages currently average 4.75 per cent, […]

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