Tag Archives: interest rates

Mortgage Rates for Dec 15, 2015 — By Peter Paley

                                             

Peter Paley - Your Home and Mortgage Peter Paley

 

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

 
Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!
 
At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.
 
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.24%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.74%

7 YEARS

5.30%

3.44%

10 YEARS

6.10%

3.89%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.30%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Mortgage Rates for Dec 8, 2015 — By Peter Paley

                                            

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

 
Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!
 
At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.
 
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.24%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.74%

7 YEARS

5.30%

3.49%

10 YEARS

6.10%

3.89%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.30%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Mortgage rates are rising

Expect an increase of up to 25 basis points

 
Mortgage rates have been so low, for so long, that it almost feels like they’ll never rise. Even the Bank of Canada’s latest decision to keep overnight target rates at 0.5% is the equivalent of saying: We’re keeping with the status quo.
 
But according to media reports banks have quietly increased their own prime lending rate by 0.5%, thereby reducing the discount for new variable-rate mortgage amounts.
 
“It’s a bit overstated,” says RateSpy.com founder and independent mortgage broker, Robert McLister, but the fact remains: lenders have tightened the discount new borrowers can expect on variable-rate mortgages.
 
The most competitive lenders—typically those that work with independent mortgage brokers and specialize in mortgage lending—raised their rates by 0.15% to 0.25%, while some major banks increased their variable rates by as much as 0.25%.
 
How does that translate if you’re currently shopping for a mortgage? It means you can no longer find a 2.39% five-year variable rates, says Jake Abramowicz, an independent mortgage broker. Now, the new low is around 2.79%.
 
“There are two reasons why we’re seeing this small rate increase,” says Abramowicz. “In anticipation of the U.S. Fed raising rates in mid-December and because a lot of lenders have reached capacity and want to slow down their new mortgage business.”
 
McLister adds that other, unseen, factors are also prompting these small rate increases. “Canadian lenders are being hit with market risk premiums, higher deposit rates, more restrictive securitization rules and higher capital requirements.”
 
In fact, decisions made by the federal government in the last few years have created a more expensive environment for banks and mono-lenders to do business, says McLister. “Rising rates are a side effect of government policies designed to reduce financial system risk.”
 
What does it mean for the end-user: the home buyer? On a $360,000 mortgage, the newly increased rate would add $72 to a person’s monthly payments. On a $720,000 mortgage, payments would increase by $144 per month.
 
The basis point increase certainly adds to a person’s monthly mortgage payment, but fears of the mortgage market grinding to a halt are exaggerated, says Abramowicz. “I don’t think a 30 to 40 basis point increase in rates will cause a slowdown in the housing market.”
 
Also, the recent increase doesn’t mean that rates won’t fall again in the near future, says McLister. But absolute rock-bottom rates are over. “Policy changes [in the last few years] will keep rates higher for years to come,” says McLister.
 
And governmental policy tweaks aren’t over, yet. The feds are seriously considering creating a tiered minimum down payment system, which could see force buyers to save a minimum 7% to 10% down payment before buying a home valued over $500,000. The feds are also toying with the idea of implementing lender insurance deductibles—where banks would be forced to pay a deductible on any mortgage default insurance claim they make. At present the banks can make a claim and get fully reimbursed for the defaulted loan, but are not required to pay a fee.
 
by Romana King for MoneySense, December 7th, 2015
 
Source: MoneySense.ca

3 things that do or don’t change with a Bank of Canada rate cut

paley mortgage team feb 2015

 

 

Your Home & Mortgage
 
When you’ve got “rate envy”, does it make sense to refinance?Who would have believed that mortgage rates would have such a continued downward trend? Mortgage shoppers are looking at some of the lowest rates in history, and many homeowners with existing fixed-term mortgages are experiencing some “rate envy” about today’s rock bottom rates.It might be worth a conversation about your options.
 
Typically, we think of a fixed term mortgage as a non-negotiable contract. And it’s true that there are financial penalties to re-negotiate. But, many clients have been asking for a mortgage analysis – a detailed look at the penalties versus the payoffs – to determine whether it’s worth refinancing.
 
What does it cost to get out of your existing mortgage? Generally, you can expect to pay the greater of either a) three months’ interest, or b) the interest-rate differential. The interest rate differential can be high in some cases; your mortgage lender will expect you to pay them the equivalent of what they will lose by releasing you from your mortgage and lending the money at current rates.
 
So is it worth it? For some homeowners it can be an important moment of opportunity, while for others, it may not be worth the costs involved. Most lenders will include the cost of the payout penalty and other costs into the new mortgage so you don’t have to be out of pocket to complete the transaction.
 
I would be happy to help you make a realistic assessment of your situation and help you determine if your benefit outweighs the cost. With rates where they are today, there’s never been a better time to talk.
 

3 things that do or don’t change with a Bank of Canada rate cut

  1. The prime rate in most cases will change, but lenders decide how much of that cut they will pass on to consumers, if any. If you have a variable mortgage, you are now paying less; sixty per cent of the two recent cuts are now reflected in lower variable rates. Take advantage and keep your payments the same so you pay off your principal faster.
  2. Fixed rates don’t, they are influenced by the bond market.
  3. Variable mortgage approvals don’t, they are based on a qualifying rate, which means your borrowing power likely won’t increase.

 
Thinking of falling into home ownership?
 
Let me help determine how much home you can afford and pre-approve you before you start shopping. We’ll also discuss downpayment options and all of the costs associated with buying a home. Don’t be tempted to rush into anything just because the holiday season approaches so quickly. It’s best to make sure you find the right house and stick with your budget. If you are thinking of jumping into homeownership this fall, let’s have a conversation!
 
Peter Paley new logo june 11,2013
 
Peter Paley Canadian Mortgage Award 2015

Mortgage Rates for August 18, 2015 — By Peter Paley

                                             

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.20%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Mortgage Rates for August 11, 2015 — By Peter Paley

                                               

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.07%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Mortgage Rates for July 21, 2015 — By Peter Paley

                                            

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.70%

5 yr variable

2.20%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Bank of Canada lowers benchmark rate down to 0.50 per cent

                                           

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Bank of Canada lowers benchmark rate

The Bank of Canada announced today that it is lowering its key rate down to 0.50 per cent given faltering global growth, a lower outlook for Canadian growth and increased downside risks to inflation. The Bank notes that “additional monetary stimulus is required to help return the economy to full capacity and inflation sustainability to target.”

Great news if you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds. Get in touch today for help determining whether a fixed or variable-rate mortgage will work best for your situation.

The next rate-setting day is September 9th.

 

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.85%

5 yr variable

2.20%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Mortgage Rates for June 30, 2015 — By Peter Paley

                                            

Peter Paley - Your Home and Mortgage Peter Paley

Come visit Realtor Rosalie Drysdale Website each week for my weekly Mortgage Rates.

Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Call today!

At Invis, we are always aware of the current environment and resulting implications, so at any time we can recommend a mortgage that gives you an edge and meets your current needs and future goals.

We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.

Terms

Posted Rates

Our Rates

6 MONTHS

3.14%

3.10%

1 YEAR

2.89%

2.29%

2 YEARS

2.84%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.54%

5 YEARS

4.64%

2.59%

7 YEARS

5.30%

3.39%

10 YEARS

6.10%

3.84%

Rates are subject to change without notice. OAC E&OE

Prime Rate

2.85%

5 yr variable

2.20%

Looking at Purchasing that New Home, Needing a Mortgage,

Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business–for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars

Every single day we’re making homeowner dreams come true. And we’re here to help you.

Contact Peter Paley at Invis Mortgage

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

A Mortgage, Tailored For You

A home is often the most important financial purchase an individual or couple will make in their lifetime.  As such, first-time buyers should be prepared before they go looking for a home.

A Mortgage Tailored For You

Explore Your Mortgage Options Nothing is more important than your family and the house they live in.
Photo credit: Thinkstock.com

 

The Canadian Association of Accredited Mortgage Professionals (CAAMP) undertakes two consumer research reports a year. These reports are based on consumer surveys and Canadians’ attitudes towards their home or the purchase of a home. Last year, 55 percent of all properties purchased in Canada were by first-time homebuyers. It is a very important segment of the housing market.

 

Knowledge is power

A home is often the most important financial purchase an individual or couple will make in their lifetime.  As such, first-time buyers should be prepared before they go looking for a home.  Fortunately, there is a lot of information available. In addition, mortgage lenders, mortgage insurers and mortgage brokers all have websites that provide excellent information to assist homebuyers, particularly first-time buyers.

There is no substitute for being prepared.  Educate yourself and get the facts you need to make the right mortgage decision. Here are some key steps:

  • Save for a down payment This is the portion of money that you will contribute towards the purchase price of your home.
  • Understand your credit score Be aware that any negative information may adversely affect your ability to qualify.
  • Build your homebuying team Look for the services of a mortgage broker.
  • Determine how much you can comfortably afford.
  • Understand mortgage basics such as principal, rates, terms, and amortization.

Questions are key

Some key things to find out from your mortgage professional include what their role is in helping you buy a house, as you need to know exactly what they do to help you buy a home. Also, find out why they are recommending this particular mortgage; it’s important to understand the different options and ask why the product they are suggesting is best suited to your needs. As well, find out how long they have been in business as you want to ensure they are knowledgeable, competent, and maintain minimum education standards. Lastly, find out what documents you need to provide — from confirmation of income and evidence of your down payment to agreement of purchase, you need to understand everything that is required to close the deal.

Help along the way

For first-time homebuyers — who actually made up the majority of new purchasers last year — there are government programs available to assist with a down payment. This is often the most difficult aspect of purchasing a home.  The federal homebuyers’ program allows first-time buyers to access up to $25,000/person from their RRSP without a tax penalty.  Similarly, the federal government has a $750 tax credit for first-time buyers to assist in covering closing costs.

“There is no substitute for being prepared.  Educate yourself and get the facts you need to make the right mortgage decision.”

Provincial and municipal governments also have programs that assist the first-time buyer. In Ontario, there is a refund of up to $2,000 on the Land Transfer Tax.  The City of Toronto has a similar program for its Land Transfer Tax.  Such programs help with closing costs or can be used to purchase furniture or make minor renovations.

Bottom line, when buying a home make sure you do your homework and be prepared.  Ask lots of questions to ensure  you are getting the right mortgage product for you.

Source:  homeimprovementinfo.ca

JIM MURPHY, AMP PRESIDENT AND CEO,
CANADIAN ASSOCIATION OF ACCREDITED MORTGAGE PROFESSIONALS