Tag Archives: mortgage 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 Please contact us for these unpublished rate specials.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

Mortgage Rates for Nov 24, 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%

2.69%

7 YEARS

5.30%

3.44%

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

 

What’s the sweet spot for a down payment on a house

House-for-sale

Photo credit: Google Images


If you can’t afford 20% down, here’s why 10% serves you well:
 
Q: We’re buying a home valued at $275,000 and 100% of our down payment is coming from our RRSPs. We do not have enough to come up with a 20% down payment so now we’re trying to decide: (a) is it better to put down only 5% and pay more on mortgage insurance premiums, but have more cash in hand; or (b) put down 15% on the home, pay less in insurance premiums but have less cash in hand. —Glen Slim, Ottawa
 
A: Owing a home is a good idea for many, but despite your best laid plans, you could be faced with unexpected expenses. If you can’t quite hit the 20% threshold to avoid mortgage loan insurance, I think you’re right to hold some money back. Joe Jacobs is a broker with Mortgage Connections and based on his calculations you should consider a third option, let’s call it option (c). “The sweet spot is likely 10% down,” he says, because of how the premiums are calculated. For the house you’re buying, the insurance premium with 5% down would be 3.6% of the total or $9,400. With 10% down you’d pay 2.4%, or $5,940, which is a savings of $3,460. If you go with 15% down you’d pay 1.8%, or $4,200, but save only another $1,740 and tie up $14,000 that you might rather have around to cover any surprises.  If it turns out you don’t need that money in the first year or two, and you have some financial flexibility, you can put it down on the mortgage later. Any additional lump sum payments you can make will reduce the number of years it takes to pay your mortgage off, saving you thousands of dollars in interest costs.
 
by Bruce Sellery September 30th, 2015
 
From the September/October 2015 issue of the Moneysense magazine.
 
Source: MoneySense.ca
 
Source of the Article :
 
LISA GRYBA INFORMATION

How to overcome home buying obstacles

(NC) Whether you’re a first time home buyer or experienced in the world of home ownership, there are plenty of unexpected challenges you’ll have to overcome in this process.
 
According to the 22nd Annual RBC Home Ownership Poll,
choosing the right property (35 per cent) tops the list of challenging decisions home buyers experience, followed by deciding how much you can afford (21 per cent) and getting a home inspection (10 per cent).

 

RBC offers the following tips:

 

• Find the ‘right’ property: Research everything from the type of property you want, to location, to the condition of the home. Know what trade-offs you are willing to make.

 

• Understand the total cost: Calculate both one-time costs such as down payment, appraisal and legal fees, and ongoing costs such as mortgage payments, utilities, maintenance. Balance those costs against your lifestyle.

 

• Do a home inspection: Be aware and ask questions, and know the full condition of the home before closing the deal. What you learn in advance could help you save money and ensure you pay the right price for your home.

 

More information is available at www.rbc.com/firsthome.

 

Source: www.newscanada.com

 

Message from Realtor Rosalie Drysdale

 
Coming to the end of your term with your mortgage, needing to resign for the next five years. Contact one of the Mortgage Brokers from my website
 
http://999-rose.ca/wp/services/financial/
 
Contact one of the Mortgage Professional below to help you with the progress and let the Mortgage Broker know who referred there services to them.

 

Ready to become a savvy homeowner and let renters help pay your mortgage ? Talk to me today and find out how !

 

Peter Paley
Mortgage Associate

204.289.0894

Your Home & Mortgage

Five reasons why you should let renters help pay your mortgage

Are you a savvy homebuyer ?

Then let renters help pay your mortgage.

Recently Canada Mortgage and House Corporation (CMHC) announced that when qualifying for a mortgage, homeowners could now count all of the income from their legal secondary unit(s) instead of the previous 50 per cent, making it easier to qualify and giving this home buying option a boost.

Whether you’re a first-time homebuyer feeling your way into the housing market or an existing one looking to lower your mortgage payment, here are five reasons why having renters help pay your mortgage is such an appealing option:

  1. Some first-time buyers want to move directly into a single-family home and get mortgage assistance using a rental suite instead of purchasing a condo at a lower cost.
  2. If you want to get your foot into the world of real estate without breaking the bank, a home with a rental suite can be a great start, especially if the area you happen to love is pricey.
  3. Homeowners looking ahead to the future may want to lower their mortgage cost so they can channel money into other investment areas like RRSPs, TFSAs, RESPs. Or simply as a way to become mortgage free sooner.
  4. Spending less on your mortgage can give you the freedom to change your lifestyle or follow your dreams, perhaps to travel, start a new business venture, or allow for the luxury of having a stay-at-home parent.
  5. Rental suites are also great if you have aging parents. You can keep them close without infringing on personal space. Keep in mind that if tenants are family members, lenders and insurers will not use the rental income for qualifying purposes.

Ready to become a savvy homeowner and let renters help pay your mortgage?

Talk to me today and find out how!

 

MORTGAGE CHOICE: MONOLINE LENDERS

Keep Calm and Choose Wisely

Finding a perfect mortgage that fits your life is like finding the perfect home. It’s an important decision that requires a lot of shopping around. That’s where we come in. With access to over 50 of Canada’s leading lenders, we are a one stop shop. We work with major banks, credit unions, and national, regional and private lenders. One specific lender type that we work with is called a “monoline” lender, which focuses just on mortgages and doesn’t take deposits. They don’t have other products to cross-sell, which differentiates them from a bank or credit union. They are an important part of the mortgage market because their mortgage products and low pricing improve consumer choice and ensure that our banks remain competitive. Most monoline mortgages are only available through mortgage brokers, which is one of the reasons so many Canadians are turning to mortgage brokers for their purchases, refinances and renewals.

Happy Thanksgiving

The Thanksgiving holiday is a special time to pause and give thanks for the comforts of family and home. It’s so gratifying to know that so many will be celebrating in homes that we helped them achieve. Happy Thanksgiving!

Peter Paley
Mortgage Associate
204.289.0894

Message from Peter Paley Mortgage Broker

The Thanksgiving holiday is a special time to pause and give thanks for the comforts of family and home. It’s so gratifying to know that so many will be celebrating in homes that we helped them achieve. Happy Thanksgiving!

Happy Thanksgiving

What happens to your credit rating when you miss a mortgage payment ?

Your mortgage payment doesn’t always show up on your credit report, but if you are late on multiple payments, it could affect the interest rate you’re offered from the bank when your mortgage comes up for renewal again.
 
If you miss three consecutive payments or more in a row, it will lead to foreclosure proceedings, which is when the bank or lender starts the process of legally taking ownership of your property due to the lack of payments. Banks or lenders don’t want to own your home, but if the lender isn’t getting paid, it will try and sell the property in order to reduce its losses. Foreclosure shows up under the public record portion of your credit report.
 
You may assume that bankruptcy is the worst thing you can do for your credit; however, if you are applying for mortgage financing, going through a foreclosure is the absolute worst thing you can do for your credit. Bad credit can be rebuilt fairly quickly, but very few lenders will look at providing financing for you if you have a previous foreclosure showing up on your credit report, regardless how strong your current credit is.
 
If you find yourself in a situation where you may not be able to make your mortgage payments, contact your mortgage lender or mortgage agent to find out what can be done. The same thing is true with any creditor.
 
If you don’t think you’ll be able to make a payment to any one of your creditors, it is a good rule of thumb to contact them to see if something can be worked out, especially if you contact them before the due date. I’ve never seen the attitude of pretending it will all go away actually work for anyone.
 
I understand that despite your best efforts, an emergency may come up, preventing you from being able to make a payment. However, the banks still feel that it is your responsibility to keep track of your accounts and pay your bills on time. Get your head around this rule and you will have a great foundation to always have amazing credit.
 
BOOK EXCERPT by Richard Moxley
 
Contributed to The Globe and Mail
 
Published Monday, Jul. 20, 2015 6:00AM EDT
 
Last updated Tuesday, Jul. 21, 2015 8:55AM EDT
 
Excerpted with permission from The Nine Rules of Credit: What Everyone Needs to Know by Richard Moxley, Published by Self-Counsel Press.
 
Source: theglobeandmail.com

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