Tag Archives: variable rates

Mortgage Rates for June 23, 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 Please contact us for these unpublished rate specials.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

 

Mortgage Rates for February 10, 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 Please contact us for these unpublished rate specials.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

2.99%

2.69%

2 YEARS

2.94%

2.39%

3 YEARS

3.44%

2.54%

4 YEARS

3.94%

2.64%

5 YEARS

4.79%

2.74%

7 YEARS

6.04%

3.39%

10 YEARS

6.50%

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 January 21, 2015 — By Peter Paley

                                           

Peter Paley - Your Home and Mortgage Peter Paley

Big news! Bank of Canada lowers overnight rate

In a surprise move, the Bank of Canada announced today that it is lowering its key rate down to 0.75 per cent in order to “provide insurance” against the  risks to the economy posed by the sharp drop in oil prices. This is the first time the overnight rate has changed since September 2010.

If you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds, this is very big news indeed!

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 March 4th

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

2.99%

2.69%

2 YEARS

2.94%

2.59%

3 YEARS

3.44%

2.69%

4 YEARS

3.94%

2.87%

5 YEARS

4.79%

2.94%

7 YEARS

6.04%

3.79%

10 YEARS

6.50%

4.39%

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

Prime Rate

3.00%

5 yr variable

2.40%

Looking at Purchasing that New Home, Needing a Mortgage,

Contact Peter Paley at Invis 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.

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Mortgage Rates for January 6, 2015 — By Peter Paley

                                          

Peter Paley - Your Home and Mortgage Peter Paley

Happy New Year 2015  to everyone. If you are in the market for a new mortgage, needing help on getting the best rate for your needs, Look no forward then to the Peter Paley Mortgage Team.

Looking at Purchasing that New Home, Needing a Mortgage,

Contact Peter Paley at Invis Mortgage

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

2.99%

2.69%

2 YEARS

2.94%

2.59%

3 YEARS

3.44%

2.69%

4 YEARS

3.94%

2.87%

5 YEARS

4.79%

2.94%

7 YEARS

6.04%

3.79%

10 YEARS

6.50%

4.39%

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

Prime Rate

3.00%

5 yr variable

2.40%

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.

 

Peter Paley Mortgage Associate Send an EmailVisit Website

 

Applying for a fixed-rate mortgage ? Why you need to do your homework

Decoding the mortgage market

When mortgage shopping, take a minute to understand your lender’s rate-drop policy before you send in your application

Applying for a fixed-rate mortgage ? Why you need to do your homework

Robert McLister
Special to The Globe and Mail
 
Published Last updated
 
Recently sold house at 592 Manning Ave., Toronto March 04, 2014. (Fernando Morales/The Globe and Mail)
 
Imagine you’ve applied for a five-year fixed-rate mortgage. Then, before you close, the lender drops its best five-year fixed interest rate. You’d expect that new lower rate, right?
 
Most people in this position would. But with some lenders, that’s not the way it works.
 
If you’re going mortgage shopping, take a minute to understand your lender’s rate-drop policy before you send in your application. Too many people don’t and it ends up costing them.
 
How rate drops normally work
 
Typically, if you’ve been approved for a mortgage and the lender drops its rates before your closing date, the lender will lower your rate as well. Every lender has its own policies, though. For instance:

· Some lenders allow you only one rate drop. Others allow multiple.
· Some lenders only permit rate reductions up to seven days before you close. Others give you their best rate right up until your closing date.
· Some lenders automatically lower your rate. Others require your banker or mortgage broker to manually request the rate adjustment. In this latter case, you better have a reliable mortgage adviser or keep tabs on rates yourself.
 
The best-case scenarios are those lenders with “look-back” policies. This means they’ll look back and give you their lowest rate from the time you applied until the time you closed. Those lenders are few and far between but any good broker knows who they are.
 
How other lenders operate
 
More and more lenders are adding “no-float-down” clauses to their fixed mortgage rates. This is particularly true with certain non-bank lenders.
 
“No float down” means your rate cannot be adjusted lower if that lender comes out with a better deal. Those lenders make those lower rates available for “new business only.”
 
Now, you may be thinking, “I’m a good client, why should a new customer get a better rate than me?” The answer, lenders say, is profitability. When you get a fixed mortgage, the company funding your mortgage generally “hedges” that rate, meaning it pays for an expensive form of rate insurance. This ensures the lender doesn’t lose big if rates jump and it has to honour the lower rate it promised you.
 
If rates fell and the lender didn’t have a “no float-down” clause, it would incur the cost of that rate hedge and have to give all of that rate savings back to you, the customer. But with mortgage competition so fierce and margins so tight, some lenders can’t afford to do that anymore.
 
When rate drops matter
 
If fixed rates are rising or going sideways, “no-float-down” policies shouldn’t hurt you. If fixed rates are in a downtrend, however, it pays to have that rate-drop option, other things being equal.
 
I say “other things being equal” because float-down privileges are rarely the deciding factor when choosing a mortgage. A lower upfront rate or better mortgage features can often negate the disadvantage of no-float-down restrictions.
 
Moreover, the odds of rates dropping decline the closer you are to your closing date.
 
In case you’re curious, fixed mortgage rates drop from one month to the next about 38 per cent of the time. That’s been the case since 1951 at least, according to Bank of Canada data.
 
Historically when rates have dropped – versus the prior month – the average decrease has been 0.23 percentage points. Even if you ignore 1973 to 1993, a volatile period of surging and plunging rates, the average decrease was still 0.17 percentage points. On a $200,000 five-year mortgage, a 0.17 percentage point rate drop would save you about $2,500 in interest.
 
If your mortgage does come with a rate-drop feature, contact your mortgage adviser about 10 days before you’re scheduled to close. Don’t take it for granted that someone will notify you automatically if rates are lowered. Ask if your lender has offered cheaper rates since you applied for your specific term and rate hold period. (Those last three words are important because lenders generally don’t let you have their lowest 30-day “quick close” rate if you originally applied for a 60, 90 or 120-day rate.)
 
Make it a point to understand your lender’s rate-drop policy. Every tenth of a per cent matters and you never know when interest costs will dip.
 
There are 300-plus lenders to choose from in this country. If you pick one with a “no-float-down” policy, be sure the rest of the mortgage terms make up for it.
 
Robert McLister is a mortgage planner at intelliMortgage Inc. and founder of RateSpy.com.
 
Source: The Globe and Mail

Mortgage Rates for June 24 , 2014 — By Peter Paley

                                           
Peter Paley - Your Home and Mortgage Peter Paley

Looking at Purchasing that New Home, Needing a Mortgage,

Contact Peter Paley at Invis Mortgage

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

4.00%

3.95%

1 YEAR

3.09%

2.99%

2 YEARS

3.04%

2.59%

3 YEARS

3.44%

2.79%

4 YEARS

3.94%

2.77%

5 YEARS

4.79%

2.99%

7 YEARS

6.04%

3.79%

10 YEARS

6.50%

4.39%

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

Prime Rate

3.00%

5 yr variable

2.40%

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.

 

Peter Paley Mortgage Associate Send an EmailVisit Website

Mortgage Rates for March 11, 2014 — By Peter Paley

                                             
Peter Paley - Your Home and Mortgage Peter Paley

Looking at Purchasing that New Home, Needing a Mortgage,

Contact Peter Paley at Invis Mortgage

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

4.00%

3.95%

1 YEAR

3.09%

2.99%

2 YEARS

3.04%

2.59%

3 YEARS

3.75%

2.79%

4 YEARS

4.64%

2.97%

5 YEARS

4.99%

3.19%

7 YEARS

6.15%

3.99%

10 YEARS

6.75%

4.39%

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

Prime Rate

3.00%

5 yr variable

2.50%

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.

 

Peter Paley Mortgage Associate Send an EmailVisit Website

Can I afford higher mortgage rates ? By Daryl Harris Mortgage Broker

Can I afford higher mortgage rates?

By on November 20, 2013
 
Higher Mortgage Rates
 
Are you prepared for higher mortgage rates?
 
Yesterday, the OECD (Organization for Economic Cooperation and Development) said that the Bank of Canada may need to start increasing rates in 2014 and 2015 by as much 2.25%.   This theory is based on the fact that Canada’s economy will start to gather steam and exports will be higher than expected.  The OECD is a global think tank represented by the worlds leading economies.  They also warned of inflated home values in Canada.
 
On the same day, CAAMP (Canadian Association of Accredited Mortgage Professionals) released their report on the State of the Residential Mortgage Market in Canada.  They survey consumers like you and ask them plenty of mortgage related questions.  One of the big questions asked, Can you afford higher payments if rates increased to 5%.  While the majority of consumers would have no issues with higher mortgage rates, there was a small percentage who would have challenges.
 
Herein lies the question you need to ask yourself, can I afford higher mortgage rates?  A simple solution is to perform a “Mortgage Rate Test”.  
 
Every month, two weeks or week you have a mortgage payment.  Go to this calculator and increase the existing rate on your mortgage by 2.25% (ex. if your rate is 2.89% enter 2.89+2.25 or 5.14%).  
 
You will need your existing mortgage balance and your existing amortization period.  If the payment that appears scares you, some planning and preparation will ease your mind.  Secondly, if you are planning a major purchase that you may be financing either by way of a loan, line of credit or refinance, take the test before the purchase.
 
Higher Mortgage Rates
 
The Higher Mortgage Payment Calcuation
 
The key is to start planning now and implementing strategies to help you when rates start increasing.  I have a 15 minute “Don’t Break the Bank Challenge” that would be based on your situation that can be done in person or via on line to help you be prepared.  Contact me now to take the challenge.  My new tag line will be, “Putting minds at ease since 2013!”
 
Source: Daryl Harris Mortgage Broker

Predictions for mortgage rate increases now extend to 2016 — By Daryl Harris Mortgage Broker

Predictions for mortgage rate increases now extend to 2016

By on October 7, 2013

Real_Estate_Growth-1

For the last number of years we have been tracking when the Bank of Canada will start increasing rates. These predictions started after 2008 in which rates were expected to stay low for a low period of time. Now we all know that hasn’t happened but here is the first prediction for rates not to increase until 2016 which would make Variable Rate consumers very happy!

“The Bank of Canada won’t pronounce on interest rates until later this month, but Scotiabank economists are jumping the gun in speculating Canadians won’t have anything to worry about until 2016.

The economists say remarks by the central bank’s senior deputy governor earlier this week suggest the bank’s view is now that the economy’s spare capacity may remain into sometime in 2016.

Even then, the economists argue the economy is unlikely to overshoot into excess demand, so there would be no hurry for the bank to raise rates.

Most analysts see the bank keeping its policy rate at one per cent — where it’s been for three years — until sometime late in 2014 or early 2015, but few believe it will stay at such stimulative level for another two or three years.

On Tuesday, the central bank’s Tiff Macklem said the economy needs to grow by more than 2.5% annually to start closing the output gap, a key measure of whether the economy is performing up to potential.

But in the year leading up to this past June, Macklem noted that growth averaged a mere 1.4% and predicted the second half of 2013 will see the cruising speed rise only slightly to the 2.0-2.5%.

That’s a significant downgrade from the second-half acceleration the bank had expected.

Further worries that 2014 will also prove disappointing suggest the central bank may need to revise its longer-term outlook for the economy as well, Scotiabank says.

Low interest rates are generally seen as likely to boost economic performance because firms and individuals can more cheaply finance their investments and spending.

But the Bank of Canada has also warned that keeping rates low for too long a period is problematic for savers and pension funds, and encourages households to spend beyond their means.”

Source: Financial Post

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