Tag Archives: winnipeg realtor Rosalie drysdale

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 Please contact us for these unpublished rate specials.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

 

Mortgage Rates for Sept 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%

2.19%

3 YEARS

3.39%

2.34%

4 YEARS

3.89%

2.49%

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

2.05%

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 September 1, 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

2.05%

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

 

Brokers call for standardized penalties

by Justin da Rosa | 20 Jul 2015
 
It may be an exercise in futility, but brokers are once again calling for consistency in the way banks calculate mortgage penalties.
 
“We need regulation for penalties – every lender calculates them in a different way,” Paul Sidhu, president of Safe Mortgages told MortgageBrokerNews.ca. “I had one client that was hit with a $28,000 penalty at (one big bank) and we called the ombudsman and they couldn’t explain how it was calculated. TD wouldn’t explain it either.”
 
Sidhu went so far as to file a FSCO complaint against the ombudsman and eventually, the bank reassessed the penalty and dropped it to a much lower figure.
 
Penalty calculations are a perennial concern for mortgage brokers, whose clients are often hit with hefty bills. And there isn’t enough consistency across the board, most say.
 
“There are so many different ways lenders calculate penalties – certain lenders will use the posted rate and not the discounted rate that was offered to the client,” Narish Maharaj of Dominion Lending Centres Mortgage Mentors recently told MortgageBrokerNews.ca. “Others will subtract the client rate from the T BILL rate and subtract the client’s rate to determine the penalty.”
 
But is reform in the future?
 
One broker isn’t so optimistic.
 
“I think it’s wishful thinking because there isn’t enough public outcry,” Kent Farnsworth of Mortgage Alliance Simply Mortgages told MortgageBrokerNews.ca. “Interest rate differential penalties are the most frustrating – I think (a penalty of) three months’ interest is sufficient, but not all lenders calculate it that way.”
 
Still, the growing outcry – and action like Sidhu’s against the ombudsman – may make a slight difference.
 
Source: MortgageBrokerNews.ca

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

 

New Mortgage Prepayment Stats

Manulife released new data this week on homeowners’ tendency to prepay their mortgages, as well as their ability to withstand interest rate hikes. Here’s what those numbers revealed.
 
Prepayment Trends
 
Mortgages with big prepayment allowances save a small fraction of the population a lot of interest. There’s no disputing that. But for most, they are one of the more over-rated mortgage features. Manulife’s Homeowner Debt Survey supports that assertion.
 
The report found that while 40% of mortgage holders paid extra on their mortgage last year, those payments totalled only 3.3% of the average Canadian’s mortgage balance (which is $190,000). Moreover:

  • Fewer than 1 in 15 mortgagors pre-paid more than $10,000.
  • Only 1 in 50 prepaid more than $25,000 (i.e., more than 13% of the average Canadian mortgage balance).

This chart from Manulife helps explain why 6 in 10 mortgagors are passing up prepayments.

 

Extra payments
 
Borrower Stability
 
It’s encouraging that 56% of homeowners said they reduced their debt in the past year. That’s up from 51% a year ago.
 
Clearly, the majority of borrowers have household debt under control. But Manulife’s survey revealed some sobering statistics on the minority, like the fact that 40% of homeowners claim they’d struggle to make their mortgage payments within three months of being out of work.
 
In the event that the primary income-earner lost his/her job:

  • One in six homeowners said they’d struggle to make their regular mortgage payment within just one month.
  • Over a quarter (27%) would struggle to do so after three months.

And then there are interest rate hikes to consider:

  • More than a third of homeowners surveyed would encounter “financial difficulty” if their mortgage payment increased by just 10%.
  • 15% of mortgagors said they could not absorb any increase in their payment.

 
Now, mind you, surveys have a funny way of drawing out biased responses. And this may be one of those cases.
 
CAAMP economist Will Dunning told Amanda Lang his research suggests that many people have paid more than they’re paying now. Yet those same people say they can’t afford higher payments.
 
“Probably, they’re not telling us what they can afford,” he said. “They just don’t want to see their payment rise…”
 
Whatever the case may be, it appears there is still ample room for financial improvement before a sizable minority of homeowners achieve a good night’s sleep.
 

The Survey: The Manulife Bank of Canada poll surveyed 2,372 Canadian homeowners between ages 20 to 59 with household income of $50,000 or more. The survey was conducted online by Research House between February 10 and 27, 2015. National results were weighted by province, income and age.
 
Source: canadianmortgagetrends.com

10 Things You Need to Know About Appraisals

Appraisals are a valuable part of the real estate transaction and they are different than a market valuation provided by a real estate professional.
 

  1. What is an appraisal?

 
An appraisal is an unbiased estimate of what a buyer might expect to pay (or a seller to receive) for a parcel of real estate. It is basically an analysis of sold properties around your area to determine the value of your home right now. Most lenders will accept an appraisal if it is done within the last 30 days. Appraisals are also used frequently in mortgage refinances to determine the homes current value as this will impact the maximum mortgage amount you can access as you can refinance to a maximum 80% of your appraised value.
 

  1. What do appraisers do?

 
An appraiser is the professional with recognized accreditation who will provide an educated opinion on quality, value and utility (use) of a specific property. They use their experience and knowledge of the local real estate market to arrive at a fair market value.
 

  1. How are appraisers qualified to make valuation decisions?

 
Appraisers must complete a university or correspondence course in order to obtain an appraisal designation. These courses can take up to 4 years to complete.

Appraisers, like mortgage brokers, must comply with rules set out by an associated governing body. Appraisers are governed by one of three professional associations: the Appraisal Institute of Canada (AIC); the Canadian National Association of Real Estate Appraisers (CNAREA); and Ordre des Evaluateurs Agrees du Quebec (OEAQ). The function of these associations is to provide professional standards and educational requirements that appraisers must meet and maintain in order to be in good standing.
 

  1. Where does an appraiser get the information used to estimate home equity value?

 
One of the Appraiser’s main roles is to gather information that aids in determining the current value of a property. There are basically 2 types of data they are looking for, specific or general.

Information specific to the property is gathered from the property itself- location, condition, amenities and size. This information is collected when the appraiser views your property.

General Information is gathered from a number of sources and this data is used to compare to your homes data. Some sources appraisers use include, but is not limited to:

-The local MLS data on current listings and recently sold homes that might be used as comparable sales and provide a sense of what the market is paying for similar homes in your neighbourhood;

-Tax records and other public documents for verification of actual sale prices in a market; and

-In addition and most importantly, the appraiser leverages general data from his/her past experiences creating appraisals for other properties in the same market.
 

  1. Who actually owns the appraisal report?

 
My favorite question; the appraisal report is owned by the financial institution, which is the institution that requests the appraisal report. While the borrower may pay for the report, the lender retains the right to use the appraisal report or any information contained within. If the appraisal report is not addressed to the lender requesting it, you could be charged for the appraiser to generate a letter of transmittal allowing your potential lender to use the report.
 

  1. What should I have available for the appraiser when they come?

 
If available, please have the following documents ready:

  • Recent Property Tax Assessment Bill
  • A survey of your property; and
  • If renovations have been completed, a list of renos and costs to complete them

 

  1. What are the steps of the appraisal process?

 
> Setting the appointment: Expect a call from the appraiser within 24 hours to set up a time to inspect your property. Usually your mortgage professional orders the report and provides the appraiser with your contact information to arrange payment for the report.
 
> Property inspection: The inspection of the property should take approximately 15 to 20 minutes to do. At the inspection, the appraiser will ask questions regarding the property such as its age, recent updates and perhaps age of the roof. In most cases, the appraiser will be required to take photos of the interior and exterior of your home as well as your neighbourhood.
 
>Completing the report: Once the appraiser returns to their office, data collection regarding the subject property continues. The appraiser will do an extensive review of MLS information in an effort to find the most appropriate comparable sales to establish market value. They will also collect other information in order to make any adjustments to the value, for example, if your house has a double garage and one of the comparable properties only has a single garage. Once all the information regarding the subject property and the most appropriate comparables is obtained, the appraiser reconciles the information in their report to arrive at a well reasoned final value of your property.
 
>The final report: Once complete, the appraiser will send a copy of the report to your lender as per their request. You may or may not receive a copy of your appraisal report, talk to your Mortgage Professional to find out.
 

  1. When are appraisals required?

 
A Lender can technically request an appraisal no matter what type of mortgage financing you’re looking for. Based on my experience, lenders almost always request an appraisal in the following scenarios;

– Private Sale (when property you’re purchasing is not MLS listed)

– Family-to- Family sale/purchase

Refinances

Rent-to-Owns

– Purchases with a 20% downpayment or higher
 

  1. Are there alternatives to obtaining an appraisal?

 
Some lenders will use an “Automated Valuation System” to determine the property value in lieu of an appraisal, though not all lenders offer this service. This is commonly used when transferring your mortgage at renewal to a new Lender.
 

  1. How much do appraisals cost?

 
Residential appraisals can range from $325 and higher depending on the location and type of property. Commercial appraisals are much more detailed and cost much more.

As always, the Mortgagegirl is here to answer any mortgage questions you may have or, we can always refer you to one of our trusted appraisers. Call 780.433.8412 or email info@mortgagegirl.ca. Stay in the loop by following on Twitter @mortgagegirlca
 
Source: Jackie Woodward Mortgage Broker
 
Message from Realtor Rosalie Drysdale

If you are living in the Edmonton Alberta Area , needing to refinance or needing a new mortgage for your home, Contact Jackie Woodward to help you get the best rate for your needs.