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Mortgage Tips

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BCREA Interest Rate Forecast

Courtesy BCREA

The June issue of Mortgage Rate Forecast is now available on BCREA Online.

Highlights:

  • Hawkish turn at the Bank of Canada?
  • Canadian economy heating up
  • Falling oil prices and low inflation may keep Bank on hold until 2018

June 26, 2017

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Vancouver Mortgage Info

Jeff Fraser Mortgage Advisor Dominion Lending Centres – A Better Way Phone: 604-340-1809 Email: [email protected] http://www.jefffraser.ca
Terms Posted Rates Payment   Per $100k Our Rates Payment   Per $100k Savings
6 Months 3.14% $480.46 3.10% $478.39 $2.07
1 Year 3.04% $475.30 2.34% $440.04 $35.26
2 Years 2.84% $465.07 2.14% $430.24 $34.84
3 Years 3.44% $496.11 2.34% $440.04 $56.07
4 Years 3.89% $520.07 2.44% $444.98 $75.09
5 Years 4.64% $561.28 2.44% $444.98 $116.30
7 Years 5.30% $598.80 3.14% $480.46 $118.34
10 Years 6.10% $645.76 3.69% $509.35 $136.41
 Variable   1.95% $457.99 1.95% $421.04 $36.94
Prime Rate 2.70%  
Please Note: Payment per $100K and possible savings shown above are based on a 25-year ammortization. Rates are subject to change without notice and the rate you receive may vary depending on your personal financial situation. *OAC E&OE. Please reply to this email and I will be happy to provide you with greater detail and determine the best rate available for you.
This edition of the Weekly Rate Minder shows the latest rates available for Canadian mortgages. At Dominion Lending Centres, we work on your behalf to find the best possible mortgage to suit your needs.

Explore mortgage scenarios using helpful calculators on my website: http://www.jefffraser.ca

 

  • We are Canada’s largest and fastest-growing mortgage brokerage!
  • We have more than 2,600 Mortgage Professionals from more than 350 locations across the country!
  • Our Mortgage Professionals are Experts in their field and many are ranked among the best nationally.
  • We work for you, not the lenders, so your best interests will always be our number one priority.
  • We have more than 100 mortgage programs, making it easy to choose the best fit for your unique situation.
  • We close loans in all 10 provinces and 3 territories.
  • We can process your mortgage in as few as 7 days.
  • We are the preferred mortgage lender for several of Canada’s top companies.
  • Dominion Lending Centres’ Mortgage Professionals are available anytime, anywhere, evenings and weekends – and we’ll even come to you!

by Maggie Chandler Maggie Chandler No Comments

Interest Rates for Vancouver Home Buyers on the Rise

November 15, 2016

Interest Rate increases are coming fast and furious from all lender this week, including Major Banks and Monoline lender.

In the article below, RBC has taken a position where fixed rates for 5 years are as high as 2.94% and apparently if you want a 30 year amortization, there will be an additional premium on interest rates.

This is a very aggressive change and there will likely be more to come.

At this point, TD has increased fixed rates, nothing yet from Scotiabank.

Most important to note, lower rates in the 2.49-2.59% range are still out there for conventional deals, (20% down payment or more) and for insured (lower down payment 5-20%), rates are still as low as 2.24% (must close by December 31).

Vancouver real estate buyers need to have a proper pre-approval  as the market is in constant movement.

Looking for an experienced mortgage broker?

Jeff Fraser | Mortgage Advisor | Dominion Lending Centres – A Better Way  

604-340-1809 Email. [email protected]

 

by Maggie Chandler Maggie Chandler No Comments

Top Tips About Mortgage Penalties for Vancouver Condo Buyers

stock-photo-15741049-cutting-costsTop Tips About Mortgage Penalties for Vancouver Condo Buyers. Lenders calculate penalties differently and banks generally have higher mortgage penalties.

If you are planning to move your mortgage to another lender prior to the end of the term, banks often charge a high penalty in order to retain your business. Also, they make add on a fee and call it “expenses”. Read more

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Why Should Vancouer Home Buyers Get a Pre-Approved Mortgage?

4647415-money-pile-100-dollar-billsWhy Should Vancouer Home Buyers Get a Pre-Approved Mortgage? Because once you are qualified for a mortgage, you have the peace of mind of knowing that your financing has been arranged . This way you won’t be disappointed and run the risk of not getting your dream home

In fact, getting pre-approved for a mortgage should be the first step in your Vancouver home buying process.  Then you will know exactly how much money you can spend on a property and sellers will take you  seriously. Generally, sellers will not accept an offer unless the buyer is pre-approved. Read more

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Vancouver Mortgage Tips – CMHC to Hike User Fees

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  • Vancouver Mortgage Tips – CMHC to Hike User Fees effective April 1, 2015
  • Canada Mortgage and Housing Corp. is tripling the fee it charges some financial institutions to guarantee loans in the mortgage-backed securities market, a move that could end up costing consumers more
  • the changes will end up costing new home buyers and estimates it will mean about $600 on a typical first-time buyers’ mortgage of $250,000
  • The Crown corporation told issuers this month it will dramatically raise those rates
  • On mortgages with maturity in the five-year range, the fee will jump from the current .20% of the value of a mortgage to .60% for annual guarantees that exceed $6 billion from a financial institution. The fee only increases to .30% for annual guarantees below $6 billion — a move that might benefit some smaller lenders
  • Home buyers are required to get mortgage insurance if they have less than 20% down
  • the Federal Government is scaling back its exposure

The above may result in a busier than usual Spring market for Vancouver.

What are Current Interest Rates for Vancouver Home Buyers?

  • 6 months 3.95%
  • 1 year 2.89%
  • 2 years 2.59%
  • 3 years 2.79%
  • 4 years 2.77%
  • 5 years 2.94%
  • 7 years 3.79%
  • 10 years 4.39%

This is probably a good time to lock in long term for 7 or 10 years if you plan to live in your home for a longer period of time.

My Areas of Expertise:

  • Second Home Real Estate Designation
  • Seniors Real Estate Specialist Designation
  • Buying or Selling Tenant Occupied Properties
  • Sellers Downsizing and Trading Up
  • New Home Buyers
  • First time buyers

 Why Hire Maggie Chandler as your Vancouver Realtor?

  • I am a full-time Professional and offer a high calibre service
  • You can count on my decades of hyper-local knowledge and expertise
  • I’ve marketed and sold over 1,000 properties in Vancouver
  • I understand the real estate in Vancouver’s waterfront neighbourhoods, its history and its evolution
  • I know Vancouver Penthouses, waterfront condos, townhomes, heritage condos, lofts and luxury real estate
  • Contact me to learn more about Vancouver’s waterfront neighbourhoods
  • Let me help you find the right home or investment property!
  • Author Maggie Chandler 1648 W. 6th Ave., Vancouver, BC V6J 1R3

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More Canadian Mortgage Tightening Rules Introduced

4647415-money-pile-100-dollar-billsEarlier this month the Office of the Superintendent of Financial Institutions released a final set of rules that insurers like CMHC and banks must follow when providing mortgage financing.  Previous to this, the insurers trusted that the banks satisfactorily verified a borrower’s income but now the insurers will also be held responsible. They have spelled out the criteria that the lenders must meet to validate a borrower’s income especially for those that are self-employed.  It appears like this will be the final tightening for mortgage lending to self-employed borrowers. Read more

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Vancouver Home Buyers – Grab This 5 year Term at 2.85%

4647415-money-pile-100-dollar-billsVancouver Home Buyers – Grab This 5 year Term at 2.85%.

We are still continuing to see low fixed rates and variable rate offerings.  Also hearing that we may see a slight decrease in fixed terms over next week (stay tuned for details as specials for short closings)

Jeff Fraser at Dominion Lending has  access to switch programs for you,  so that you can benefit from today’s low rates and move your mortgage to another provider at little or no cost. Read more

by Maggie Chandler Maggie Chandler No Comments

RBC Offers A Free Mortgage payment for Vancouver First Time Home Buyers

From March 1 to May 31, 2012, RBC is offering to pay the first month’s mortgage payment (up to $4,000 principal and interest)* for  first time home buyers when they finance their mortgage with RBC.

This offer can be combined with our other special offers:

•  All-inclusive banking package – free for up to 6 months
• $25000 Down Payment Giveaway contest

The busy spring and summer home purchasing season is coming up, so be sure to let your first-time buyers know about this special offer and call on me to offer them outstanding service and first-class advice.

For all the details:
<<Save Thousands.pdf>>

Jeff Fraser | Mortgage Specialist, RBC | Royal Bank of Canada | T. 604-340-1809 | F. 604-602-0094 | E. [email protected]

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by Maggie Chandler Maggie Chandler No Comments

Vancouver Mortgage Update

Is your mortgage really portable?

Most lenders will tell you that your mortgage is portable, but this isn’t always true. Lenders require two forms of security – the borrower’s personal covenant to repay and the property being mortgaged.

For example, if you have your existing home 95% financed and want to buy a less expensive home, your lender may to allow the existing mortgage to be transferred.

Why? If the new property is less expensive the lender could end up with no equity and a lender wouldn’t want this. Read more

by Maggie Chandler Maggie Chandler No Comments

Mortgage Update – Homes for Sale in Vancouver

There’s more to Mortgages Than the Interest Rate

Yes, rates are at a historical low but when you buy a Vancouver home and take out a mortgage, there are many other items to consider. Here ar a few:

Prepayment

  • With a pre-payment privilege, you can make payments toward the principal portion of your mortgage over and above your monthly payments
  • Closed mortgages have different types of pre-payment options. The amount you can pre-pay becomes important if you get bonus payments, a windfall or an inheritance
  • An open mortgage means you can pay the entire principal sum without notice. This is a good option if you are self-employed or if you get regular bonus payments. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Mortgage Rate Update – Homes for Sale in Vancouver

Your variable rate mortgage, lines of credit and/or student loans are all based on the Prime Rate

  • The Bank of Canada again did what we expected them to do… they maintained their overnight rate
  • What this means to you is that the prime rate on your mortgage or line of credit will not change and remains at 3.00%
  • This is great news as you still have a great low rate and so continue to make the most of the low payments you will still have and maybe chat with a financial advisor about a Tax Free Savings Account or some RRSP contributions to trigger a potential income tax refund next year! If you don’t have a financial advisor, let me know and I’d be happy to recommend one to you

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

“the outlook for the global economy has deteriorated and uncertainty has increased… The Bank continues to assume that European authorities will implement sufficient measures to contain the crisis, although this assumption is clearly subject to downside risks. The Bank expects the U.S. recovery will proceed at a more modest pace going forward. For Canada, net exports are expected to contribute little to growth, reflecting moderate foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar. In contrast, very favourable financing conditions are expected to buttress consumer spending and housing activity.”

The outlook hasn’t really changed since the last announcement

  • they expect that growth will slowly continue but it is anticipated that prime rate might not actually increase until into 2013
  • When it does start to increase, it is expected to be gradual and controlled in line with economic recovery, both in Canada and globally
  • Remember any change to the prime rate since 1992 has only been by 0.25% at any ONE time

Vurrent fixed rates

  • 4 year fixed 2.99%
  • 10 year fixed 3.89%
  • 5 year variable prime – .30% = 2.70% today

Based on this recent announcement, and the anticipation that the prime rate will still remain low for the coming months, unless you feel otherwise, I’d recommend that you remain with your current variable rate product as the interest is very much lower than a fixed term rate right now. However, if having a fixed payment is important to you, call me so I can calculate what your new payment would look like and also if it is suitable for you.

The next announcement on any change to the prime rate is March 8th, 2012

I wonder if I can ask a favour – rates are so low right now and so it is a great time to buy a property or consider refinancing especially as I can hold rates for up to six months, if you know of someone that is looking for advice on their mortgage options, with no obligation, would you mind passing my contact information on to them – this is very much appreciated.

Alma Pasic

Director of Mortgage Solutions

Verico AM Financial Services Ltd.

604 729 4611

www.almapasic.com

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by Maggie Chandler Maggie Chandler No Comments

What is a Home Buyers Plan for Vancouver Real Estate Buyers?

“The home buyers plan is a program that allows qualified citizens to borrow money from their RRSPs to go towards the down payment of a new property”, according to Zoocasa

Currently,  a Canadian resident can borrow up to $25,000 to go towards the down payment of their residence. This can be used towards either a used property or a new property. Once you have taken the funds from your RRSP to be used as a deposit for a property, you must meet certain conditions to apply and you must pay the money back within a certain duration of time. Read more

by Maggie Chandler Maggie Chandler No Comments

How Can I Pay Off my Vancouver Home Sooner?

One of the most frequently asked questions we get asked is how to make extra payments on a mortgage without incurring a penalty. In fact, with all the features available on an RBC mortgage, it’s possible to prepay as much as 20% or more of an original mortgage balance each year.

There are a number of options available to help you build your home equity faster and save significantly on interest payments over the life of your mortgage.

Increase your Monthly Payments – Once in each 12 month period, you can choose to increase the amount of your mortgage payments by as much as 10%, without administration fees, and the increased payment amount goes directly toward reducing your principal. Read more

by Maggie Chandler Maggie Chandler No Comments

What Can RBC Mortgage Specialist Do for You?

Jeff Fraser  has spent his 16 years in the banking industry forging a reputation as a leading mortgage specialist capable of helping clients achieve their dream of home ownership.

He understands that buying a home is a unique and highly personalized experience and that a mortgage should also be unique. He ensures his clients’ mortgages reflect both their current financial situation as well as their future plans, money strategies and goals. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Mortgage Rate Update

It’s good news for Vancouver real estate buyers that mortgage rates are forecast to remain low for a year. Next Bank of Canada meeting will be October 25th. Be sure to get pre-approved.

Did You Know?

The increasing popularity of variable rate mortgages due to very low rates may be putting further strain on the profitibality of mortgage portfolios. nearly a third of mortgages in 2011 are variable rate – compared with 25% five years ago and 10% a decade ago.

VRM carry lower profit margins, so are cutting into the Banks profits, thereby prompting them to increase the variable rates. Read more

by Maggie Chandler Maggie Chandler No Comments

BMO Predicts Canada Real Estate to Balance – Vancouver Real Estate News

Low mortgage rates and low unemployment and immigration will continue to push some demand, but it will be tempered by high house prices, elevated debt, and slowing employment, according to the report out Friday and authored by senior economist Sal Guatieri.

Guatieri said home sales overall are likely to remain steady in 2012.

“Prices should also stay put, similar to Alberta’s experience of the past four years following its boom,” he said. “However, the resource-rich provinces, notably Alberta and Saskatchewan, should outperform other regions since their economies are expected to grow the fastest.”

The report warned housing is “moderately” overpriced in most parts of Canada, especially in Vancouver, and thus vulnerable to correction. A recession this year, which has been predicted already by some economists in Canada, is the biggest threat to the housing market, said Gautieri. A smaller threat would be if interest rates significantly spike up next year. Alternatively, rates remaining low could also be dangerous.

Read more

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Vancouver Mortgage Update – Homes for Sale in Vancouver

Mortgage Rates are Down

The world may be experiencing economic upheaval but Canada has amazing mortgage rates.

I have never see a 5 year term at 3.19%.

If you’re currently a buyer take advantage of these low rates and get a pre-approved mortgage. You should be able to get 120 day hold on the rate, giving you lots of time to shop and transact.

Next Bank of Canada meeting is October 25th and rates are expected to remain as is.

Prime 3.00%

Variable 2.50% Read more

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Contact Maggie Chandler today to find your Vancouver dream home