It PAYS to shop around.
Many Canadian homeowners pay too much for their homes because they are not getting the best mortgage financing available in the market.
The mortgage process can be intimidating for homeowners, and some financial institutions don't make the process any easier.
But I’m here to help!
I’m a Premiere Mortgage Advisor and I’m an independent, unbiased, expert, here to help you move into a home you love.
I have access to mortgage products from over forty lenders at my fingertips and I work with you to determine the best product that will fit your immediate financial needs and future goals.
Premiere mortgage specialists are Canada’s Trusted Experts who will be with you through the life of your mortgage.
I save you money by sourcing the best products at the best rates – not only on your first mortgage but through every subsequent renewal. So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the Premiere who can help you get the right financing, from the right lender, at the right rate.
Premiere Makes Profit 500 List
Premiere named mortgage firm of year, makes Profit top 500 list
Don MacVicar, president of Premiere Mortgages. (TIM KROCHAK / Staff)
Accolades just keep coming in forPremiere Mortgage Centre Inc.in Halifax.
The locally owned and managed mortgage brokerage firm was recently named Mortgage Brokerage of the Year by the national publication Canadian Mortgage Professional.
Just last week, Profit Magazine put Premiere Mortgage on its list of the top 500 fastest-growing companies in Canada at 69th place, with growth of 1,018 per cent over the past five years.
“It feels pretty good to get back-to-back recognition like this,” company president Don MacVicar said Monday.
“The competition is pretty aggressive in some of the other markets.”
MacVicar, a Halifax native, and some partners set up Premiere Mortgage about seven years ago after he returned to Nova Scotia with his family following a career in the banking business in Toronto.
Growth to date has far exceeded anything he had in mind, he said.
“I thought I was coming back to the Maritimes to get in a little of that more relaxed pace of life everybody was talking about.”
MacVicar said the brokerage firm plans to maintain an aggressive growth rate in Atlantic Canada and Ontario in coming years.
The company has 60 mortgage agents and originated $600 million in new mortgages in 2012, with a forecast of $700 million for 2013.
Canada’s big banks are expected to follow theRoyal Bank of Canadaand increase mortgage rates in the coming days. MacVicar said this may be good for the real estate industry.
RBC raised the rate on one-year mortgages 14 basis points to 3.14 per cent on Monday. A hundred basis points are equal to one per cent.
Two- and three-year mortgages went up 10 basis points to 3.14 and 3.65 per cent, respectively.
MacVicar said independent brokerages like Premiere can sometimes offer consumers a buffer from interest rate hikes, but he said some upward movement in rates is inevitable across the board.
“Even with these modest increases of 10 to 14 basis points, rates are at historic lows,” he said.
“The upward movement in rates might be good for the real estate industry as it may encourage consumers who’ve been sitting on the fence with rate guarantees to make a move.”
Other Nova Scotia companies on the Profit magazine list of fastest-growing companies includedMercer’s Best Built Structures Inc.of Dartmouth,Terra Beata Farms Ltd.of Heckmans Island, Lunenburg County, andJewelPop Inc.of Dartmouth.
OSFI tightens mortgage rules Edit
The Office of the Superintendent of Financial Institutions Canada (OSFI) published the final version of Guideline B-20 Residential Mortgage Underwriting Practices and Procedures. The revised Guideline, which comes into effect on January 1, 2018, applies to all federally regulated financial institutions.
The changes to Guideline B-20 reinforce OSFIs expectation that federally regulated mortgage lenders remain vigilant in their mortgage underwriting practices. The final Guideline focuses on the minimum qualifying rate for uninsured mortgages, expectations around loan-to-value (LTV) frameworks and limits, and restrictions to transactions designed to circumvent those LTV limits.
OSFI is setting a new minimum qualifying rate, or stress test, for uninsured mortgages.
Guideline B-20 now requires the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.
OSFI is requiring lenders to enhance their loan-to-value (LTV) measurement and limits so they will be dynamic and responsive to risk.
Under the final Guideline, federally regulated financial institutions must establish and adhere to appropriate LTV ratio limits that are reflective of risk and are updated as housing markets and the economic environment evolve.
OSFI is placing restrictions on certain lending arrangements that are designed, or appear designed to circumvent LTV limits.
A federally regulated financial institution is prohibited from arranging with another lender a mortgage, or a combination of a mortgage and other lending products, in any form that circumvents the institutions maximum LTV ratio or other limits in its residential mortgage underwriting policy, or any requirements established by law.
To find out how this will affect you, please contact me at anytime.
Easy ways to keep more money in your pocket
It goes without saying that most of us would appreciate a little more money in our pockets. Believe it or not, its actually an achievable goal. In fact, a few simple tips can help you uncover meaningful savings each and every month. Need some ideas? Heres a little inspiration to get you started:
1. Pack food from home for lunches and snacks. Skip sandwich bags and opt for reusable containers, cutlery and drink bottle.
2. Switch light bulbs to CFLs. On average, it costs $250 a year in energy costs to light your home with incandescents. Save $150 by going with CFLs. Theyre more expensive initially, but will last 10 times longer.
3. Review and negotiate your service plansphone, internet, cable and television content.
4. Invest in topping up your insulation. Attic insulation can settle and compact over time, diminishing its original R-value and increasing heating/cooling costs. Topping it up with a quality batt insulation, like Roxul Comfortbatt, will immediately help improve the comfort of your home and reduce your monthly energy bills.
5. Pay off credit card debt and swap cards for lower interest rate options.
6. Install low-flow water fixtures to cut down on excess water consumption.
7. Lower your thermostat by two degrees in cold weather and increase it by two degrees in warmer weather.
8. Launder your clothes in cold water and at off-peak times.
9. Avoid impulse shopping. Stick to your list and avoid window shopping, which tends to draw buyers in.
10. Save money on entertainment by looking for free activities. For options in your area, try a simple internet search. You might be pleasantly surprised at the wide variety of activities and entertainment available for no or low cost.
Collectively employing the tips above could potentially add up to thousands in annual savings, proving that sometimes change can be a good thing.