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My Rates

6 Months 3.10%
1 Year 2.99%
2 Years 2.94%
3 Years 2.99%
4 Years 3.29%
5 Years 3.34%
7 Years 3.84%
10 Years 4.39%
*Rates subject to change and OAC
AGENT LICENSE ID
M16000311
BROKERAGE LICENSE ID
11931
Patrick Palmer Mortgage Agent

Patrick Palmer

Mortgage Agent


Phone:
Address:
1515 Rebecca Street, Unit c33, Burlington, Ontario

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Thank you for visiting my website which has been designed as a resource for answering questions people may have when thinking about a Mortgage for a Purchase, Renewal, Refinance, Equity Take Out, Investment and or other. There are many reasons why someone needs a mortgage and it is my top priority to find you the best one to meet your unique financial circumstances.

 

Please be aware that although I post the rates above, I also frequently have access to "Unpublished Rates" from lenders that are not available to the general public. If you are interested in learning more about these "Unpublished Rates", please contact me directly at 905-334-6329 or pat@zoommortgage.ca.

 

Every client has different needs, financial situation, and goals which mean that there is no one right solution for everyone. I start by first listening to my clients to better understand what they want from their mortgage and then shop their mortgage through our vetted network of financial lenders to find them the right solution that is tailored to their needs.

 

I believe a great mortgage is comprised not only of a strong rate but also strong terms, conditions, and features that provide the client with a complete mortgage solution.

 

I look forward to talking with you about how we can work together to help you make the most from your mortgage!


BLOG / NEWS Updates

Housing Market Digest by Will Dunning, Economist for Mortgage Professionals Canada

The Office of the Superintendent of Financial Institutions (OSFI) now requires that all residential mortgages by federally-regulated lenders must be stress-tested, at two percentage points above the contract interest rate (or the 5- year posted rate, if that is higher). In combination with the requirements for mortgage insurance, about 90% of all new mortgages will be tested. This can be expected to reduce housing activity by 10-15%. It is on top of the impact from recent rises for mortgage interest rates (another 5-10% drop in activity). The combined 15-25% drop in housing activity will affect the broader economy. In two years, employment could be 150,000-250,000 lower than it would otherwise be. There is a risk that house prices will fall. In a modern economy, a sustained drop in house prices is one of the most dangerous things that can happen: as happened in the US a decade ago, falling house prices can turn into widespread economic decline. Resale activity recovered a bit more in September, to 492,900, due to partial rebounds in BC and Ontario. Activity is flat in most other areas. CREAs House Price Index was flat in September. The year-over-year change is now 10.7% (down from the peak of 19.7% that was seen in April). The sales-to-new-listings ratio (SNLR) was 55.7% in September, slightly above the balanced market threshold of 51%. This indicator points to an outlook for stable prices (at worst). But, as noted, OSFIs stress test policy creates a risk of falling prices. We should, in general, expect that resale activity will trend upwards over time, because the population is growing and the housing inventory is expanding. Therefore, it is useful to look at sales on a per capita basis. Recent activity is below the long-term average.

Employment increased by 35,000 in October

In October, employment rose for youth aged 15 to 24, while it was little changed for the core-aged population of 25- to- 54 year-olds, and for people 55 and older. The largest employment increase was in Quebec, followed by Alberta, Manitoba, Newfoundland and Labrador, and New Brunswick. At the same time, there was a decline in Saskatchewan. Employment rose in several industries, led by other services; construction; information, culture and recreation; and agriculture. Employment declined in wholesale and retail trade. The number of private sector employees increased in October, while public sector employment and self-employment were little changed.

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