Home Ownership... It is one of the most important and complex decisions you will ever make. They key to making the right decision is to know and truley understand your financing options. Our role is to be your unbiased and expert advisor thus ensuring you have access to the best mortgage solutions in the industry. This means the most competetive rates and terms that fit your specific needs and long term goals.
As home buyers, you must be able to trust and have confidence that your best interests are being looked after. You need a dedicated professional who will find the best mortgage product on the market for you and negotiate with lenders on your behalf.
With access to over 300 mortgage products to choose from - not just one suite of products at one bank, we will analyze which mortgage product will suite your specific needs. Create a plan for saving you the largest amount of interest over the term of your mortgage.
Whether you are looking to purchase a home, renew a mortgage or implement a refinancing strategy, I am committed to communicating with you every step of the way and smoothly and expediently guidling you through the process. Our goal is to provide you with a positive, stress free experience so you can focus on the bigger picture - finding your dream home and achieving financial security.
3 Reason You Should Consider Refinancing
A lot of people view their mortgage as a life sentence when they sign on the dotted line. Just because you signed a five-year mortgage term, doesnt mean you cant see what else is out there. Whether youre borrowing money for that walkout patio youve always dreamed of or youd like to invest in a rental property, refinancing your mortgage may be the answer. With home prices shattering the stratosphere in many cities, homeowners find themselves house rich, cash poor. By refinancing your mortgage, you can unlock some of that valuable equity and put it to work. Here are three reasons you should consider refinancing your mortgage.
1. Low Mortgage Rates
When it comes to mortgages, security comes at a cost. Interest rates may be low now, but whos to say theyll be this low in five years when your mortgage is up for renewal? This is why many homeowners choose the safety and security of a fixed rate mortgage. Although youre protected if you lock-in you could find yourself paying a lot more than the going rate, especially if there is a new heating unit in the home.
Before you refinance, its important to know its worth your while. With a closed term mortgage, youll have to cough up mortgage penalties to your bank to escape the shackles of your existing mortgage. Its important to calculate what your savings outweigh the penalties youll incur. If youre not a math whiz, no need to panic Eva Neufeld can help you run the numbers and see if breaking your mortgage is the right move for you.
2. Tap into Your Homes Equity
Whether youre looking to add a second story on your bungalow for your growing family or you need some extra money to fund your retirement, refinancing your mortgage may be your ticket. By refinancing your mortgage, you can borrow up to 65 percent of your homes value. Best of all, you can do it without selling your home.
When you take out a Home Equity Line of Credit or HELOC for short or you blend and extend your mortgage, you can take advantage of interest rates as low as prime plus 0.5 percent. With interest rates today near a record low, theres never been a better time to invest!
3. Consolidating Your Debt
Are you drowning under a mountain of debt? Are you struggling to pay those high interest credit card bills? Consolidating your debt may be the answer. As mentioned above, your mortgage is one of the cheapest forms of debt out there. If you have high-interest consumer debt like credit card interest, car loan or the dreaded payday loan, refinancing your mortgage is a no-brainer.
When you consolidate your debt, you get the best of both worlds. Heres how it works: your mortgage lender will pay off your existing debts. After that youll only have one monthly payment to make; you wont have to deal with the hassle of trying to manage multiple statements.
Not only is a consolidated loan more convenient, but it can also save you mega bucks! The interest rates on some store credit cards are highway robbery at near 30 percent! With a consolidated loan, more money will go towards principal and less towards interest, so youll be debt-free sooner.
The decision to refinance your mortgage can be overwhelming, so its important to sit down with your mortgage broker. By looking at all your options, you can decide whether financing makes sense for you.
Bank of Canada maintains policy rate, continues forward guidance and current pace of quantitative easing
The Bank of Canada on September 8th held its target for the overnight rate at the effective lower bound of percent, with the Bank Rate at percent and the deposit rate at percent. The Bank is maintaining its extraordinary forward guidance on the path for the overnight rate. This is reinforced and supplemented by the Banks quantitative easing (QE) program, which is being maintained at a target pace of $2 billion per week.
The global economic recovery continued through the second quarter, led by strong US growth, and had solid momentum heading into the third quarter. However, supply chain disruptions are restraining activity in some sectors and rising cases of COVID-19 in many regions pose a risk to the strength of the global recovery. Financial conditions remain highly accommodative.
In Canada, GDP contracted by about 1 percent in the second quarter, weaker than anticipated in the Banks July Monetary Policy Report (MPR). This largely reflects a contraction in exports, due in part to supply chain disruptions, especially in the auto sector. Housing market activity pulled back from recent high levels, largely as expected. Consumption, business investment and government spending all contributed positively to growth, with domestic demand growing at more than 3 percent. Employment rebounded through June and July, with hard-to-distance sectors hiring as public health restrictions eased. This is reducing unevenness in the labour market, although considerable slack remains and some groups particularly low-wage workers are still disproportionately affected. The Bank continues to expect the economy to strengthen in the second half of 2021, although the fourth wave of COVID-19 infections and ongoing supply bottlenecks could weigh on the recovery.
CPI inflation remains above 3 percent as expected, boosted by base-year effects, gasoline prices, and pandemic-related supply bottlenecks. These factors pushing up inflation are expected to be transitory, but their persistence and magnitude are uncertain and will be monitored closely. Wage increases have been moderate to date, and medium-term inflation expectations remain well-anchored. Core measures of inflation have risen, but by less than the CPI.
The Governing Council judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary policy support. [The Bank of Canada] remains committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In the Banks July projection, this happens in the second half of 2022. The Banks QE program continues to reinforce this commitment and keep interest rates low across the yield curve. Decisions regarding future adjustments to the pace of net bond purchases will be guided by Governing Councils ongoing assessment of the strength and durability of the recovery. [The Bank of Canada] will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective.
The next scheduled date for announcing the overnight rate target is October 27, 2021. The next full update of the Banks outlook for the economy and inflation, including risks to the projection, will be published in the MPR at the same time.
Source: Bank of Canada
Ontario weighs down residential permits nationally
The total value of building permits in Canada decreased 3.9% to $9.9 billion in July. All provinces except British Columbia and Newfoundland and Labrador posted lower values, with the majority of the national decline reported in Alberta (-23.4%). Building permits fell 3.1% in the residential sector and 5.6% in the non-residential sector.
On a constant dollar basis (2012=100), building permits fell 3.8% to $7.0 billion.
Seven provinces reported declines in the residential sector, led by Ontario (-10.5%).
Single-family permits fell 9.6% in July, with two provinces showing growth. Ontario (-9.1%) contributed the most to the decrease.
Construction intentions for multi-family units rose 2.7% in July. British Columbia posted an increase of 55.1%, which was driven by high-valued condo projects in the city of Surrey. In contrast, Ontario reversed strong growth in June (+67.6%) and fell 11.7% in July due to fewer high-valued condo permits reported for the census metropolitan areas (CMA) of Hamilton and Guelph.