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.
The Contagion of Fear
Fears of a possible coronavirus pandemic are sweeping the world. Markets are jittery with little hard data to go on.
With the first case now reported in Canada, many are recalling the 2003 SARS where Canada was one of the epicenters. Arguably the biggest (economic) lesson from that experience is that fear is the biggest risk to the outlook.
The impact of the SARS pandemic on the Canadian economy is difficult to estimate, confounded as it was by the slowing US economy, the invasion of Iraq and other events, but the Bank of Canada estimated -0.6ppt hit to annualized growth in Q2-2003, or just over 0.1% on the level of GDP.
While it is premature to predict the path of todays coronavirus outbreak, we estimate that a SARS-equivalent pandemic today could have a similar impact on the Canadian economy with an estimated hit of just over 0.1% on the level of GDP by mid-2020, at which point a pandemic should be contained. This estimate is subject to a significant degree of uncertainty with risks skewed to a potentially larger impact.
The effect should not be significant enough to trigger a broader economic malaise, but could this finally push Governor Poloz over the line to proactively stimulate the economy in his next rate call?
Bank of Canada maintains overnight rate target at 1 ¾ percent
The Bank of Canada today maintained its target for the overnight rate at 1 percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1 percent.
The global economy is showing signs of stabilization, and some recent trade developments have been positive. However, there remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences. The Canadian economy has been resilient but indicators since the October Monetary Policy Report(MPR) have been mixed.
Data for Canada indicate that growth in the near term will be weaker, and the output gap wider, than the Bank projected in October. The Bank now estimates growth of 0.3 percent in the fourth quarter of 2019 and 1.3 percent in the first quarter of 2020. Exports fell in late 2019, and business investment appears to have weakened after a strong third quarter. Job creation has slowed and indicators of consumer confidence and spending have been unexpectedly soft. In contrast, residential investment was robust through most of 2019, moderating to a still-solid pace in the fourth quarter.