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.
Almost no annual growth for national HPI
The national HPI has grown at a below-inflation rate of 0.5% over the last 12 months, the smallest gain since November 2009. Moreover, the fact that monthly gains are reported for May and June does not mean that the market recently turned the corner. These two months typically register the strongest growth rates in a year. Indeed, the two latest rises were among the weakest in history for months of May and June. If seasonally adjusted, the national HPI would been down in both months this year. However, the weakness is not regionally broad-based. The national HPI was dragged down by 12-month home price declines in Western Canada metropolitan areas (Vancouver, Calgary, Edmonton and Winnipeg) and a tiny increase in Victoria. In Central Canada and in the East, home price growth ranges from decent to strong (left chart). This is consistent with the state of home resale markets. For example, the Vancouver market turned favorable to buyers at the end of last year, while the Toronto market remained balanced and Montreal’s market has never been this tight since 2005. That being said, a rebound in home sales recently occurred in Canada which was also felt in the largest Western metropolitan areas. This should help limit home-price deflation in these areas.
The Teranet–National Bank Composite National House Price Index increased 0.8% in June, a second gain in a row after an eight-month string without a rise.
On a monthly basis, the index rose in 8 of the 11 markets covered: Winnipeg (0.1%), Quebec City (0.3%), Montreal (0.8%), Toronto (1.3%), Halifax (1.5%), Hamilton (+1.6%), Victoria (+2.1%) and Ottawa-Gatineau (+2.2%). The index was down in Calgary (-0.1%) and Vancouver (-0.3%), and flat in Edmonton.
From June 2018 to June 2019, the Composite index rose 0.5%, the smallest 12-month gain in ten years. The HPI declined in Vancouver (-4.9%), Calgary (-3.8%), Edmonton (-2.6%) and Winnipeg (-0.4%). It was up in Victoria (0.3%), Quebec City (1.5%), Halifax (2.7%), Toronto (2.8%), Hamilton (4.8%), Montreal (5.4%) and Ottawa-Gatineau (6.3%).
Source: National Bank Financial Markets; Marc Pinsonneault
NORTHERN STAR (FOR NOW...)
In contrast to the US, Canadian growth is accelerating sharply going into the second quarter, following a solid gain in domestic demand to start the year.
Fast, and accelerating, population growth, and remarkably strong employment growth are providing a solid underpinning to consumer spending and the housing market.
Positive export data suggest that the ongoing strength in domestic demand will be buttressed by net exports in the second quarter, and possibly beyond.
Canadian inflation is at the Bank of Canadas target, in sharp contrast to the US, where it has moved away from the Feds objective. This gives the BoC room to keep rates on hold if inflation remains on target.
Downside risks remain important and are all linked to US-centric developments, with worries about US trade policy ongoing despite the pause with China.
Recent Canadian developments stand in sharp contrast to events in much of the rest of the world. Whereas US growth is clearly decelerating, Canadian growth is on an upswing, with recent indicators pointing to a very sharp rebound from a somewhat sluggish start to the year. Canadians appear to be, for the time being, largely insulated from the broader malaise facing the global economy as consumer and business confidence has improved sharply in recent quarters, owing to strong sales and job creation. While there are a number of factors suggesting that the growth rebound observed will persist through 2020, there is a risk that a divergence between Canadian and US outcomes may not last.
Source: Scotiabank Economics