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My Rates

6 Months 3.34%
1 Year 3.49%
2 Years 3.19%
3 Years 2.99%
4 Years 2.99%
5 Years 2.94%
7 Years 3.54%
10 Years 4.04%
6 Months Open 6.70%
1 Year Open 4.45%
*Rates subject to change and OAC
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Caily MacGregor Accredited Mortgage Professional

Caily MacGregor

Accredited Mortgage Professional


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99 Scurfield Blvd , Winnipeg, Manitoba

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CONTACT CAILY FOR PROFESSIONAL UNBIASED MORTGAGE ADVICE YOU CAN TRUST

 

- Member of Mortgage Professionals Canada since 2007

- AMP Designation (Accredited Mortgage Professional)

- Been in the Mortgage industry since 2007

- Business Administration Degree with a Major in Marketing from Red River in 2007

- Winner of 2015 Integrity Award at One Link

- Winner of mortgage volume awards from VERICO and One Link Mortgage each year

 

Caily’s career in mortgages began when she joined the team of Accredited Mortgage Professionals at One Link in 2007, where it took her two years to become eligible to obtain her AMP designation. Newly accredited and keen to gain more breadth of experience in the industry, she moved to Calgary to become a mortgage underwriter for FirstLine Mortgages, a broker specific lender that was one of the biggest in Canada at the time. After spending a year learning all there is to know about credit assessment processes, Caily returned to One Link and has since built a solid reputation as a broker that excels in customer service and client outcomes.

 

"I think it’s very important for people to work with a professional and someone they trust. There is so much information out there and mortgage products that will suit a person’s needs. Rate is important but knowing the mortgage you're getting into is more important, there are a ton of hidden fee’s and restrictions that can be associated with rate specials on the market so make sure you’re talking to a professional to see if a certain mortgage product is good for you. I work for YOU not the lender and better yet my services are FREE!!!"


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Mortgage Strategy: Being Able To Afford Your Dream Home

Most first time buyers have been previously renting or living at home, so buying their first home means having to become accustomed to paying their mortgage and all of the added expenses that come with homeownership (Visit my Blog: Calling All First Time Buyers- Dont Become House Poor).With that said, your next home isnt really front of mind until you decide its time to move. So how are first time buyers preparing themselves to be able to afford their next home? I have a strategy that I have share with my clients that, when used, can really make purchasing a dream home a reality. Heres the strategy: DISCLAIMER:Please keep in mind I live in Winnipeg, Manitoba where we see a steady 1-2% increase in house prices year over year, we have in my opinion, one of the most consistent, affordable, steady markets across Canada. So the numbers I am using are based on this particular market. I am using an interest rate of 3.44% as its just a rate I used to derive a payment and is not best rate today (April 17, 2019). By the way my next blog post will be why its important we need to stop talking about rate (stay turned). The example Im using is a $250,000purchase with 5% downpayment, mortgage payments are based on 3.44% over a 25 year amortization is$624.95 accelerated bi-weekly payments(pays off your mortgage 2 years sooner). In my experience most first time buyers are ready to move up around the 5 year markso I am using that as the timeframe. My strategy is simple, use the lenders pre-payment privileges to create more equity and pay less in interest costs. By increasing your payment you will also limit your payment shock when moving to your next home. Heres the breakdown: A lot of lenders will allow you to increase your mortgage payment up to 20% for no fee. If your mortgage payment is $624 you can add $125 to each mortgage payment, which will make your new payment $749 bi-weekly. That and extra $3000 you are paying your mortgage down per year and $15,000 over the 5 year term. Not only did you just increase the equity in your home but over a 5 year term alone you are saving $3000 in interest costs ($26,389 over the 25 year period). Mortgage Payoff Summary Original loan amount $251,900.00 Original mortgage amortization 25 Years Interest rate 3.44% Normal payment (PI) $624.85 accelerated bi-weekly Additional payment $125.00 bi-weekly Prepayment savings $26,389.37 over 25 yrs *Assuming the interest rate does not change during the amortization period. Payment schedule Regular Payment Schedule Prepayment Payment Schedule Yr Total Payments Interest Paid Ending Principal Balance Total Payments Interest Paid Ending Principal Balance $251,900.00 $251,900.00 1 $16,246.10 $8,470.49 $244,124.39 $19,496.10 $8,416.60 $240,820.50 2 $16,246.10 $8,200.71 $236,079.00 $19,496.10 $8,032.16 $229,356.56 3 $16,246.10 $7,921.58 $227,754.48 $19,496.10 $7,634.40 $217,494.86 4 $16,246.10 $7,632.75 $219,141.13 $19,496.10 $7,222.87 $205,221.63 5 $16,246.10 $7,333.87 $210,228.90 $19,496.10 $6,797.04 $192,522.57 6 $16,246.10 $7,024.67 $201,007.47 $19,496.10 $6,356.46 $179,382.93 7 $16,246.10 $6,704.70 $191,466.07 $19,496.10 $5,900.54 $165,787.37 8 $16,246.10 $6,373.66 $181,593.63 $19,496.10 $5,428.82 $151,720.09 9 $16,246.10 $6,031.14 $171,378.67 $19,496.10 $4,940.75 $137,164.74 10 $16,246.10 $5,676.74 $160,809.31 $19,496.10 $4,435.74 $122,104.38 11 $16,246.10 $5,310.05 $149,873.26 $19,496.10 $3,913.25 $106,521.53 12 $16,246.10 $4,930.55 $138,557.71 $19,496.10 $3,372.54 $90,397.97 13 $16,246.10 $4,537.94 $126,849.55 $19,496.10 $2,813.16 $73,715.03 14 $16,246.10 $4,131.74 $114,735.19 $19,496.10 $2,234.30 $56,453.23 15 $16,246.10 $3,711.44 $102,200.53 $19,496.10 $1,635.41 $38,592.54 16 $16,246.10 $3,276.54 $89,230.97 $19,496.10 $1,015.70 $20,112.14 17 $16,246.10 $2,826.55 $75,811.42 $19,496.10 $374.51 $990.55 18 $16,246.10 $2,360.93 $61,926.25 $992.17 $1.62 $0.00 19 $16,246.10 $1,879.18 $47,559.33 $0.00 $0.00 $0.00 20 $16,246.10 $1,380.71 $32,693.94 $0.00 $0.00 $0.00 21 $16,246.10 $864.95 $17,312.79 $0.00 $0.00 $0.00 22 $16,246.10 $331.29 $1,397.98 $0.00 $0.00 $0.00 23 $1,401.04 $3.06 $0.00 $0.00 $0.00 $0.00 24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Now lets take into account that Manitoba has a steady 2% increase in house prices year over year for the past few DECADESso its reasonable to say that your $250,000 home would be closer to $275,000 in 5 years time. So in 5 years time you could potentially have close to $83,000 in equity for the purchase of a new house. So lets look at a new purchase and what this could mean so we can talk about the bonus of doing this strategy- Avoiding payment shock! Net sale proceeds(no mortgage penalty for this example) $83,000 Sale Proceeds *sale price of $275,000 $1,000 Legals $12,000 Estimated real estate fees $500 Estimated discharge fee for you current mortgage $69,500 Net Sale proceeds New purchase $425,000 Purchase Price 59,000 Downpayment from sale proceeds $10,500 Closing costs (estimated) from sale proceeds *No cash out of pocket for the new purchase $864 New payment (non accelerated payment/ using same interest rate) $749 Old payment accelerated with extra payments $114 Difference in payment bi-weekly If you did notincrease your mortgage $125 your payments would have been $624 bi-weekly and your downpayment would have been $41,000 compared to 59,000. The difference between your old payment and your your new payments would be $289 bi-weekly THATS A DIFFERENCE OF $22,750 over a 5 year term! By add$125 to your bi-weeklypayment you not only got yourself into a $425,000 home in 5 years but also your lifestyle will remaining the same as your payments will be relatively close to what you were used to paying over the past 5 years. After reading all of this you may be questioning just how you could free up $125 bi-weekly in order to increase your mortgage payments. Not to worry, my next blog will cover this!

$5000 First Time Home Buyer Tax Credit

The First Time Homebuyers Tax Credit is available for qualifying first time homebuyers who purchased a home after January 27, 2009. You can claim an amount of$5,000 for the Home Buyers Tax Credit (HBTC) if both of the following apply: you or your spouse or common-law partner acquired a qualifying home; and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer). the home you acquired must be located in Canada and includes existing homes and new construction. Single-family homes, semi-detached homes, townhouses, mobile homes, condominium units, as well as condos all qualify. The home must be owner occupied as a principal residence no later than one year after it is acquired. You dont have to submit documents supporting your purchase transaction with your income tax and benefit return, but you must make sure this information is available if Revenue Canada requests it. Note this is a non-refundable tax credit. If the total of your non-refundable tax credits is more than your federal income tax, you will not receive a refund. For more information, please visitFirst Time Homebuyers Tax Credit. Source www.onelinkmortgage.com

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