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My Rates

6 Months 7.85%
1 Year 5.29%
2 Years 5.14%
3 Years 5.04%
4 Years 4.99%
5 Years 4.49%
7 Years 5.90%
10 Years 5.90%
6 Months Open 9.45%
1 Year Open 8.00%
*Rates subject to change and OAC
AGENT LICENSE ID
504822
Ross Hooker Mortgage Professional

Ross Hooker

Mortgage Professional


Office:
Phone:
Address:
411 - 1315 56th Street, Delta, British Columbia, V4L 2A6

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Finding the right home for you or your family is paramount. And as we have all heard so many times, it's one of the largest investments that we will ever make and there are many things that will factor into your decision making as you conduct your search. Price versus affordability, the right neighbourhood, the right sized home, proximity to work, schools, amenities, family, friends and more? With that much to consider along with the added for financing that fits, the overall purchase journey can be emotional and stress levels can be understandably high. Trust me, I've been there personally, more than once.

So, with such an important investment and so many financing options, why do so many seem to take the path of least resistance when it comes to financing their real estate? Why do so many default to what seems to be their comfort zone, explore only a single lender or financing option, and then pay so little attention to the important details not only in the initial stages but throughout the life of the mortgage? It's unfortunate, and unnecessary.

Well, you're in the right place! The fact that you've made it this far and are exploring my website suggests that you are not only interested in, but you are also aware of the many considerations with such an important investment beyond just "the rate". Options and flexibility are so often overlooked but they are incredibly important things to consider as you strategize ways to minimize your costs and pay off your mortgage as quickly and as comfortably as you can.

The goal of my business is to be a trusted advisor helping you make educated decisions with regard to your mortgage and your unique situation. And yes, you may find it surprising but very few are exactly alike. I'm licensed and obligated to give you unbiased advice with access to as many as 40 lenders and partner with you on the finance journey which truly requires so more of your attention beyond the initial purchase. Fixed or variable? Interest rates rising or falling? Mortgage renewal? Renovating? Equity take out options? Promotion? Employment bonus? Job loss? Suddenly acquire a large sum of money or enjoying a transfer of family wealth? Selling before the end of your term? The list goes on with respect to all of these all too common real life mortgage situations and you really should have someone you can partner with and trust for advice and ultimately solutions.

And the best part? All of this comes at no cost to you.

Please feel free to contact me anytime, I very much enjoy what I do and I'd be happy to explain how I can assist you in coming up with your plan.

 


BLOG / NEWS Updates

New Insured Mortgage Rules

#1 As of December 15th, the price cap for insured mortgages increased by 50% to $1.5m. (Actually $1,499,999.99 but the feds like to make things complicated). Whats new: Under the old rules, homes priced over $999,999.99 required a minimum downpayment of 20%. Accordingly, anyone with less than 20% to put down and therefore requiring a default insured mortgage, couldnt entertain a purchase north of that ceiling. Under the new regulations, that cap will move to $1,499,999.99 and as they have left the current down payment rules the same (5% on the first $500k of the purchase price and 10% on the portion of the price above that up to $1.5M), the goal posts have moved significantly in terms of what will be required for a down payment. Heres what the new minimum down payment amounts look like for various price points: My take: Like lining up for a hot dog at Costco, are people going to run out to buy a $1.5M home with $125K down and qualify for a mortgage of $1.375M? No. But I do think that it will open doors for some reasonably wellqualified buyers with less than 20% to put down to start looking in the $1M-1.2M range which has previously been out of reach, and where the benchmark prices for areas like Vancouver and Toronto are currently $1,195,900 and $1,074,425 respectfully. Outlying areas where real estate values are lower may benefit as well. Consider a detached home in the same $1M$1.2M range with a rental suite providing additional income to help qualify for the mortgage. Good news here, it needed to be done in my opinion and theyve made a bold enough move such that this one can sit unchanged for a while. #2 As of December 15th, all INSURED First-time buyers* can get 30-year amortizations. *First-time buyers are those who have never purchased a home before, or never occupied a principal residence that they/their spouse/partner owned in the current and prior four years, or those who have recently experienced the breakdown of a marriage or common-law partnership. Whats new? Previously, if you were a first-time home buyer with less than 20% to put down (therefore high ratio insured), your maximum amortization was 25 years. Under the new rules, 30-year amortizations are now available for that same buyer. My take: - Perhaps not Texas Chainsaw Massacre sized cuts to monthly payments, but quite significant! Consider a first-time home buyer with a $400K, 5-year insured fixed rate mortgage at 4.5%, a 25-year amortization, and a payment of $2,214/month. Under the new rules and a 30-year amortization on that same mortgage, the payment drops almost $200 to $2017/month. Those savings can help pay go to top up RRSPs or other investments, pay down higher interest debts, or simply pay for groceries. And yes, many likely opting for groceries first! - Longer amortizations bring higher overall interest costs. This of course should be of concern to everyone, however, in the early stages of ones real estate journey and if it helps ease the strain of getting into the market? Its nice to have options. Furthermore, using the mortgage example above and a 30-year amortization, if one was to opt for accelerated bi-weekly payments (which many/most do to align with their pay days), your effective amortization is 25 years, 7 months. It can be a journey my friends. - Longer amortizations and the resulting lower payments reduce debt service ratios ultimately allowing for bigger approved mortgage amounts. This could drive prices up over time? #3 As of December 15th, all INSURED new build buyers can get 30-year amortizations. Whats new? Announced earlier in the summer, this is a now modified initiative that was originally targeted at insured first time home buyers (per the definition under #2 above) purchasing a new build. Now what theyve done is modified it such that you dont need to be a first-time buyer by definition, you can simply be an insured buyer of a new build and get a 30-year amortization. My take: The original program proved far too restrictive, you pretty much needed to be a unicorn to qualify. Expanding this program in terms of who qualifies not only makes news builds more appealing, it is perhaps also one more good reason for builders to get shovels in the ground as the demand goes up. And who might this new unicorn buyer be? In addition to a first-time buyer, now it can also be anyone who has owned something previously, but wants something new, be it a condo, townhome, or detached home with the potential financial benefits of a 30-year amortization as outlined in #2 above. #4 As of January 15th, you can refinance an insured mortgage to build a secondary suite. Whats New? In 2016, the feds took away the ability to refinance an insured mortgage to prevent people from taking on more mortgage debt but now its back with a catch. Here are the details: Permitted purpose: The refinance funds must be used to construct one or more secondary suites (e.g., a laneway home, basement suite, above-garage suite etc.) Maximum loan-to-value: 90% on the as-improved value of the home. Note: The LTV is calculated on the propertys as-improved value after any new secondary suite is added. Maximum property value: $2 million Maximum amortization: 30 years Maximum units: Four Borrower qualifications: The applicant must already own their property. The borrower or their kin must presently occupy a unit on the property. No short-term rentals. (a.k.a. No Airbnb) Other requirements: The new units must meet municipal zoning requirements and be fully self-contained (e.g., with kitchens, bathrooms, separate entrances, etc.). My take: There might be a few too many complications here to make this worthy for many people. In a sense, the feds should be praised for being creative, but I suspect these will need to be analyzed on a case-by-case basis for validity/value.

So What's Your Best Rate?

So, whats your best rate?. As a mortgage broker, of course it would be safe to assume that this is a logical question I am often asked, and one where you also might assume that my answer would be relatively straight forward! Well, unfortunately its not all that easy, and part of the challenge lies in that so many of us see/hear the barrage of advertising through multiple forms of media about the lowest rates and that has an anchoring effect in our minds. The truth is that in many cases people dont necessarily qualify for such advertised rates because they are for borrowers in very specific circumstances, or theyre attached to mortgage products with very specific features that can be quite limiting and thats where I can help. Accordingly, how do I manage the whats your best rate question? Simply put, I always acknowledge that rate is of course primary concern and first on just about everyones list, however, before getting too fixated on rate, I like todiscuss these first 10 (of potentially many more) key elements that all influence the lowest rate. They are Variable or fixed rate? If fixed, is it for a 1,2,3,4 or 5-year term? (And NEVER a 7 or 10-year!) If variable, which lender? Features vary by lender. How much is your down payment? More, or less than 20%? Is it for an owner-occupied property, a vacation property, or a rental? Whats your source of income? Salary? Hourly? Commission? Self-employed? Contract? How is the credit score? What prepayment features are important to you? Whats your 3 to 5-year plan? In Canada, over 60% of 5-year fixed rate mortgages are broken at around 36 months which can lead to significant penalties. Variable rate and shorter-term fixed products can often provide more options and flexibility. Is there a need for a secured, or an unsecured line of credit? So, given all of that, whats my best rate? You get the idea The truth is that mortgages can be relatively simple, or incredibly complex, and its important to know as a borrower that you have choices and decisions to make. And thats where a mortgage broker comes in. Work with someone to help you understand your options so you can make informed decisions and put yourself in the best position to maximize your wealth in real estate over the long term.

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