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My Rates

6 Months 3.75%
1 Year 2.54%
2 Years 2.34%
3 Years 2.24%
4 Years 2.19%
5 Years 1.89%
7 Years 2.54%
10 Years 2.94%
*Rates subject to change and OAC
AGENT LICENSE ID
M16000311
BROKERAGE LICENSE ID
11931
Patrick Palmer Mortgage Agent

Patrick Palmer

Mortgage Agent


Office:
Phone:
Address:
1100 Burloak Dr Suite 300, Burlington, Ontario

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Thank you for visiting my website which has been designed as a resource for answering questions people may have when thinking about a Mortgage for a Purchase, Renewal, Refinance, Equity Take Out, Investment and or other. There are many reasons why someone needs a mortgage and it is my top priority to find you the best one to meet your unique financial circumstances.

 

Please be aware that although I post the rates above, I also frequently have access to "Unpublished Rates" from lenders that are not available to the general public. If you are interested in learning more about these "Unpublished Rates", please contact me directly at 905-334-6329 or pat@zoommortgage.ca.

 

Every client has different needs, financial situation, and goals which mean that there is no one right solution for everyone. I start by first listening to my clients to better understand what they want from their mortgage and then shop their mortgage through our vetted network of financial lenders to find them the right solution that is tailored to their needs.

 

I believe a great mortgage is comprised not only of a strong rate but also strong terms, conditions, and features that provide the client with a complete mortgage solution.

 

I look forward to talking with you about how we can work together to help you make the most from your mortgage!


BLOG / NEWS Updates

Home affordability improved in Q2 2020

Housing affordability in Canadas large urban centres improved in the second quarter of 2020 after having deteriorated in the two prior quarters. Higher incomes helped in Q2 but the largest portion of the improvement came in the form of lower interest rates. Indeed, the latter declined 19 basis points in the quarter, reflecting the easing from the central bank. Combined, income and mortgage rates were more than enough to offset the increase in home prices. Still, the decline in interest rates on a quarterly average basis does not completely reflect the change in 5-year mortgage rates since the beginning of the COVID-19 pandemic. The February to June decline in mortgage interest rates was a much more significant 41 basis points. Looking ahead, the preliminary data for rates shows additional improvements in the third quarter of the year (cumulatively they are down over 70 bps). While we expect this to help affordability, home prices should remain resilient based on the latest resale market data showing record sales volumes. Homebuyers have rushed back to the market after having delayed purchases and are now being offered record-low interest rates. Once pent-up demand is exhausted, the Canadian housing market will still have to face high levels of unemployment and reduced household formation due to lower immigration.

Bank of Canada maintains commitment to current level of policy rate, continues program of quantitative easing

The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of percent. The Bank Rate is correspondingly percent and the deposit rate is percent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds. Both the global and Canadian economies are evolving broadly in line with the scenario in the July Monetary Policy Report (MPR), with activity bouncing back as countries lift containment measures. The Bank continues to expect this strong reopening phase to be followed by a protracted and uneven recuperation phase, which will be heavily reliant on policy support. The pace of the recovery remains highly dependent on the path of the COVID-19 pandemic and the evolution of social distancing measures required to contain its spread. The rebound in the United States has been stronger than expected, while economic performance among emerging markets has been more mixed. Global financial conditions have remained accommodative. Although prices for some commodities have firmed, oil prices remain weak. In Canada, real GDP fell by 11.5 percent (39 percent annualized) in the second quarter, resulting in a decline of just over 13 percent in the first half of the year, largely in line with the Banks July MPR central scenario. All components of aggregate demand weakened, as expected.

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