Get off to a Great Start by going Debt-Free!

 

You Can Get Out of Your Debt-Cycle by Using Your Home Equity

Credit Card debt, lines of credit, loan payments and interest payments could be standing in the way of your financial security. With rising costs for pretty well everything, it could make it near impossible to get ahead with your debts. Now is a great to take control of your debt cycle through Debt Consolidation or an Equity take out. It’s a simple concept: roll up all the extra debt owed outside of your mortgage and consolidate it in to an existing mortgage or a new mortgage. If you have equity in your home, it is the simplest way to eliminate debt. Getting in touch with me, I can quickly assess your goals to figure out what your options are. Best of all, my advice is under no obligation and it is free. Key Advantages of Debt Consolidation: · Trading multiple higher-interest debts for one lower rate · Lowering your monthly payments · Get out of debt faster and free up some cash-flow · With my strategies I can show you how to pay off your mortgage faster also Debt consolidation can offer a big relief for someone who is struggling with their monthly debt load. If can’t help you, I more than likely can offer some solutions that can help also.

Bank of Canada Increases Overnight Lending Rate Again!

 

INTEREST RATES CONTINUE TO SOAR Today the Bank of Canada decided yet again to increase the overnight lending rate. Prime rate with the lenders has risen from 4.70% to 5.45%, which is a significant increase. An increase of 0.75%. Prime rate has not been this high since 2008. With the recent change, it is fair to assume that the average Variable Rate is now sitting at approximately 5%, which is now pretty close to what you can expect for fixed rates currently. There is further speculation that the Prime lending rate will remain unchanged for the foreseeable future. That said, only time will tell. The next meeting date is scheduled for October 26, 2022. If your Mortgage is coming up for renewal in the next 12 months, or you want to take advantage of current home values, or if you just want a quick Mortgage check-up, give me a call now!! I would be happy to off free advice as to what your options might be. Did you know, if you have a variable rate, more often than not you can break the mortgage with a simple 3 months interest penalty? If you think this information could help out a friend or a family member, I would really appreciate it if you would forward this email or provide them with my contact information. I will look after them as if they were a friend or family member to myself. Book a Virtual Meeting Now!! Phone / Text 403-828-1838 Email: mortgages@shawnmooney.com Website: www.shawnmooney.com Some conditions may apply. Rates are subject to change. Subject to lender / insurer approval.

Are You Swimming in Debt?

 

Are You Swimming in Debt?

Good day, After a long couple of years, a lot of us have found ourselves with a little more debt than we would like. Join the many I have already helped to lower their monthly payment obligations and get out of unsecured debt. On average I am seeing monthly payment savings of approximately $1,000. I don’t know about you but I could sure use the extra money in my pocket. The reality is, property values have risen quite a bit over the last 6 months which is allowing people the opportunity to pull out equity and consolidate everything. Not only that, but with my strategies, don’t think of this opportunity as starting over. You can use the savings you achieve every month to take advantage of excellent pre-payment privileges to pay your mortgage off even quicker than before which will in turn improve your long term financial freedom. In just a couple of minutes I can determine exactly what that will look like for you. Give me a call now if you think this might be of interest to you! If you think this information could help out a friend or a family member, I would really appreciate it if you would forward this email or provide them with my contact information. I will look after them as if they were a friend or family member to myself.

Book a Virtual Meeting Now!!

Phone / Text 403-828-1838 Email: mortgages@shawnmooney.com Website: www.shawnmooney.com

Some conditions may apply. Rates are subject to change. Subject to lender / insurer approval.

Bank of Canada Increases Overnight Lending Rate

 

Bank of Canada Increases Overnight Lending Rate

Hello Shawn As expected the Bank of Canada increased their overnight lending rate by 0.25%, raising the Prime Lending Rate for most if not all of the lenders to 2.70%. Here are a couple of things that you need to know. Prime Rate Change: Most if not all of the lenders changed their prime lending rate from 2.45% to 2.70%. This change is effective March 03, 2022 for most lenders. This means if you have a Variable Rate, your payments will change for your next payment, that or the amount paid to interest will be modified. This depends on the type of Variable rate you have. Who does this affect: This change will affect every borrower with a variable rate mortgage or those wishing to obtain a new Variable Rate mortgage. This change will not change the spread on the variable rate (example Prime Minus 1.0%). The Variable Rate change does not affect Fixed rates. When will the Payment Amount Adjust: For most lenders the payment will adjust on the 2nd regularly scheduled payment following the rate change date. For monthly payments, the April 1st payment in most cases won’t change, but the payment May 1st will reflect the new payment amount. For Weekly payments, assuming payments are on Friday, if you had a payment on Friday March 4th, it would not change, for the payment on Friday March 11th, the payment would reflect the new amount. My opinion on Variable Rates: Although Variable rates have increased, Variable rate mortgages are still really low. You could expect a rate of 1.70% on a new Variable Rate mortgage, possibly lower. This is still quite a bit lower than fixed rates which are pushing the high 2% to low 3% range. So if you have any tolerance to a little risk, then these still might be for you. Further, depending on your circumstances it may be a better option, for example if you were planning to sell and break the mortgage, you would do much better with a variable rate as they are cheaper to get out of then fixed rates. Save the Date: The Bank of Canada is scheduled to meet again on Wednesday April 13, 2022.   Please don’t hesitate to contact me if you would like any additional information or if you are simply in need of any advice with respect to this or anything mortgage related. If you think this information could help out a friend or a family member, I would really appreciate it if you would forward this email or provide them with my contact information. I will look after them as if they were a friend or family member to myself.

Book a Virtual Meeting Now!!

Phone / Text 403-828-1838 Email: mortgages@shawnmooney.com Website: www.shawnmooney.com

Some conditions may apply. Rates are subject to change. Subject to lender / insurer approval.

Mortgage Refinancing - FAQ

What is Mortgage Refinancing?

Mortgage refinancing means paying out the existing mortgage or mortgages and replacing them with a new mortgage or mortgages.  Ultimately when you refinance the mortgage you are changing the terms of the mortgage.  You might be changing the term, mortgage amount, amortization period or conditions.  When your mortgage comes up for renewal it is considered a transfer/switch if you decide to get a mortgage with another lender unless you decide to change the mortgage in any way.

Refinancing can help you reduce monthly payments

Are you finding you don't have anything left over at the end of the month after paying all those monthly bills? Use the equity you have built in your home to help manage your debt. Consolidation can help you manage your monthly cash flow and relieve the financial pressure. A mortgage broker can help you with debt consolidation, and show you mortgage options that will help you regain control.

Refinancing can help you pay off high interest credit card debt

Are you only making minimum monthly payments on your high interest credit cards, loans or lines of credit? Mortgage interest rates are still at record lows. Now is the time to take advantage of the equity you have in your home and pay down your high interest debt while actually saving thousands.

Refinance to Plan and build for your financial future

No extra cash available to help build your financial future. We can help you free up cash so you do have funds to invest for your retirement and your family's financial future.  By refinancing you might be able to get yourself low interest money you might not otherwise have access to.  

Contact us today online, in person or by phone and let us help you achieve your financial goals!!

Check out my webpage on Mortgage Refinancing.  http://www.shawnmooney.com/refinance

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

Mortgage Rate Update - October 3, 2016

*Denotes Change in Rate**Rates subject to change without notice.  Some conditions apply.  O.A.C.  Rates could be customized maturity and must close by a certain date.  Contact me for the best rate for you!!

Mortgage Rate Update - September 26, 2016

As always, you can keep updated on current interest rates at www.shawnmooney.com/rates

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

*Denotes Change in Rate**Rates subject to change without notice.  Some conditions apply.  O.A.C.  Rates could be customized maturity and must close by a certain date.  Contact me for the best rate for you!!

First Time Home Buyer - FAQ

Let a Mortgage Broker Help you

I realize the process can be overwhelming and complicated.  As your mortgage broker I will walk you through the whole process from start to finish.  I will make sure that every step of the way you understand what is happening. 
Get a Mortgage Pre-Approval

Once you have decided you want to buy a house the next step is to find out how much you can spend and when you plan to take ownership.  I will go through all the steps needed to find out how much you qualify for, how much of a down payment you need and I will work to get your interest rate locked in for the next 120 days.  One really great benefit to having your pre-approval is you won't have to worry about any rate increases within the rate hold period.  Also, you will be given the benefit if rates drop before you get possession of your new house. 

First Time Home Buyer Benefits

As a First time home buyer there are certain privileges you are entitled to.  The first of which is Tax Credit.  The tax credit allows you tax breaks on your closing cost up to $5,000.  So you can get a tax break on the money you spend on legal fees, inspection, appraisal, title insurance and other qualifying home buying expenses.

Another benefit is the Home Buyers Plan. This program allows qualified buyers the use of up to $25,000 in RRSP contributions to buy their house.  Under this program the withdrawal of the RRSP will not work against their income.  They will be allowed up to 15 years to pay it back before it gets penalized as income and you have to pay tax on it.

It's about making the right decision 

More and more Canadians are discovering that the best mortgage decision they can make is to choose to work with us.  We offer creative mortgage solutions and can offer all sorts of financing options. 

Take the next step now and contact us to ensure you receive expert and unbiased advice - and the professional service you deserve. 

Shawn Mooney |Bayfield Mortgage Professionals Ltd.
Broker of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769 | Mobile # 403-828-1838
Email: mortgages@shawnmooney.com
Website: www.shawnmooney.com

It's Complicated, Interest Rates FAQ!

There is a lot more to a mortgage than just an interest rate. Over the years lenders have found ways to effectively compete for market share by providing the lowest rates.  They sometimes do this by offering what is called a "no-frills" mortgage.   Not only that, you may in fact be getting a variable rate when you thought what you were getting was a fixed rate mortgage.   There are also quick close rates available if you have the ability to close early.

A "no-frills" mortgage is basically a mortgage which is restrictive in some way or another.  For instance in order to get a lower rate with some lenders you may be giving up some of your pre-payment privileges.  You may also be giving up the opportunity to refinance your house which means the only way to pay out the mortgage is by selling your house. 

Then there are Variable rate mortgages.  This means that your mortgage is subject to change based on your lenders prime rate.  Prime rate is ultimately determined by the Bank of Canada's overnight lending rate.  What you need to know is that your mortgage rate is subject to change.  If the prime rate goes up then so does the rate on your mortgage and if prime rate goes down then so does the rate on your mortgage.   So if it seems like the rate you are getting might be too low, you might be getting a variable rate.

A good number of lenders now offer what is called Quick Close Rates.  Basically a quick close rate applies with some lenders if you can close the new mortgage within 30 days, with some others you have as long as 45 days to close.  These rates often include a discount for closing quickly.  An example would be if the going rate on a 5 year is 2.49%, a quick close might include a discount dropping the rate to 2.39%. 

Some of the questions you need to ask when determining the interest rate is;

• What are my pre-payment privileges?
• What are my payout penalties?
• Is my mortgage portable?
• Is my mortgage assumable?
• Can I refinance with a penalty or do I have to sell to get out of my mortgage?
• How soon is my mortgage going to close?  Can I close it sooner to get a quick close rate?

If you are dealing with anybody that cannot come up with the answers to these questions then I would strongly recommend you discontinue using their services right away and find somebody who can(like me). 

As always, you can keep updated on current interest rates at www.shawnmooney.com/rates

Shawn Mooney | Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

Mortgage Rate Update - September 19, 2016

*Denotes Change in Rate**Rates subject to change without notice.  Some conditions apply.  O.A.C.  Rates could be customized maturity and must close by a certain date.  Contact me for the best rate for you!!

As always, you can keep updated on current interest rates at www.shawnmooney.com/rates

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

Mortgage Renewal, What you need to know!

What Happens when your mortgage is up for renewal?

Generally speaking when your mortgage is up for renewal you get a renewal notice from your Bank or other lender, you choose the rate you would like and you advise the lender.  From there you carry on.  It is not that simple… your current mortgage lender would like it if you thought so. 

Here is what you need to know however;

·        Your current mortgage lender wont usually send you your renewal notice until you are very close to renewal to reduce the amount of time you have to shop around.

o   I will send you a notice that your mortgage is coming up for renewal within the 120 days to your mortgage renewal so you have plenty of time to decide what the best option is.

·        Your current mortgage lender may not offer you the best rate you can get right out of the gate, you may need to negotiate with them to get a lower rate

o   I will help you to negotiate an interest rate on your behalf, make sure you are given the best possible rate, or at least to make sure you are given the best rate by the end of it.

·        If you had any credit mishaps over the term of your mortgage they may not offer you a very good rate at all as some of the lenders pull your credit before offering you a renewal.

o   If you have had issues with your credit, a new lender may better understand this and give you a better interest rate.  I would help you figure out you can do if you have had some credit issues over the term. 

I am here to help.  If you would like to be reminded about your mortgage renewal please follow this link... http://www.shawnmooney.com/mortgage-renewal-reminder

Shawn Mooney |Bayfield Mortgage Professionals Ltd.

Broker of Record
Your Mortgage Broker for Life
Bus. # 403-945-8769 | Mobile # 403-828-1838
Email: mortgages@shawnmooney.com
Website: www.shawnmooney.com

Mortgage Rate Update - September 13, 2016

As always, you can keep updated on current interest rates at www.shawnmooney.com/rates

Shawn Mooney | Bayfield Mortgage Professionals Ltd.

Broker of Record

Your Mortgage Broker for Life

Bus. # 403-945-8769 | Mobile # 403-828-1838

Email: mortgages@shawnmooney.com

Website: www.shawnmooney.com

*Denotes Change in Rate**Rates subject to change without notice.  Some conditions apply.  O.A.C.  Rates could be customized maturity and must close by a certain date.  Contact me for the best rate for you!!

Bank of Canada Update

Bank of Canada Interest Rate Update

​​

Bank doesn't budge

The Bank of Canada announced today that it's maintaining the target for the overnight rate at 1/2 per cent due to slower-than-projected global growth, a weaker-than-expected US economy, and a poor second quarter for the Canadian economy.

While things didn't look great this past quarter, there is good news. For one? Global financial conditions have become more accommodative since July. Secondly, the reason for Canada's poor GDP performance in the second quarter was due largely to the Alberta wildfires in May-leading the Bank to expect a healthy economic rebound in the third quarter as oil production recovers, Alberta starts to rebuild and the Canada Child Benefit begins to spark consumer spending.

On the inflation front, things are in line with the Bank's expectations. Total CPI is below the two percent target and core inflation is sitting around two percent. Given all these factors, the Bank decided that the current target for the overnight rate is just right-and it's standing pat.

Yet again, this is good news for variable rate mortgage holders. If you're in the market for a new mortgage and are wondering if a variable mortgage is right for you, give me a call! I'd be happy to chat with you and determine if such a move makes sense for your specific situation.