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.

Don't Wait! Now is the time to lock in a rate!

 

Fixed Rates Continue to Rise

Not only has the Bank of Canada recently increased the overnight lending rates, but fixed rates have been steadily increasing for the last 10 months. If you are considering purchasing or refinancing, waiting just a couple of days can cost you thousands in additional interest charges. Below are just a few things you need to consider. If your mortgage is up for renewal sometime in the next few months, I have found penalties in most cases not to be too high, making it very affordable to make sure you lock in now. Waiting till your mortgage matures might cause you to have a much higher rate. Last week the Big Banks all raised their Fixed Rates. Fixed Rates follow Bond Yields which have surged to a 3-Year high. On that, we can expect that rates will continue to rise. In the last year, we have gone from a 5-Year fixed rate of approximately 1.5%, to a 5-Year Fixed rate over 3%. Rates have more than doubled. Although Variable Rates are unaffected by the Bond Yields, the spread on Variable Rates has tightened recently also. For example, previously the average discount for a Variable Rate was around Prime Minus 1.0%, that spread has been tightened to about Prime Minus 0.8% for the average mortgage. So as you can see, waiting for your upcoming renewal, or waiting for your upcoming purchase can cost you quite a bit in increased interest costs. If you have either a Fixed or a Variable Rate mortgage and you would like some advice, please don’t hesitate to contact me. I would be happy to offer you Free advice as to what options might be available. f 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.

Do you know where your mortgage stands? Get a Free Mortgage Health Check-Up!

 

5 Reason Why My Mortgage Health Check is Crucial

An annual review of your mortgage is really important as your needs and life circumstances may have changed. As your “Mortgage Broker for Life”, I provide a Free service in which I will review your mortgage and your individual situation to review as part of my Mortgage Health Check-Up. You may have a mortgage that is not right for you anymore. Please see 5 signs that you may need a Mortgage Health Check-Up You may have a Rate Higher than you could get today. Both Variable Rates and Fixed Rates are still really good. Interest rates appear to be on the rise so a matter of days could cost you thousands in rising interest costs. You may be carrying a lot of debt at very high interest. If you are sitting on even $20,000 in debt, you could save Hundreds, if not Thousands in interest and lower your monthly payments. Your house may be in need of costly renovations or upgrades. Including these expenses in your mortgage will a lot cheaper than trying to obtain 3rd party financing at higher interest rates. We have a refinance plus improvements program which is extremely useful in these situations even if you don’t think you have enough equity. Is your mortgage up for renewal this year or next? I have helped a number of clients lately get in to lower interest rates now. You won’t have to worry about future rate increases. You have an extraordinary expense coming up. Do you have a child going to college, or getting married? Perhaps you want to help your children to purchase a house of their own. Book NOW!! You can easily click on the link below to schedule a convenient time what works for your schedule. You can give me a call just about anytime if your would prefer. I look forward to speaking with 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  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.

Tax Season is Upon Us

 

Tax Season is Upon Us Hello Shawn Are you self employed and are planning to purchase or refinance a house this year? If you are, then you should get in touch with me prior to filing your taxes. I can help you figure out the amount of income you will need for either refinancing or purchasing a house so you will be in the best possible situation. Failing to do so could cause you not to qualify. Tax season is upon us. Do you owe revenue Canada money? Did you know that if you do it is income tax arrears so there fore penalized? Revenue Canada expects you to have your taxes paid in full prior to the tax deadline by paying installments on you own if you are self employed or having it deducted from your income if employed by an employer. As such if you are refinancing your house, you are not allowed to pay revenue Canada from the proceeds. Also, if you are buying a house these will be required to be paid off in full prior to closing on a new house purchase. Even if you are on a payment plan with revenue Canada it won’t matter to the lender. If you have an upcoming mortgage renewal, even if a few years away you should start considering dealing with this sooner than later. If you don’t when your mortgage comes up for renewal you won’t have the ability to shop around or negotiate. That said, I do have lenders that understand and are willing to help. Both my alternative lenders and my private lenders are willing to help pay off this debt if you have sufficient equity in your house. I have several strategies I implement depending on your specific situation to help. So, if you have revenue Canada debt and you are unsure as to what to do contact me. I would be happy to help you find a solution if I can. 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. Copyright (C) 2022 Bayfield Mortgage Professionals Ltd.. All rights reserved. You are receiving this email because you opted in at our website or you opted in over the phone. Our mailing address is: Bayfield Mortgage Professionals Ltd. 67 Coopersfield Park SW Airdrie, Alberta T4B4K8 Canada Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe

Mortgage Rate Update | 03-Apr-17

MORTGAGE RATE UPDATE

Shawn Mooney | Mortgage Broker Bayfield Mortgage Professionals Ltd. Ph.# 403-945-8769 Mobile # 403-828-1838 Email:mortgages@shawnmooney.com Web: www.shawnmooney.com Your Mortgage Broker for Life!!! Please check out my House Purchasing Guide Here!! *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!!

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