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.

Equity Take Out FAQ

Just what is an Equity Take Out or ETO?

An ETO (Equity take out) is simply pulling out the available equity in your house.  An equity take out can be done in lots of different ways.  For example, you could refinance your house and take out your equity this way or you could get a 2nd mortgage or you could look at a home equity line of credit.  There are advantages and disadvantages to each of the methods described above.  If you are considering this, first and foremost use a Mortgage Broker.  There are lots of companies out there that claim to be able to get money regardless of your credit rating and income.  As these companies might be able to do this, you may qualify for a much better option.  I will make sure to customize a solution to suit your needs. We also have mortgages for poor credit.  

With an Equity Take Out you can 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. I can help you with debt consolidation, and show you mortgage options that will help you regain control.

With an Equity Take Out you can 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? 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.

With an Equity Take Out you can 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.

Take out equity for almost any purpose!!

• Take a vacation
• Buy a vehicle
  
  
• Renovations for your house
• Get your house out of foreclosure
• Pay off Revenue Canada
• Pay off your property taxes
• Get rid of collections and judgement
• New Business
• Investments
• Second Properties
• Contact me for additional options

Please check out Equity Take out Mortgages on my website for more information.

http://www.shawnmooney.com/equity-take-out

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

Some conditions apply.  O.A.C.

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!!

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

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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.

Mortgage Rate Update - September 6, 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!!

Is Your Mortgage Up for Renewal Soon? If not, set a reminder so you don't forget it.

In this day and age, it is especially important to consider your options when your mortgage is up for renewal.  There are so many things you will want to consider.  You may have better options available.  Did you know hat you can get a rate hold for up to 120 days with some lenders?  Also, because a new lender wants your business they will sometimes pick up all of the costs associated with the new mortgage. 

As plans are always changing over the years you should re-evaluate your mortgage options at each renewal.  Some of the questions I would ask would be;

• How much longer do you plan to live there?

• Could you use a little extra money for renovations?

• Could you use some money to pay off some debts?

• Are the payments a little too high, or are they a little too low?

• Would you like to pay off your mortgage faster? 

At the end of the day there are several considerations for your upcoming mortgage renewal.  Your renewal is the perfect time to consider these questions and more as you can re-negotiate a new mortgage and avoid any kind of penalty.

Whatever your needs are I would like to make sure you are well looked after for the renewal of your mortgage.  I will work with you to make sure you are getting the right mortgage for you.  

Set up a Mortgage Renewal Reminder

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

Is Your Mortgage Up for Renewal Soon? If not, set a reminder so you don't forget it.

In this day and age, it is especially important to consider your options when your mortgage is up for renewal.  There are so many things you will want to consider.  You may have better options available.  Did you know hat you can get a rate hold for up to 120 days with some lenders?  Also, because a new lender wants your business they will sometimes pick up all of the costs associated with the new mortgage. 

As plans are always changing over the years you should re-evaluate your mortgage options at each renewal.  Some of the questions I would ask would be;

• How much longer do you plan to live there?

• Could you use a little extra money for renovations?

• Could you use some money to pay off some debts?

• Are the payments a little too high, or are they a little too low?

• Would you like to pay off your mortgage faster? 

At the end of the day there are several considerations for your upcoming mortgage renewal.  Your renewal is the perfect time to consider these questions and more as you can re-negotiate a new mortgage and avoid any kind of penalty.

Whatever your needs are I would like to make sure you are well looked after for the renewal of your mortgage.  I will work with you to make sure you are getting the right mortgage for you.  

Set up a Mortgage Renewal Reminder

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 - August 29, 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 - August 23, 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 - August 17, 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 - August 09, 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 - August 4, 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 - 25-Jul-16

*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

*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!!