Showing posts with label interest rates. Show all posts

Monday, March 21, 2022

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.

Tuesday, February 22, 2022

Variable Rate Mortgage? You might be overpaying

Variable Rate Mortgage? You Might be Overpaying!

Did you know a lot of variable rate mortgage holders are paying way too much? Variable rates are most often the easiest to get out of with a simple 3 months interest penalty.

If you take a look at the illustration below, you will see that if you do not have a rate of 1.45%, or prime minus 1%, then you could be overpaying.

As you can see, I am using a $300,000 mortgage with a rate of 2.45%. Using a new rate of 1.45%, and adding the penalty take note of the total amount saved over a 5 year term. Based upon this scenario, I will have saved a client $17,646.02 with a payment reduction of $136.09 per month. Can you afford not to refinance?

In just a couple of minutes I can figure out what your situation might look like with some of my strategies. Why don’t you give me a call now so I can assist you? You can also book a virtual meeting at a time that is convenient for you by clicking the link below. I look forward to hearing from you!

Book a Virtual Meeting Now!!

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.

Monday, March 13, 2017

Mortgage Rate Update | 13-Mar-17

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. QC refers to quick close. Contact me for the best rate for you!!

Monday, October 17, 2016

Mortgage Rate Update - October 17, 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!!