Costly Reno's or Upgrades Solved Here!

Costly Reno’s or Upgrades Solved Here

Good day!!! Is your house outdated? Is it in need of costly repairs? Or is there something you could do to it to make it the perfect house? In this crazy real estate market it has become unrealistic for prospective home buyers to sell their homes and buy something else. The reality is, you can sell your home easily but the problem is finding something comparable in this market to buy. There is a lack of inventory which is driving house prices to all time highs. Why don’t you consider my Refinance Plus Improvements Program? Below are just 5 things for you to consider. With the increase in home values, you may find you have enough equity to do the renovations or upgrades you have always wanted to. Increase your property value. By upgrading your house you will instantly increase the value of your house. Using your homes equity to do renovations or upgrades would be a lot cheaper than carrying the debt on a credit card, loan or unsecured line of credit. Upgrades to your house include, but are not limited to building a garage, developing your basement, new paint, kitchen renovations, bathroom renovations, new flooring or to put on an addition. Using my Refinance Plus Improvements program will allow you exceed the normal requirements, which ultimately leads to accessing your “As Improved” value in determining the maximum amount you can borrow. If you are interested in this product you should contact me right away. I can help you figure out how much you can borrow. Contractors are starting to book up for the upcoming season of renovations and upgrades. 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.

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.

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

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.