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Thanks to Joe and Melissa for letting be a big part in their home purchase! Hello Walter We recently did our mortgage with you. I just wanted to say how much we appreciate you walking us through each step. It was our first home purchase and you made us feel at ease with everything. You were also very flexible and made it easy for us to meet with you despite our busy schedules. During our appointments we felt you went above and beyond to offer us genuine advice. We couldn't have been happier with the service and would recommend any of my friends or family to work with you. Sincerely Joe and Melissa Latka
PLEASE SHARE! I have signed up for a charity event coming up on November.30th of this year called Fight 4 the Cause (http://www.fight4thecause.ca/). I am looking for help in two ways: 1. I need a sponsor for the event, the sponsor will receive a charity receipt for the donation and other benefits. http://www.fight4thecause.ca/be-a-sponsor/ for more information. 2. I am looking for people to pledge for the fight and maybe buy tickets to the event. Pledges can be made through contacting me. Tickets can be bought at fight4thecause.ca MY STORY AND REASONS: Almost two years ago my father died from cancer without any notice and as a complete surprise. From this my life went through major changes and I came out the other side with a new path ahead of me. Part of that new path is to live life every day and challenge myself. Each year for the last two years I have set goals and decided to go after them. Last year my goals were to get in shape and get healthy; pretty basic I know but the purpose for this was to run a half-marathon with my new health in less then 2 hours NO STOPPING! I also set the goal to be a Spartan from the movie 300 for Halloween (shallow yes but insanely hard and fun), with these two things completed a new goal was needed. It has been a dream of mine to compete in an amateur boxing match; fight 4 the cause helps me achieve this and raise money for some great charities. Please lend a hand! Cheers Walter
Will we see the return of the variable rate mortgage in the second half of 2013? In the last few weeks we have seen fixed rate mortgages move from 2.89% all the way up to 3.59% for a mortgage with a 5 year term. Compared to variable rates are as low as 2.60% for 5 years; the Bank of Canada has stated in the last rate announcement that the prime lending rate is not likely to move for some time; meaning they are not sure when they are going to increase the prime lending rate. Bank of Canada doesn't make a habit of telling the public in certain terms when and if rates are going to be increased, so this is as close to a clear message we are going to get from them about the direction that rates will move. So what does this mean for variable rate mortgages? As I see it the difference between the two rates is large enough now to consider taking the variable rate mortgage and make a mortgage payment based on what the fixed mortgage rates are at right now. This is assuming that as a borrower you can afford to purchase with a variable rate mortgage; this is the only way I suggest using a variable rate mortgage to get the largest benefits to you as the borrower. End result of this strategy is making a monthly pre-payment to the principle of your mortgage every month while paying no more then you would have when you take a five year mortgage. Most of my clients are looking at taking the 5 year fixed mortgage and paying the fixed rate any way so going with a variable that you pay down faster is just a bonus to the consumer and can save thousands on interest. Consider paying off your mortgage faster as it is one of the biggest liabilities that you have! Cheers Walter
The mortgage market is always talking about how rates are raising but the real question is when is it raising? and when does raising rates make it a good time to buy or refinance? Lets tackle the buying question first, raising rates will never make it the perfect time to buy. Fixed rates are based on the bond market that moves daily with the changes in economy and the reports from the global media and policy makers so to sit back and base your decision on the rates of the current moment is not the best. First get your "ducks in a row" and these are the down payment, limited debts or manageable debts and last is know the costs. Make a buying the house plan just like you might plan for a wedding. Saving for the down payment is the key first step and getting a gift from family is great way to get going but you should have at least a couple of bucks to throw into your mortgage when you start out. Create a plan to save for the down payment using budgets or just socking a chunk of money away every time you get paid. While doing to whole saving thing you should have a plan at the same time to reduce your credit card debt or have debts at a manageable point. What is manageable? That question you will have to answer but here are a few things to consider. While saving for your down payment did the amount owed on credit cards go up or down? Rent + savings amount is it greater than or less than your mortgage payment plus the property tax and the house insurance cost? Note that mortgage payments are going to change over time so don’t look at the rate every second week and ask this question over and over. Consider looking at the rates every year to adjust the numbers. Know the costs of buying a house and this means talk to a professional and get a the check list of costs, most brokers have a check list on their website that you can take for your own so check around. So now that your ducks are in a row now it is time to consider getting the home of your dreams and keep saving! This is when you sit down with your Realtor and your mortgage broker to set up the rate hold. I do suggest using a broker over your local bank and not only because I am a broker, I will share these reasons in full in another blog post. The last part of this purchase is be patient there is always new homes coming on the market and there is always new homes being constructed so DON'T settle and DON'T rush into a purchase because rates are raising. If you have a mortgage you see rates at this rock bottom level and want to take advantage of them then switching your mortgage or refinancing might be the right thing, but again you need a plan to make sure the this is the best thing for you as some goals can be met with increased payments or investment of a different form. When changing to a lower rate you need to decide what you are looking to get out of the change. These are some things that you can achieve from changing your mortgage but most of the time you can only choose one item off the list and not more: 1. A lower rate for a longer period of time. You hate paying interest to the banks. 2. A lower balance with a new rate at the time of maturity of your current mortgage. 3. A lower monthly payment then you currently have. Once you decide what you are looking to get out of the new mortgage then you need to get in touch with a professional to crunch the numbers or search out the online calculators to get a hold of the numbers. From this point comes the hard part, there is going to be a cost to achieve the new lower rate and you will have to plan for these costs. Find out how much it would cost to pay out your mortgage today including the penalty. Talk to your current lender about your goals and see if they have a strategy to get you there. Careful not to be sold on a new mortgage or given a "set it and forget it" rate. The ducks that we need to be lined up are the same; save for the costs and get your debts manageable.
I am proud to anounce that I have joined the office of West Isle Mortgages located on Veterans Memorial Parkway. Great to be in such an amazing office and remain powered by the best lending group around DLC! If you are buying a house or know some one buying a house please share our Canadian Home Buyers Academy at CHBA.accesscashback.com. The Canadian Home Buyers Academy will give the buyer of a home cash back on the purchase with no strings attached! Cheers Walter