CategoryMortgage Tips

Posted September 17, 201511 Comments Money saving tips

These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!

Fixed mortgage rates are at an all-time low. If you have a mortgage that is over 3.09%, then you should consider breaking it, paying the penalty and getting into today’s lower rates.

That’s short answer… the full answer is a little more complex but, it’s really just simple math. If the savings is greater than the cost to break, then the answer is obvious. You should do it! I’ll give you some real life examples of clients that could be savings huge $$s today if they paid their mortgage and the penalty and went into a new lower rate mortgage…. check out these success stories….
Continue reading “These 3 clients broke their mortgages, paid a penalty, and still saved between $9,000 and $26,000!”

Posted September 2, 2015 Interest rates

It’s September, sharpen your pencils!

It’s September…and as green turns to gold we return refreshed to the rhythm of our daily routines. It’s our seasonal cue. Autumn is the perfect time to “get back to business” with a fresh look at your finances. Maybe you spent a little extra on that summer vacation, or the little home reno job that grew. That’s okay. Get out your calculator and get back on track.

TAKE ADVANTAGE OF RECORD LOW RATES!

Mortgage rates have hovered around historic lows for longer than anyone thought they would or could. That’s created a golden moment of opportunity for Canadian homeowners. In fact, the right mortgage can build your wealth… and save you thousands of dollars.

Thinking about a cottage or investment property? Wondering if it’s the right time to expand your space… or find a new one? Looking at ways to reduce your debt? Talk to an experienced Mortgage Broker. A good broker will provide a free, no-obligation review of your situation – wherever you are in your current mortgage journey.

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Posted August 4, 20151 Comment Interest rates

Hey, what happened to the BMO “Low Rate Mortgage”?

Remember the BMO “Low rate mortgage”? It seems to have disappeared… Well, not really. BMO has quietly changed the label and now calls it the ‘Smart Fixed Rate Mortgage’.

Sounds impressive…but it’s not. I’ll save the suspense. This is the same product that’s full of limitations, restrictions and an inflated prepayment penalty calculation…. It isn’t the best rate… Certainly NOT the best mortgage product. Continue reading “Hey, what happened to the BMO “Low Rate Mortgage”?”

Posted July 29, 20152 Comments Bank News

BIG SIX BANKS aren’t passing along the Bank of Canada rate cut to consumers?

Today, the actual BANK PRIME rate should be 2.50%, not 2.70%. What am I talking about?… follow me on this and let’s see if this makes sense.

It’s been a few weeks since the Bank of Canada cut the rate. I’ve been waiting to see how this would play out… First, let’s get the terminology clear. Bank of Canada overnight rate, or Key rate as it’s referred to, directly affects the Retail Bank Prime rate and Variable rate mortgages. This does not have a direct impact on fixed rate mortgages.

Last January, the Bank of Canada Governor, Stephen Poloz, surprised most economists and financial experts when he cut the rate by 0.25% (well, not all experts, I called for a rate cut just a week earlier).
Continue reading “BIG SIX BANKS aren’t passing along the Bank of Canada rate cut to consumers?”

Posted June 5, 20151 Comment Mortgage Tips

Down payment verification… a quick checklist to ensure your purchase goes smoothly.

What you need to know about your downpayment.

You’ve got your downpayment and you’re ready to go. Congratulations! Soon, you’ll need to verify that downpayment for your mortgage approval. It’s required by all lenders to protect against fraud and to prove that you are not borrowing your downpayment, which changes your lending ratios and potential approval.

Here’s how to prepare:

Provide a 3-month history of any bank account(s) where you have been assembling your downpayment. It’s critical that your name is linked to the account; some internet print outs don’t show a name.
If you had any large deposits, show its source i.e. if you sold your car, show a copy of the bill of sale. If you transferred money in from another account, bring the records for that account too. Continue reading “Down payment verification… a quick checklist to ensure your purchase goes smoothly.”