“Mortgage Rates Are Rising” Explained
Deferring your mortgage now, is it a good idea?
We have received countless calls from clients due to the uncertainty created by COVID-19. Some of our clients have lost their jobs, or taken unpaid leave or are working from home on reduced salaries. A few of our clients who own rental properties now face tenants that cannot afford their rent anymore. Our clients wanted to know about the mortgage...
A Personal Note from Sneg Mortgage Team
Dear Friends, We hope each one of you and your families are staying safe and healthy during this time. As we all watch the news, and follow the changes happening around us, we understand there is a lot of uncertainty about what is to come. Because of the confusion and the many questions being asked, we would like to share our experience...
A good fixed rate as well as a minimal penalty option?
Corine approached us after she had an accepted offer on an Ottawa house and 2 banks had already pre-approved her for a mortgage, securing her an excellent 5-year fixed-rate. She had heard about us in the past and called just to make sure she is not missing anything in her process. Unfortunately, Corine’s call came after most banks and lenders had...
Is it time to convert your variable rate to a fixed rate mortgage?
Bank of Canada announced yesterday that they will keep the overnight rate at 1.75%, meaning the prime rate will stay at 3.95%.
What’s going on with the prime rate?
This announcement came by surprise. A month and a half ago, most experts were expecting a reduction of 0.25% on the prime rate of 3.7%. Opinions were mixed as to why this did...Rumours and thoughts about the housing market and mortgage trends
During our fifteen years of experience in the housing financing industry, we have seen many trends and heard many rumours about the housing market. In most recent years, however, these rumours seem to have been played up in the media to the extent that many people believe them to be fact. In my blog today, I would like to take...
Canadian Bond Yields Have Dropped In Recent Months. Why Is This Important?
Bond yields affect mortgage interest rates because mortgages are an investment alternative to bonds. Mortgages are somewhat riskier than bonds, making mortgage rates equal to a bond yield plus a premium reflecting mortgages additional risk. Every time bonds yield increase, mortgage rates go up. Every time bond yields go down, mortgage rates go down, but at a slower pace if compared...
TAX ALERT! Three Days Before It Will Be Too Late…
Greater Vancouver and Greater Toronto are seeing steady growth in taxes over the last few years. The aim in adding these taxes is to control foreign influence on the rising real-estate market, to protect housing affordability and supply, as well as increase the community’s cohesiveness.
Foreign Buyer Tax
The first tax introduced in 2016 was the provincial Foreign Buyer Tax, which has...A Quick Question About Realtors
Saturday 9 am - Relator question has been sent
A few weeks ago, we sent my clients and my realtors, as well as a circle of professional partners, a quick question asking them for their choice of realtor. The email went out to a limited list of 890 people out of the thousand in our database. The response was overwhelming: By 10 am, Saturday morning, I had...Mortgage Renewal