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Find out how to get a $200 VISA Gift Card!
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Our Process |
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Dear ,
Can you believe it's already the second week of September!? What a wild and
crazy summer it's been for Justin and me. We've been putting in some very
long and busy days! Fixed mortgage terms have gone up and down like a yo-yo and
the market in Vancouver seems as hot as it's ever been which is largely driven
by the race to take advantage of the historic low rates before they go up
beyond what we are currently seeing.
Some of you may feel like you missed the boat on refinancing, upgrading or
buying a second property. On the contrary! In fact, for a traditional 5 year
term, rates went all the way down to 3.69 in April and May and then all the way
up to 4.49 for a 5 year fixed in June and now they are back down to 3.99%. This
has very little to do with the bond-yield-spread and more to do with the banks vying
for a last piece of the pie to make quota before their fiscal year is up at the
end of October. This is great news for those of you that are still hunting
with a rate-hold that expires at the end of September.
Sept 8th Rates ... CLICK HERE to See Current Rates
As far as the prime rate is concerned, the news is still negative when it comes
to economic growth and unemployment and isn't expected to turn around for quite
some time as inflation remains at an all time low, so you won't see an
increase in your variable rate (floating) mortgage for a while yet. Some
economists even feel we are well over a year away from a rate increase by the
Bank of Canada. Variable rate mortgages have also come down from their premiums
of plus .80 and .60 over the last 10 months, all the way down to prime plus .15.
One lender of ours based out of Toronto is now offering a variable mortgage at
prime flat (2.25%)! It's now just a matter of time before we see discounts
on prime once again. In other words, there's still time to take advantage of
both variable and fixed rates. Be sure to check out the rates we may be able to get for you!
In other recent news with Averbach Mortgages, our Internet traffic has
sky-rocketed thanks to our top ranking in Google and other major search
engines. We've had more and more inquiries come off the website than we've ever
had before. In some instances, we are ranked above mega-marketing giants like
TD Canada Trust and ING Direct who pay for advertising on Google. We are
really getting noticed!
Finally, our referral program has changed slightly. We are now offering
a loaded Visa gift card of $200.00 for any referral to us that leads to a
funded mortgage. That means you can use it for anything you like that accepts
Visa.
Thanks for thinking of us for all your co-workers, friends and family. We are truly grateful!
Sincerely,
Mike Averbach and Justin Blacklock
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Finance
Home Upgrades with a
Purchase Plus Improvements Mortgage
If
you intend to buy a home that needs some immediate upgrades, a "purchase
plus improvements" mortgage may be right for you.
This type of
mortgage covers the purchase price of the home, plus any renovations that would
increase the value of the property, such as finishing a basement or redoing the
kitchen. For current homeowners, a "refinance with
improvements" option may be available.
Averbach
Mortgages can guide you through the following process:
Step 1: Mortgage pre-approval
Arranging a pre-approved mortgage not only protects you if interest rates
increase, it also gives you a clear price range for your new
home.
Step 2: Obtain cost estimates for upgrades
Once you have found a home, you need to get written quotes from licensed
contractors on the renovations you plan. These quotes will be used as the
estimate for renovation funds that will be forwarded to you after the projects
are completed.
Step 3: Mortgage application
When you are applying for the mortgage, your lender will add the estimated
costs of the renovation into the lending agreement. For example, with a
5% down payment, your mortgage broker would apply to a lender for 95% of the
"as improved" market value, which will be higher than the actual
purchase price.
Step 4: Finalize purchase
Your Realtor and Averbach mortgage professional will walk you through this part
of the process. The funds for renovations will be sent to your lawyer
"in trust" when the mortgage closes.
Step 5: Complete upgrades
The lender will "hold back" funds for the renovations until the work
has been completed and inspected, at which time the contractor can be paid.
Interested
in learning more about this innovative mortgage option? Averbach
Mortgages can tell you more about this and many other mortgage
strategies.
Contact Us through our web form or give Justin a call at 604-736-1855.
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September Market Update
Every month we get a market update from
our friends at Macdonald Realty; Simon Clayton, Kristie Marsden, Jason
Low, Sandra Ens, Jason Feinstadt and Jenny Stephanson.
In this month's update you'll find information about working with an agency ... including an agent's legal responsibilities to you as their client.
And as usual, you'll see the sales trends for the past two years ... where the market has been and where it is headed.
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Averbach Mortgages
604-736-1855
We save you time. We save you money. We get you the you the best mortgage terms at the best interest rates possible.
If you are:
- purchasing your first home
- refinancing
- renewing an existing mortgage
- investing in real estate
- consolidating your debts
- experiencing current or past credit issues
We have the solutions that work for you.
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Mike Averbach
Averbach Mortgages |
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