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Dear ,
It's been quite a month here for us at the office as we've hired on some fantastic new brokers. Please welcome George Kyriakelis, Mike Grudman and Glenda Farias to the team!
We have also been featured in the Globe and Mail national news twice in the past few weeks.
The first article was in response to the TD Canada Trust changes to all new mortgages registered under their brand being collateralized. See what that is all about right here.
The second article was about being financially prepared to buy your first home and 5 questions you should be asking yourself before taking the plunge into the market.
We are also extremely proud to have been acknowledged as TMG The Mortgage Group Canada's Top 5% of all brokers for the 5th year in a row! Mike and I will be celebrating on an all expenses paid vacation with our fellow winners in Cancun this coming January.
It's been a great year but it was not easy to reach the numbers we did so a HUGE thank you to all of you for your support. We could NOT have done it without you and we are truly grateful!
Take a look at our blog post to find out what the Top 5% is all about.
As always, if you have ANY questions about getting a mortgage, renewing or refinancing, we are here to assist you.
Sincerely,
Justin Blacklock and Mike Averbach
PS. To see our current rates CLICK HERE.
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Economists and Their Predictions
 In other news this month; as The market widely predicted, the Bank of Canada would not raise rates, and it was right.
The Bank of Canada has left its key lending rate at 1.00%.
In turn, prime rate will remain at 3.00%, making the October 19th BoC meeting a non-event for mortgage holders in the short-term.
The BoC's call comes amid slowed growth and inflation numbers recently. Most analysts now expect the Bank of Canada to remain on the sidelines until the 2nd quarter of 2011.
On average, major economists now predict a 100 basis point increase in the overnight rate over the next 15 months. Their outlooks, if accurate, imply a 4.00% prime rate by December 31, 2011. The 10-year average of prime is 4.50%.
Based on a 75-basis-point discount from prime, these forecasts suggests 5-year variable rates in the 3.25% range by year-end 2011.
Are you confused? We can help! Our mission is to make getting a mortgage simple. Please call or email us with any questions!
Call Now: 604-736-1855
Check out our current rates HERE.
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Are YOU a Repeat Home Buyer?
TD recently surveyed 1,000 home owners for its Repeat Home Buyers Report. Below are nine mortgage-related findings from that report.
1 in 5 repeat home buyers have owned more than five homes.
Consider: People tend to move a few times over their lifetime, sometimes unexpectedly. Having the ability to port a mortgage without a penalty can therefore be a money-saver. Fortunately, most prime mortgages ARE portable nowadays. Just make sure you understand your lender's porting restrictions.
49% plan to upgrade when they buy their next home.
Consider: If you're thinking of buying a more expensive property sometime during your mortgage term, be sure your lender has a policy of offering fully discounted rates on ports & increases. People who port and increase sometimes get stuck with subpar discounts (like 1.25% off posted 5-year fixed rates) because the lender knows the client can't break without a penalty.
21% plan to take the maximum mortgage they'll qualify for.
Consider: This increases to 28% for buyers under 40. There are few things more stressful than worrying about making your mortgage payment!
72% plan to stick with their current lender when they buy a new home.
Consider: The top reasons for switching lenders were: better rates (60% cited this reason), better customer service (33%), and better mortgage terms (28%). If you love your lender's rates and service, GREAT! But don't make the mistake of not talking to us first! If you're buying a new house, you'll need to apply all over again anyway. See if there's a mortgage elsewhere that'll save you a few tenths of a percent and offer more flexibility.
60% aren't familiar with their portability or assumability options.
Consider: "Porting" lets you avoid a mortgage penalty if you move. "Assumability" lets you: a) offer a low mortgage rate as an incentive to buyers of your home; and/or, b) avoid a penalty if you're selling and need to break your mortgage.
Just 1 in 3 port their mortgage when buying a new home.
Consider: If you are currently in the mortgage we arranged for you go and buy a new home, PLEASE ASK US if porting will save you money.
Only 8% of home sellers offer an assumption as a selling feature of their home.
Consider: This may be due to:
1) sellers not realizing they can offer an assumption
2) down-trending rates that have made assumptions less attractive; or,
3) sellers porting their mortgage to their new property (most people with great terms keep their mortgage when they buy a new property).
84% plan to sell their current property before purchasing another one.
Consider: If you want to buy a new property before you sell your old one, let us pre-qualify you to ensure you can debt service both homes if needed.
2/3rds will choose accelerated payments for their next mortgage.
Consider: If you can afford the equivalent of one extra payment a year, accelerated bi-weekly payments can shave up to four years off a 25-year mortgage.
Are YOU considering purchasing another home? Maybe you are planning on moving to a different neighborhood. Perhaps you are considering up-sizing or down-sizing. Whatever the reason, please give us and call and let us get you the best mortgage available!
CALL NOW: 604-736-1855
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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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Justin Blacklock and Mike Averbach
Averbach Mortgages |
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