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Rate hold Program with IOP |
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At Invis on the Peninsula we strive to look after our client's long term mortgage needs, sometimes that means we have to do things differently than others, and we are ok with that.
One program we have is to setup a rate hold with a lender (other than the one you are currently at, they won't do this) so we can ensure the current fixed rate is held for up to 120 days. You can then see what happens on the market with no obligation to go forward. If rates stay the same or go down, no problem, but if rates go up, you have the peice of mind that comes with having the best rate held for you. If you wish to go ahead and move your mortgage, you can decide to proceed. Call us to arrange this for you, it's a free service, and while it is extra work on our part, we're ok with that.
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Meet the IOP team |
Jeff Johnson, Accredited Mortgage Proffesional
Jeff joined the IOP team in March 2004 and is our lender expert, keeping up to date on all of the various product offerings, policy changes and anything else that can affect our clients well being. Jeff came from a background in Branch Management at Coast Capital / Surrey Metro, as well as Citizen's Trust and uses that experience to ensure our client's needs are always looked after with the best mortgage strategy for their needs.
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Michael's Mortgage Minute
The latest information for you
The Bank of Canada held firm with Prime, announcing no changes and further confirming they wilol stick with their plan of no changes until at least mid 2010.
Some had thought we would see a move to break that promise and raise Prime sooner. Instead the Bank admitted that the high Canadian dollar was doing enough to slow the economy that there is no threat of inflation.
With manufacturing and exports down, only the Real Estate industry seems to be hot currently. The U.S. is still in trouble and the reality is we may see a double dip recession, where things slow again.
The recent blip we saw in fixed rates was masked as an increase in bond yields, but probably had more to do with lenders seeing little to gain in market share with only a few weeks left in their fiscal year ends. We expect the fixed rates to stay low and likely blip down again once the new fiscal year begins (November) and competition cranks up.
With low rates to continue, a variable mortgage strategy still makes sense for most people, and with new variables at Prime (2.25%), the savings are significant.
Our concern is not the current climate, it is the issue of coming due in a high rate cycle, which we expect to occur between 2012-2014. By floating now and locking in later we think it is worth some risk now to avoid those much higher rates down the road.
As always, if in doubt, give us a call to review your mortgage strategy.
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Launch of our new Website!
After more than a year in development, we are please to present our new website, www.homehappy.ca. We are proud of the hard work put into this site and hope you find it a useful tool for mortgage information as well as knowing more about us. We have added client testimonials in both print & video, videos explaining certain programs, where our office is located, better links to our friends and loads of information we hope you enjoy.
Please take a look and let us know what you like or don't and any ideas you may have that we can add. We are adding more to it all the time.
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Did You Know?
Credit Scores
Most people know they have to look after their credit, but don't realize what can affect it. In today's new credit world your "beacon score" or "score power" number will have a dramatic effect on whether you get credit and what price you will pay for that credit. We work with client's all of the time who have done nothing wrong, but may have a low score. I highly recomend you check out your score at www.equifax.ca and if you have any questions, review it with us. I will cover this large topic in future emails. |
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About Us
Invis on the Peninsula is a team of Mortgage Professionals led by Michael Anthony Lloyd.
With a combined 75 years plus in lending and one of the highest volume teams in Invis, Canada's largest mortgage brokerage, we have the experience and relationships with lenders to get not only an approval, but the best overall package for you.
Our philosophy will always be based on long term relationship building with our clients...we always offer objective advice, and will be here in the long run | |
