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Meet the IOP Team!
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Jeff Johnson,
Accredited
Mortgage Professional
Jeff has been with IOP since 2004, bringing with him over 15 years experience of Branch Management with Coast Captial/Surrey Metro.
Jeff is our go to expert on lenders, keeping up to date with over thirty different lender's products and policies to ensure our clients get a lot more than just a great rate. Many lenders are making changes to their mortgage documents without telling everyone, and this can lead to all sorts of problems down the road, staying on top of these changes is just one of the things that makes us better than other brokers. Jeff looks forward to helping your clients reap the benefits! |
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Did you know?
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Credit Scores
In today's new credit environment, your credit score can be the difference between getting approved or not, it can also affect the pricing of the credit you want. Equifax Canada has a good website for finding out your "Bracon score" or as they call it, your "Score Power", the higher the number, the better your pricing. We will cover what people can do to improve their scores in future issues, but just knowing it is a great first step. See www.equifax.ca to check yours today.
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| Product Focus:
Variable Closed Mortgages
The variable rate mortgage has expanded a great deal in the past 10 years, with both open and closed mortgages available ( many people assume all "floating" rate mortgages are fully open, this is not true, the majority are closed with a penalty if paid out early)most of these products are convertible at anytime to a fixed rate, but this is where it gets tricky.
Lender's have differences here that needs to be looked at, some guarantee their best rate at lock in, but not all, and some have restrictons on the fixed rate you lock into (you can't get out of them unless you sell). Most do not charge a lock in fee, and most allow a prepayment each year with no penalty.
Knowing the differences is where the variable experience can go from a horrible experience to a great one. Let us show you. |
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| Real Estate Update
October 20, 2009 |
Greetings!
Welcome to our new format Newsletter, hopefully you find it of value. We will strive to include useful information to help you in your busy Real Estate career. Please let me know what you think...we are always looking for ideas...thanks!
Sincerely,
Michael Lloyd
Invis on the Peninsula
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Bank of Canada reaffims low rate plan through mid 2010
 While some were expecting the Bank of Canada to at least admit they may raise Prime in the next few months, the Bank instead left Prime alone and showed why they need to leave Prime where it is until at least June 2010. With the high Canadian dollar dragging down our manufacturing and exports further, there is little chance of inflation occuring at this time. Real Estate is the only positive currently in the Canadian economy, and the U.S. shows little signs of life. There now appears to be a real possiblilty of a double dip recession rearing it's head.
Last week's uptick in fixed rates was less about bond yields and more about lenders knowing they can't do much more about market share with only a few weeks left in their fiscal year ends, and choosing to increase their profits and lock ins. Look for renewed competition in November.
Current 5 year fixed fully discounted are now in the 4.30% range, with closed variables now around 2.25%.
The right Mortgage Strategy is more important than ever, we feel the slight risk in floating now and locking in later in 2010 far out wieghs the chances of a 5 year coming due in a high rate cycle (likely 2012 - 2014). Get your client's the best advice, have them call us.
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Launch of our New website:
 After more than a year of work we have finally launched our new website! Designed to offer our clients a central library of information on all things mortgages, we also aimed to add some fun stuff to the mix including videos.
Please take a look and let me know what you think!
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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 package for you or your client.
Our philosophy will always be based on long term relationship building with our referral partners and clients...we always offer objective advice.
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