Mortgage Intelligence

Oshawa's Mortgage News Desk!


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BoC Reduces Overnight Rate to 0.75 Percent

Good news for Homeowners!

Overnight rate cut

The overnight rate cut announcement made by the Bank of Canada on Wednesday, certainly did take everyone by surprise. Bank of Canada’s reason for the overnight rate cut to 0.75 percent is as a result of all-time low oil prices. This certainly is good news for you homeowners and prospective homeowners.

 

To you, this would mean:

  • All-time low oil prices will result in you having more disposable income.
  • Lower variable interest rates on mortgages.
  • Low rates however does not mean you need to accumulate more debt.
  • This is a great opportunity for you to utilize some of the extra cash to pay off your mortgage or other loans in principle and interest payments that will result in reducing your debt and accumulate more assets.
  • To utilize part of the extra cash to build your savings or towards a future pension plan for yourself.

Please the read the article on CTV News for more information.

If you are a homeowner or a potential homeowner and in need of advice on planning your finances, contact the team at mimortgage.ca today. To get pre-approved today, apply now through our secure online website or speak to one of our agents at (866) 452-1100.

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Holly Cow! What A Great Rate.

 

 

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First Time Buyers… Don’t Be A Pawn!

Avoid becoming A Pawn to RBC’s Realtor Promotion

Don't be a pawn!

image courtesy of chesskid.com

Recently RBC announced that they will pay a Realtor $1000 to refer first time home buyers to them for a mortgage. RBC is Canada’s largest Bank and the largest provider of Mortgages in the country, but it seems they want a piece of the first time buyer business that Mortgage Brokers enjoy.

CMHC has shown that about 44% of first time buyers use Mortgage Brokers. No surprises here! First time buyers are generally computer and Internet savvy and they are comfortable getting their mortgage by using on-line applications. They often enjoy completing the transaction electronically just as a matter of not having to make an appointment.

Excerpt from Globe and Mail article:

The cash offer is part of Royal Bank’s referral awards program for real estate agents. The program allows agents to collect points for referrals that they can trade for things like plane tickets, merchandise, gift cards or charitable donations.

Royal Bank is not the only lender to have a referral program for agents; a number have created such programs. They are controversial, and provincial watchdogs have differing rules for them. The bank’s program is not active in Alberta and Quebec, and the bank requires all realtors who participate to sign an agreement that includes a paragraph saying they will disclose to the home buyers that they are receiving compensation “in the form required under applicable law.”

If you are a first time buyer how would you feel knowing that you are being guided to use a lender, not because it’s the best option for your mortgagee, but rather so your Realtor can receive a fee, or plane tickets, even gift cards?

Consider that as of the writing of this article on June 3rd 2014, RBC is offering 5 year fixed rate mortgages at 4.94% on their official website while we as mortgage agents are offering 2.97% for the same term. If you will consider a 4 year mortgage term we can also offer 2.77% as a rate special.

A Mortgage will probably be the largest debt that you ever have so be sure you get the right type of mortgage with the best rate and terms for your personal goals.

Contact us today if you’d like to talk about meeting your own needs. 866-452-1100 or Apply on line now! Avoid being a pawn at RBC!


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Mortgage Strategies 101

Let Mortgage Intelligence guide you to find the best Mortgage Strategy

When applying for a mortgage – or when reviewing your current mortgage strategy – it is helpful to begin thinking about the mortgage options with which you would feel most comfortable.  By having an understanding of your priorities and preferences, the mortgage process will become more efficient and your satisfaction over the term of your mortgage is likely to be higher.

Important Questions

Although this is not an exhaustive list, it provides a good start.

1. Is some fluctuation in payments acceptable?
2. Do I want the comfort of knowing what my payment is every month and of knowing it will not change for the whole mortgage term?

Mortgage Strategies

We’re here to help!

3. Do I want the lowest payment possible?
4. Do I want to pay down my mortgage as soon as possible?
5. How much down payment am I comfortable with, while not putting myself and my family into  financial difficulty?
6. Are there any credit issues about which I will need to provide documentation?

7. Is the Lowest Rate always the best choice?

 

There are numerous other considerations that your Mortgage Intelligence Mortgage Professional will discuss with you, depending on your situation.  He or she has access to an impressive array of mortgage choices, and can offer expert advice on which mortgage best suits your individual circumstances.  For knowledgeable advice throughout the mortgage process, contact Mortgage Intelligence.

Every Canadian deserves a home they can call their own.  Let  Mortgage Intelligence help you with a low rate solution! Apply today & save!

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10 Easy Ways to Update Your Bathroom!

Make Your Bathroom Revnovation Pay!

When people normally think of updating their bathroom they think of time consuming and costly renovations. While making costly renovation will certainly update your bathroom you do not have to spend that much money to make your bathroom look like a completely different and updated bathroom, by simply making small changes to certain areas in your bathroom you can have a quick and easy style update.

Before you start with updating make sure to de-clutter anything that is old and worn out. Throw out anything that is expired or just taking up space in your cabinets. It is always good to start with a clean slate.

Bathroom Renovation

  1. New Bathroom Accessories – Purchase new accessories such as toilet brush holder, storage bins, soap dishes and toothbrush holders. Choose something out of the ordinary. The clean lines and simplicity of these accessories will add interest without overpowering the space.
  2. Shower Curtain – Choose a pattern that will add visual interest to your space, such as large print (geometric or floral). If you do not like colour try to find something that is just as appealing in black and white to add a clean and classic alternative.
  3. Cabinet Hardware – Unique handles add your own personal touch to your bathroom rather then just the standard metal ones. Glass or acrylic handles can add a touch of class to your cabinets without replaces the whole cabinet.
  4. Bath Mats – Find a mat that is easy to clean.  One that is made from treated wood that can withstand water and dirt. This will bring an element of individuality to your bathroom.
  5. Fresh Towels – This may sound simple but when you buy new towels and hang them in your bathroom they will make a huge difference in the overall appearance. Since towels are used so often they lose their colour and shape rather quickly so replacing them ever so often is a good idea.
  6. Paint Colours – A fresh coat of paint can rejuvenate a space. Since bathrooms are normally smaller in size you do not have to be afraid to use bold colours on your walls. Crisp blues and greens are really good to make the room look fresh and clean.
  7. Paint the Vanity – If you live in an older home your vanities will probably be painted wood vanities with storage. If your budget does not allow you to change the whole vanity, then you can paint it a new colour, something light that will contrast against the bring colour of the walls.
  8. Sophisticated Soaps – The delicate scent of soaps can create a fragrant aroma in the room without being overpowering.
  9. Small Occasional Chair – An occasional chair neatly tucked into a corner is another great way to introduce colour into your space. If the chair has fabric try and make sure they co-ordinates with the shower curtain and paint colours.
  10. Artwork – Create a bold artistic statement by adding an interesting piece of artwork to an otherwise blank wall. Choose one special accent is a great way to tie the entire room together. Something with a graphic pattern that is neutral enough to withstand changing colour schemes.      

This article was revised from yourhome.ca.

Thousand of our clients save everyday. They know the value of having a Mortgage Broker to get the low rate and great terms they deserve. To join them, Apply today

 


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Holly Cow It’s True! 2.99% 5 yr Mortgages.

Holly Cow that’s a great offer!

 

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Apply today to get  our 2.99% 5 yr rate special. Must complete the mortgage within 45 days of application, OAC.


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