One Stop Mortgage Vancouver

Pre payment penalties

mark — Tue, 10 Aug 2010 15:27:59 +0000

Looks like consumers maybe getting some help in the future from the federal government with regards to mortgage prepayment penalties. The Dept of Finance says they are working on new regulations that will make these penalties more clear to consumers. This is still in the early stages so nothing specific is being released yet. My hope is that they put in a fixed system that can give borrowers a actual number up front and not just a hypothetical. I would assume that the public would like to know what they are getting into more specifically a dollar figure. Private mortgage lenders for the most part use a 3 month interest penalty as their prepayment penalty. This to me would seem like a decent guideline for the government to start with. Its not over the top expensive, nor is it a free pass for the borrower to get out of the mortgage but seems to be a middle ground so to speak. Time will only tell how this whole things shakes out.

Lots of Interest Rate News Out There!

mark — Mon, 12 Jul 2010 18:06:05 +0000

There is a lot of talk about interest rates in the news today. Both on long term and short term. The BOC (Bank of Canada) gets together July 20thwith thier next announcement. Virtually every part of the financial sector is expecting a 25 basis point increase. This would put the prime rate back a 2.75%, it has not been there since Feb of 2009.http://www.canadianmortgagetrends.com/ here is a link to one of the best blogs I have seen on mortgages. The rate increase will be based on several factors but the most eye catching is the job/employment numbers that were released last week. http://www.theglobeandmail.com/report-on-business/canada-adds-93000-jobs-in-june/article1633942/ here is the link for the full story on that. While it looks like short term rates are on the rise long term rates may be going the other way! (kind of). The rates are not whats dropping, the economists are dropping their forecasts for long term rates downward. So still rising just not as high as they predicted a while back. You have to love stats and how they are skewed and publicised. Please keep in mind while reading this that we are just toying with ideas here and not making any suggestions on what you should do in regards to your own mortgage. If you would like to discuss your specific situation please give us a call and we would be happy to help you with your 1st mortgage, 2nd mortgage, home equity loan, or debt consolidation.

After a small rate hike there is talk of another!

mark — Tue, 22 Jun 2010 17:48:27 +0000

The Financial Post has a article today discussing the likelihood of another small rate hike by the BOC on July 20th. They are making a case that even though inflation is within target itis getting towards the upper limit. They want to raise the rate almost in advance of the inflation numbers to keep it from rising, or in other words they are taking a proactive approach. No a bad idea! What will this mean for the mortgage industry is the big question. Will it just be LOC’s that creep up a little or will this upward pressure start to push all rates up? It is so hard to answer that as there are so many factors that can push or pull on rates other than inflation. I guess the easy way to look at it is; rates have been so low for so long that itonly makes sense to see an increase. We at One Stop Mortgage would be happy to try and help you with your needs for refinancing your, first mortgage, second mortgage, third mortgage. Or try and help you to obtain a private mortgage, debt consolidation mortgage or home equity loan. Here is the link for the article. http://tinyurl.com/26frjtz

BOC doesn’t move rates BUT!

mark — Wed, 21 Apr 2010 20:23:19 +0000

The BOC has decided to keep rates as they are, BUT they have now lifted the commitment to hold the current rate till July 2010. What does this mean to us? We know the rate cannot go any lower so I guess we can assume that a increase is a given at this point. How much? How Soon? & How Fast? are what remain to be seen. Analysts can predit as much as they want but we are in uncharted waters right now and I think that the current rate or soon to be higher rate mean not nearly as much as CAN YOU AFFORD THE PAYMENT YOU HAVE OR ARE ABOUT TO HAVE.

Mortgage Rates.

mark — Mon, 29 Mar 2010 19:36:20 +0000

Lots of concern this morning over the move by RBC and TD on their 3, 4, and 5 year fixed rate mortgages. My hope is that the media doesn’t grab it to hard and run it into the ground. Increases are going to come and go and we are all going along for the ride. This is where timing comes into play. Depending when you get into a mortgage and the lengths of your term the increases and decreases may never affect you. We will have to see if the increases start a trend or are just a plot on a map.

Credit Scores! How? Why? Tips! What to do and not do!

mark — Mon, 22 Mar 2010 17:52:49 +0000

Great article this morning on the Financial Post Mortgage Center. All about credit scores and how they affect your ability to qualify for a mortgage.http://www.financialpost.com/personal-finance/mortgage-centre/story.html?id=2661110

They are suggesting that credit scores below a certain number will either not allow you to qualify for a mortgage or push you to a alternative source. It will also impact the amount of a down payment you will need to have to make a purchase, or the amount of equity you need in the property to refinance. There are however other options to people with poor credit and no credit. They often need to have 25% equity in their home or a 25% down payment as a starting point. But there are equity lenders who do not qualify based on a credit score. They use that score more for reference and qualify you based on the value of the property vs what is owning on that property and the ability you have to make the payments.

If you fit into that category give us a call and we can explain further how we may be able to help you out.

Media snowball this morning re Interest Rates!

mark — Fri, 19 Mar 2010 17:44:53 +0000

So far this morning I have heard and read about 6 different media outlets talking about core inflation and higher mortgage interest rates on the horizon. This is one of those stories that gets so much attention, obviously because it affects so many of us Canadians with mortgages. The questions about do I buynow before they may go up will be in full force I am sure. Along with the never answered but often talked about “fixed vs variable” its like a fight between 2 heavyweights with no end in sight. You just have to pick a side and get on the band wagon. I guess we have to take the headlines with a grain of salt and then speak to a mortgage specialist to see if that will help put some light on the situation.

Debt consolidation Mortgages.

mark — Thu, 18 Mar 2010 20:24:34 +0000

I have been wondering if we are going to see an increase in home owners taking out 1st 2nd, and 3rd mortgages to consolidate credit debts. There seems to be an ever increasing amount of consumer debt and at some point debtor’s will need to get a handle of repayments. Sometimes a debt consolidation mortgage can be a great tool to use as it lumps all your payments into one at one interest rate. If you have equity in your property and are considering the option of a second mortgage, give us a call to see if it is indeed the correct option for you.

Fixed vs Variable? Will this ever be answered?

mark — Wed, 17 Mar 2010 16:57:43 +0000

This question is one that even the most educated analysts have a hard time answering. The variable is the more visually appealing option as it is usually lower. But! for how long? Will it go up?By how much? We can compute numbers on it till our calculators die but in my opinion what it comes down to is comfort! If you are looking for piece of mind for the term of the mortgage and to go to sleep at night knowing that the payment and rate will not change then you have answered the above question. If you are comfortable with the possibility of rate and payment changes and you truly believe that you can afford the payments if they are to rise by what you believe is a possible rate increase, then you too have also answered the question. This topic came up to me AGAIN yesterday as three of us here in the office where discussing it. We all had different opinions about it and I think again it comes to down your personality and comfort level.

Best of luck to you all trying to make the decision.

2010 Games full on. No Parking No worries.

mark — Fri, 19 Feb 2010 19:39:00 +0000

The games are all ago around our office and we have seemed to get by unscathed to this point. The courier drivers are unhappy as they cannot park but our customers seem to be okay as well as the staff. We are still working on plenty of 2nd mortgages, debt consolidations and equity loans all over BC and AB.

Stay tunned for another post soon. Just seems to be a slow day in terms of Canadian Mortgage News.