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Mortgage Matters-August 20, 2024
We over here at Your Mortgage Needs have made a commitment to continue to provide you with pertinent updates on all things mortgage. That means that we will continue to show up in your inbox on a regular basis!
Market Insights
Great news! Inflation for July has dropped to 2.5% down from 2.7% in June. This means that a rate cut by the Bank of Canada in September is quite likely. The inflation rate in the US also dropped in July to 2.9% from 3% in June. We are expecting the US Federal Reserve to drop their Prime lending rate when they meet mid September.
This affects you if you are in a variable rate mortgage or have a variable rate loan product.
How much does this affect you and your payment? If you owe $200,000 for example, your payment would drop by about $30/month for every 0.25% decrease in Prime lending rate.
Keep in mind that it would reflect on your next month's payment, unless you have a fixed payment. In that case more would go to principal and less would go to interest.
The good news is that we are seeing fixed rates come down as well, so if you want to lock in or are looking at a purchase or upcoming renewal, you are in luck!
Should you just sign your Mortgage Renewal Offer?
Short answer is NO, my dear client and for a few reasons:
-Your current lender might not be offering you the best interest rate
-You might need help deciding on what term to take. 5 years is not always the best decision if you are looking at an upcoming move or want to payout your mortgage early
-Sometimes those lower rates come with some big hidden costs if you decide to break your mortgage early
Let us help you make that decision. If it's a good deal we will be the first ones to tell you to take it. We will just want a shot to compete when your mortgage comes up for renewal again!
Update
As your mortgage broker for the past 21 years, my focus was always be on providing you with a top notch mortgage experience during the transaction and beyond.
As I evolved into an owner role over the last couple of years, I had a team working with you on your mortgage. I was and am in the background making sure that you continue to receive the service and expertise that you expected from me.
This transition has had it's bumps along the way and I appreciate you sticking with me while we smoothed things out.
I am so excited and happy to report that Katie Gawlicki is now my Senior Mortgage Broker and she works exclusively with our clients!
I keep saying she is a younger version of me. She has the same passion and dedication that I do and it shows in every client interaction. I have had glowing reviews time and time again from happy clients!
Reach out to Katie at 587-287-1618 or clientcare@yourmortgageneeds.ca
She would be happy to chat about anything mortgage!
We Love Referrals and Reviews from Happy Clients!
The greatest gift we can receive is a referral from a happy client. If someone in your circle is talking about a mortgage, please pass on our name! And if you can take a couple of minutes to leave a review we would love that?
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