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Refinance
Switch,
Renew or Refinance
Mortgage
rates in Canada are at historical lows.
As
you know, mortgage rates are at historic lows, and it could be an
important window of opportunity.
Many
of our clients have contacted us to determine if they can take advantage
of today’s great rates. While you should expect that most lending
institutions will charge a penalty to payout your existing mortgage, We
have completed analyses for several clients and found that it still paid
to refinance. Those clients were better off paying the penalty – and
refinance or transfer their mortgage at the lower rate – because their
overall mortgage interest or payment amount declined. In other
cases, the penalty charged outweighed the benefit of the lower rate, and
there was no advantage in refinancing.
Find
out if you can benefit.
We
would be happy to analyze your current situation and help you determine if
today’s rates can work for you. As always, we have access to rates and
features from a wide variety of competing lending institutions, so you can
get a comprehensive review of your options.
Refinance,
Cash out or Equity take out
Thinking
about that home renovation or landscaping project? Talk to us about your
financing options. With mortgage rates at historic lows, you may be able
to leverage the equity in your home to get attractive financing that can
make your dream a reality. Garden gazebo, rejuvenate a kitchen or whatever
your dream is, why not make it a reality?
If
you aren't considering a home renovation project, perhaps it's a new
residence, a vacation home, or an investment property. Or perhaps you'd
like to discuss debt restructuring to eliminate high-interest debt such as
credit cards. Using the equity in your home, We can refinance your
mortgage and consolidate your debt into fewer payments, save money on
interest, and improve your cash flow.
We
offer lower than bank posted rates, pre-approvals, rate guarantees, and
can review the terms and conditions of your existing mortgage to determine
the possible interest rate benefits of early renewal.
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See
if you qualify or if this would be advantageous for you: |
Apply
Now |
Talk
to us today about a mortgage solution that's right for you by-calling 866-544-4001 or email
Justin
Christie or
Keith
Walper
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Renovation
Nation: Canadians use their home equity to feather their nests
More
than a decade ago, trend spotters began to tell us about the future
trend of “cocooning”. They predicted that decorating magazines,
home renovation businesses and luxury home fashions and furnishings
would see a big boom. But in 1991, we continued to look outside the
home for our entertainment, and the idea of nesting at home seemed
unlikely.
But
the futurists were right, and Canadians have come home en masse: to
work, to play, to socialize and to retreat. Not surprisingly, they
are re-shaping their homes to accommodate their new passion for home
life. Canada has become the renovation nation, with more than
one-third of Canadian homeowners planning a significant renovation
in the near future, according to CMHC. Sales in home improvement are
expected to reach $31.7 billion this year – up from $24.6 billion
in 1999. If you’ve tried to find a parking space at Home Depot on
a Saturday morning, this information won’t come as a surprise.
So
where’s the money going? The ever-popular kitchen renovation has
been surpassed by exterior renovations (landscaping, roofing, decks,
fencing, etc.), bathroom renovations, and carpets/flooring. Kitchens
are the fourth most popular renovation project for Canadians,
according to a CMHC survey. Do-it-yourself renovators are most
likely to tackle recreation room renovations or painting and
wallpaper projects.
Before
you embark on a renovation project, you should consider whether you
are improving your home for your own comfort, or to increase the
value of your home. Renovations are not created equal, and some will
perform better than others when it comes to adding value to your
home.
Most
renovations will improve the value of your home, but you shouldn’t
expect to fully recover your renovation cost. There are some
exceptions, of course, and they often vary from one region to
another. But CMHC does provide a general cost/value guideline. For
example, you can expect to recoup 68% to 73% of your investment in a
kitchen renovation – making it the smartest renovation investment.
A bathroom renovation is second, at 64% to 71%. A fresh coat of
paint on your home’s exterior is likely to recover 62% of the cost
to do the work, and a main-floor family room recoups 49% to 56% of
the cost.
But
there’s more to the renovation fever than a desire to practice
Trading Spaces at home. The passion for home life is coinciding with
the availability of attractive financing. Mortgage rates are at
historic lows, and Canadians are leveraging the equity in their
homes to finance the upgrades they’ve been dreaming of.
If
you’re planning to spend a significant amount on a renovation,
then you owe yourself a conversation with Mortgage Intelligence's -
SunCoast Mortgage Team to look at your financing options.
There are several options available depending on your situation.
Top
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The
home as a piggy bank
Homeowners
are taking out mortgages – not to purchase a home – but to boost
their purchasing power.
Real
estate has been an outstanding investment in most parts of Canada in
the past few years. Home valuations are continuing to
rise and have broken through the peak of their 1989 “bubble” in
many areas of the country. That’s good news for Canada’s
7.5 million home owners, who are enjoying an average increase of
$43,000 in real estate wealth since the upward trend took hold in
1998.
The
hot housing market is being fuelled by mortgage rates which are the
lowest they’ve been in almost 50 years. First-time home buyers are
finding the rates attractive, and home buyers are lining up to
purchase their first home or to upgrade to their dream homes.
Housing statistics have been capturing headlines for months and the
boom is noticeable on key economic indicators.
But
the news isn’t just about rising valuations or Canadians moving
into their new homes. Quietly in the background, there is a
significant trend to refinancing. Canadians who have built up the
equity in their home over the last few years are borrowing against
that equity in record numbers. According to a report from a
major bank, since 2001, Canadian households have taken out
approximately $20 billion in cash out of their homes through
mortgage refinancing and home equity loans.
We
might thank the mortgage industry for the surprising resilience of
the North American economy. In the past two years, the North
American economy has endured numerous economic fallouts but consumer
confidence remains reasonably strong – at least partly because
homeowners have seen some of their losses offset by an increase in
their real estate wealth. We find that we are sitting on (and
sleeping in) the best-performing investment we own. And even if they
have no plans to sell, homeowners have found that the return on
their investment is still as good as cash in the bank.
That
cash has been a key economic stimulus both here and in the U.S.,
where the trend is even more pronounced. As Canadians look beyond
the view of a home as primarily shelter, mortgages become a valuable
resource – and homeowners aren’t necessarily waiting for renewal
time to cash out some of their gains.
So
where is the money going? The equity being pulled out is often
being used to pay down other more expensive debt. Credit card
interest rates are shockingly high and – as a nation – our
credit card and other consumer debt is continuing to grow. And much
of the money is being used for increased spending. There has never
been a better time to borrow against home equity to build the
kitchen of your dreams, add a new wing, embark on the landscaping
project you’ve wanted for years, enjoy the vacation you’ve
always dreamed of, or help with the high cost of post secondary
education. However, as always, never let your enthusiasm for the
opportunity to spend get in the way of good common sense about debt
management.
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Topping up your RRSP with the
cheapest money in history
Right now, your house is the best piggy
bank you’ll ever own. If you’ve got some
money in that piggy bank, you may want to
take some out for your RRSP. The RSP
season is upon us, and Canadians are going
through their annual head-scratching – how
to maximize contribution room and even
catch up on mounds of unused room. Markets
seem to be coming back, house valuations
have climbed, and mortgage rates are still
at historic lows. “Carpe diem”, as they
say: seize the day.
This year, you can top up your RSP with
some of the cheapest money in history: a
mortgage. Even if your mortgage isn’t
scheduled for renewal any time soon, it
may be worth your while to make a visit to
an independent mortgage professional, who
can offer you a comprehensive analysis of
your options. With today’s rock-bottom
rates, it may still pay to refinance your
existing mortgage.
Canadians are a cautious lot when it comes
to finances, and we typically don’t like
to borrow money. But it deserves special
consideration for RRSP purposes. Remember,
you’ll be looking at a tax refund almost
immediately. If possible, you can turn
around and put that money back against the
loan as soon as it arrives.
So borrowing for your RSP can make good
financial sense. But if you are a
homeowner, the special RSP loan programs
offered by many banks may not be your best
option. The cheapest money you can get is
the money under your own roof. Why? A
house is considered a very reliable
security, and lenders assume little risk
in lending money secured against it.
Here’s two possible strategies to
consider:
1. Looking for funds to take advantage of
large amounts of unused contribution
room? Talk to a mortgage professional
about refinancing your existing mortgage
or taking out a second mortgage to reach
your retirement savings goals. Make your
new mortgage money really work for you;
while you’re at it, get all your debt
under one shingled roof. Roll any
high-interest credit card debt or other
loans into your refinanced mortgage, and
watch your interest savings multiply!
2. Want to boost your RSP and leverage
your non-registered assets to do it? While
the interest on an RSP loan is not
tax-deductible, you could discuss the
following strategy with your mortgage
professional: First, sell your
non-registered investments and contribute
the proceeds to your RSP. Then, arrange a
mortgage to re-purchase your
non-registered investments. Because the
money is being used to purchase
investments, the interest is now tax
deductible.
Both strategies depend on your own
personal situation, so be sure to consult
both your mortgage professional and
financial planner before proceeding. But
make a point of making the call today; the
RSP contribution window is closing soon.
Top |
For
more information or a free consultation -
Please contact Justin Christie or Keith Walper at 519-238-HOME(4663) or toll free
at 1-866-544-4001.
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Rates |
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Rates as of 07-Sep-2010 |
|
Term |
Bank
Posted Rates |
Our
Best Rates* |
|
6mth |
4.45% |
3.95% |
|
1
yr |
3.50% |
2.44% |
|
2
yr |
3.90% |
3.09% |
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3
yr |
4.45% |
3.45% |
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4
yr |
5.04% |
3.79% |
|
5
yr |
5.39% |
3.60%** |
|
7
yr |
6.19% |
4.85% |
|
10
yr |
6.50% |
5.19% |
|
variable
rates-ask for details - **Insured 30 day quick close |
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Call
Us Toll Free |
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866-544-4001 |
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