Manny Treivish
6396 197 St Suite 102 V2Y 1A6 Langley, BC, Canada

Just found myself responding to this on one of the Facebook groups so thought I will share it here as well: Let's talk a bit about rates. As you probably noticed rates are now as low as they have ever been. But not all rates available to all deals. For instance, the newly marketed HSBC 0.99% mortgage rate is open just for clients under a 1M with a High ratio loan approved before the First week of Jan 2021 and closing before the end of Jan 2021. So obviously this product will ...be a good fit only for a small group of borrowers. Other very attractive rates will depend on the overall strength of the application. Including but not limited to Credit score, Income Type, Income to debt ratios, the other applicants, size of down payment, and the type of the property. Every mortgage is like a fingerprint. There is no one size fits all. To make matters worse, lenders will change rates often, and it is has a lot more to do with how much money they have to invest in mortgages and less about client worthiness. So if money becomes available to a lender he will create an incentive to drew more business. The problem with those ones is that naturally, they become very overwhelmed with applications, and then the response time becomes an issue. If you have a deadline that is short on completion of subject removal. Navigating all that to achieve the best result for you is the job of the broker. I just had a client signing papers on a condo and traveling to Europe. Interest rates with her lender just dropped a day after the deal was closed. In her mind, she has already completed the transaction. We got in touch with the lender, continued negotiation, and got her the lower rate without her even being aware of it until it was actually done. Long story short, people should not expect to get the same rate that the neighbor next door got. It's important to know what range of rates are out there, but expecting "the best rate" should really be "The best rate for MY deal" and trust your broker to do that for you. The only way Brokers get business is by having referrals from clients like yourself. Your broker will do anything he/she can, to earn that trust and get the next referral. See more

Fire works - best with speakers on

Mortgage Brokers have been beating that drum for years. Homebuyers keep thinking about Variable rates as a gamble or a bet due to the changing interest rates. Not knowing that the bigger gamble is the prepayment penalty. It turns out that for all kid of reasons most of us don't complete a 5 years term on a mortgage. Thus exposing the homeowner to those steep fines. Homeowners should put more trust in mortgage brokers. We no longer live in the times of our parents. We move, ch...ange living arrangements, jobs, partners. The 5 years fixed that our parents trusted, no longer works for nowadays Canadians. This is the 3rd story like this that has made the news in the last 6 months. And we see it every day, with a bit lower numbers but still painful penalties. The difference btw a fixed mortgage to a variable mortgage penalty is roughly 4 % to 1-1.5%. So on a 400,000 CAD mortgage that translated to the difference btw $4000 on the variable to $16,000 on the fixed. See more