Trish Neufeld
541 West 21st Street V7M 1Z8 North Vancouver, BC, Canada

From our home to yours, have a wonderful Christmas

Is it possible that a variable rate mortgage is about to get even better? https://www.integratedmortgageplanners.com//why-another-b/

Approximately 20% of Canadian homeowners say they plan to refinance their mortgage in the next 12 months, according to a recent poll. What exactly is a mortgage refinance? Simply put, it’s the act of paying out your current mortgage and replacing it with a new one, with different terms and a new rate. Here are two of the top reasons why people tend to refinance.... Reason #1: To Get a Lower Mortgage Rate One big factor driving current borrowers to refinance is to take advantage of today’s historically low rates. Consider this: A homebuyer in November 2018 secured a 5-year fixed rate at then-average rates of around 3.50%. Compare that to 5-year fixed rates refinance rates that are now around the 2% mark, and in certain cases even lower. The potential savings of refinancing at a lower rate can be huge. For every $100,000 worth of mortgage, the difference between a rate of 3.50% and 2% is $76 a month, or more than $7,000 over a five-year term. A downside, however, is that fixed rates come with a prepayment penalty. In some cases, particularly for borrowers who are breaking the mortgage early into a 3- or 5-year term, the resulting penalty could be high. That’s not to say the math won’t work in your favour. You could still come out ahead over the long term, depending on your penalty and the new mortgage rate. It’s a calculation your mortgage professional can help with, and who will also show you the potential savings. Borrowers may be able to lower their monthly payments by either securing a lower mortgage rate or by extending the loan term, which would spread the payments out over a longer time period. This can be important for those with a tight monthly budget and who are looking for additional financial breathing room. Reason #2: To Access Home Equity in order to: A) Renovate - with so many Canadians now working from home, more homeowners are renovating than ever before. B) Consolidate debt - rolling high interest debt into your low interest mortgage. C) Invest No matter what the reason for considering a mortgage refinance, be aware of the potential hurdles, such as penalties or qualification criteria. If in doubt, give me a shout.

Every little helps. Give me a call to find out what this mortgage stress test adjustment means for you.

Message to Canadians is that interest rates are very low and they are going to be there for a long time - Governor of the Bank of Canada.

Take a deep breath and enjoy the ride. This beautiful country is rich in its diversity of people and landscape.

Bank of Canada made its sixth interest rate decision of the year and the first under its newly appointed Governor Tiff Macklem. The decision itself no change is unsurprising as the Bank has repeatedly stated that it has no intention of reducing the rate below its current 0.25%. However, the Bank did have some new things to say about the impact of the COVID-19 pandemic on the global economy that it appears to have peaked due to massive policy responses by government...s and that financial conditions have improved. This is the first sign of good news since the pandemic was declared in March and should help to engender confidence for Canadians who are contemplating real estate purchases this summer. - First National Financial LLP

Thank you to all our nurses in Canada and all over the world. Today and everyday.

The Bank of Canada (BoC) have just announced another 50bps reduction in interest rates today in an emergency meeting. The BoC said they are prepared to cut rates further. We will be monitoring closely if financial institutions pass on the full discount to their Prime rate over the next few days. The Bank of Canada went on to say "It is clear that the spread of the coronavirus is having serious consequences for Canadian families, and for Canadas economy. In addition, lower prices for oil, even since our last scheduled rate decision on March 4, will weigh heavily on the economy, particularly in energy intensive regions.

I am so honoured and excited to have been voted the North Shores favourite Mortgage Broker in the 2020 Readers Choice Awards. Thank you so much to all that voted. If you know someone looking for impartial mortgage advice, have them give me a call. Im here to help. ... 604.313.2687 www.trishneufeld.com Google Reviews: http://bit.ly/TrishNeufeldGoogleReviews

Some good news from Ottawa. Mortgage qualifying rules are changing in April. Ask me how this benefits you.

This is why we all love Newfoundland.

The board says homebuyers have more confidence as prices edge down and interest rates remain low. Are you waiting on the sidelines?

Meanwhile, in Canada...

Happy Halloween!

I love this time of year in Vancouver. Boots in the morning and flip flops in the afternoon...

Thinking of buying or refinancing in the next few months? You can lock your rate in now. If you need a rate hold, act quick if you see a few closes above 1.52% on the 5-year yield,

Have you seen the Google doodle today? Its honouring North Vancouver's very own Harry Jerome, on what would have been his 79th birthday. Pretty cool!

With the exception of Vancouver, the median price per square foot of a condo is now higher than that of a single family detached home nationwide. While condo units are smaller, they are the present and future of our communities. With more development opportunities, they can meet both the growing need for housing and lifestyle expectations of homebuyers,

A credit score of 750 or higher is deemed as excellent. In many cases, a minimum score of 680 is required for mortgage approval from most A-lenders. A credit score of 600 or under is considered low, meaning you are a higher risk to lenders. Some small adjustments can have a big impact on your score and therefore your interest rates etc. PM me if you want to know your score.

Those looking to buy today continue to benefit from low interest rates, increased selection, and reduced prices compared to the heated market a few years ago. Homebuyers certainly aren't taking the summer off!

Nice work North Vancouver. Happy Pride everyone!

"Despite the falling supply, BC is still projected to see 55,000 new residents from migration this year, with the vast majority moving to Metro Vancouver" Combined with the loosening of the stress test? Talk to a mortgage broker and find out what this mean for you

Bank of Canada benchmark rate has decreased from 5.34% to 5.19%. The qualifying change with lenders is not automatic however weve already started seeing lenders adopt the new lower qualifying rate. Contact me to see how this affects your borrowing power.

Here are the hottest housing markets in Canada right now. Good ol Montreal for the win.

Great news for our community!

10 tools every homeowner should have in their home. Have you got them all?

Happy Canada Day! I love this beautiful country.

"in 2020 BCREA expects residential transactions to total 81,700, rebounding by 14 percent."

"With Millennials driving the market, factors like internet connectivity, recreational activities and proximity to towns with urban conveniences are becoming a more important selling feature" #homebuyertips

You only buy one first home and I'm delighted to have helped this client into hers. Thank you for the wonderful review!

The Canadian housing market is picking up steam...

"If youre looking at holding onto a home for a reasonable length of time, if you can afford the mortgage and if you have a decent down payment, just go for it trying to time the market is a fools errand"

Metro Vancouver home sales are 43% below April's 10-year average as buyers wait it out. What's your next move?

Good news for those with variable rate mortgages and home equity lines of credit

Moving to the 'burbs and worried your friends won't visit? Fret no more!

This is where a mortgage broker can help "Vancouver saw the largest increase in affordability, thanks to falling house prices, but the market still remains near its worst affordability levels in 40 years"

Mortgage brokers should be easy to talk to and able to answer all your questions. You're making the biggest purchase of your life; your comfort is a priority