Mortgages by Steve FSCO# M20001603

05/26/2022

If you are a first time home buyer, the Federal government has a program to help you get into the housing market without increasing your down payment. Check out this link, and always remember I'm here to help you achieve your home ownership goals. https://www.placetocallhome.ca/

04/22/2022

Did you know…..

The mortgage stress test designed by the federal government to qualify consumers set the rate at 5.25% or the actual rate plus 2% whichever is higher.

Today that means the 5.25% is no longer relevant as it is now the lesser.

There are lenders that will qualify at lower rates but will have a premium attached to the term.

Call me today and let me show you how I can help.

04/15/2022

Happy Passover and Happy Easter to all my friends, clients and their family.

04/06/2022

I’ve partnered with Alarm Guard and you can receive a free smart home security system. Click on the link for more details

03/31/2022

Rates are increasing...should you take a variable or fixed. Here is an argument for the Variable.

For example:

Insured Mortgage Amount of $525k

5yr Fixed Rate of 3.79% = a monthly payment of $2,702.17
5yr VRM Rate of 1.60% (P-1.10% @ Prime of 2.70%) = a monthly payment of $2,123.10
This is a monthly savings of $579.07

However, we all understand that Prime may increase. So let’s take a look at that monthly payment with a few increases to Prime … Remember the discount remains of -1.10%

Prime @ 3.20% = $2,248.53
Prime @ 3.45% = $2,312.79
Prime @ 3.70% = $2,378.05
Prime @ 3.95% = $2,444.31
Prime @ 4.20% = $2,511.56
Prime @ 4.45% = $2,579.78
Prime @ 4.70% = $2,648.96
Prime @ 4.95% = $2,719.08 ($16.91 more than original fixed payment)

With a 2% increase to Prime, they are still $53.21 LESS per month on their monthly payments, then original 5yr fixed payment at time of close.
If you have any questions I’m here to help.

03/03/2022

Mortgage Facts:

Prime rate increased by .25% today.
This is the first increase in approximately 2 years.
The Bank Prime Rate is now 2.7% from 2.45%

If you are in a variable mortgage your mortgage payment will increase by approximately $12 for every $100,000.

The 5 year fixed term rate has increased by a full 1% in the past 12 months.

Todays best 5 year fixed rate is 3%
The best variable rate is 1.7%
The difference in the rates calculate out to $85 in payment reduction for every $100,000 of mortgage balance. If you have a $500,000 mortgage this works out to $425 per month.

Economic Influencers Today include:

A Pandemic
Global Warming
Ukranian Invasion
Real Estate Price Increases

Some take the 5 year fixed rate and will sleep better at night.

There is no right or wrong. Do what feels right for you. If you are in the market for a mortgage, or just looking for professional advice, I’m here to help. www.Stevenfishman.ca

01/31/2022

Did you know that dealing with a mortgage professional gives you access to over 80 different lenders. If you have good credit, or bad credit, I can find you the right mortgage to fit your needs. With interest rates set to rise in the next few months, now is the time to buy that house of your dreams, or to refinance your current property. Let me show you how I can help you achieve your goals.

There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.

12/27/2021

When selecting the type of mortgage, you can choose between a fixed rate or variable rate. Click on the link to find out which type of mortgage is good for you. If you have any questions, I'm here to help.

The decision to choose a fixed or variable rate is not always an easy one. It should depend on your tolerance for risk as well as your ability to withstand increases in mortgage payments.

12/27/2021

Learn the advantages of using a Mortgage Professional over just going into your local bank. click on this link to learn more

There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.

12/01/2021

Are you a first time homebuyer? Are you looking to refinance your current property? Do you have good credit or bad credit? Let me help you by getting you the best interest rate, and mortgage terms possible. As an added bonus, I've partnered with a security company, and I'm pleased to offer you a home security system to further protect your investment at no cost to you upon the closing of your home. Certain conditions apply. Visit my website at www.stevenfishman.ca