Gurnoor Singh Mortgage Agent

11/17/2022

If your mortgage is maturing in March 2023 or prior, we should chat!
Did you know that we can secure you a rate hold for up to 120 days? Some of our lenders have decreased their fixed rates slightly over the last week…. YES you read that right, DECREASED!!! So now is a perfect time to secure that rate hold!! If rates continue to decrease, the good news is we can get you the lower rate. However, if rates continue to increase then you have a lower rate locked in 😊 Win-Win!
This is also a great time to get that Pre-Approval that you’ve been thinking about 😉
Reach out today, I would love to chat!
Gurnoor Singh - Mortgage Agent
647-970-8001

10/16/2022

Your mortgage renewal is your opportunity to renegotiate your mortgage. Automatically renewing your mortgage with your current lender could mean you don’t get the best mortgage rate and terms you may qualify for.
Reach out today to discuss your options.
Call - 647-970-8001

09/27/2022

Did you know your renewal period is crucial to the future of your mortgage? Experience fast & easy renewals with Wiseday. 🏠
Shop smarter for your mortgage:

✅ Lowest Mortgage Rate Guaranteed
✅ Apply online, anytime, any place
✅ We take ZERO sales commission, so you save money
✅ Approvals in as little as 24 hours

Call - 647-970-8001
Email - [email protected]

09/14/2022

With the increase of interest rates and a cooling of the Real Estate market, house prices are starting to fluctuate. What happens if your house valuation reduces between the purchase and the close?
"It's now time to exercise some caution when buying real estate. Things are changing quickly. Make sure you have a strategy in place so that if your appraisal comes in low, this would not devastate your personal finances or kill your accepted offer to purchase.
Don’t be shy about inserting a couple of conditions in your offer to purchase, just like we used to when the market was balanced and not skewed in favour of sellers. For the first time in years, you may have the time to make calculated decisions."

https://www.canadianmortgagetrends.com/2022/05/what-happens-when-appraisal-values-come-up-short/?fbclid=IwAR1A1OBwVPbrOIbfm5034YCHfrCJtLD-IlRREXxX1uPFEdaMCxL9_rQ-8K4

For the past two years, appraisal valuations have rarely fallen short.

08/29/2022

There is no correct answer when choosing what type of mortgage you prefer. It's a matter of what is best for you and your situation.
A fixed rate provides security by having a set interest rate, but might have higher penalties to break early. A variable mortgage rate might have lower payments and lower penalties, but comes with the risk of possibly fluctuating payments.

I can answer your questions, provide perspective on the differences between the two, and give some historical data on how both fixed and variable rates have trended... but in the end, the decision is completely yours. I simply help you to understand your options so you can make an informed decision and be confident it was the right one for you!

-Gurnoor Singh
- +1 647-970-8001

08/18/2022

Refinances - do they make sense in a raising rate environment? ⁣⁣
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💡The simple answer is: it all depends on 𝐲𝐨𝐮𝐫 situation and what 𝐲𝐨𝐮𝐫 goals are (cash flow vs. consolidation vs. investment vs. renovations)⁣⁣
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Some key elements to consider:⁣⁣
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❕POTENTIAL PENALTIES⁣⁣
» This is something your mortgage professional can estimate for you using online penalty calculators at most banks. Your mortgage professional can also discuss with you your options for avoiding such penalties, which could include things such as: second mortgages, adding a home equity line of credit, blend and extends, etc. ⁣⁣
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❕INTEREST⁣⁣
» You may be wondering if you’ll end up paying more interest with a refinance… not necessarily. Yes, rates are increasing - but, it all depends on what your current rate is and the rate of the debt you’re consolidating. Your mortgage professional can help present these options to you: what you’re currently paying collectively in interest between all debt vs. what you could be paying as one interest payment. You’d be surprised to know that often, especially if you’re consolidating high interest debt, refinancing still makes sense. ⁣⁣
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❕CASH FLOW⁣⁣
» Will doing a refinance improve your cash flow on a monthly basis? That is, less going towards bills and more staying in your pocket? ⁣⁣
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💥TIP: this is a simple one, always speak to a mortgage professional that operates based on transparency. ⁣⁣
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For example, I always ensure to have a zoom or face to face meeting with my clients to not only educate them on their options, but actually 𝐬𝐡𝐨𝐰 them the math - where the numbers are coming from and what it is exactly that I’m looking at. ⁣⁣
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It’s so important for you as a client to understand the information that your mortgage professional is providing you so you can make an informed decision for yourself at the end of the day. A refinance may make sense for some, and not for others. It all depends on your own personal goals and situation. ⁣⁣

Contact- +1 647-970-8001
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08/15/2022

5 FIRST-TIME HOMEBUYER MISTAKES TO AVOID!
1) Looking For a Home Before Applying For a Mortgage.
2) Draining Your Savings.
3) Buying More House Than You Can Afford.
4) Miscalculating the Hidden Costs of Homeownership.
5) Paying More Attention to the House Than the Neighborhood.
Buying your first home is a scary and exciting process because it’s a HUGE commitment.
Don’t Hesitate to Call or Email with ANY questions! Let’s get you started.

08/08/2022

Is this your first time in Canada?

Understanding a new market for mortgages can be difficult, especially if this is your first time in the country. However, I specialize in helping folks just like you!

I can provide you with personalized financial services to fulfill your requirements.

08/01/2022

Does the Bank of Canada set all interest rates?
Not quite. The Bank of Canada (BoC) sets the 'target' for the overnight lending rate, which is the interest rate that banks charge each other to cover their short-term daily transactions. The 'target' overnight rate also influences what banks set as their prime lending rate.
The prime rate is what banks charge their most creditworthy customers. So, from the BoC's target rate, rates are set by banks in cascading effect down the chain.
When the BoC changes its target overnight rate, it's sending a signal to the banks that it wants them to change their prime rates. Banks sell floating-rate products, including variable-rate mortgages and lines of credit (such as HELOCs) that are tied to the prime rate, and move up and down in lock step with any changes.
But fixed mortgage rates aren't set by the prime rate. Instead, fixed rates are influenced by the government bond market.
Banks rely on bond yields to finance the expenses of holding these mortgages. Bond interest rates (bond yields) move up or down more frequently than the prime rate, because the bond market is far more sensitive to market fluctuations. Banks will (usually) move fixed mortgage rates when traders believe the BoC is about to increase, or reduce, bond interest rates.

- Gurnoor Singh
- [email protected]