Amanda Daub Mortgage Broker with TMG - The Mortgage Group AB

Amanda Daub Mortgage Broker with TMG - The Mortgage Group AB A Residential Mortgage Broker serving all of Alberta What can I do for you? Please take a minute & read further so I can explain what I can do for you!

First I would like to start off by Thanking You for taking the time to view, Like & Share my page! I am a Mobile Mortgage specialist with TMG - The Mortgage Group. I offer one stop shopping to over 40 lenders at wholesale rates that are generally lower than banks, all at no charge to you! Using a mortgage broker just makes sense! Also by being mobile it means you can have an experienced Mortgage B

roker meet with you in the comfort of your home or office at your convenience. Together, we can discuss your mortgage needs, review options and then customize a solution that works for you. Purchasing a home is the largest investment most of us make in our lifetime. Often we, as consumers, feel stressed and overwhelmed by all the products and choices available. As a mortgage professional I provide free service in my area of expertise. I provide up to date knowledge on new products and services, professional advice, and expertise in mortgages. My main objective is that my clients obtain financial security by ensuring that they obtain the best possible mortgage financing. I devote my professional time to educating my clients about Mortgages and focusing on their needs. My passion for my clients is demonstrated through daily interactions with them. My strong belief in customer satisfaction and a down to earth small town attitude has earned me a role as a respected professional in my industry. Some of you have known me all my life (Maiden name Atherton) & others may have met me through business, but what you all know is that the way I like to do business is by building lifelong relationships with my clients. For those of you who don't know what a Mortgage Broker can do for you:

My job is to find the best mortgage for my client by getting the best rates & products available. Some people think it will cost them money to use a Broker when in fact it is free, I get paid directly from the lender. I do all the work bargaining with the lenders & do all the paperwork for you, so that it's a simple stress free process of getting financing for your new home. The difference with going to your Bank or a Broker is a Broker does so much business with each lender, and has the right bargaining tools to make the lenders offer us the lowest rates to gain the business. The benefit is to you receiving the much lower rates! So on most posted rates I can get less at your own bank than what your bank could be offering you. On an investment as large as your home the savings would make a huge difference! You may not need my assistance, but I know everyone has a friend or family member that could use my free services whether they are looking to purchase a new home, take equity out to do some renovations or pay off debt, purchase a revenue property, or just renew their current mortgage. So if you have anyone that you know that could use my services please feel free to forward my page & information to them. Some popular mortgage's I specialize in are:
• Traditional Mortgages
• Cash Back Mortgages
• First Time Home Buyer
• Pre Approved Mortgages
• New Construction
• New to Canada
• Using current equity to refinance
• Self Employed
• Recreational Homes
• Revenue Properties
• Self Employed Income
• Previous Credit Problems
• Second Mortgages
Your satisfaction and subsequent referrals are the basis for my future business. I value you and promise that you and anyone you refer to me will receive a level of service, trust and dedication that my own Family would get. Thank you for taking the time to read & I hope that I can be of some assistance to you or your family & friends. You and your efforts are greatly appreciated, so when you or someone you know is looking for a better way to obtain a mortgage, or have any questions please email or call me any time at:

Amanda Daub
Ph: (780)913-0730
[email protected]
www.amandadaub.com

The Bank of Canada has lowered its benchmark interest rate, cutting by 25 basis points amid continuing signs of a soften...
10/29/2025

The Bank of Canada has lowered its benchmark interest rate, cutting by 25 basis points amid continuing signs of a softening national economy.

The central bank said on Wednesday morning it was bringing that policy rate, which directly impacts variable mortgage rates, down to 2.25% in a decision widely expected by most economists.

That marks the Bank’s ninth rate cut since June of last year and moves the trendsetting rate 175 points lower than it sat prior to the beginning of that rate-cutting cycle.
Inflation, a key consideration for the BoC in its rate decisions, increased in September and the national economy surprisingly added tens of thousands of jobs the same month.

Normally, those developments might convince the Bank against a rate cut as it weighs up potential upside pressure on inflation. But trade tensions are also continuing to mount, with US president Donald Trump recently vowing fresh tariffs on Canada and stepping away from talks with Canadian negotiators.

Canada’s unemployment rate has also remained stubbornly high, hovering above 7%, with jobless numbers especially stark in Ontario and in tariff-impacted industries.

What’s more, business and consumer sentiment appears to be weakening – and prominent commentators including Canadian Imperial Bank of Commerce (CIBC) deputy chief economist Benjamin Tal have suggested the country is already in a recession, even if it’s not a statistical one yet.

The latest cut marks good news for homeowners holding a variable-rate mortgage and hopeful homebuyers. Fixed rates, which are influenced more strongly by bond yield movement, may not budge after the Bank’s decision – but variable rates will be on the way down in the days ahead.

Wednesday’s decision marks the Bank’s second-to-last scheduled rate announcement of 2025. It’s set to meet for the last time this year on December 10, a move that will be closely followed by market watchers to see whether another cut is on the way.

By Fergal McAlinden
29 Oct. 2025

** Please remember this decrease is a direct change to the variable rates. It does not directly affect the fixed rates.

If you have been waiting for the rates to come down to do a refinance to pay off your debts, or do some renos, Or for those of you that want to get rolling on your new home purchase now may just be that time you were waiting for! Give me a call today if you would like to discuss your options!
Amanda 780-913-0730

The Bank of Canada has lowered its policy rate by 50 bps! Keep in mind this will affect the Variable Rates, not the fixe...
10/23/2024

The Bank of Canada has lowered its policy rate by 50 bps! Keep in mind this will affect the Variable Rates, not the fixed rates.

The Bank of Canada today reduced its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is continuing its policy of balance sheet normalization.

The Bank continues to expect the global economy to expand at a rate of about 3% over the next two years. Growth in the United States is now expected to be stronger than previously forecast while the outlook for China remains subdued. Growth in the euro area has been soft but should recover modestly next year. Inflation in advanced economies has declined in recent months, and is now around central bank targets. Global financial conditions have eased since July, in part because of market expectations of lower policy interest rates. Global oil prices are about $10 lower than assumed in the July Monetary Policy Report (MPR).

In Canada, the economy grew at around 2% in the first half of the year and we expect growth of 1¾% in the second half. Consumption has continued to grow but is declining on a per person basis. Exports have been boosted by the opening of the Trans Mountain Expansion pipeline. The labour market remains soft—the unemployment rate was at 6.5% in September. Population growth has continued to expand the labour force while hiring has been modest. This has particularly affected young people and newcomers to Canada. Wage growth remains elevated relative to productivity growth. Overall, the economy continues to be in excess supply.

GDP growth is forecast to strengthen gradually over the projection horizon, supported by lower interest rates. This forecast largely reflects the net effect of a gradual pick up in consumer spending per person and slower population growth. Residential investment growth is also projected to rise as strong demand for housing lifts sales and spending on renovations. Business investment is expected to strengthen as demand picks up, and exports should remain strong, supported by robust demand from the United States.

Overall, the Bank forecasts GDP growth of 1.2% in 2024, 2.1% in 2025, and 2.3% in 2026. As the economy strengthens, excess supply is gradually absorbed.

CPI inflation has declined significantly from 2.7% in June to 1.6% in September. Inflation in shelter costs remains elevated but has begun to ease. Excess supply elsewhere in the economy has reduced inflation in the prices of many goods and services. The drop in global oil prices has led to lower gasoline prices. These factors have all combined to bring inflation down. The Bank’s preferred measures of core inflation are now below 2½%. With inflationary pressures no longer broad-based, business and consumer inflation expectations have largely normalized.

The Bank expects inflation to remain close to the target over the projection horizon, with the upward and downward pressures on inflation roughly balancing out. The upward pressure from shelter and other services gradually diminishes, and the downward pressure on inflation recedes as excess supply in the economy is absorbed.

With inflation now back around the 2% target, Governing Council decided to reduce the policy rate by 50 basis points to support economic growth and keep inflation close to the middle of the 1% to 3% range. If the economy evolves broadly in line with our latest forecast, we expect to reduce the policy rate further. However, the timing and pace of further reductions in the policy rate will be guided by incoming information and our assessment of its implications for the inflation outlook. We will take decisions one meeting at a time. The Bank is committed to maintaining price stability for Canadians by keeping inflation close to the 2% target.
Media Relations
Ottawa, Ontario
October 23, 2024

Keep in mind this will affect the Variable Rates, not the fixed rates.
If you have any questions on how this change may affect you please feel free to give me a call! Amanda 780-913-0730

The Bank of Canada has cut its policy rate by a further 25 basis points!! The Bank of Canada has cut its policy rate by ...
09/04/2024

The Bank of Canada has cut its policy rate by a further 25 basis points!!

The Bank of Canada has cut its policy rate by a further 25 basis points in its September decision, marking a third consecutive move to bring rates lower.

The central bank said on Wednesday morning (September 4) that it was trimming rates yet again after back-to-back cuts in June and July, meaning its trendsetting rate now sits at 4.25% – down from a 23-year high of 5% at the beginning of the summer.

The decision is a further indication of the Bank’s confidence that inflation and the overall economy have cooled enough to justify lowering borrowing costs, with Canadians on variable-rate mortgages and those with home equity lines of credit (HELOCs) set to see their rates fall again.

Having hiked rates throughout 2022 and into the middle of 2023 in a bid to curb spiking inflation, the Bank has struck an emollient tone on the rate outlook in each of its last three announcements.
Its latest decision was widely expected by markets – and the September cut is unlikely to be the Bank’s last rate drop.
According to economists recently surveyed by Bloomberg, the central bank is set to lower its policy rate by 25 basis points at each of its next five meetings, meaning it would settle at the 3% mark by the halfway point of 2025.

That would come as welcome news for the mortgage market, particularly with a looming wave of renewals at much higher rates than those taken out during the COVID-19 pandemic set to occur in the coming 24 months.

Inflation remains squarely within the Bank’s target range, while Royal Bank of Canada (RBC) economists Nathan Janzen and Claire Fan highlighted that per-capita output has fallen in seven of the last eight quarters and unemployment has risen noticeably compared with the same time last year.

The Bank will meet on interest rates twice more in 2024, with an October 23 meeting to be followed by its final decision of the year on December 11.

By Fergal McAlinden
04 Sep. 2024

Please remember this affects the variable rates & does not change the fixed rates the same. If you are looking to see what you might qualify for, or to maybe refinance & pay off some debts with your equity to make life a little less tight, please give me a call! Amanda 780-913-0730

Breaking News!! The Bank of Canada Holds the rate!Next rate update March 6, 2024The Bank of Canada today held its target...
01/24/2024

Breaking News!! The Bank of Canada Holds the rate!
Next rate update March 6, 2024

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

Global economic growth continues to slow, with inflation easing gradually across most economies. While growth in the United States has been stronger than expected, it is anticipated to slow in 2024, with weakening consumer spending and business investment. In the euro area, the economy looks to be in a mild contraction. In China, low consumer confidence and policy uncertainty will likely restrain activity. Meanwhile, oil prices are about $10 per barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have eased, largely reversing the tightening that occurred last autumn.

The Bank now forecasts global GDP growth of 2½% in 2024 and 2¾% in 2025, following 2023’s 3% pace. With softer growth this year, inflation rates in most advanced economies are expected to come down slowly, reaching central bank targets in 2025.

In Canada, the economy has stalled since the middle of 2023 and growth will likely remain close to zero through the first quarter of 2024. Consumers have pulled back their spending in response to higher prices and interest rates, and business investment has contracted. With weak growth, supply has caught up with demand and the economy now looks to be operating in modest excess supply. Labour market conditions have eased, with job vacancies returning to near pre-pandemic levels and new jobs being created at a slower rate than population growth. However, wages are still rising around 4% to 5%.

Economic growth is expected to strengthen gradually around the middle of 2024. In the second half of 2024, household spending will likely pick up and exports and business investment should get a boost from recovering foreign demand. Spending by governments contributes materially to growth through the year. Overall, the Bank forecasts GDP growth of 0.8% in 2024 and 2.4% in 2025, roughly unchanged from its October projection.

CPI inflation ended the year at 3.4%. Shelter costs remain the biggest contributor to above-target inflation. The Bank expects inflation to remain close to 3% during the first half of this year before gradually easing, returning to the 2% target in 2025. While the slowdown in demand is reducing price pressures in a broader number of CPI components and corporate pricing behavior continues to normalize, core measures of inflation are not showing sustained declines.

Given the outlook, Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation. Governing Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behavior. The Bank remains resolute in its commitment to restoring price stability for Canadians.
Information note

The next scheduled date for announcing the overnight rate target is March 6, 2024. The Bank will publish its next full outlook for the economy and inflation, including risks to the projection, in the MPR on April 10, 2024.

Media Relations Ottawa, Ontario January 24, 2024

If you're wondering how this may affect you, please feel free to reach out to me at any time!
Amanda (780) 913-0730
www.amandadaub.com

Charting the mortgage market: a 2023 recap and glimpse into 2024 As we ring in the new year, I want to wish you and your...
01/06/2024

Charting the mortgage market: a 2023 recap and glimpse into 2024

As we ring in the new year, I want to wish you and your friends and family a Happy New Year, full of good health and prosperity.

Now that we’ve officially turned the page on 2023, I’d like to take a moment to reflect on the significant trends that shaped Canada's real estate and mortgage markets while also providing a sneak peek into what may lie ahead in 2024.

2023 recap: a year of resilience

As we look back at the year that was, I think it can best be described as one of resilience. Resilience shown by mortgage borrowers in the face of sharply higher interest rates, resilience of Canada’s housing market, and of Canadians and the economy as a whole.

Despite many Canadians dealing with the increased cost of every day goods and mortgage borrowers being subject to higher interest rates, many have by and large demonstrated remarkable tenacity and delinquency rates have remained at record lows. This steadfast commitment underscores Canadians' ability to navigate financial challenges and prioritize their mortgage obligations.

It’s also been a year of progress on the inflation front. Even though headline and core inflation remain outside of the Bank of Canada’s comfort zone, we must also acknowledge just how far it’s already fallen. After reaching a 40-year high of 8.1% last June, it has continued easing throughout the year to its current level of 3.1% as of November.

As BMO’s Chief Economist Douglas Porter pointed out, such “swift and heavy” declines in headline inflation are rare and generally only happen following a serious recession.

On that front, the economy has also managed to hold up well. Although growth essentially stalled in the latter half of the year, experts are optimistic that a “soft landing” scenario will play out rather than a more severe recession.

Through all of this, housing markets across Canada have been surprisingly robust. Despite rising mortgage rates and softening sales, low inventory levels meant home prices weren’t as hard-hit as may have otherwise been the case.

Looking ahead to 2024: rate relief in store?

If all goes according to plan, 2024 should shape up to be the year of relief for Canadians.

The stickiness of inflation will be a key factor shaping the financial landscape in 2024 as the Bank of Canada continues to monitor its trend back toward the 2% target, which it expects to reach by 2025.

Given the sustained decline in inflation, Canadians can look forward to more stabilized prices on homes and every day goods and markets expect the Bank of Canada will be able to pivot to rate cuts later in the year. The timing and pace remain in the air, but will nonetheless be welcome news for new homebuyers and the estimated 60% of mortgage holders who face a mortgage renewal in the next three years.

Your trusted guide through 2024

As we welcome 2024 and navigate the ever-changing currents of the mortgage landscape, I am here to assist you every step of the way. Whether you're exploring real estate opportunities, refinancing options, or simply seeking guidance on the current market dynamics, my expertise is at your disposal. If your mortgage is up for renewal in 2024, please reach out, as I can help you potentially save thousands.

Please do not renew with your lender without consulting with me first, as it could result in you locking into a rate much higher than you deserve.

I look forward to continuing this journey together. Feel free to contact me at any time if you’d like to review your current situation or what a new opportunity may look like, so that I can help you navigate the evolving landscape.

Amanda Daub
TMG Mortgage Broker
1 (780) 913-0730
[email protected]

Bank of Canada reveals final rate decision of 2023The Bank of Canada has left its policy interest rate unchanged in its ...
12/06/2023

Bank of Canada reveals final rate decision of 2023

The Bank of Canada has left its policy interest rate unchanged in its last scheduled decision of 2023, keeping rates where they are for a third consecutive announcement amidst evidence that previous hikes are proving effective in cooling the economy.

The central bank kept its benchmark rate, which leads variable mortgage rates in Canada, at its existing level of 5.0% in Wednesday’s decision, meaning the current pause on rate increases is the longest since the Bank began hiking rates in March 2022.

In its statement accompanying Wednesday’s decision, the central bank maintained a hawkish tone, indicating its governing council was “still concerned” about inflation risks and was still prepared to raise the policy rate again if required.

The decision came as no surprise to markets, which had indicated virtually no chance of an increase following surprisingly dovish remarks by Bank governor Tiff Macklem in recent weeks about the possibility that rates were already high enough to bring inflation down towards the 2% target.

Economic trends are playing out as hoped for by the Bank, with inflation ticking down again last month and the unemployment rate continuing to creep up as GDP (gross domestic product) growth contracts.

The Bank introduced 10 rate increases between March last year and this July, spiking that policy rate by 475 basis points to a 22-year high in a bid to bring spiralling inflation under control.

Canada’s annual inflation rate hit its highest level for 39 years in June 2022, but has fallen to 3.1% at latest reading with signs that core price pressures are beginning to ease.

The recent economic slowdown and series of rate pauses by the central bank have sparked some speculation about when interest rates are likely to start falling. Economists generally believe the Bank will start cutting rates at some point in 2024, although an exact timeframe remains unclear.

By Fergal McAlinden
06 Dec. 2023

Bank of Canada reveals October rate decision..The Bank of Canada has left its policy interest rate unchanged in its late...
10/25/2023

Bank of Canada reveals October rate decision..

The Bank of Canada has left its policy interest rate unchanged in its latest decision, opting not to raise rates further amid signs that the national economy is beginning to slow.

The central bank announced this morning that it was holding that trendsetting interest rate steady at 5.0%, the second time in a row it has kept rates where they are as inflation continues to moderate and economic growth remains largely flat.

In its statement accompanying the decision, the Bank said it was prepared to raise the policy rate further if required, emphasizing its concern that “progress towards price stability is slow and inflationary risks have increased.”

Overall inflation slowed more dramatically in September than markets had expected, to 3.8%, while gross domestic product (GDP) growth also moderated noticeably towards the end of the summer.

Despite its stated concern over inflation, those factors evidently helped convince the central bank, which has already raised interest rates 10 times to the tune of 475 basis points since March 2022, that its strategy aimed at tamping down inflation and cooling the economy was proving largely effective.

Move comes as little surprise to markets
Markets had widely expected the Bank to announce no change in this month’s announcement, its penultimate scheduled decision on interest rates for 2023. Odds of an October hike plunged from 43% to 13% on the back of the latest inflation data, according to Reuters.

The move isn’t expected to have a significant impact on Canada’s housing market, with activity having already slowed considerably since the beginning of the central bank’s rate-hiking path.

Ahead of the Bank decision, RE/MAX Canada president Christopher Alexander told Canadian Mortgage Professional a pause “isn’t going to sway activity one way or another.”

Current high interest rates, he said, have already weighed down heavily on demand and pushed many would-be buyers out of the market.

The Bank of Canada is scheduled to announce its final decision on interest rates for 2023 on December 6.

By Fergal McAlinden
25 Oct 2023

Interest rates are likely to come down next year, Royal Bank of Canada Chief Executive Officer Dave McKay said, allowing...
09/07/2023

Interest rates are likely to come down next year, Royal Bank of Canada Chief Executive Officer Dave McKay said, allowing for the lender’s customers to avoid major pain when the majority of its mortgage book reprices in 2025 and 2026.
“We should be fine,” McKay said Wednesday at the Scotiabank Financials Summit. “We have lots of room to manage a soft landing here and we expect that to happen.”
Higher borrowing costs have cut into mortgage growth at Canada’s biggest banks, with would-be homebuyers sitting on the sidelines. At the country’s five largest lenders, including Royal Bank and Toronto-Dominion Bank, residential loan growth slowed to 4% in the fiscal third quarter, compared with annual growth of 9.8% a year earlier. Meanwhile, the amount of impaired loans in the five firms’ core Canadian banking businesses almost doubled from a year earlier.
The Bank of Canada began its recent rate-hiking campaign in March 2022, raising its trend-setting policy rate from 0.25% to, most recently, 5%, the highest in 22 years.
Borrowers in the US, meanwhile, are “more resilient than the Canadian consumer,” McKay said, given that many enjoy the benefit of 30-year, fixed-rated mortgages that don’t adjust in the same way as home loans to the north do
“But there’s still strong spend, which is why inflation is so persistent in the US, because you’ve got a very strong consumer,” he said. That’s different from Royal Bank’s home country, where you have a “more conservative consumer, growth is slowing faster, you’re seeing certainly those mortgage payments increase and therefore the economy’s cooling a little bit faster in Canada.”
Canadian Imperial Bank of Commerce CEO Victor Dodig shares a similar view, saying at the same conference later Wednesday that he believes “rates next year will start to head lower as the economy starts to course correct.” He predicted a “relatively constructive landing,” adding that he’s not worried about the bank’s mortgage portfolio from a credit standpoint.
By Christine Dobby
By Bloomberg
07 Sep 2023

09/07/2023

The Bank of Canada has hit pause on interest rate hikes, leaving its policy rate unchanged in an indication that it believes the economy is slowing sufficiently to justify no further action at this point.
The central bank announced on Wednesday morning that it was holding the overnight rate steady at 5.0%, ending a run of rate increases that saw 25-basis-point jumps in its last two meetings in June and July.
That decision arrives despite the annual inflation rate having increased in July to slightly above the Bank’s target rate of 1% to 3%, with a contraction in gross domestic product (GDP) and a continuous upward trend in Canada’s unemployment rate seemingly showing that the economy is losing steam.
Despite the hold, the Bank said in its announcement that it “remains concerned” about persistent underlying inflationary pressures, and that it is still prepared to increase interest rates again if required.
The central bank has increased its trendsetting rate 10 times since March 2022 in a 475-basis-point surge that’s seen borrowing and mortgage costs spike for scores of Canadian homeowners and buyers.
No surprises in latest BoC announcement
Analysts had largely expected the Bank to hold steady on interest rates in today’s announcement, while political leaders including Ontario’s Doug Ford and British Columbia’s David Eby had urged against another increase in recent weeks.
The inflation rate remains marginally higher than the Bank would like – but it’s fallen substantially from its 39-year high of 8.1% last summer. Heavier mortgage costs, a direct result of the central bank’s hike, are contributing significantly to the current figure.
Canadians’ optimism on the economy also appears to be sliding. A recent Maru Public Opinion survey of about 1,500 people saw only 33% indicate a belief that the national economic outlook would improve over the next two months, compared with 41% in May and 38% in July.
The Bank of Canada is scheduled to close out the year with two more interest rate decisions on October 25 and December 6, with much attention set to focus in the coming weeks on whether rates will remain where they are or if further increases could be in the cards.
By Fergal McAlinden
06 Sep 2023

Mortgage mistakes to avoid...Top 10 Mortgage Mistakes to Avoid!Do you want a successful, timely closing? Mortgage mistak...
07/08/2023

Mortgage mistakes to avoid...

Top 10 Mortgage Mistakes to Avoid!
Do you want a successful, timely closing? Mortgage mistakes can be costly. Once you apply for a Mortgage, there are 10 things that you should be careful not to do during the mortgage process (or risk your loan not closing on time or at all!) When possible, try to avoid these mortgage mistakes:

If you run into needing to do any of these things, speak with your Broker first to determine what it can do to your mortgage approval.

Don’t Buy a Big-Ticket Item – Save those purchases for after you close (Cars, boats, furniture, etc.)

Don’t Quit or Change Jobs – Changing jobs can reflect instability in a lender’s eyes. Try to wait, if you can’t, talk with your Mortgage Broker first, to see what the lender will require for your situation.

Don’t Pay your Bills Late – Late payments lower your credit score, and lenders not only monitor your credit during the mortgage process, but they may also re-pull your credit before closing.

Don’t Open or Close any credit cards or lines of credit – Both may have a negative impact on your credit score.

Don’t ignore questions from your Lender or Mortgage Broker – that can delay your mortgage closing.

Don’t let anyone else pull your credit – After you’ve found the Mortgage Broker you want to work with, hold off on any additional credit pulls until after you close. Again, credit inquiries lower your credit score.

Don’t make large deposits other than your paycheck (especially cash) – If you have to, talk to your Mortgage Broker first & expect to explain and prove the source of the deposit. If the deposits were a gift, you’ll need a gift letter from the donor.

Don’t co-sign another loan with anyone – If you do, you are legally responsible for that debt, and it will increase your debt-to-income ratio.

Don’t change bank accounts until your financing is complete – If you are compelled to change, you’ll have to provide statements for both accounts, and source all funds.

Don’t take out any payday advance loans – This reflects a lack of money management – not what you want to convey when applying for a mortgage.

We hope you found these Don’t-Do list of Mortgage mistakes helpful!

If you have any questions, feel free to contact us anytime! Amanda Daub Mortgage's 780-913-0730 www.amandadaub.com

Are we finally nearing the end of this rate-hike cycle? Interest rates are front and centre these days, and for good rea...
07/06/2023

Are we finally nearing the end of this rate-hike cycle?

Interest rates are front and centre these days, and for good reason. Despite a two-meeting rate pause by the Bank of Canada, the central bank resumed its rate hikes in June, sending interest costs even higher.

The Bank has now hiked its key lending rate nine times for a cumulative total of 4.50 percentage points, or 450 basis points, since March 2022.

For those of you with a variable-rate mortgage or an upcoming renewal, it’s undoubtedly causing you added stress and anxiety. Let’s be honest, nobody likes to pay more interest.

So, how much longer could this rate-hike cycle last?

The good news is we may be nearing the end, according to market and economist forecasts. Of course, forecasts are constantly changing as new economic data becomes available, so nothing is for certain.

What does history tell us about the timing of the first rate cuts?

Once we reach the Bank’s terminal rate—or the peak rate for this cycle—markets and borrowers alike will shift their focus to the timing of the Bank’s first interest rate cuts.

And what can we learn by looking at past rate-hike cycles in Canadian history? Let’s take a look:

2004 to 2007: The Bank of Canada gradually increased its key interest rate from 2.50% to 4.50% to rein in strong economic growth and concerns about inflation. It took five months after the last rate hike for the Bank to start cutting rates in response to the global financial crisis. The rate cuts continued until 2009, bringing the interest rate down to 0.25%.
2010 to 2011: In response to improving economic conditions and concerns about rising household debt, the Bank raised its key interest rate from 0.25% to 1.00% during this period. In this case, over four years passed before rate cuts began in early 2015.
2017 to 2018: The BoC raised its benchmark rate from 0.50% to 1.75% to combat strong economic growth and inflation. It wasn't until 2020, in response to the COVID-19 pandemic, that it aggressively cut rates to support the economy.
It’s important to remember that each cycle is unique, and the specific timing and magnitude of rate increases and cuts can vary. As seen above, the timing between the last rate hike of a cycle and the first rate cut can range anywhere from mere months to several years.

The current outlook

Although the timing of the first rate cuts for this cycle have been pushed out to next year, nobody knows for sure when that will happen due to rapidly changing economic conditions.

Some forecasts from earlier this year initially had rate cuts expected by now. And as BoC Governor Tiff Macklem illustrated in late 2020 when he assured borrowers that interest rates would remain low “into 2023,” even the central bank can get its forecasts wrong.

As mortgage professionals, our job isn’t to pinpoint where rates will be at a specific moment in time, but instead to keep on top of larger trends and help you find the best options given the information we have available.

That’s where I can help. So, if you’re concerned about rising interest costs or worried about an upcoming renewal, please don’t hesitate to contact me so we can review the best solutions for you.

Amanda Daub
Mortgage Associate
1 (780) 913-0730
[email protected]

If you would like to continue to receive these emails/posts click on the link below & you will receive them as soon as they come out. 🙂

https://crm.mortgagegrp.com/LandingPage.aspx?730735D0FBAFFB9496BB26E9C572F1BC

Address

Edmonton, AB

Telephone

+17809130730

Website

Alerts

Be the first to know and let us send you an email when Amanda Daub Mortgage Broker with TMG - The Mortgage Group AB posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Amanda Daub Mortgage Broker with TMG - The Mortgage Group AB:

Shortcuts

Featured

Share

Category