Lewis Mortgage

01/23/2025

🏠📈 Understanding Variable Rates Spreads on Mortgages

Did you know that lenders can change the variable rates spreads offered on your mortgage? It's important to understand how this can affect you and the importance of a rate hold if you are considering a purchase, renewal or refinance. Variable rates can change based on a number of factors including the economy and lender policies.

01/15/2025

Is it time to hold a mortgage rate? Last week some lenders increased their fixed rates following some good economic news which impacted the bond market.

If you’ve been waiting on the sidelines for rates to drop as you wait for your mortgage renewal date, an upcoming purchase or refinance; it would be a good idea to lock in a rate now so that you have some security against any rate increases.

01/03/2025

The calendar has flipped and it's time to look at the year ahead. For many Canadians, it will be the year of the mortgage renewal. While rates continue to drop, they are currently 2% higher than they were in June of 2022.

Tip 1: As we step into the new year, if you are a mortgage borrower whose mortgage is up for renewal; explore your renewal options. The federal government was smart enough to see switching your mortgage to another lender difficult and by the end of 2024 they made it easier than ever.

,

01/02/2025

2024 is in the books, Here are the 4 biggest stories affecting home owners and borrowers from the past year:

1. 5 consecutive rate drops. Prime rate is now 1.75% lower than it was to start 2024.
2. Those renewing mortgages faced higher interest rates and payments.
3. Renewing your mortgage with a different lender became easier.
4. Positive changes making it easier for (a) this snaking larger purchases (up to $1.5 Million) and (b) first time home buyers who can now choose a 30 year amortization.

Stay posted for what to expect in 2025.

06/08/2023

Attention all mortgage seekers and renewals in Nova Scotia! The Bank of Canada has recently increased the prime rate, which will affect your mortgage payments. As a mortgage broker, I urge you to stay informed and make smart financial decisions when purchasing or renewing your mortgage. Don't hesitate to reach out to me for advice on securing the best rates and options for your unique situation. Let's work together to make your dream of homeownership a reality! 🏡💰

04/26/2023

12/07/2022

The Bank of Canada's benchmark interest rate just increased another 0.50%

https://www.theglobeandmail.com/business/economy/article-bank-of-canada-interest-rate-hike-announcement-december/

The move puts the central bank’s key policy rate at 4.25 per cent, the first time it has topped 4 per cent since 2008

12/06/2022

Tomorrow the Bank of Canada will issue its final interest rate announcement for 2022. Predictions are an increase from .25% to 0.5% increase in the overnight rate.

Just as in the past, when Tiff Macklem and Carolyn Rogers make their rate decisions there is one thing for sure. It will be too much, too little or just right. And as in the past it may be very, very wrong.

11/24/2022

Some positive changes will happen to the NS Down Payment Assistance Program (NSDAP) as they redefine what makes someone a first-time home buyer. Want to know if this applies to you?

Steven Lewis
902.266.4643
[email protected]

11/22/2022

Curious about trends in rental prices?
Year over year increases in average listed rent is highest in Atlantic Canada

Nova Scotia
1 bedroom up 18%
2 bedrooms up 21%
3 Bedrooms up 33%

https://www.bnnbloomberg.ca/average-monthly-rent-prices-surged-12-in-october-report-1.1849453

https://rentals.ca/national-rent-report -rental-rates

11/22/2022

Good news for buyers; purchasing a home has become a little more affordable. How much family income would you need to purchase the average home in Halifax? See the article for details.

A homebuyer would need less income now to qualify for an average-priced home in a major Canadian city when compared to how much it was costing in the summer, according to new data from mortgage brokerage Ratehub.ca.