Manny Mortgages

07/02/2024

That moment when your son makes you proud… 🏆🏆🏆💥💥💥🤙🤙🤙👌👌👌👌

01/24/2024

Bank of Canada maintains its policy rate

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%.

07/12/2023

Bank of Canada increases its overnight rate by 0.25 to 5%, a level not seen in 22 years
This brings Bank prime rates to 7.2%

Next meeting is on 6 Sep 2023

https://www.bankofcanada.ca/2023/07/fad-press-release-2023-07-12/?fbclid=IwAR2Vp8LI0pTEWvkhVXCBbpjosIOuKYV8TONbdChSzvObwYPYKOSp1fiQ9NM

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

02/16/2023

Proud to be part of a team that cares so deeply about the clients.
Congratulations team!!

09/09/2022

08/21/2022

Saving for Downpayment - Start Now !!

07/31/2022

Congratulations to the Tandon family for their First home. Very happy to assist you in this :)

07/14/2022

Another rate increase ?
Prime Rate increases by 1.00%.

The Bank of Canada has announced most significant interest rate hike in 24 years. Rates have gone up from 3.7% to 4.7%. It affects anyone with a Line of Credit, HELOC, or Variable Rate Mortgage.
Still not as high as prime was in 2007 (6.25%) but now little higher than we were in 2019 (3.95%)

For those of you with variable adjustable rate mortgages, you will be seeing a change in your payment.
On 100,000 of mortgage debt, this increase will change your payment by approx. $50. A 400k mortgage will see a payment change of roughly $200.

Experts are anticipating that this won't last long.
I understand that these numbers may come as a shock. But, if you have any questions regarding your mortgage, payment or rate - reach out anytime!

06/02/2022

Another Rate hike?

Yes, The Bank of Canada increases the policy interest rate by 50 basis points or 0.5% with the expectation of more rate hikes through the rest of 2022

That in turn, increases the prime rate on which variable rate mortgages are based on, along with unsecured lines of credit.
Prime rate in 2019 was 3.95% and today it is 3.70%.
So no need to panic
Now is the time to reach out for your mortgage needs and talk about your mortgage strategy, renewal, looking at fixed or variable rates, or any debt consolidation. Ensure that you're making a plan with these upcoming forecasts.

Manny

https://www.bankofcanada.ca/2022/04/fad-press-release-2022-04-13/?utm_source=twitter&utm_medium=social&utm_campaign=FADMPR220413&fbclid=IwAR0qEANKogfNh1UdnxC8YGL_jBpebPbN-4img-t-cUJwqZaPyKWMcqWepmI

The Bank of Canada today increased its target for the overnight rate to 1%, with the Bank Rate at 1¼% and the deposit rate at 1%.

05/04/2022

What is a Stress Test?

Buying a home is a significant financial goal and this usually involves huge financial commitments. To protect the buyer and to qualify for a mortgage in Canada you need to be able to demonstrate that even if interest rates go up, you'll be able to make your payment. This is done by checking all the ratios under the qualifying rate.

Want to talk more, Always there to help

04/17/2022

Easter Time !! :)

04/14/2022

Today Bank of Canada has raised its key lending rate by 0.50%. This brings Prime up to 3.20%
What does this mean?
Anyone with a variable rate mortgage will either see a slight increase in their payment or more of the payment will be allocated to the interest portion.
Anyone in a fixed-rate mortgage will have no effect on you.
More questions? or would like to discuss more, more than happy to connect.