AMCO Insurance & Financial Services

11/05/2024

Financial experts expect the Bank of Canada to cut rates by 100 basis points by the middle of 2025, with no further reductions thereafter.

10/23/2024

Bank of Canada slashes rates again by 50 basis points…

09/04/2024

BANK OF CANADA UPDATE. 🏦

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Good news! The Bank of Canada (BoC) has lowered ⬇️ the overnight lending rate by 25 basis points to 4.25% for a third straight cut.

Inflation is the lowest it’s been since March 2021, coming in at 2.5% for July, edging closer to the 2% target.

Many economists expect further rate cuts 📉 as we move through the year and into 2025, offering relief for mortgage holders.

For those in a variable rate product, your mortgage payments will decrease by $12 for every $100,000 borrowed. 💸

As we head into the fall market, rising consumer confidence, and market momentum are expected to continue 👏🏼, leading up to the next rate announcement.

If you have a pre-approval, now is a great time to review your numbers. 💻

Bond yields are trending downwards, signaling lower fixed rates options. Contact us to ensure you are securing the best rates on your approvals. 🙂

Not sure whether to choose a fixed or variable rate? It’s important to evaluate the spread and its impact on you when selecting the right mortgage product.

We’re here to help you make informed decisions. DM us to book your free consult. 📲 905.366.3831

08/29/2024

𝗬𝗼𝘂’𝗿𝗲 𝗴𝗼𝗶𝗻𝗴 𝘁𝗼 𝗱𝗶𝗲!

We will ALL die someday.

Not a nice thought but one of the few certainties in life.

Why do so many of us ignore this fact completely or act like it’s something in the distant future that can be ignored for as long as possible.

We have several examples of accidents, mishaps, diagnosis of male and female under the age of 45 …

I recently read a post who sadly lost her husband at only 37 years of age.

She’s a huge advocate of all families, no matter your age, sitting down with their loved ones to discuss this tough issue – death, dying and legacy.

Estate planning is not just for older people or the wealthy or people with kids.

It’s something we should all do and there’s no better time than now.

Don’t leave it until it’s too late.

✍️ Put a will in place and review it every 5 years.

✍️Put an Enduring Power of Attorney in place.

✍️Think about your wishes in the event that you get sick or die suddenly.

These things can and do happen.
 
Don’t delay – if you act it may well give same comfort to the ones you leave behind.
 
For more information on how we can help you to plan for the unexpected please contact us:

📨 [email protected]
📲 +1 905.366.3831

We look forward to hearing from you.

08/28/2024

Utilize your home equity to support your children’s journey toward homeownership. In today’s competitive housing market, this can make a significant difference. By tapping into your home equity, you can provide a substantial down payment or cover closing costs, making it easier for them to secure a mortgage.

This isn’t just a financial gift; it’s an investment in their future. It allows them to start building equity earlier and benefit from homeownership sooner. Whether it’s for your children or grandchildren, setting them up for success is a priceless legacy.

Curious about how to get started? Let’s explore your options together. Contact us today to discuss how you can leverage your home equity for the next generation’s benefit! 🌟

📧 [email protected]
🌐 domenicamodeo.com or Amcofinancial.com
📞 905.366.3831

08/27/2024

Did you know that first-time time home buyers are eligible for the “First-Time Buyer Exemption”, reducing the amount of property transfer tax you pay.
Here’s how much you could save if the fair market value of the property is:
$500,000 or less: Enjoy a full exemption on your property transfer tax!
$500,001 to $835,000: Claim up to $8,000 in savings.
$835,001 to $860,000: Benefit from a proportional reduction, with savings up to $15,200.
This is a fantastic opportunity to make your dream home more affordable. These are significant savings you won’t want to miss out on. Want to know more about how you can utilize the First Time Buyer Exemption, reach out to a DLC Mortgage Expert today!

www.domenicamodeo.com
[email protected]
+1 905 366 3831

08/24/2024

AMCO Mortgages - we shop for your best rate, enquire to learn more

[email protected]
+1 905 366 3831

07/24/2024

Breaking News: The Bank of Canada has just announced a second consecutive interest rate cut! This significant decision reflects ongoing efforts to stimulate economic growth and support financial stability in a challenging economic environment. Lower interest rates aim to make borrowing more affordable, encouraging investment and spending across various sectors.
Stay informed and engaged as we navigate these changes together.
Understanding the implications of these rate cuts can help businesses and individuals make informed financial decisions.
Mark your calendars! The next Bank of Canada announcement is in September…stay tuned!!

07/02/2024

Practical Tips: How to Avoid These 4 Estate Planning Missteps

First, let’s start by uncovering the most common mistake in estate planning… Surprisingly, this frequently made mistake might already be on your doorstep. A staggering number of people haven’t yet started an estate plan. It’s a critical oversight that can have far-reaching implications, but ...

06/19/2024

Your Role & Responsibilities as an Agent in a Power of Attorney (POA)

A power of attorney (POA) can grant you certain authority and specific responsibilities. While the extent and limitations of POAs can vary based on many factors, stepping into the role of power of attorney can be unlike anything else. That’s because it puts you in the driver’s seat to make key d...

06/13/2024

Mortgage Delinquency Exceeds $1 Billion in Canada Says Equifax: Will It Get Worse? YES It Will

But that is not an unmanageable number today & not even if it grows but it is one Hell of a certain sign the Canadian economy is getting worse every week

Let’s break it down

Firstly Big Bank 90 Day Default Rates have only grown to 18 - 19 bps & that is a very LOW number compared to the historical average (34 - 36 bps) & US Banks consider 36 bps of Default pretty damn low

What the $ 1B arrears number does mean is we have frigging huge mortgages

In a country with Insanely Crazy House Prices the mortgages are big, the mortgages from 2020 - 2022 are particularly big

Therefore when some of them start to slide you get to $1B pretty quickly

Perhaps just as concerning is the massive surge in Credit Card and LOC balances

Some Homeowners are likely running up personal debt to handle Mortgage payments & eventually that system hits a wall

Therefore Mortgage Defaults grow & if Unemployment escalates in Canada it becomes more problematic

If Unemployment passes 8% (6.2% Today) things escalate

Real fireworks can happen once the 8% Unemployment number is broken

The Big Banks are well insulated: B20 rule changes in 2016 have forced Big Banks to lend to super select borrowers the last few years

Who is vulnerable?

Alternative Lenders? Yes but they’re built for it

Private Mortgage Lenders? Yeah, that group is very much exposed

But they’re NOT public so of any of those entities fail not much impact on the whole country

What are the other effects?

We are watching one happen right now: the huge growth in Condo Listings

And slow sales

Investors with multiple rentals do NOT want to go into mortgage default

So they offer their Condos for sale to raise cash to handle the mortgage payments on other properties

Expect that trend to grow rapidly

Call AMCO Financial TODAY for more information and insight into this ever-changing market! We are here to help!
1.905.366.3831 or [email protected]

06/05/2024

A little relief for some…💰