Kayla Distefano Mortgages - DLC BTB Mortgage Solutions

01/30/2023

With the rates these days you don’t want to miss out!! Message to lock in your rate today!

Same day pre-approvals also available.

12/05/2022

RATE SPECIAL!!

11/11/2022

10/26/2022

08/10/2022

REFINANCING your mortgage means renegotiating your existing mortgage loan agreement.

You might do this to consolidate debts, or you could use the equity in your property to increase your mortgage loan amount for large expenses.

By refinancing at the end of your current mortgage term, you may be able to avoid prepayment charges.

Swipe to learn more about what Refinancing means.

07/15/2022

Working on the deck kind of day 🏠☀️

**Please note that bank of Canada raising interest rates impacts all previous pre-approvals. Contact me if you’re actively house hunting and would an updated pre approval!

04/13/2022

Bank of Canada Raises Rate by 1/2 %

The Bank of Canada has just raised its key lending rate by 50 basis points, bringing it to 1.00%.

This marks the second change to the Bank's overnight target rate this year and the first 50-bps rate hike since 2000.

In its statement accompanying the decision, the Bank said, "With the economy moving into excess demand and inflation persisting well above target, the Governing Council judges that interest rates will need to rise further."

The Bank now expects CPI to average "almost 6% in the first half of 2022 and remain well above the control range throughout this year" before easing to 2.5% in the second half of 2023 and returning to the 2% target in 2024.

What happens now?

In the coming days, banks and other financial institutions are expected to follow the Bank of Canada's lead and hike their prime lending rate–or prime rate–which is used to price variable-rate mortgages and personal and home equity lines of credit (HELOC).

Once the prime rate rises, existing variable-rate borrowers will see their rates increase. This may result in a slightly higher monthly payment, or for variable-rate borrowers with fixed payments, more of their payment will go towards interest cost while less will go towards principal repayment.

As a general guide, the increase to your mortgage payment per $100,000 is approximately $25 per 0.50% increase in prime on a 25yr amortization.

If you have a fixed-rate mortgage, you will see no change to your rates.

If you have questions about the impact rising rates may have on your financial situation, give me a call so we can discuss your options.

Michael Distefano
Mortgage Agent License M08000052
M: 905-246-5363
1-4687 Queen St Niagara Falls, ON, L2E 2L9
[email protected]
betterthanbankmortgage.com

04/11/2022

04/08/2022

03/10/2022

Are you just getting into the market? Wanting to purchase an investment property or simply take equity out if your home?

Contact me for a pre approval
📞 905-329-2635
📧 [email protected]

02/11/2022

Valentines special!!! $500 cash back on any new home purchase between now and March 31st . Contact me for more information ☺️