Roula Vagopoulos, AMP - Toronto Mortgage Broker, TMG FSRA License #10315

10/30/2023

Wishing everyone a safe and Happy Halloween.

11/05/2022

Don't forget to turn your clocks back this weekend, and change the batteries on your smoke detectors.

08/09/2022

07/21/2022

Several people who bought pre-construction townhomes nearly three years ago in Mississauga were forced to come up with between $70,000 and $170,000 in less than a week before they were able to close on their properties.

07/13/2022

Anyone in a variable rate or line of credit product, this is what your payments might increase to next month. If you have any questions, please reach out and I would be happy to assist you.

07/13/2022

The Bank of Canada raised its benchmark interest rate by the largest amount in more than 20 years on Wednesday, sharply increasing the cost of borrowing in an attempt to rein in runaway inflation.

04/28/2022

Please donate if you are able, someone out there is in need of blood. https://www.blood.ca/en
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04/13/2022

As expected the Bank of Canada has increase the prime rate by .50% basis points which brings the prime rate to 3.20%. Anyone in a variable rate, line of credit product - your payment will be increasing next month. If you have any questions, please reach out and we can discuss your personal situation.

https://www.cbc.ca/news/business/bank-of-canada-rate-hike-1.6418132?fbclid=IwAR1sP-skVvLoS_SUj-6LBkJQ2F329IyUJqCxHUlty9ItWGC8vgvu1MNNs84

The Bank of Canada hiked its benchmark interest rate by half a percentage point to one per cent on Wednesday, a sign the bank is making good on its pledge to battle runaway inflation.

04/13/2022

As expected the Bank of Canada has increase the prime rate by .50% basis points which brings the prime rate to 3.20%. Anyone in a variable rate, line of credit product - your payment will be increasing next month. If you have any questions, please reach out and we can discuss your personal situation.

The Bank of Canada makes changes to its key interest rate in an effort to control inflation with a target of two per cent.

04/08/2022

04/06/2022

IS NOW A GOOD TIME TO REFINANCE YOUR MORTGAGE?

The big news in the mortgage world these days has been the steady increase in fixed mortgage rates.

Since the start of the year, fixed rates have risen approximately one percentage point, or 100 basis points.

As a general guide, for every 0.25% increase in mortgage rates, your monthly payment will increase $12-$13 per $100,000 of debt.

For now, these increases are mostly impacting potential new homebuyers that haven’t found a home yet. But as time goes on, a growing number of fixed-rate mortgage holders will be reaching the end of their term and could face mortgage renewals at higher rates.

Nearly 4-in-10 mortgage holders expect to renew their mortgage in the next two years, while 57% expect to renew in the next three years, according to data from Mortgage Professionals Canada.

Many borrowers currently locked into a 5-year fixed rate mortgage could see renewal rates at least one percentage point higher than the rate they locked into five years ago.

If you’re one of these borrowers and are worried about higher monthly payments, a refinance could be your answer.

When you refinance your mortgage, you’re essentially taking out a brand-new mortgage, complete with a new rate, new term and possibly a new amortization period. Plus, you may be able to take out some additional funds for renovations, investments, etc.

Getting a refinance can potentially help you lower your monthly payments too.

For one, refinancing ahead of your renewal means you can lock into today’s fixed rates before any other potential rate increases. Alternatively, you can switch to a variable-rate mortgage. Most variable rates are currently much lower than comparable fixed rates. Even though the Bank of Canada is expected to hike rates throughout this year and next, it would take a number of quarter-point rate increases before variable rates cost more than a fixed.

Another option is to extend your amortization, which can lower your monthly payments. This may be a good solution for those who want to preserve their monthly free cash flow. It may also allow you to take out some equity from your home, if needed.

The downside is that this would extend the number of years before you become mortgage-free, although increasing your prepayments in future years could counteract this.

If you are considering a mortgage refinance, I can help you explore the available options and navigate some of the potential hurdles, such as penalties or qualification criteria.

Let’s talk about your unique situation and the options available to you. Call me today!

Roula and Kathy Vagopoulos
(416) 488-2819
[email protected]
[email protected]
www.mortgagesisters.com

03/08/2022

Happy International Women's Day......