Matt Imhoff - Mortgage Broker

09/26/2024

Urgent!

Fixed-Rate Mortgage Holders: Request a penalty quote from your lender TODAY.
Many high-rate mortgages have surprisingly low penalties right now if your mortgage is with a Bank. Don't miss out on potential savings!

Find out what Discount you were given as well!

Brokers: Help your clients get penalty quotes and stay informed about their mortgage situation.

Bank Contact Information:

TD: 1-866-694-4392
Scotia: 1-800-472-6842
BMO: 1-877-225-5266
RBC/HSBC: 1-800-769-2511
CIBC: 1-800-465-2422
National Bank: 1-888-835-6281

Matt - Prepayment Penalty Mentor

Urgent! Fixed-Rate Mortgage Holders: Request a penalty quote from your lender TODAY. Many high-rate mortgages have surprisingly low penalties right now if your mortgage is with a Bank. Don't miss out on potential savings! Find out what Discount you were given as well! Brokers: Help your clients get....

09/18/2024

Stuck with a High-Rate Mortgage? You Might Be Paying Too Much!

Do you have a Bank Fixed Rate Closed Term Mortgage (TD, Scotia, BMO, RBC, HSBC, CIBC or National Bank) with 3+ years remaining and an interest rate you're not happy with?

Your penalty might be lower than you think!

We recently helped a client with a 6.24% 4-Year Fixed mortgage from RBC who had over 3 years remaining on their term.
They were shocked to discover their penalty was only 3 months' interest!
This translated to estimated savings of over $10,000 over 3 years!

Take Action:

Call your bank and ask about your penalty.
Is it 3 months' interest or an Interest Rate Differential (IRD)?

Reach out to us once you have this information.
We're happy to help, whether you're staying with your current lender or switching!

Bank Contact Information:

TD: 1-866-694-4392
Scotia: 1-800-472-6842
BMO: 1-877-225-5266
RBC/HSBC: 1-800-769-2511
CIBC: 1-800-465-2422
National Bank: 1-888-835-6281

Remember: Banks Disclose, Penalty Experts Advise!

Matthew Imhoff
Mortgage Broker
Meticulous Mortgages - Mortgage Architects
250-216-4215
[email protected]

Send a message to learn more

09/16/2024

Feeling Trapped by a High-Interest Mortgage? Don't Give Up Hope!

Did you lock into a fixed-rate mortgage last year only to see rates drop? You're not alone!

There may still be opportunities to save.

Watch this video to learn more.

Then, reach out to us to see if your prepayment penalty is lower than you expect!

Matthew Imhoff
Mortgage Broker
Meticulous Mortgages - Mortgage Architects
250-216-4215
[email protected]

08/05/2024

If you have a Fixed Rate Closed Term Mortgage, there may be a limited window to secure a new mortgage before the penalty on your existing one increases. Lenders often don't disclose your Interest Rate Differential (IRD) until it exceeds 3 Months Interest.
Don't get caught off guard!

If your current Mortgage Broker isn't tracking your IRD, we will.

Contact me today at [email protected] or send me a message to get added to our Mortgage IRD Tracker.

Stay informed and make the best decisions for your mortgage!

Matt Imhoff

Mortgage Broker - Meticulous Mortgages - Mortgage Architects
Prepayment Penalty Mentor

02/05/2024

Attention Brokers!

At Prepayment Penalty Mentor we are just like the Banks!
We use Posted Rates to determine the price of our Training and Support Program!

February 5th 2024: $299 + GST (3 Months' Interest)
February 6th 2024: $399 + GST (Interest Rate Differential)

Our 5 Year Posted will be dropping from 7.00% to 6.61% tomorrow, which creates an IRD of $399 + GST! Watch the Quick Video to learn more!

Don't worry, unlike the Banks, we make it easy to order a Payout Statement so that you have 5 full days to decide if Prepayment Penalty Mentor is right for you at $299 + GST (3 Months' Interest)!

Once the Payout Statement has expired, there is no going back unless we raise our Posted Rates in the future!

Like, Comment, Message, Text (250-216-4215) or email [email protected] - and we will order your Payout Statement!

For more information about Prepayment Penalty Mentor - be sure to check the comments!

Prepayment Penalty Mentor - Training and Support Offering: Live Training Sessions on Zoom - Twice a week Training Video Library - Over 30 Videos Video Updates as Interest Rates/Posted Rates Change Bank Posted Rate History Prepayment Penalty Risk Disclosures (IRD Trigger Rate/IRD Trigger Point) Penal...

01/19/2024

A Fantastic Post by my Business Partner Adam!

10/27/2022

Today, the Bank of Canada increased their overnight rate by .50%.
If we look back since March, we have had a total increases of 3.50%.

March 2nd 2022 - Increase of .25%
April 13th 2022 - Increase of .50%
June 1st 2022 - Increase of .50%
July 13th 2022 - Increase of 1.00%
September 7th 2022 - Increase of .75%
Today - October 26th 2022 - Increase of .50%

Inflation is still running very hot and the Bank of Canada's mandate is to keep inflation closer to 2%.

What does this mean to you?

If you are in an adjustable rate mortgage you can expect your payment to increase by approximately $28 per $100,000 of mortgage balance.

If you have a variable rate mortgage your payment will stay the same and the amortization will increase.

If you have a line of credit, the interest only payment will increase by approximately $42/month per $100,000 of balance.

What are your options?

With most variable rate/adjustable rate mortgages your lender allows you to convert to a fixed rate mortgage with a later maturity date. This means if you have 4 years 1 month remaining on your term you would have to lock into a 5 year fixed or longer.

What should you consider?

If you are experiencing cash flow concerns and are worried you will not be able to make your mortgage payment as interest rates increase, the last thing you want to do is lock into a fixed rate mortgage.

You may need to look at making changes to your mortgage to improve cash flow by increasing your amortization.

Who is available to help you with these decisions?

If you have any questions or concerns about rising interest rates. Please do not hesitate to contact me so that we can review your specific situation.

Matt Imhoff
Mortgage Broker
Mortgages.ca - West Mortgage Architects
[email protected]
250-216-4215

09/08/2022

The Bank of Canada increased their overnight rate by .75%.

If we look back since March, we have had a total increases of 3.00%.
March 2nd 2022 - Increase of .25%
April 13th 2022 - Increase of .50%
June 1st 2022 - Increase of .50%
July 13th 2022 - Increase of 1.00%
Today - September 7th 2022 - Increase of .75%

Inflation is still running very hot and the Bank of Canada's mandate is to keep inflation closer to 2%.

What does this mean to you?

If you are in an adjustable rate mortgage you can expect your payment to increase by approximately $42 per $100,000 of mortgage balance.

If you have a variable rate mortgage your payment will stay the same and the amortization will increase.

If you have a line of credit, the interest only payment will increase by approximately $63/month.

What are your options?

With most variable rate/adjustable rate mortgages your lender allows you to convert to a fixed rate mortgage with a later maturity date. This means if you have 4 years 1 month remaining on your term you would have to lock into a 5 year fixed or longer.

What should you consider?

If you are experiencing cash flow concerns and are worried you will not be able to make your mortgage payment as interest rates increase, the last thing you want to do is lock into a fixed rate mortgage.

You may need to look at making changes to your mortgage to improve cash flow by increasing your amortization.

Who is available to help you with these decisions?

If you have any questions or concerns about rising interest rates. Please do not hesitate to contact me so that we can review your specific situation.

Matt Imhoff
Mortgage Broker
Mortgages.ca - West Mortgage Architects
[email protected]
250-216-4215

08/11/2022

The impact of a Variable Rate Mortgage and their compounding period in an increasing interest rate environment.

Mortgage: $500,000
Interest Rate: 4.30%
Amortization: 30 Years
Payment Frequency: Monthly

Compounding: Monthly
Payment: $2,474.36
Interest over Term: $102,854.28

Compounding: Semi-Annually
Payment: $2,463.21
Interest over Term: $101,916.11

Payment Difference: $11.15/month
Interest over Term Difference: $938.17

Lowest rate may not equal lowest payment or least amount of interest paid.

A Scotia 4.30% Variable - Compounding Semi-Annually is the equivalent of a TD 4.262% Variable - Compounding Monthly. As interest rates increase, the difference will increase as well.

07/13/2022

Most of us were not expecting today's Bank of Canada increase to be 1.00%.

If we look back since March, we have had a total increases of 2.25%.

March 2nd 2022 - Increase of .25%
April 13th 2022 - Increase of .50%
June 1st 2022 - Increase of .50%
Today - July 13th 2022 - Increase of 1.00%

Inflation is still running very hot and the Bank of Canada's mandate is to keep inflation closer to 2%.

An excellent video breakdown by my friend and fellow Mortgage Agent, Jarek Piwowarczyk. Take the time to watch it and be sure to like and subscribe for more content from Jarek.

https://youtu.be/Q3dSStPBR6c

What does this mean to you?

If you are in an adjustable rate mortgage you can expect your payment to increase by approximately $55 per $100,000 of mortgage balance.

If you have a variable rate mortgage your payment will stay the same and the amortization will increase.

If you have a line of credit, the interest only payment will increase by approximately $84/month.

What are your options?

With most variable rate/adjustable rate mortgages your lender allows you to convert to a fixed rate mortgage with a later maturity date. This means if you have 4 years 1 month remaining on your term you would have to lock into a 5 year fixed or longer.

What should you consider?

If you are experiencing cash flow concerns and are worried you will not be able to make your mortgage payment as interest rates increase, the last thing you want to do is lock into a fixed rate mortgage.

You may need to look at making changes to your mortgage to improve cash flow by increasing your amortization.

Who is available to help you with these decisions?

If you have any questions or concerns about rising interest rates. Please do not hesitate to contact me so that we can review your specific situation.

Matt Imhoff
Mortgage Broker
Mortgages.ca - West Mortgage Architects
[email protected]
250-216-4215

Today, the Bank of Canada increased its overnight rate by a whopping 100 basis points. See what this means for you!- GET STARTED -🏠 Apply for a mortgage wit...

06/01/2022

Today the Bank of Canada increased their overnight lending rate by .50%.

March 2nd 2022 - Increase of .25%
April 13th 2022 - Increase of .50%
Today - June 1st 2022 - Increase of .50%

From there we can expect the Banks to increase their Prime Rate by .50%. Now that it has happened the key is to pause, consider the impact and the options that are available.

What does this mean to you?

If you are in an adjustable rate mortgage you can expect your payment to increase by approximately $24 per $100,000 of mortgage balance.

If you have a variable rate mortgage your payment will stay the same and the amortization will increase. On average we are seeing an increase in amortization by approximately 2 years.

What are your options?

With most variable rate/adjustable rate mortgages your lender allows you to convert to a fixed rate mortgage with a later maturity date. This means if you have 4 years 1 month remaining on your term you would have to lock into a 5 year fixed or longer.

What should you consider?

If you are experiencing cash flow concerns and are worried you will not be able to make your mortgage payment as interest rates increase, the last thing you want to do is lock into a fixed rate mortgage. That would be subjecting your mortgage payment to an additional 7 or 8 .25% rate increases and will not help you with your cash flow. You may need to look at making changes to your mortgage to improve cash flow by increasing your amortization.

Who is available to help you with these decisions?

If you have any questions or concerns about rising interest rates. Please do not hesitate to contact me so that we can review your specific situation.

Matt Imhoff
Mortgage Broker
Mortgages.ca - West Mortgage Architects
[email protected]
250-216-4215

04/13/2022

Today the Bank of Canada increased their overnight lending rate by .50%. From there we can expect the Banks to increase their Prime Rate by .50%. Now that it has happened the key is to pause, consider the impact and the options that are available.

What does this mean to you?

If you are in an adjustable rate mortgage you can expect your payment to increase by approximately $24 per $100,000 of mortgage balance.

If you have a variable rate mortgage your payment will stay the same and the amortization will increase. On average we are seeing an increase in amortization by approximately 2 years.

What are your options?

With most variable rate/adjustable rate mortgages your lender allows you to convert to a fixed rate mortgage with a later maturity date. This means if you have 4 years 1 month remaining on your term you would have to lock into a 5 year fixed or longer.

What should you consider?

If you are experiencing cash flow concerns and are worried you will not be able to make your mortgage payment as interest rates increase, the last thing you want to do is lock into a fixed rate mortgage. That would be subjecting your mortgage payment to an additional 7 or 8 .25% rate increases and will not help you with your cash flow. You may need to look at making changes to your mortgage to improve cash flow by increasing your amortization.

Who is available to help you with these decisions?

If you have any questions or concerns about rising interest rates. Please do not hesitate to contact me so that we can review your specific situation.

Matt Imhoff
Mortgage Broker
Mortgages.ca - West Mortgage Architects
[email protected]
250-216-4215