ZooMortgage

06/03/2024

Rate cut odds increase!!
Canada‘s economy saw slower than expected growth in the first quarter, with GDP rising only 1.7% per capita GDP declining, prompting speculation about a potential interest rate cut by the bank of Canada next week, despite mixed opinions among economist, with some predicting a rate cut and other suggesting a wait-and-see approach, the consensus highlights the central banks, proactive stance on supporting the economy. With markets already pricing in a rate cut and inflation measures below target, the stage is set for potential monetary easing, which could provide a boost to the economy in the coming months. Let’s wait and see what the bank candidate decides on Wednesday.

01/23/2019

Amazing lunch at office today! Thanks

06/07/2018

Here is a little tip for those of you wanting to Purchase or Refinance your home. For every $450.00 car payment you eliminate approximately $100,000.00 of mortgage that would otherwise be available to you......So if your approved for $500,000.00 mortgage, and after checking your credit find you have a car payment of $450.00 your mortgage approval drops to $400,000.00. So when applying for a mortgage and you want maximum Purchasing or Refinancing power pay off those car loans early.

01/18/2018

Third Bank Of Canada Rate Increase Since Last Summer And What It Means To You!

Here’s a look at how this and future rate increases impact mortgages and home equity lines of credit.

Variable-rate mortgages:

If you are currently in a variable rate mortgage your monthly payment will increase approximately $13.00 per $100,000.00 of mortgage based on a 25 year amortization.

Home equity lines of credit:

If you have a secured line of credit (Heloc) for every
$25,000.00 of balance you carry your monthly payment will increase by approximately $5.20 a month interest only payment.

So to put this into perspective if we get even a 1% interest rate hike your payment on a variable rate mortgage will increase by
$52.00 per $100,000.00 mortgage with a 25 year amortization.
On a $500,000.00 mortgage your increase will be $260.00 a month. So if the bank of Canada is expected to raise another 2 or 3 times as economists are predicting, then if you can afford the payment increase above of 1% you should have no worries.
If you feel it is starting to get difficult to make your payments then you might want to consider at locking in your rate.

Remember that at times like these it is always good to have a reputable mortgage broker who can put things into perceptive for you and give proper advice.

12/25/2017

A Drunkin Christmas from my family to yours!🍻❄️🍻

12/24/2017

During the holiday season, our thoughts turn gratefully to those who have made our success possible. It is in this spirit that we say thank you and best wishes for the holidays and New Year.

07/03/2017

Happy Canada Day to all of you
And hope your having a fabulous long weekend!

06/07/2017

Have you seen our latest news?

03/02/2016

Wow check it out 5% down 2.49% 5 yr fixed rate mortgage.
Just visit ZooMortgage and apply or call.

Fill in our online mortgage application form to get started today. With Zoo Mortgage, you can rest assured you’ll get the best rate on your next mortgage.

02/12/2016

Starting Feb. 15, 2016 the new rules for down payment come into effect. 5% on first $500,000.00 mortgage and 10% on remainder of mortgage. In other words anything over 1/2 million dollars will be calculated at 10% down payment.
Feel free to visit www.zoomortgage.ca for more advice.

Changes coming into effect Feb. 15 will raise bar on homeownership "quite materially" in some key markets. "Especially for first-time buyers."

01/31/2016

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