Greenwood Mortgage
Peter McKinnon

Personalized Mortgage Solutions

Cell 604-506-6789
Office 604-609-0333
Fax 604-687-1677
Email peter@peterlmckinnon.com

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Is the Best Mortgage Rate Important?

Is the Best Mortgage Rate Important?

Mortgage clients have often said "I need the best mortgage rate, what rate do you offer?"

While the client is always right, and I always want to provide the best rate and terms, you need to look at the "extras" when selecting the "best" mortgage

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Five Steps to Improving Your Credit Score
Planning ahead to ensure your credit is healthy before applying for a mortgage can translate into a better mortgage rate and product – which can save you significant money throughout the term of your mortgage.
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Real Estate Board Stats for Vancouver

Activity in the Greater Vancouver housing market continued to strengthen in March with both the number of homes sold and added to the region’s Multiple Listing Service® (MLS®) reaching near record levels.

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BoC Decision and Outlook

All variable rate mortgages and lines of credit are affected by changes in monetary policy as dictated by the BoC. Generally, when the BoC decides to adjust (or leave unchanged) its “overnight lending rate”, chartered banks and other financial institutions react by moving their prime rate accordingly.

What Happened?

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How to Get the Best Mortgage Rate

The Bank of Canada (BoC) wanted to find out how consumers can get the very best mortgage rate, which led to the undertaking of an extensive study on mortgage discounting. 

According to their research, Canadians who get the best mortgage rates are those who:

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Housing Bubble Fears Appear Unfounded?

Will Dunning is one of the most respected housing market analysts in Canada. Recently, he stated that while housing demand is well below its pre-recession peak and is still showing the after-effects of the recession, recent job creation will start to positively affect housing activity later this year and into the next.

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BoC Holds Steady on Overnight Lending Rate

All variable rate mortgages are affected by changes in monetary policy as dictated by the Bank of Canada. Generally, when the Bank of Canada (BoC) decides to adjust (or leave unchanged) its overnight lending rate, chartered banks and other financial institutions react by moving their prime rate accordingly. Here's a summary to help you track today’s developments:

What Happened?

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Bank Of Canada Qualifying Rate Increases

Bank of Canada benchmark contract rate has increased today from 5.19% to 5.44%.

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Fixed Rates Jump, Maybe time to look at 3 year term?

As I mentioned in my last blog, employment numbers came out strong.  Canada has supposedly replaced all the jobs that were lost during the crash.  Not sure if I agree with that, but data is data, and the markets liked what they heard.  Bond yields jumped and so have the fixed lending rates for mortgages.

We have seen increases this week of 75 basis points in some rates. 5 year fixed have gone from 3.69% to 4.24%.  My best discounted 5 year rate right now is 4.04%.

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Fixed Rates to Rise?
What does this all mean? 5 year fixed rates are likely on the rise, industry wide, with estimate of about a 25 bps increase in fixed 5 year rates.
 
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Featured Rates

5-Year Fixed

2.99%

Variable

2.70%

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