Bill Fisher London St Thomas Mortgage Broker

Yes mortgage rates are very complex, which causes confusion and questions. Will fixed rates keep rising? When will the Bank of Canada start increasing the over...night rate, which can cause variable rates to rise? Why are all online posted rates for insured mortgages and few people can get that rate? Why are there rate premiums for certain situations? What rate do you actually qualify for, and why can it be so different from what your neighbour got? The best answer is to get professional advice. To navigate the complexity and better understand rates and the rate you qualify for, talk to your Mortgage Broker!

She believed she could, so she did. Here’s to all the incredible women throughout Invis Mortgage Intelligence, all of M3 Group, our industry, frontline worke...rs, and everywhere! Shine on and live, laugh, love! Happy International Women’s Day! #ChooseToChallenge

Make sure you understand the pros and cons of low rate Offers!

Why are home prices higher in Canada than in the US? In a recent report, BMO chief economist Douglas Porter pointed to several reasons why Canadian house prices are higher than their US counterparts, including Canada’s stronger population growth in recent years, lower interest rates, and a higher share of the country’s urban population centred around the three largest cities of Toronto, Montreal, and Vancouver. Porter also noted that a lack of capital gains taxes on the principal residence in Canada no doubt plays a role in juicing investment in real estate and can contribute to relatively high home prices.

The Bank of Canada announced today that it is holding the key rate steady. It is expected they will keep the target rate low until well into 2023 to aid our eco...nomic recovery. The $1 trillion of debt incurred during the pandemic by Canadian governments will also pose a barrier to increases in interest rates. The Canadian economy is in recession with negative GDP growth, inflation is at close to zero, the Canadian dollar relative to the U.S. has strengthened to $.79, oil prices have also improved to around $52 U.S./barrel and unemployment is currently at 9%. Cam Strong, CEO of Invis Mortgage Intelligence stated that ultra-low mortgage rates are here for the long term and should continue to support our housing industry in Canada along with an improving employment outcome in 2021. Canadians have record high mortgage and consumer credit debt of $2.5 trillion according to Statistics Canada as of December, 2020; however, thanks to the Bank of Canada, the servicing costs on this debt is very low. With a stable, low interest environment it's never been a better time for homeowners to refinance to save interest costs and protect their credit scores if they have fallen behind on payments during COVID.

Most Canadians suffer with their highest personal debt load in January when holiday spending credit card statements arrive. You may be able to use your home eq...uity to consolidate that high-interest debt (20% equity is needed) into your mortgage. With our extremely low pandemic mortgage rates, every month you could be seeing a big difference: a boost to your monthly cash flow, one easy payment, faster debt paydown, and potentially thousands of dollars in interest savings. Your mortgage broker can crunch the numbers to see if this makes sense for you. It could be the start of a new financial life!

A reverse mortgage can be a tremendous financial solution, allowing you to access your equity while you always maintain ownership of your home and never have to... move or sell. No mortgage payments are required and you can receive your tax-free cash over time or in one lump sum. There are many reasons to tap into home equity: * pay off your mortgage and any other debts * help manage ongoing bills like property or income taxes * provide a financial cushion * purchase a second home or start a business * renovations or large unexpected expense Get in touch with your Mortgage Broker if you want to explore these financial benefits.

For the 2020 tax year, there is a new simplified home office tax deduction that has a shorter qualifying period, making the deduction more accessible and easier... to claim. The goal is to help Canadians cope with the impacts of the COVID-19 pandemic. Read more here - https://www.ctvnews.ca//working-from-home-this-year-you-ma See more