Michelle Beet and Susan Cowling
780 West Pender Street V6C 2X1 Vancouver, BC, Canada

Excellent update on the Bank of Canada views on the economy and ongoing issues as the Covid recovery continues. Worth the read! #interestrates #covideconomy

Although the government has made some announcements about mortgage relief, based on the discussions we have had with the lenders it will be up to each individual lender to have their own relief policies. Whether or not you can get relief during this pandemic will be case by case and we suggest reaching out sooner rather than later if you are experiencing hardship due to the coronavirus. Here are some helpful phone numbers: First National 1 866 557-5509 Scotia 1 800 4-SCOTIA... TD 1 888 720-0075 CMLS 1 888 995-2657 MCAP 1 800 265-2624 Street Capital / RFA 1 877 416-7873 RMG 1 866 809-5800 CIBC 1 877 454-9030 RBC 1 800 769-2511 BMO 1 877 788-1923 Manulife 1 877 765-2265 Please stay safe everyone!

Bank of Canada announces another .50 drop... In an unscheduled and unprecedented move, the Bank of Canada dropped it's target rate by .50 again this morning. https://globalnews.ca//6/bank-of-canada-surprise-rate-cut/

Should You Consider Refinancing Your Mortgage For A Lower Rate? With interest rates dropping and the potential to save hundreds of dollars per month, we would suggest it would be very wise to look into it. We are happy to help our clients check on their penalty and potential new rate to see if it would make sense - in some cases it will and for others it might not - the decision will be in how the numbers stack up and we are happy to do the math for you. However, there is a t...ime issue if you are thinking you would like look into this. As rates drop further, the interest penalties increase and can increase dramatically. The gap between the rate you have now and the current rate on the mortgage term you have remaining will determine the penalty. For example - if you have 3 years left on your term, the lenders will look at their current 3 year rate to determine whether your penalty is 3 months interest or interest rate differential and as rates drop that penalty increases. If Michelle or Susan helped with your mortgage and would like us to look into it, please email us and we will email you a permission form for us to get the numbers for you. If you are not a client, but would still like us to have a look for you, please email us at any of the email addresses below and we can guide you through the steps you'll need to take. [email protected] [email protected] [email protected] See more

Lenders Following .50 Rate Drop On Their Prime! It appears the lenders will follow suit and drop their prime rates beginning today by .50 (from 3.95% to 3.45%). This affects variable rates mortgages, as they are offered at a rate that is discounted off of the prime rate. The variable rate mortgages move with the prime rates. Fixed rates also came down slightly, with a 5 year fixed dropping by .10 so far.... We will keep you all posted as more news comes in!

Bank Of Canada Rates & The Coronavirus Although the Bank of Canada rate adjustments do have an impact in general, it might not be the way you think... The 5 year fixed rate is affected more by the stock market performance, as it is based on the 5 year bond yields. If the stock market is dropping, you're more likely to see the 5 year fixed drop. ... Often lenders will drop their 5 year when the Bank of Canada drops their rate, but those two things are not directly tied together and don't have to necessarily happen at the same time. The variable rate mortgages on the other hand are directly tied to the bank prime rates and the bank prime rates are affected by the Bank of Canada rate changes. The Bank of Canada reduces rates to keep the economy moving, in this case the worry over the economy slowing is due to the potential pandemic scare. The Bank of Canada announced a .50 rate reduction this morning and the banks will likely follow suit and reduce their prime rates. Since the variable rate mortgages are based on a discount off of the prime rates, the variable rate mortgages are directly affected. With that all of this said, it is still likely you will see a slight downward adjustment to the 5 year fixed term mortgage rates as well, but not equal to the .50 drop the Bank of Canada has just announced - probably somewhat more conservative in the .10 - .20 range.

We are pleased to announce Kristian de Pont as the winner of our February Find Your Stuff Getaway! Kristian has won a Tile essentials 4 pack. Our next draw announcement will be coming on March 23rd. If you would like to enter our contest just follow this link and join our mailing list. https://www.susanandmichelle.com/join-our-mailing-list

**February Find Your Stuff Giveaway** We are giving away the Tile family essential combo 4 pack. No more losing your wallet or keys! Use your smartphone to make your Tile ring when you misplace your things or see it on a map. The Tile app remembers when and where you left something behind. All of our clients are automatically entered. If you would like to be entered into our giveaway please click here to sign up for our mailing list https://www.susanandmichelle.com/join-our-mailing-list .

Stay tuned... We will confirm once we know the new government weekly rate, but for now it looks like this could have a positive impact! https://business.financialpost.com//mortgage-stress-test-c

Did you purchase a home or make a change to your mortgage in 2015? If so your renewal is most likely coming up this year. Rates have dropped and it might be a good time to start thinking about securing a great renewal rate. Contact Susan [email protected] or Michelle [email protected] to find your best renewal rate!

A few lenders dropped their rates this morning! Bringing them closer to the historical low rates again. Thinking of making a change? Have a renewal coming up? Give us a call at 604 949-1070 or send us an email [email protected] or [email protected] and we'll help you secure the lowest rate possible!

We are pleased to announce Joel Forbes as the winner of our January get organized give away! Joel has won a Rocketbook Fusion. Our next draw announcement will be coming on February 24th. If you would like to enter our contest just follow this link and join our mailing list. https://www.susanandmichelle.com/join-our-mailing-list

We are excited to announce Susan Cowling has been officially nominated to be one of the Canadian Mortgage Professional (CMP) top 75 mortgage brokers!