Trace Mortgage Solutions

It finally happened!!

The Bank of Canada has cut its overnight rate by 25 basis points, a move not seen since the beginning of the pandemic.
Wednesday’s announcement puts the policy rate at 4.75 per cent, down from the 5 per cent it has been sitting at since July of last year.

This is why you should consider Team Gemini if you’re considering downsizing. You won’t get this level of service anywhere else. Sean Hartley

Our White Glove Service | 4 Steps to Real Estate Downsizing. Discover hassle-free downsizing with Team Gemini - Your all-in-one solution! Our listing fee covers expert home sale preparation, seamless moving services, a...

Take a look at this price for a 2019, 2-bed Condo. Stoney Creek, Ontario
$499,900. Corner Unit on the top floor with nice views.
Rents for $2500-2700. Plus Hydro.
Underground parking plus locker.
This is well worth the investment. Up the street from Costco, restaurants, and shopping.

620-101 Shoreview Pl - Sean Hartley Step right into your new home at 620-101 Shoreview Place, where warm and inviting living awaits you. This charming condo boasts 2 cozy bedrooms, a bright and crisp bathroom, and a kitchen that’s ready to inspire your culinary adventures.

Mortgage Renewal? Plan Ahead! | Downsizing Real Estate Discover the impact of upcoming mortgage renewals in 2024 and 2025 in Canada. Explore proactive strategies for retired homeowners facing increased mortgage payments, including financial assessments, downsizing options, and considerations for reverse mortgages.

Do it! Talk to my friend, Darryl Maude, Sales Representative, REVEL Realty Inc.

Curious about what it would look like to buy or sell in this market? Let’s talk, I would love to help🏡🔑📱

This is such a gorgeous idea!
What do you think??

I don't know who the credit should go to for inventing these, but this Christmas Tree Teepee is so much fun! What kid wouldn't love hiding out in there?! My youngest used to beg us to let him sleep under the Christmas tree every year.

If you have a mortgage renewal coming up, and you purchased your home with less than 20% down, you also purchased mortgage default insurance.

This means you have the freedom to shop around to other insured lenders without having to re-qualify under the stress test rules. If you’re not looking for additional funds, you could qualify at the offered rate and NOT at the rate + 2%.

This is a huge advantage and could save you money!

Let’s talk!

The Bank of Canada holds the policy rate at 5%, but the door isn’t closed yet on rate increases if inflation remains stubborn.

The next decision is December 6, 2023.

What is your prediction?
Will they hold, increase or start to decrease??

Share your thoughts

What’s on my mind?
It’s cashflow, tbh. 🙂

There is nothing to really smile about with respect to the current rate environment. It’s tough out there.

It’s tough to qualify for a mortgage due to the stress test rules and if your mortgage term is coming up, it’s certainly hard to make the renewal decision because the difference between what you had and what is offered is significant.

Someone just asked what they should do about their current renewal offer from the bank. They have to make their decision today, or the offer expires. In this case, given the limited amount of time to make a decision, it may be safest to take the middle of the road approach and grab the three year rate, even though it comes with a bit more of a premium than the 5 year.

These days, when people are most concerned about the rate, it’s because we are concerned with monthly cashflow. We are all being hit in a significant way by inflation. We are all feeling this pinch in every aspect.

That being said, choosing the three year could potentially save over the five, if the Bank of Canada rate hikes have their desired impact, we could see rates (including fixed rates) come down in the next few years. “Could”
One thing is certain, we will likely never see rates as low as the nearly free money we all got a little too attached to.

The prime rate, which is governed by the Bank of Canada, could see another increase this quarter. I don’t think a variable at this time is the safest move, unless you know you are planning to sell before the end of the term of the mortgage.

Even the most seasoned of us say this (or should be, because it’s true) that we don’t have a crystal ball and don’t really know the true impact the rate hike pressures are having on inflation.

If you’re looking at an upcoming renewal, it is wise to speak to your bank or mortgage professional to weigh the options as early as possible. If cashflow is a hurdle, ask about extending your amortization or look at refinance options to determine if there could be interest savings worth making a switch to a new lender.

If you are going to ask your lender about extended amortization, keep in mind that there has to be a strong reason for the request. Have your ducks in a row before you make the inquiry.

Reach out if you have any questions or would care to have me look at your best options. I present a thorough breakdown of all costs associated, and monthly cashflow analysis, and potential long term savings.
All presented in one neat little and easy to understand spreadsheet.

Good luck out there!

Tracy Ansley, Mortgage Agent in Hamilton, Halton, Niagara and surrounding areas Expert mortgage advice for purchases, refinancing, renewals, debt consolidation, reverse mortgage, new to Canada, newcomer

It’s officially closing day for these amazing clients, these first time home buyers are ready to start there new chapter! 🍾⁣
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I'm so happy for my incredible clients who took possession of their first home today!

Working with them was a joy from beginning to end and I wish them a lifetime of love and memories.

This is one of the many reasons I love what I do.

Thank you, Darryl Maude, for making the introductions and trusting me with your clients.
I would say that they had a pretty great team behind them. 😀

It’s officially closing day for these amazing clients, these first time home buyers are ready to start there new chapter! 🍾⁣
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As expected, the Bank of Canada has raised its policy interest rate again, making the cost of borrowing more expensive.

The 0.25% hike brings the BOC overnight rate to 5%, the highest it’s been since 2001.

This means that the prime lending rate for variable and adjustable rate mortgage holders, and for borrowers with lines of credit, has just increased to 7.20%.

How does this affect you?
Example:
If you have a variable rate mortgage and your discount is Prime -0.90%, your interest cost is now 6.30%.

Please reach out if you have any questions, or if you would like to look at your options.

In fact, many of our clients preserve a large portion of the equity in their home and our reverse mortgage solutions offer lower interest rates than many other options.

Contact us at Ardent Mortgages to learn about how a reverse mortgage can benefit you in more ways than one.

☎️ 519 804 2775
📧 [email protected]
🌐 ardentmortgages.ca

I was the poor kid growing up. My mom used to send me to birthday parties with no present, just so I could eat. I definitely got to a point where I understood and was embarrassed as hell.
In fifth grade, my friend’s mom invited me to sleep over the night before the actual birthday party. When her daughter was in the shower, the mom laid out the toys that she had bought her daughter for her birthday. She let me pick one to wrap and put my name on.
I’m 37 now. I am still grateful to that mom. That one act made such an impact on me.
Always be kind. 🙏
If you see someone falling behind, walk beside them. If someone is being ignored, find a way to include them. If someone has been knocked down, lift them up. Always remind people of their worth. Be who you needed when you were going through hard times.
Just one small act of kindness could mean the world to someone.

Sherry Vonderhaar-Adair ❤️

Dustan Woodhouse on LinkedIn: Ep 336 – Is The Market Imploding? How many Variable rate mortgage clients are in arrears? Some real-time numbers from a major lenders President &…

BOC -The gift that keeps on giving 😣

Tracy Ansley | 🇨🇦 Mortgages on TikTok

Not what we want to see, but not unexpected.

Today marks the 𝐥𝐚𝐬𝐭 Bank of Canada (BOC) Rate Review for 2022.
In January Prime was at 2.45%. Since then there have been 7 increases (+4.00%), bringing the Prime rate to today's value of 6.45%.

This equates to an annual increase of approximately $30/m per $100K mortgage.

EXAMPLE
Previous Prime Rate: 5.95%
$400K mortgage = $2,350.03/month
$600k mortgage = $3,525.04/month
$800k mortgage = $4,700.05/month

New Prime Rate: 6.45%
$400k mortgage = $2,468.31/month
$600k mortgage = $3,702.46/month
$800k mortgage = $4,936.62/month

Monthly payment increase:
$400k mortgage = $118.28
$600k mortgage = $177.42
$800k mortgage = $236.56

If you're currently in an adjustable or variable-rate mortgage, don't hesitate to reach out to learn more about your options.

Congratulations to Tammy B., who won her mortgage payment this month!!

Thank you to everyone who entered and sent along their referral. You are all appreciated!

For a chance to win a mortgage payment vacation (or rent) for a month up to $2,500.00, simply send a referral my way and your name is automatically entered. It's that simple!

Tracy Ansley,
Mortgage Agent
905-536-3053
[email protected]
www.tracemortgagesolutions.ca

Mortgage fraud is a deliberate misrepresentation of information to obtain mortgage financing, that would not have been granted if the truth were known. It is not a victimless crime and the reality is the victim will usually be the one committing the fraud. It can lead to overextended credit situations, stress and defaulting on payments, impacting your credit score.

Real estate agents caught on hidden camera facilitating mortgage fraud for a fee | CBC News An undercover investigation by CBC Marketplace has exposed some networks of real estate agents, mortgage brokers and bank employees facilitating mortgage fraud for a fee.

There really is opportunity in this market.

Still
So true!

Tracy Ansley | 🇨🇦 Mortgages on TikTok