Bradsmortgages.com

Great news everyone!
Today, the prime rate dropped today, resulting in savings of a quarter point on interest for those with variable rates and home equity lines of credit on their upcoming bills.

It will be interesting to see how things unfold in the following weeks. While fixed rates should come down, the reduction may not be as significant as that of variable rates. As always, I’m here to help ensure you get the lowest rates and answer any questions you have, reach out anytime! Brad

Brad Nemes
Mortgage Agent level 1
Capital Mortgages Inc. Brokerage license: # 10575

The Bank of Canada lowered the interest rate by 0.25%, decreasing the prime rate to 6.95%. So the big decision right now is Choosing between fixed or variable mortgages depends on the potential for future rate decreases.

Significant rate drops are needed for variable mortgages to surpass fixed rates. Rates will decrease further, but. not as quickly as we’d like them to. This makes fixed-rate terms advisable for first-time homebuyers, while those with a large downpayment large income, might be tempted to roll the dice in order to take advantage of the variable rate game.

For first-time homebuyers, I’m still recommending fixed-rate terms of 3- or 5-year (although you can get a 1-year fixed-rate of 7.14%). They will also come down sometime in the coming months, but fixed rates are always slower to move.

As always, I’m here to answer any questions, review your unique situation and match you with the right term and products, let’s chat! Brad

Brad Nemes, Mtg Agt Level 1
Capital Mortgages #10575
License # M080000579

Some Good News for FIRST TIME HOMEBUYERS As of April 16, you can now utilize $60,000 from your RRSP for a down payment, increased from $35,000. This withdrawal is tax-free if repaid over 15 years. The bank of Mom & Dad can top up your RRSP account but not at the last minute so if they're going to help, make sure you plan ahead.

CMHC mortgages for new builds will now have a 30-year amortization period instead of 25, making monthly payments more manageable.

Take advantage of the new FHSA account, enabling you to save up to $8,000 per person for a down payment and receive a tax deduction the following year for income taxes.

Reach out with any questions! Brad Nemes Mortgage Agent

I am thrilled to be participating again this year in the CN Cycle for CHEO event on May 5th!

I'll be cycling in the 70K event with a target of raising $1,500 to support CHEO in their mission to provide better treatment options for children fighting cancer. Your support is crucial in helping me reach this goal!

Thank you for considering this cause. If you wish to donate, please visit my CN Cycle for CHEO fundraising page (link below)

Together, we can make a meaningful difference for children battling cancer ❤️ Grateful for your support! Brad

https://cheofoundation.donordrive.com/index.cfm?fuseaction=donorDrive.team&teamID=8606

Why settle for what your bank dishes out? We believe in giving you top-notch, unbiased mortgage advice, with access to a whole range of options from the best lenders out there. Chartered banks, credit unions, broker lenders, mortgage investment corporations, alternative lenders, and private lenders - you name it, we've got it! Let us work our magic, and you can save a ton of time and money, while we do the heavy lifting for you.

The Bank of Canada has held its overnight rate at 5%, but the question is: will inflation hit a snag on its way down? The road to lower rates will be a winding one. So, what's the better choice: a short-term fixed rate or a variable rate?

With rates fluctuating daily, it's a tough call. A fixed mortgage keeps your payments consistent, which is a comfort to many homeowners. A variable mortgage, on the other hand, can net you lower interest rates almost instantly.

Confused? You're not alone! If your mortgage is up for renewal or you're thinking of a move, chat with a seasoned broker who can find the perfect mortgage match for you. After all, every mortgage solution is as unique as you are, book a call today!

Mark your calendars for the next rate decision on March 6, 2024.

New year, new possibilities! Wishing everyone an awesome 2024✨

Don’t let the rates determine your destiny!
To be honest, it’s never been easy to buy a house. Like a lot of things in life, big goals require hard work and careful financial planning. Even with the rising costs of home ownership, arguably it’s easier to buy now than it was in the past. Ok, I know you might be shaking your head at that statement BUT…back in the day if you didn’t have a 20% down payment, you weren’t getting a mortgage. For homes under $500,000, the minimum down payment required is 5% and there are many first-time home buyer programs available. Real estate has, and always will be, a solid investment. We can help make your real estate dreams a reality!

Here's a chuckle to kick off the weekend (thought my real estate friends would appreciate this one). Have an awesome one! Cheers, Brad

4.99% 5 yr Fixed money... now there is a Christmas present.

Scotiabank fourth-quarter profit falls short as loan-loss reserves, expenses rise. WHAT? 😳

Before you hit the panic button, let's set things straight. Rather than waiting for the worst to happen, the bank is simply protecting themselves with a reserve fund for any unexpected surprises.

It's like they're saying, "Hey, even the most responsible borrowers may hit a bump in the road, so let's be prepared just in case." Of course, most of us will do anything to keep our credit score in good shape and avoid defaulting on loans.

Will Scotiabank actually use all of that money? Not likely.
But it's a smart move to have a safety net, and we can all learn from their example.

So, take a cue from Scotiabank and be prepared for any unexpected expenses. Keep an eye on your monthly bills and set aside some funds for a rainy day, just in case. Think about the importance of making big purchases this year.

I know I have. It's always better to be safe than sorry!
Think like the Bank.

Sharing is caring, and that's true for owning a home too! It's not just young people who are co-owning homes, but seniors too! The good news is, with a solid co-buyer agreement in place, you can combine your resources and buy your dream home together! The buying process is the same as it would be with a partner, but you'll want to have a written agreement that spells out who pays for what, and how you plan to divvy up the property in the future. Remember, this co-buyer agreement is just for you, not a requirement for the bank or mortgage company. Have questions? Drop us a line!

Mortgage rates fall for third straight week! If you've been waiting on the sidelines to purchase a property, this is a great time to reach out and get pre-qualified. Cheers, Brad

It’s still early but easing inflation and a more stable financial environment is a positive sign for homeowners and those wanting to get into the market.

Given the current Bond rate, the interest rates have come down 0.25% this week on 5 year funds and some of the 3 year funds.

It’s more important than ever to choose an experienced mortgage broker who has your back. Holding off on that dream property? It's also important to consider that when the rates drop, we may very likely see housing prices rise. If you’re wondering whether it’s best buy in the winter or to wait until Spring to make a move, we’re always happy to crunch the numbers!

Congrats to Amanda Halley: Sales Representative with EXP Realty who was the winner of the Chrome book giveaway at the OREB Trade Show. I popped by her office last week to deliver her prize - always a pleasure to connect with local Realtors! Thanks to everyone who popped by the Capital Mortgages Inc. booth to say hello.

The big question on a lot of people's minds these days - "When will rates come down?". I had the opportunity to see Benjamin Tal, Canada’s Deputy Chief Economist, 2023 National Mortgage Conference in Toronto a couple of weeks ago. Benjamin not only contributes to the conversation, but frequently sets the agenda.

He predicts the overnight rate will eventually settle around 3% (currently 5%) with the first decreases beginning in June/July 2024. With 57% of ALL mortgages in Canada up for renewal in 2025/2026, the rates must come down or it could spell big trouble. Always here to chat if you have questions. Cheers, Brad

All set up at the OREB Trade Show today! Pop by and say hello👋

Capital Mortgages Inc.
Ottawa Real Estate Board

A little too on the nose 😂​ Next Bank of Canada rate announcement is October 25th!

While industry experts a few weeks ago expected we'd see another rate increase, with the recent most recent inflation numbers being slightly down it really could go either way.

Have a great weekend folks! Cheers, Brad

The next bank of Canada rate announcement is on October 25th. Reading the latest inflation reports, it's likely we'll see an increase. My best advice? Don't wait! Whether you're buying or renewing, let us help you get a 120-day rate hold today. It's quick and easy to apply online, through my app or book a call to get started. Link in my bio. Cheers, Brad

If you're thinking about selling and finding a rental to help alleviate financial stress, before you make any big moves, let's chat! Our team is always here to help you assess your situation and provide you with options that you might not have considered. Book a call today! Cheers, Brad

I've been getting this question a lot lately! Many homeowners are looking at the rising interest rates over the last year and stressing about their financial future. While in some cases your rates may be more than double what you locked in at a few years ago, that doesn't necessarily mean that your payment will double.

If this sounds familiar, you should really give me a call! We'll talk about the balance of the mortgage, your current rate, set realistic expectations and come up with the best solutions! I can always set up a plan that will work to protect you and your investments. Cheers, Brad

Walk in as a client, come out as a homeowner 😉 Apply today! Looking for clients, no experience necessary! The fall market is in full swing, let's make your next mortgage experience awesome together! Thanks as always for choosing the Brads Mortgages team!

Progress on my client’s new build...foundation done and closed the elements all in one week!

Usually, we do an advance for when the foundation is done but these cracker jack contractors had everything pre-ordered and got the walls, the trusses, sheeting for the roof and walls and windows and door all installed in one week! We’re 60% complete and we’ll advance the funds back to the client to pay the contractor. The client has made ZERO payments and any interest costs are deducted from their advance so they can stay in their current home while their dream property is being finished before they list. Congrats - it's going to be gorgeous!

Thinking of building your dream home? Ask me about Construction mortgages! Cheers, Brad

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