Caylee Nettleton, TD Mobile Mortgage Specialist

To all my Jasper clients; TD has launched our helps program to support you in anyway we can. This can include: deferring mortgage payments, loan payments, credit card payments etc.

These requests do need to be submitted, I would be happy to help you or you can call 1-866-222-3456.

We stand with you! 💚🏔️

Our local RV dealer has so graciously open their doors to the Jasper residents. Please share! 🏔️❤️

The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point this morning, the second straight reduction in the central bank’s easing cycle.

The Bank of Canada’s policy rate, which broadly informs the cost of borrowing across the country, now stands at 4.5 per cent.
The move was widely expected by economistsas inflation continues to cool and the Canadian economy shows signs of weakness.

*As a reminder when the Bank of Canada has a change in their benchmark rate this is NOT a direct reflection on fixed mortgage rates also decreasing/increasing as these rates are more indicative of the Bond market.*

That being said with this change we will see a direct impact and decrease on variable mortgage products.

If you have a mortgage coming due in the next 4 months or are looking to purchase a home please reach out so we can start your application!

Caylee Nettleton
T: 780-906-9646
E: [email protected]

It’s a miracle! ✨

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.

The central bank now sees enough evidence that underlying inflation is easing at a sustainable level. The Canadian central bank will be the first to cut rates among its peers at the Bank of England, the European Central Bank and the United States Federal Reserve

With this change it will be interesting to see where lenders decrease their mortgage rates too. Economist are forecasting lenders to keep fixed rates relatively the same for the month of June with a larger decrease in July.

I would love to connect and chat more about rates and how having a preapproval in a decreasing rate environment is critical.

Caylee Nettleton
TD mortgages
T: 780-906-9646
E: [email protected]

New campaign!! ‼️

The new Spring money out campaign has launched!

This is a fantastic option for clients looking to purchase a new property or refinance an existing home.

The campaign launches today and will run till October 31,2024.

Please reach out to should you have any questions at all, or are interested in taking advantage of this great opportunity!

Caylee Nettleton
T: 780-906-9646
E: [email protected]

Why getting your mortgage from a mortgage specialist at your bank may be better than using an outside broker.

With the ever-growing complexities that clients have there is no perfect box or solution that fits all. Using your bank can be a much better option vs. using an outside broker for your new home purchase, renewal, or refinance.

Below are a couple Pros and Cons to consider.

• Familiarity and trust. The comfort of dealing with a local branch or a national brand can take some of the stress out of buying a home.
• Not all lenders work with every mortgage broker. The options that are provided to you are based on the brokers' network.
• Most Brokers are paid based on the term they are offering you Ex. 5 year fixed, sometimes a broker will put a client into a term that isn't in the client's best interest. VS a mortgage specialist is not paid any different for the term you choose.
• Fees – brokers can have hidden fees that you are not aware of, vs your mortgage specialist through your bank does not have hidden fees
• Mortgage specialists have direct contact with the under writers and their team managers, this means we can typically get to YES faster, and push to ensure you are getting approved for the best options. Vs. a mortgage broker does not have access to speak with the under writers directly and there can be a lot more back and forth.
• When it comes time to renew your mortgage, speaking with your bank can save you a lot of time and money, the bank can simply renew your mortgage without reapproving you (most cases), and no income review needs to be done (most cases). With a broker they may look at swapping lenders so they can get paid by switching you to a different lender even if staying at your current lender may be a better choice.
• In the end most banks are the same and offer similar options, it comes down to trusting the person you work with and the brand they are representing.

If you have more questions or concerns, I would love to chat!

Caylee Nettleton
TD mortgage specialist
T: 780-906-9646
E: [email protected]

Today was one for the books! Family, Christmas, lake time and making some amazing memories! 🥰🥰🥰

Wishing you a very merry Christmas from our family to yours! 🎅🏻🎁🎄

Quinn has the best preschool! has Santa come to celebrate and so many festive games!

Canada’s banking regulator confirmed it will leave the mortgage stress test for uninsured mortgages unchanged.

In its annual review, the Office of the Superintendent of Financial Institutions (OSFI) said the minimum qualifying rate (MQR) used by federally regulated lenders will remain the greater of 5.25% or the mortgage contract rate plus 200 basis points (2%).

OSFI oversees the mortgage stress test for uninsured mortgages—generally those with a down payment of more than 20%—while the Department of Finance is responsible for the stress test applied to insured mortgages, or those typically with a down payment of less than 20%.

OSFI said it is confident the current stress test will result in lower residential mortgage default rates than would otherwise be the case if lenders did not apply the MQR when originating mortgages for homeowners.

“The minimum qualifying rate for uninsured mortgages has produced a more resilient residential mortgage financing system characterized by low default and delinquency rates,” said OSFI head Peter Routledge. “Holding the MQR at its current rate helps ensure that lenders and borrowers effectively manage the risks associated with residential mortgages.”

What is the minimum qualifying rate?

OSFI’s stress test was first introduced in 2018 as part of its updated B-20 guidelines, which govern mortgage underwriting practices and procedures.

The stress test must be used by federally regulated lenders to qualify new uninsured mortgage borrowers and those wanting to switch lenders using the higher of their contracted mortgage rate plus 200 bps or 5.25%, whichever is higher. This is known as the minimum qualifying rate, or MQR. Insured mortgages don’t need to be re-stress tested when switching to a new lender, OSFI revealed in October.

Most mortgage rates currently available from the big banks and other national lenders are currently higher than 5.25%, meaning borrowers must prove they can afford payments based on a qualifying rate of 7.25% or more.

But with some mortgage rates now falling near or even below 5%, the minimum qualification rate of 5.25% could once again become more important.

Caylee Nettleton
T: 780-906-9646
E: [email protected]

The bank of Canada has held the prime rate with their most recent announcement this morning.

The global economy continues to slow and inflation has eased further. In the United States, growth has been stronger than expected, led by robust consumer spending, but is likely to weaken in the months ahead as past policy rate increases work their way through the economy. Growth in the euro area has weakened and, combined with lower energy prices, this has reduced inflationary pressures. Oil prices are about $10-per-barrel lower than was assumed in the October Monetary Policy Report (MPR). Financial conditions have also eased, with long-term interest rates unwinding some of the sharp increases seen earlier in the autumn. The US dollar has weakened against most currencies, including Canada’s.

Alberta continues to see large growth without of province buyers.

Rates are currently being held until April which puts you in the perfect spot for a great Spring Market to buy.

If you are feeling worried, or uneasy with an upcoming mortgage renewal please reach out. TD offers many great options for our clients to be sure they are within their comfort zone for mortgage payments.

Caylee Nettleton
T: 780-906-9646
E: [email protected]

Had so much fun at the Edmonton Corn Maze last night and I’m already in love with our sneak peeks from Kathleen Lee Photography cannot wait to see the rest 💕

Wow!
I feel so blessed to have the opportunity to work with some of the most incredible clients that take time out of their busy days to write such an amazing review 🥰

My clients quickly turn into a friendships that last forever! I know this is one of them! 💕

Caylee Nettleton
T: 780-906-9646
E: [email protected]

Fixed term mortgage rates are increasing as of tomorrow.
- as of the most recent inflation report last week and the current bond market economists are anticipating bank of Canada to increase prime lending rate again next month.
- If you are considering purchasing a home within the next 4 months which brings you to January 24th 2024 please reach out today so I can secure a rate before the increase comes into effect tomorrow.
Caylee Nettleton
T: 780-906-9646
E: [email protected]

Teacher meet and greet for Quinnie’s preschool was a huge success she can’t wait till next week! ✏️ 📚

📣 ATTENTION 📣

The Bank of Canada opted to hold its benchmark interest rate steady at five per cent as the economy is showing more and more signs of cooling.
The move was widely expected by economists and other financial observers, as the central bank's unprecedentedly swift campaign of rate hikes since early 2022 have made major headway on bringing down runaway inflation.

While the economic slowdown is welcome news for a central bank trying to get inflation back to its two per cent target, the Bank of Canada says it is ready to further hike rates if it has to. In a statement accompanying its decision, it said it "remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed."

Caylee Nettleton
T: 780-906-9646
E: [email protected]

Grade 4 for this girl! ✏️ 📖

Kate had such a special early birthday day with her nana, they had a beautiful brunch at BrewandBloom and special manicure with a little shopping of course!
She felt so special! 🌸💕not sure how she is already turning 9 next weekend!

📣 ATTENTION 📣
Fixed term interest rates are increasing as of Wednesday with an increase of 15-20 basis points depending on the term.

Give me a call before Wednesday to hold a rate up to 120 days, that’s till the end of December!!

Caylee Nettleton
T: 780-906-9646
E: [email protected]

Back to school shopping done! ☑️ this girl is ready for grade 4!

Canada’s economy has been stronger than expected, with more momentum in demand. Consumption growth has been surprisingly strong at 5.8% in the first quarter. While the Bank expects consumer spending to slow in response to the cumulative increase in interest rates, recent retail trade and other data suggest more persistent excess demand in the economy. In addition, the housing market has seen some pickup. New construction and real estate listings are lagging demand, which is adding pressure to prices. In the labour market, there are signs of more availability of workers, but conditions remain tight, and wage growth has been around 4-5%. Strong population growth from immigration is adding both demand and supply to the economy: newcomers are helping to ease the shortage of workers while also boosting consumer spending and adding to demand for housing.

As higher interest rates continue to work their way through the economy, the Bank expects economic growth to slow, averaging around 1% through the second half of this year and the first half of next year. This implies real GDP growth of 1.8% in 2023 and 1.2% in 2024. The economy will move into modest excess supply early next year before growth picks up to 2.4% in 2025.

Article reference: https://www.bankofcanada.ca/2023/07/fad-press-release-2023-07-12/

Do you have questions about the increase to prime? Are you currently in a variable mortgage and feeling overwhelmed by the increases?

Feel free to give me a call to discuss I am here to answer any questions you have. ☎️

Caylee Nettleton
T: 780-906-9646
E: [email protected]

The next Bank of Canada interest rate announcement will happen on July 12, 2023. Last month the Bank of Canada rose rates by 0.25% after a 4-month pause as rates were held steady to evaluate the effect of last year’s rate hikes on inflation.

The current overnight rate now sits at 4.75%.

As of today, variable mortgage rates are higher than fixed mortgage rates. With inflation showing signs of returning to normal, mortgage lenders including the banks, are pricing in that rates are likely to go lower within the next 5 years.

Despite a looming risk of recession the unemployment rate in Canada remains near record lows. This economic data is likely leading to delays in the anticipated interest rate cuts from the Bank of Canada as high employment is correlated with inflation.

Stay tuned for the latest update tomorrow.

Caylee Nettleton
T: 780-906-9646
E: [email protected]

First day of swimming lessons (not pictured) followed up with a bike ride to whole scoop and bike rides through the forest to hit up some parks!

Happy Canada Day! 🇨🇦 🍁

Today is the busiest day of the year for real estate financing. Everyone likes today as it marks then end of the school year, and the beginning of summer so it allows them to get settled in their new homes. I feel so fortunate to be part of 5 of those purchases today. 🏡 ☀️

Did you know today is the first day of summer? ☀️ 🏝️
Today is the longest day of the year! A whopping 16 hours of daylight today!

I think we are all excited for today especially after the last few rainy days!

I hope you can get outside and enjoy some of that sunshine today! 🌞 ☁️ 🏖️

I’m so lucky to work with the best clients around. Congratulations “V” on your new home purchase! Wishing you so many amazing memories ahead! 🏡💕