Jordan St. Pierre - The Mortgage Centre

As many anticipated, the Bank of Canada announced this morning it has reduced its key interest rate by another 25 basis points, claiming that inflation has started to cool and that they are confident it will fall back into target range . Prime rate is expected to follow suit, decreasing to 6.70%, and will impact variable rate mortgages, lines of credit and other types of bank loans attached to prime rate lending.

This change will have little bearing on fixed rate mortgages, as those rates are determined by government bond yields and other economic factors.

If you have any questions about this announcement, please reach out to Jordan at 780-953-7314 or check out our current rate offerings at www.modernfinance.ca

Wishing everyone a happy and safe Canada Day!!
🍁🇨🇦

As many anticipated, the Bank of Canada announced this morning it has reduced its key interest rate by 25 basis points, claiming they see enough evidence that inflation is easing. This means that the prime rate will be decreasing from 7.20% to 6.95% and will impact variable rate mortgages, lines of credit and other types of bank loans attached to prime rate lending.

This change will have little bearing on fixed rate mortgages, as those rates are determined by government bond yields and other economic factors.

If you have any questions about this announcement, please reach out to Jordan at 780-953-7314 or check out our current rate offerings at www.modernfinance.ca

Many homeowners who are looking at the possibility of selling their existing home and moving to a new one often wonder if they will be able to port their existing mortgage. The answer is: it depends.
 
Porting is when a homeowner moves their existing mortgage term, rate and balance over to a new property. Given current interest rates, this can be particularly advantageous for those who have remaining terms carrying the lower rates from 2020 to the early part of 2023. The ability to port is dependent on many factors including: 
 
·       New property type
 
·       Location of new property
 
·       Existing lender
 
·       Client’s current financial position
 
It is important to note that all lenders have different methods of porting mortgages. Certain lenders will allow for the blending of existing mortgage funds with new funds, some will allow for separate components if new funds are required, some will blend with an existing mortgage to form a new 5-year term and some lenders do not allow for porting at all. Lenders will also have different guidelines on how many days there can be between selling and purchasing the new property.
 
If you are thinking about moving in the near future and would like more information on whether porting your mortgage is possible, please reach out to Jordan at 780-953-7314 or schedule a consultation on our website www.modernfinance.ca and we would be happy to review your current mortgage to see what options are available to you!

A lender will typically require an appraisal when you are applying for or refinancing an uninsured mortgage (more than 20% down). This is done to ensure the mortgage amount is not more than the property's allowable loan-to-value amount and helps to protect the lender’s investment by minimizing their risk. The buyer is responsible for the cost of an appraisal (~300-500$), however its important to note the appraisal belongs to the lender.

For insured mortgages (less than 20% down), an appraisal is not typically required as the insurer has assumed the lending risk. However, some lenders may still request an appraisal to ensure the property value is in line with the lending amount.

There are certain situations where an appraisal might not be required for an uninsured mortgage, but it is best to assume it will be and plan for the cost ahead of time. It’s helpful to speak to a knowledgeable mortgage broker who can prepare and help guide you through all of the lender's requirements.

For more information, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca

Gifted equity can be a great way to ease the pressure of saving for a down payment! However, it is a unique, but not uncommon situation so it’s best to talk to a knowledgeable broker who can guide you through the process seamlessly.

For more information, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca

Today the Canadian government announced upcoming changes that may affect some first-time home buyers.

The changes for the amortization period will take effect on August 1 and the changes to the RRSP withdrawal amount will be effective as of April 16. The government also stated that for RRSP withdrawals for down payments made between January 1, 2022 and December 31, 2025, individuals will be given five years to begin repayment instead of two.

If you’re a first-time buyer and are curious how the changes may impact you, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca

Are you planning on buying a home this spring? Don’t get caught focusing only on your mortgage payment and remember to factor in these five essential costs when budgeting for your purchase!

If you’re in the market to buy and are looking for more information, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca

We are so excited to announce that we have received the 2023 silver ambassador award from for the third year in a row! It is a true honour and privilege to be recognized for our ongoing efforts and achievments in the mortgage industry.

We couldn’t be more proud to serve the community we call home and are forever thankful for the support we have received from our clients, colleagues, industry partners, and of course our amazing team at The Mortgage Centre Elite.

Thank you once again to those who have entrusted us to assist with one of the most important purchases of their lives and especially to those who have taken the time to give a referral this past year. We are so grateful that you think highly enough of our services to recommend us to your valued contacts. With 2024 off to a great start, we are looking forward to what the rest of the year will bring!

With mortgage rates and renewals at the forefront of many minds this year, our best advice is to start shopping around early.

Speak to a knowledgeable mortgage broker who will help you come up with a mortgage plan that could help you save money in the long run and hedge yourself against any potential rate drops in the coming years.

With access to over 25 different lenders, let us find the best mortgage for your current and future needs. For more information, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca

Are you planning to purchase a property or renew your mortgage in the near future? Get a head start by by getting your documents together! Here’s a quick list of the most common items lenders will need to see in order to approve you for a mortgage.

To get started on your application, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca to schedule a consultation.

Wishing everyone joy, peace and prosperity this New Year. We are so deeply appreciative for those who have supported our business this year and look forward to seeing what 2024 has in store!
#2024

From our home to yours, wishing everyone a safe, happy Christmas filled with warmth and love 🎄

Let us all come together today to remember those who sacrificed everything in service of our country.

The Bank of Canada leaves key interest rate unchanged once again as the economy shows signs of slowing.

For more information on this announcement, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca

As interest rates go up, many homeowners are asking if they should renew or refinance their mortgage. The answer is different for everyone and it’s important to take a look into your full financial picture before making a decision at renewal time. Speaking with a knowledgable mortgage broker can offer you expert guidance and help you decide which option is right for you.

If you have an upcoming renewal, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca to schedule a consultation.

We can help you take advantage of the lowest interest rates being offered by our lenders by providing you with a pre-approval and rate hold for up to 120 days. Here are our current posted rates compared to what you would get at the bank. For more information or to schedule a consultation with Jordan, please call 780-953-7314 or visit our website www.modernfinance.ca

Wishing you a joyful and warm thanksgiving! We are so thankful for the ongoing support from our clients, colleagues, friends, and family and hope your day is filled making special memories with loved ones 🍂

The Bank of Canada leaves key interest rate unchanged as the economy shows signs of slowing, but warns of future hikes due to persistent inflation.

For more information on this announcement, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca

Have you received a mortgage renewal letter from your bank? Before you sign, you should know that your bank’s rate is often much higher than what you need to pay! Not only that, but they are counting on most of their clients signing onto the first rate they are offered because they are understandably worried about increasing interest rates.

Before you renew, talk to a knowledgable mortgage broker who can offer expert guidance and navigate finding you a lower rate, saving you a lot of money in the long run.

If you have an upcoming renewal, reach out to Jordan at 780-953-7314 or visit our website www.modernfinance.ca to schedule a consultation.

Jordan St. Pierre - The Mortgage Centre | Spruce Grove Mortgage Broker Contact Jordan St. Pierre - The Mortgage Centre providing clients with Mortgage Planning Services across Spruce Grove, Stony Plain, Edmonton, St. Albert, Devon, AB.

Considering breaking your mortgage contract? We can help you understand the potential penalties, fees, and legal consequences that breaking your mortgage term early entails and help you to explore your options.

Work with an knowledgeable mortgage broker who can offer expert guidance - allowing you to make informed decisions that align with your financial goals. Reach out today to schedule your free consultation with Jordan!

As predicted, the Bank of Canada has increased the key interest rate by 0.25% and is now 5.0%.

This increase will result in higher payments on variable-rate mortgages, home equity lines of credit and other loans tied to the prime interest rate, which is now 7.2%, and may cause more variable rate mortgages to reach their ’trigger point’.

If you have any questions on how this rate increase will affect you, please reach out to Jordan at 780-953-7314 or schedule a consultation on our website www.modernfinance.ca

When your mortgage term expires you have the option to either renew or refinance, but how do you know if refinancing is the right option for you?

If you have at least 20% equity in your home, refinancing gives you the opportunity to replace your current mortgage with a new one and can lead to advantages such as:

* Lower monthly payments

* Reduced interest rates

* Access to funds to pay off debt

* Access to funds for significant expenses by cashing in on your homes equity

If your mortgage is coming up for renewal, contact Jordan at 780-953-7314 or visit our website www.modernfinance.ca to explore if refinancing might be the right option for you.

Wishing everyone a happy and safe Canada Day weekend 🇨🇦

Most lenders require that alongside your down payment you show an additional 1% of the purchase price allocated for closing costs available in your bank account. For example, on a $450,000 home you would need to have a minimum of $22,500 (5%) + $4,500 (1%) = $27,000 total (6%)

If you’re looking to purchase a property in the near future, contact Jordan at 780-953-7314 or visit our website www.modernfinance.ca to explore what mortgage options are right for you

Check out our latest blogpost on how to navigate shrinking mortgage affordability

For more information, please visit our website or reach out to Jordan at 780-953-7314

https://www.modernfinance.ca/blogs/our-blog/1095188-how-to-navigate-shrinking-mortgage-affordability

The Bank Of Canada ended its ‘conditional pause’ today with an interest rate hike to 4.75%.

If you are currently in a variable mortgage, reach out to us today to discuss your options!

Default Insurance is mandatory when you are buying a home and putting less than 20% down. This is so the lender is protected if you are unable to make your mortgage payments. In Canada, there are 3 insurers- CMHC, Sagen, and Canada Guaranty.

Did you know, however, that your premium is based on the total mortgage amount (purchase price - down payment) and changes depending on whether you are putting 5, 10 or 15 percent down? It is then factored into your overall mortgage payment.

If you’re in the market to buy and are looking for more information on how mortgage insurance will affect your purchase, contact Jordan at 780-953-7314 or visit our website www.modernfinance.ca

This week, Travis Hawryluk and I spoke to the Grade 12 students at Onoway Jr/Sr High School about financial literacy and how to set themselves up for financial success as they move into adulthood. Thank you so much for having us and congratulations to the graduating class of 2023! 🎓

All you need to do is refer a friend or family member in need of mortgage services and you will be entered in a draw to win. Each referral counts as one entry and can be sent via the link below.

If you have any questions, reach out to Jordan at 780-953-7314 or contact us through our website www.modernfinance.ca

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