Jeremy Garth - Zipp Mortgage
Helping you find the right mortgage product that suits not only your needs today, but also helping y
29/01/2023
Great article explaining a high level overview of locking in/early renewing your variable/adjustable rate vs staying the course.
Should mortgage holders break with their variable rate mortgages after Bank of Canada pause? — The Globe and Mail With variable mortgage rates at levels we haven’t seen since the dawn of the century, mortgage holders should manage their variable based on cash flow, safety net and stomach for risk
Did you know? Variable rates are still extremely low! If you are worried about future increases to the prime rate and hesitant on a variable rate, talk to me today so we can discuss how you can "fix" your variable payment to pay off more principal and pay less interest to the bank! A 5 year High Ratio Insured Variable rate is still as low as 1.5%! (Prime - 1.2%) vs the current fixed rate of 2.89! Feel free to reach out today 604-223-9401 or [email protected]
23/11/2021
Canadians now have the option to build their credit scores via rent payments Landlord Credit Bureau CEO says move could significantly benefit some who have struggled to build credit scores
20/10/2020
06/05/2020
FROM TODAY TO THE END OF THE YEAR - I am opening up my promotion that was previously only available to health care workers and now offering it to Everyone. I will be helping promote the well being of our local businesses with you. Any mortgage that is completed with me and you will receive a $200.00 GIFT CARD to a local coffee shop, hairdresser, nail/eyelash/beauty salon, local small grocer, etc. THE CHOICE IS YOURS!
Contact me [email protected] or call/text 604-223-9401 for details.
I can help with:
-Refinancing
-Renewals
-Renewing early for a better interest rate
-Purchasing a home
-Secondary Financing
-Alternate Financing
30/04/2020
Canadian banks expected to tighten home equity line of credit access as aid measures wind down Banks may clamp down on HELOCs to reduce the risk of spikes in sour loans, which the banks are already bracing for
29/04/2020
Mid week rate update!
Insured Renewal/Early Renewal 5 year fixed as low as 2.42%
Insured Purchase 5 year fixed as low as 2.49% OR 2.52% $1,000 cash back on mortgages $150,000.00 to $249,000.00. $2,000 cash back on mortgages over $250,000.00
Insured Purchase/Renewal/Early Renewal 5 year Variable as low as P - 0.32% (2.13%)
***Subject to qualification, approval and meeting eligibility criteria. Rates as of today & subject to change***
15/04/2020
Considering a Cash Back Mortgage? See below for some information on why it may or may not be a good idea and a useful article to help provide some clarity and education behind what getting ones of these mortgages entails!
The Good:
- Allows you to pay off some higher interest loans right away
- Allows you to invest the money into higher rate of return investments
- Gives you access to funds immediately on a purchase so you can complete some renovations around the home or purchase new items (appliances, furniture, etc) without putting them on a high interest loan or credit card.
The often unadvertised:
- Cash back mortgages will sometimes have a slightly higher interest rate than a standard mortgage, as the bank is looking to recoup the cost of paying you the cash up front.
- If you break your 5 year term mortgage early, depending on the offer, you will be required to pay either the full sum back, or a portion of the money given to you back which can add to an unexpected cost at the payout of your mortgage.
Ex. $400,000.00 mortgage with 2% cash back = $8,000.00 given to you at the start of the mortgage 5 year term.
You now want to sell your home and break the mortgage 2 years into your 5 year term (3 years left on the term).
Depending on the structuring of the cash back offer, you may have to pay back around 60% of the initial $8,000.00 ($4,800.00) on top of the penalty to break the mortgage.
Here is a great article further explaining the workings of a cash back mortgage, and whether it may be right for you!
https://www.ratehub.ca/cash-back-mortgages
As always, feel free to reach out if you have questions about a cash back mortgage, or are looking for the right mortgage option for your needs!
What is a Cash Back Mortgage | Lenders, Costs and More With a cash back mortgage, your lender advances you a cash lump sum when your mortgage closes. Find out which lenders offer cash back mortgages, and more.
All lenders are offering options for skip a payment or deferral etc if your employment/income has been impacted by the COVID19 crisis...you must speak to your lender for specific details. Waits on hold are long so please be patient with the lenders, and understand that the representatives are working as hard as they can to help everyone impacted...
Customer Service Numbers below:
ATB 1-800-332-8383
B2B 1 800 263 8349
BMO 1-877-895-3278
Bridgewater 1-866-243-4301
CIBC 1-800-465-2422
CMLS 1-888-995-2657
Optimum 1-866-441-3775
Equitable 1-888-334-3313
Connect First 403-736-4000
Chinook Financial 403-934-3358
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Haventree 1-855-272-0051
Home Trust 1-855-270-3630
HSBC 1-888-310-4722
ICICI 1-888-424-2422
Manulife 1-877-765-2265
MCAP 1-800-265-2624
Merix 1-877-637-4911
Marathon 1-855-503-6060
RBC 1-866-809-5800
RFA 1-877-416-7873
RMG 1-866-809-5800
Scotia 1-800-472-6842
Servus 1-877-378-8728
Street Capital 1-866-683-8090
TD 1-866-222-3456
Wealth One Bank 1-866-392-1088
17/03/2020
Hello everyone.....please note effective now you can request mortgage deferral up to 6 months of your mortgage payments. Please contact your lender directly as we cannot make this change for you. Any questions we are a phone call away. 1.888.435.0123
RATE UPDATE! 5 year insured fixed 2.24%, 5 year insured variable P - 1.1% (2.35%), Refinance rates as low as 2.64% for a 5 year fixed up to 30 year amortization, message me for details!
How much will your financial relationship cost you over the next 5 years & are you willing to pay for it?
Introduction:
Over the next several weeks, I will be releasing a post a week on a variety of topics (some listed below) that will help you make an informed decision when it comes to choosing a mortgage. Keep in mind, this will not be a forum to speak negatively of any financial institution or individual, and I ask that you keep an open mind when reading, and always ask questions (please contact me privately if you have questions about your personal finances and do not post them publicly for your protection). Mortgages are complicated and let’s be honest, they can be very boring. As well, when you are caught up in a life situation where you need equity from your home fast, or are struggling to meet a finance condition on an offer you just put in on a property, who has time to diligently shop around? Many of us (I was once guilty of this too), simply call our bank where our chequing account is set up and say, “I need a mortgage”, and voila! You have an approval for what you need, and the rate isn’t bad either! So, you think you’re happy, but will that short-term solution turn into a long-term problem? Let’s look at some questions you should be asking yourself:
1) Was the mortgage product I chose the best product for my next 5-year life goals?
2) Do I fully understand just how costly it could be to break my mortgage early with my lender if I need to make a major life change?
3) Did I ask why this product was recommended to me?
4) Was I given more than 1 option to choose from?
5) Does this mortgage give me the ability to pay it off faster?
6) Are there any restrictions to this mortgage AND most importantly, do I understand these restrictions?
7) Was I given the best rate for the mortgage I needed? – keep in mind, mortgages are MUCH more than just a rate, and this topic should be lower on your list of priorities (which is why I have it down so low on the list) because a rate of 2.59% vs 2.49% may only cost you hundreds of dollars over 5 years, but if the 2.49% product isn’t right for you, it could end up costing you 10’s of thousands if you need to make a change to your mortgage.
8) What features does this mortgage offer me?
Whether you are walking in to a bank, or using the services of a licensed and registered mortgage broker, the BIGGEST question you should be asking yourself is: Are they looking out for my best interest or are they just offering me a product out of convenience or necessity. Stay tuned and as always, feel free to reach out if you have any questions!