Mortgage Alliance Ruslana Vorotyntseva

Typically, for every 0.25% reduction, mortgage holders save around $15 per $100,000 of their mortgage. While this might seem small, Bank of Canada Governor Tiff Macklem mentioned that more cuts are "reasonable" to expect.
TD forecasts the rate to decrease to 4.25%, while CIBC and RBC anticipate it dropping to 4% this year. A full percentage point reduction could lead to significant savings.
If you have more questions, contact me for more details.

Typically, for every 0.25% reduction, mortgage holders save around $15 per $100,000 of their mortgage. While this might seem small, Bank of Canada Governor Tiff Macklem mentioned that more cuts are "reasonable" to expect.

TD forecasts the rate to decrease to 4.25%, while CIBC and RBC anticipate it dropping to 4% this year. A full percentage point reduction could lead to significant savings.

Contact your Mortgage Alliance Professional for more details. They have the latest information and can calculate your potential savings.

The Bank of Canada announced today that it is reducing its policy interest rate by 25 basis points, bringing the key rate down to 4.75%. This decision marks the first rate cut since March 2020.
Economists and market experts were split on the likelihood of this cut, with some expecting it to happen either in this announcement or the next one in July. Factors influencing the Bank's decision included a slowdown in consumer price inflation, which has been easing across most advanced economies, and a desire to support economic growth without overstimulating it.
For homeowners and those with variable-rate mortgages or home equity lines of credit, this cut could provide some relief by lowering their borrowing costs. However, fixed mortgage rates are expected to remain largely unchanged since potential rate cuts have already been factored into current bond market pricing
The next Bank of Canada interest rate review meeting will be held on July 24, 2024.
Prime Rate as of June 5, 2024 is 7.20%. Expect banks and lenders to follow, cutting their prime rates by the same 0.25%.
Benchmark Qualifying Rate 5.25%.
For more detailed information on today's announcement and its implications, you can visit the Bank of Canada official site:

If you have any questions, please reach out to review and discuss your personalized options.

Bank of Canada reduces policy rate by 25 basis points The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.

Canada's National Housing Market Update for April 2024

Canada's National Housing Market Update for April 2024:

🏡 Home sales fell slightly by 1.7% month-over-month despite the 2.8% rise in new listings.

📊 The central bank's main core inflation measures continued to move in a positive direction in April, all of which fell below 3% and into the Bank of Canada's 1%-3% preferred range.

💼 April's employment grew by a significant 90,400 jobs, reflecting the largest rise in employment since January 2023.

🔗 For more detailed information and our full National Overview, you can read the full National Housing Market update here: https://ow.ly/NPX550S1b3I

Planning to buy a home? 🏡 A good credit score is crucial not only for mortgage approval but also for unlocking better interest rates.

Planning to buy a home? 🏡 A good credit score is crucial not only for mortgage approval but also for unlocking better interest rates. 📊

Here are 4 tips to build and maintain a healthy credit score:

1. Use your credit regularly.
2. Pay your bills on time.
3. Avoid maxing out your credit cards.
4. Have a mix of different credit accounts.

As widely expected, the Bank of Canada has maintained its policy interest rate at 5% for the sixth consecutive time. Today’s remarks indicated a cautious optimism regarding inflation following declines in both headline and core inflation in recent months, suggesting a potential shift that could open the door to rate cuts later this year.
“We are seeing what we need to see, but we need to see it for longer to be confident that progress toward price stability will be sustained.”- Governor Tiff Macklem stated. “The further decline we've seen in core inflation is very recent. We need to be assured this is not just a temporary dip."
As mortgage professional, I am here to offer guidance and support as we navigate these market changes together. Whether you are considering buying, your mortgage is coming up for renewal, or you simply have questions, please know that I am available to assist you. Feel free to reach out at any time.

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%.

Good debt is typically associated with investments that have the potential to increase in value or generate income over time, while bad debt involves borrowing for items that depreciate quickly or do not contribute to your long-term financial well-being. It's important to carefully consider the implications of taking on debt and to borrow responsibly within your means.
Contact me to discussed your options.

When you work with a Mortgage Broker not only do you get access to better rates and more options, it’s free! You don’t need to pay a Mortgage Broker for their services. We are compensated by the lender.

Bank of Canada maintains policy rate, continues quantitative tightening

Every homeowner was once a first-time home buyer, and Canada offers many programs to help first-time home buyers. Ranging from incentive programs to rebates and tax credits, even down payment assistance.

Contact me to learn what is available to you.

Do you have questions about your mortgage? Maybe you are wondering if your current mortgage is still right for you.

Reach out today and schedule your free mortgage checkup to discover your options.

It is important to regularly evaluate the options that are available to reduce personal debt, increase cash flow and identify potential savings.

As a mortgage professional, I have access to a variety of solutions that can eliminate debts such as credit cards and other loans without affecting your existing mortgage. It may also be possible to roll your debts into your existing mortgage and reduce your monthly payments.

Reach out for more information or to schedule your mortgage check-up.

A good credit score in Canada can make life easier – especially when you’re looking to purchase a home. To help make sure you get a great mortgage rate, here are the top three tips to help improve your credit score quickly.

Tip #1: Pay your bills on time every time

Tip #2: Watch and understand your credit utilization ratio. It is recommended not to use more than 30% of the credit available to you. This includes all your credit cards and lines of credit.

Tip #3: Diversify your credit mix (credit cards, loans, mortgages)

If you have any questions, contact me!

Your credit score helps determine how much money you can borrow and the interest rate you will pay. It is important to keep a good credit score. To help with this, don’t exceed your credit limit; try to use less than 35% of your available credit. Having a higher credit limit and using less of it each month is better.

For example, if your available credit is $15,000, try not to borrow more than $5,250 at a time, which is 35% of $15,000.

Lenders see you as a greater risk if you use a lot of your available credit. This is true even if you pay your balance in full by the due date.

Your credit score is a number ranging from 300 to 900, which is determined by credit bureaus. In Canada, there are two credit bureaus: Equifax and TransUnion.

Your credit score reflects your creditworthiness and the probability of you repaying your debts. Scores over 660 demonstrate that you can manage credit effectively and that a lender should feel secure in granting you a loan at a competitive rate.

Listed below are the factors that influence your credit score:

- The length of time you have had credit
- The balance you carry on your credit cards
- The frequency with which you miss payments
- The amount of debt you currently owe
- The portion of credit you utilize out of the total amount available to you
- Whether you have ever filed for bankruptcy
- Whether any of your debts have ever been sent to collections

If your mortgage is coming up for renewal this year, contact me to start the conversation.

We are in a high-interest rate environment, and many customers feel stuck with their current lender at renewal. But I'm armed with solutions. Whether transferring to a different lender for a better rate, exploring new mortgage products that let you access your equity to help with payments, or opting for a shorter term.

We will discuss your current cash flow situation, anticipated changes to your income or expenses and your long-term goals to find the best solution for you.

If your mortgage is coming up for renewal, it is essential to contact me to explore your options. With the Stress Test and today’s higher rate environment, some homeowners have difficulty qualifying at renewal and feel “stuck” with their current lenders.

The best thing you can do is get advice early and explore your options.

Lenders will typically let you renew your mortgage without penalty 120 to 180 days before your current term is up. They will often send you an early renewal offer during this period. It is essential to know that early renewal offers are usually uncompetitive. Your best option is to reach out to me and explore your options!

Happy New Year everyone! Thank you for being an important part of our journey. May this year bring new opportunities, partnerships, and triumphs for us all.

BREAKING NEWS
The Bank of Canada has left its benchmark rate unchanged at 5.00%.

As a mortgage agent level 2, I'm dedicated to helping clients navigate these economic shifts. Connect with me to discuss how these changes may affect your mortgage strategy.

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening
As a mortgage agent level 2, I'm dedicated to helping clients navigate these economic shifts. Connect with me to discuss how these changes may affect your mortgage strategy.

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

Happy Canada Day to all people across Canada! Wishing you a very happy celebration on your Canada day!

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

Bank of Canada raises policy rate 25 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%.

It is important to regularly evaluate the options that are available to reduce personal debt, increase cash flow and identify potential savings.

As a mortgage professional, I have access to a variety of solutions that can eliminate debts such as credit cards and other loans without affecting your existing mortgage. It may also be possible to roll your debts into your existing mortgage and reduce your monthly payments.

Reach out for more information or to schedule your mortgage check-up.

Useful information.
The Bank of Canada has once again left its overnight target rate unchanged at 4.50%.

As a mortgage agent level 2, I'm dedicated to helping clients navigate these economic shifts. Connect with me to discuss how these changes may affect your mortgage strategy.

Bank of Canada maintains policy rate, continues quantitative tightening The Bank of Canada today held its target for the overnight rate at 4½%, with the Bank Rate at 4¾% and the deposit rate at 4½%. The Bank is also continuing its policy of quantitative tightening.

Bank of Canada increases policy interest rate by 25 basis points

I'd like to wish you and your families all the very best in 2023 – may the new year be filled with happiness, good health and prosperity!

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The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%. The Bank is also continuing its policy of quantitative
tightening.

Bank of Canada increases policy interest rate by 50 basis points, continues quantitative tightening The Bank of Canada today increased its target for the overnight rate to 3¾%, with the Bank Rate at 4% and the deposit rate at 3¾%.