Just Listed: 5+1 Bed 4 Bath Prime West Mountain Neighbourhood Hamilton Home For Sale

General Matthew Hines 12 Sep

Just Listed: 5+1 Bed 4 Bath Prime West Mountain Neighbourhood Hamilton Home For Sale

Perfect For A Large Or Growing Family!

 

Located In AQuiet Court In Prime West Mountain Neighbourhood This Beautifully Maintained 5 Bedroom Custom Built Home By Desantis Is Available For The First Time. Perfect For A Large Or Growing Family. Large Basement With Bedroom And Bath En Suite. Don’t Forget To Check Out The Virtual Tour!!! **** EXTRAS **** Elf, Gas Stove, Fridge, Washer, Dryer, All Window Coverings, Close To St. Thomas More High School, Shopping, Highway, Linc & Transit

Available for purchase with 5% Down an interest rate of 2.49% for 5 Year Fixed.

Open House: Sat. September 12 and Sun. September 13 2:00 pm to 4:00 pm

**Not intended To Solicit Buyers & Sellers Currently Under Contract*

Presented By:

 

Nishad Lakhani, Sales Representative
Royal LePage Signature Realty
O. 416-443-0300 
C. 647-899-4007
F. 416-443-8619
nlakhani@trebnet.com
www.searchforyourgtahome.com/ 

Financing Provided By:

Matthew S Hines, Mortgage Agent
Dominion Lending Centres Edge Financial
O. 416-445-4101
C. 416-908-2070
F. 416-443-8619 
mhines@dominionlending.ca
www.matthewhines.ca 


Tuesday Rate Update

General Matthew Hines 31 Mar

 

Canada 5-Year Bond Yield Overview

 

The Canadian 5 year bond yields markets  0.12% to  1.71 The spread (based on our standard 5 year published rate of 3.19%) is BELOW the comfort zone at 1.48 ( http://www.investing.com/rates-bonds/canada-5-year-bond-yield )

The rate of return on your bond, can be read through a yield curve, If the increase in bond yield continues to go up, the spread will continue to shrink and this could be a trigger for interest rates to rise.  The comfort zone is between 1.90 and 2.10.

Our Standard 5 Year Fixed Rate is 3.19% but rates as low as 2.99% are available to qualified clients. 

Our Standard 5 Year Variable Fixed Rate is P-.55 (2.45%), but rates as low as P-.65 are available to suitable clients.

All rates are subject to change without notice and borrowers must meet suitability and Lender qualifying criteria. 

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Matthew S Hines is a Toronto Mortgage Broker with Dominion Lending Centres Edge Financial. (#10710). Matthew is a First Time Home Buyer Specialist and has been helping aspiring home owners “Achieve The Dream” of home ownership since 2005. Matthew can be contaced at mhines@dominionlending.ca | www.matthewhines.ca 

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Canada 5-Year Bond Yield Overview

General Matthew Hines 18 Mar

Via Investing.com

Canada 5-Year Bond Yield Overview

 

The Canadian 5 year bond yields markets  -0.010 to  1.63 The spread (based on our standard 5 year published rate of 3.19%) is BELOW the comfort zone at 1.56 http://www.investing.com/rates-bonds/canada-5-year-bond-yield ) 

The rate of return on your bond, can be read through a yield curve, If the increase in bond yield continues to go up, the spread will continue to shrink and this could be a trigger for interest rates to rise.  The comfort zone is between 1.90 and 2.10

 

Our Standard 5 Year Fixed Rate is 3.19% but rates as low as 3.04% are avaialble to qualified clients. 

Our Standard 5 Year Variable Fixed Rate is P-.50 (2.50%), but rates as low as P-.65 are available to suitable clients.

All rates are subject to change without notice and borrowers must meet suitability and Lender qualifying criteria. 

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Matthew S Hines is a Toronto Mortgage Broker with Dominion Lending Centres Edge Financial. (#10710). Matthew is a First Time Home Buyer Specialist and has been helping aspiring home owners “Achieve The Dream” of home ownership since 2005. Matthew can be contaced at mhines@dominionlending.ca | www.matthewhines.ca

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BoC Qualifying Rate Hits Record Low

General Matthew Hines 10 Mar

BoC Qualifying Rate Hits Record Low

Courtesy: http://www.ratespy.com/boc-qualifying-rate-hits-record-low/#.Ux3dtVyuw3Z 

This week the Bank of Canada’s “benchmark rate,” a measure of 5-year posted mortgage rates, dropped to an all-time low of 4.99% (from 5.24%).

The benchmark rate is an important number used by lenders to qualify you for a mortgage (i.e., calculate how big of a mortgage you can afford).

It’s also used as the basis for:

•   Cashback mortgage rates

•   Rate guarantees – This applies predominantly to the retail (non-broker) channel where many lenders still price off the posted rate, and offer the lower of the rates available at the time of approval or closing.

•   Calculations of mortgage prepayment charges (aka. early breakage penalties)

•   Capped variable rates (i.e., variable rates that have an upper limit)

The benchmark qualification rate applies to people getting mortgages with either a variable rate or a term less than five years, at a federally regulated lender–like a bank. (The method differs for people getting fixed mortgages with a 5-year term or longer. For those folks, lenders still qualify them using the actual rate of their mortgage.)

5yr-Benchmark-Rate

Here’s an example of how the new 4.99% qualifying rate affects things.

Prior to this week’s change, you could go into a bank and get a $300,000 variable rate mortgage with roughly $66,450 of income. (Based on a 5.24% qualifying rate, a 25-year amortization, a maximum 39% gross debt service ratio, 1% property taxes and no other debts.)

Now, with the qualifying rate falling to 4.99% you need to earn just $65,245, about 2% or $1,200 less.

Put another way, variable and 1- to 4-year fixed borrowers can now qualify for roughly a 2% bigger mortgage.

More about the Benchmark Rate

•   You can find the current Benchmark rate here (look for data series V121764)

•   It is calculated as a mode average of 5-year posted rates advertised by the six biggest banks (BMO, CIBC, National Bank, RBC, Scotiabank and TD) at noon Eastern time each Wednesday.

•   ”Mode average” refers to the number repeated most often. For example, suppose these are the 5-year posted rates for the Big 6 banks: 4.85%, 5.09%, 5.09%, 5.24%, 5.34%, 5.49%. The mode average (and hence the Benchmark qualifying rate) would be 5.09%.

•   The Benchmark rate is posted on the Bank of Canada’s website every Thursday by approximately noon Eastern time.

Factoid

•   Prior to last week, Scotiabank was the only Big 6 bank with a 4.99% posted 5-year fixed. It dropped to 4.99% in March 2012–two years ahead of competitors.

•   Why didn’t other lenders drop their 5-year posted rates sooner? One reason, according to a banker we spoke with, was that “Lenders were very resistant to dropping (the 5-year) posted rate because of what it might do to their pipeline” (e.g., it would have forced some lenders–who price rate guarantees off posted rates–to offer lower rates to people at the time of closing, in cases where rates fell after those people had applied).

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Matthew S Hines is a Toronto Mortgage Broker with Dominion Lending Centres Edge Financial. (#10710). Matthew is a First Time Home Buyer Specialist and has been helping aspiring home owners “Achieve The Dream” of home ownership since 2005. Matthew can be contaced at mhines@dominionlending.ca | www.matthewhines.ca

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Monday Morning Inspiration

General Matthew Hines 3 Mar

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Matthew S Hines is a Toronto Mortgage Broker with Dominion Lending Centres Edge Financial. (#10710). Matthew is a First Time Home Buyer Specialist and has been helping aspiring home owners “Achieve The Dream” of home ownership since 2005. Matthew can be contaced at mhines@dominionlending.ca

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CMHC to Increase Mortgage Insurance Premiums

General Matthew Hines 28 Feb


CMHC to Increase Mortgage Insurance Premiums


Just Announced: Effective May 1, 2014 CMHC will increase its mortgage loan insurance premiums for owner occupied, self-employed and 1-4 unit rental properties including low-ratio refinance premiums.

“The higher premiums reflect CMHC’s higher capital targets” said Steven Mennill, CMHC’s Vice-President, Insurance Operations. “CMHC’s capital holdings reduce Canadian taxpayers’ exposure to the housing market and contribute to the long term stability of the financial system.”

This will not affect mortgage currently insured by CMHC.

CMHC says the effect of the increase amounts to about  $5 per month to their mortgage payment.

You can get a copy of the press release here: http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-02-28-1100.cfm?WT.cg_n=TWT_MLI

Call me and get pre-approved today. 1-877-736-1876

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Matthew S Hines is a Toronto Mortgage Broker with Dominion Lending Centres Edge Financial. (#10710). Matthew is a First Time Home Buyer Specialist and has been helping aspiring home owners “Achieve The Dream” of home ownership since 2005. Matthew can be contaced at mhines@dominionlending.ca

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3 Emerging Factors that will Affect your Ability to OWN a Home in 2014

General Matthew Hines 27 Feb

 

 Why Now may just be the best time this year to purchase a home!

 


1. If you are considering a home purchase in 2014, now may just be the best time to do it. A Globe & Mail article this week suggests that CMHC may be announcing shortly it’s intent to raise mortgage insurance premiums. If this happens, Genworth & Canada Guaranty are sure to follow. 

2. With the spring market rapidly approaching, mortgage lenders have been positioning themselves to take advantage of the spring rush. As a result, mortgage interest rates are .20% to .30% below normal levels based on where Bond Yields are.

3. Well, continually rising house prices and rent increases.

Rising insurance costs coupled with a .20% to .30% increase in mortgage interst rates and higher house prices will conspire to increase the costs of home ownership to such an extent that another group of aspiring home owners will get priced out of the market.

DON’T get priced out of the market, Get in before costs rise.

Call me and get pre-approved today. 1-877-736-1876

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Matthew S Hines is a Toronto Mortgage Broker with Dominion Lending Centres Edge Financial. (#10710). Matthew is a First Time Home Buyer specialist and has been helping aspiring home owners “Achieve The Dream” of home ownership since 2005. Matthew can be contaced at mhines@dominionlending.ca

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