Banks love those who eat the Lowest interest bait

The Return of the 10 year term

This month’s edition offers 3 reasons why you may want to consider a longer mortgage term, as well as cautions you about simply signing a renewal offer from your lender. Please let me know if you have any questions or feedback regarding anything below. Thanks again for your continued support & referrals!

The 10 year fixed-rate mortgage has generated renewed interest lately as borrowers look to lock in for the long term and enjoy the security and peace of mind this brings.

With mortgage rates at all-time lows, it turns out that fashion isn’t the only thing that comes back into style! In fact, 10-year fixed mortgage rates have never looked so tempting.

Here are 3 key reasons to consider a 10-year mortgage term:

1. After 5 years, you only have to pay 3 months’ interest to get out of the mortgage. This is currently the lowest penalty available for a fixed rate- much more attractive than facing a much higher interest rate differential (IRD) penalty.

2. If you’re on a fixed income, taking advantage of a longer term fixed-rate mortgage can definitely be beneficial. Currently, with our historically low interest rates, a 5-year fixed rate is around 3.19% & 10-year is around 3.89%. So, if after 5 years rates have risen to 4.6% or higher (which is very likely), you would have been ahead taking the current 10-year at 3.89%. Instead of guessing how much longer rates will remain at historic lows, if you’re on a fixed income, you know you’ll be paying the same rate for 10 years. And, chances are, after 10 years are up, you’ll be in better shape financially & have more home equity.

3. You don’t need the equity out of your home for your next purchase as you can buy again with a 5% down payment. For instance, if you purchase with 5% down, your property would have to go up more than 25% for you to get equity to use as a down payment for a 2^nd home, which is not likely in 5 years. But, you can turn your current condo into a rental and buy your next home with 5% down (with a combination of savings or a gift). Rental mortgages usually require a 20% down payment, whereas primary residences typically require just 5% down. Purchasing a condo to live in until you’re ready to buy another home, & then renting out the condo, is a great way to become a real estate investor without having to come up with a 20% down payment.

The return of the solid 10-year means you have options. It may not be the best option for everyone, and the market may change in a few months to make it less attractive. So better consider it now before it is gone. Let me show you how all the products apply to your specific situation to ensure you receive the best product & rate to meet your unique needs. As always, I’m here to help you for any mortgage question.

While most Canadians spend a lot of time and expend a lot of effort in shopping for an initial mortgage, the same is generally not the case when looking at mortgage term renewals. Omitting proper consideration at the time of renewal costs Canadians thousands of extra dollars every year.

It’s important to never accept the rate offer that your existing lender sends to you in the mail around renewal time. Without any negotiation, simply signing up for the market rate on a renewal will unnecessarily cost you a lot of extra money on your mortgage.

It would be my pleasure to help you, have the lenders compete for your mortgage business at renewal time to ensure you receive the best mortgage options and rate catered to your specific needs. After all, just because a lender had the best available product or rate for you when you obtained a mortgage 1, 3 or 5 years ago does not mean the same holds true in today’s market.

With products and rates changing on an ongoing basis, you can’t possibly know what the best offering is for your unique situation without having me- a mortgage professional- do some investigating on your behalf.

It’s my job to look at every rate and product change from each lender- including banks, trust companies and credit unions- every morning to ensure I find the best deals for my clients. I also have the inside scoop on specials available through dozens of lenders thanks to the large volume of business I fund through these lenders each year.

Often times, your existing lender will send a highball renewal rate to their existing clients in the hopes that you’ll simply sign the renewal form and send it back. Your best bet is to come to me prior to your renewal date or forward the lender’s renewal offer to me before signing anything. That way, you can rest assure you’re getting the best possible mortgage product and rate that suits both your current and future mortgage needs.

Now you know. Call me now to discuss your situation and which product, terms and conditions are best for you.

Click HERE to Nathalie Ng

@FindMeAMortgage

Week of Professional and Personal Growth

Last 2 weeks was filled with personal development. Started with 3 dayas on real estate investing.

Event jammed pack with information from professional real estate investors.

Then conference on Homeownership in Canada, with economists & industry panelists from:

1. Henrietta Ross, from Ontario Association of Credit Counselling Services * http://www.oaccs.com/main.html

2. Will Dunning, Chief Economist to our Canadian Association of Accredited Mortgage Professionals (CAAMP)

3. President of Genworth Financial, Mortgage Insurer, allowing lenders to lend to clients on low interest rates.

And many others not all listed here... Conference was Moderated by Scott Reid, from CTV *

* See pictures below.

Learnt a lot about the state of consumers financial situation.

Dominion Lending Centres Conference

Our company also had a conference, where many lenders, banks, and industry leaders were present. We also had a refresher on our Commercial Mortgage Division. We certainly are surrounded by the best in the industry.

Break Through Moment...

Had the honour & pleasure to shake hands with Jareik Robbins, son of Anthony Robbins. At such a youngage, Jareik has a lot to share in personal developments, business, relationships and "yourself".

Main take away: Your beliefs system, clarity, vision all these affect you and why you do what you do. Lots of questions to be answered…

Also had a break through moment, where we had to break a wood arrow pointed to our neck. And I did it…

Yes, I did… I had also broke a wooden board, with my right wrist!

Can you believe that??? I was so scared, given my wrist & back… See short video & photo… I feel “light” already… Thank you to the organizers & thank you God for what I have learnt.

Click on the image to see me Breaking the Arrow! Feel the energy!

Weekend ended with supporting Million Dollar Smiles Charity Organization, building playgrounds for kinds who have been affected by cancer and/or diseases. Thank you God for the gift of these little souls, who motivate and inspire me & others in the community. Trully grateful.

More to come this week... Have a fantastic week to you all!!

Sincerely yours,

Nathalie Ng, Licensed Bilingual Mortgage and Leasing Agent

Nathalie.Ng@rogers.com

Clients have expressed they benefitted from concrete knowledge & impecable service by having Nathalie on their side.

See our client testimonials.

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