Patricia Collins - Mortgage Solutions
3 yr fixed 2.49% * 5 yr fixed 2.94% * 5 yr variable 2.35% * HELOC 3.50% - WOW!!!

Call with any questions on renewing, switching, or new purchases!

Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca

604-996-7701

With the discounted fixed rates being advertised at the big banks right now matching those of monolines (companies solely concerned with mortgages), one of the most frequently asked questions has been whether to go with a monoline or a ‘big bank’ and what the differences are.

The table at the bottom of this article is the best answer I can provide.  Banks will offer the 2.99% mortgage to you, but if you need to break the mortgage in the future (and no one has a crystal ball!), they will calculate the ‘discount’ they gave you to get to that 2.99% as their posted 5 year rate is 4.94%.  That number is then used when calculating the IRD and associated penalty.

A monoline only has the one rate they have offered you, so their IRD and penalty is straightforward using the rate they gave you and the rate at the time you break the mortgage.  In recent years, this has meant a difference of thousands between their penalties and those the big banks charge.

I would HIGHLY recommend anyone looking to lock in a fixed mortgage with a big bank to seek out 3rd party advice outside of that bank to see if it is in fact in their best interest. 

A Mortgage Broker will be able to walk you through the differences between the lenders and pros and cons of each.  Each lender has different underwriting rules, terms, and specific products that will be more suited to one situation or client than another.  Why not take 20 minutes to be confident you are making the right decision with your home and life savings?!

Please feel free to ask me any questions as always!

Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca

604-996-7701

Great news for purchasers in Greater Vancouver! 

Please feel free to contact me with any questions - the link will take you to the government page outlining the program requirements.

If you are a first time homebuyer and the purchase price is under $475K as of this change date, you are exempt from paying property transfer tax!

Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca

604-996-7701


Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca

604-996-7701

NEW CLIENT REFERRAL PROGRAM! * Win a Gourmet Espresso Machine! *

NEW CLIENT REFERRAL PROGRAM!

I truly appreciate all of the support and business you have trusted me with over the years and want to introduce a new program to THANK YOU in a way I’m hoping will bring a smile to your face!

Every 6 months I will announce a new Grand Prize for the person or couple that refers the highest number of qualified applicants my way!

This can include yourself, family members, friends, colleagues, or someone you overheard in the grocery line.  Each referral counts regardless of whether the mortgage goes through or not (qualified simply means that the referral must be truly in need of a mortgage).

Throughout the year, each of you will on average come into contact with at least 10 people who will be purchasing a new home.  Add to that number your friends and family who already own a home and will need to renew their mortgage, or who would like to save money by switching to a better one.  Add again the people who would like money to renovate or consolidate their debt… Your number of entries is limitless!

JANUARY – JUNE 2014 GRAND PRIZE…

Your choice between:

  • A Nespresso Maestria - one of the best Single Serve Espresso Machines (uses capsules) on the market – and you can choose the colour!

                                   

OR

  • An amazing Traditional Espresso Machine - the Breville Barista Express (with its own built-in grinder)!

  

Thank you again for your continued support and choosing me as your Mortgage Broker of Choice!  I will constantly strive to look out for your best interests and those of the referrals you entrust me with.

Have a great day and I hope to share a gourmet coffee with you soon!

Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca

604-996-7701

WOW! Rates keep dropping! 3.09% 5 year fixed special * 2.59% 3 year fixed * 2.35% 5 year variable!!!

Call with any questions!

Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca / 604-996-7701

Bank of Canada Announcement and your Variable Rate Mortgage

Good afternoon!

As you know, your variable rate mortgage, line of credit and/or student loans are all based on the Prime Rate and here is your personal update from me on the recent Bank of Canada announcement on changes to their Overnight Rate.

At 10:00 am EST, Wednesday January 22nd, 2014  the Bank of Canada again did what we expected them to do … they continued to maintain their overnight rate.   What this means to you is that once again the prime rate on your mortgage, line of credit or student loan will not change and remains at 3.00%.  This is great news but don’t forget to make the most of the low payments you still have, as the rate will increase in the future. 

Did you or someone you know blow their budget over the holiday season?  Don’t forget I offer the lowest rate visa in the country with one of the best reward programs!  Transfer your balance to a lower card and breathe a little easier by applying from my webpage at http://www.patriciacollins.ca/index.php/page/dominion-lending-visa.  Or talk to me about consolidating your debt into your mortgage and dropping the rate on your high interest cards and loans even lower.  I will be happy to talk with you and help you get back on track!

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision yesterday:

Inflation in Canada has moved further below the 2% target, owing largely to significant excess supply in the economy and heightened competition in the retail sector.  Global growth is expected to strengthen over the next two years with the US leading this acceleration, aided by diminishing fiscal drag, accommodative monetary policy and stronger household balance sheets. The improving U.S. outlook is affecting global bond, equity, and currency markets. Growth in other regions is evolving largely as projected.  In Canada, growth improved in the second half of 2013. However, there have been few signs of the anticipated rebalancing towards exports and business investment. Stronger U.S. demand, as well as the recent depreciation of the Canadian dollar, should help to boost exports and, in turn, business confidence and investment”.

Based on this news, the Bank still does not expect to increase their rate in the foreseeable future with any change most likely to occur late 2014 or even not until 2015!   Remember, that any increase to the prime rate since 1992 has only been by 0.25% at any ONE time, so you won’t see a large significant increase all at once.

Fixed rates dropped just slightly since the last announcement to around 3.39% to 3.59% for a five year fixed term.

Based on this recent announcement, and the anticipation that the prime rate will still remain low for a while now,  I’d recommend that you remain with your current variable rate product if you have a good rate as the interest is lower than a fixed term rate right now.  However, if having a fixed payment is important to you, call me so I can calculate what your new payment would look like and also if it is suitable for you. The next announcement on any change to the prime rate is March 5th, 2014 at which time I’ll be in touch again.

I wonder if I can ask a favour – this is a great time for first time home buyers who are thinking of purchasing in the Spring to start with a pre-approval plan now to get them on track and save unnecessary interest.  Also if you hear a friend or family member talk about going through a financially tough time – maybe I can help with some budgeting and debt consolidation options for them.  In either of these cases, would you mind passing my contact information on to them – this is very much appreciated.

Have a wonderful weekend!

Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca

Fixed vs. Variable Rates over the last 25 years! 
Variable rates have traditionally outperformed the fixed rate, and with recent speculation that the BoC may not raise the Prime Rate until 2016, this is definitely an option to think about!
If the security of the still-low fixed rate is more your style, there are still plenty of great options to choose from!
Call with any questions of course!
Patricia Collins

Vancouver Mortgage Broker 
www.patriciacollins.ca
604-996-7701

Fixed vs. Variable Rates over the last 25 years!

Variable rates have traditionally outperformed the fixed rate, and with recent speculation that the BoC may not raise the Prime Rate until 2016, this is definitely an option to think about!

If the security of the still-low fixed rate is more your style, there are still plenty of great options to choose from!

Call with any questions of course!

Patricia Collins

Vancouver Mortgage Broker

www.patriciacollins.ca

604-996-7701

Fixed rates are finally decreasing over the next few days - be sure to check in!
Please support me in the Canadian Breast Cancer Foundation Run for the Cure this Sunday!

I will be running this Sunday in the Canadian Breast Cancer Foundation CIBC Run for the Cure to raise money for Breast Cancer research, meaningful education and awareness programs, and a positive quality of life for those living with breast cancer.

Many of you know that I lost my Mom to this terrible disease on Hallowe’en night, 2007.  Let’s obliterate breast cancer together!  Every dollar makes a difference. The link to my donation site is below - I truly appreciate your thoughts and support.

http://www.runforthecure.com/site/TR/RunfortheCureFY14/BCYukon?px=3143293&pg=personal&fr_id=1696

To learn more about the Foundation’s work, visit www.cbcf.org.

Kind regards,

Patricia Collins

604-996-7701

www.patriciacollins.ca