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your mid-week mortgage market minute
with Jim Cook, Broker
In talking with several Realtors, it sounds like there is a gap in information leaving you a little less informed when working with your clients.  My intent is to share relevant information so you can have more informed discussions with those clients.  Below is the proposed format - intended to go out wednesdays.  Feel free to reply back with your thoughts/comments/suggestions.
in the mortgage marketplace ...
Pictures sometimes save time.  Everyone is expecting rates to drop this year.  Media tends to focus on the Bank of Canada policy rate, which hasn't moved, but fixed rates have been trending down since early December.  A key point to remember is that rates don't move in a straight line.  From everything I am reading at the moment, I'm not expecting a significant change until the second half of this year.  Below are two charts that reinforce that view - nothing happens in a straight line (see 2008 rate moves) and using many leading indicators, a chart showing where the marketplace is currently expecting rates to go over the next few years.  For me, anything beyond 2-3 years is fiction ... even anything in the next 3-6 months is circumspect ;-)  As I mentioned in a recent client email, economic winds can change as quickly as a teenagers mood.
rate snapshot ...
Rates are largely stable at the moment.  For properties priced below $1 million, with less than 20% down payment, example rates would be:
  • 1 yr fixed  7.50% or $7.32 per $1k in mortgage
  • 3 yr fixed  5.39% or $6.04 per $1k in mortgage
  • 5 yr fixed  5.24% or $5.95 per $1k in mortgage
For clarity, a $200,000 at 5.24% on a 25 yr amortization would have payments of 200 x 5.95 = $1,190 monthly.

Note also that rates can change daily, certainly differ between lenders and definitely differ based on down payment.
in Jim's practice ...
I intend to use this section for education as well as highlighting the experience of clients working with our office.

Today, I'll just let you know we are working through our full database to increase the number of 5-star google reviews - now over 80 - and have been doing a little SEO refreshening in advance of the spring market.

Over the past few years, we have optimized our process in many ways.  In 30 minutes, most clients leave a call, having seen for themselves, how much they qualify for.  They are then ready to start papering up their request through our encrypted portal called Hurricane.  This will be a topic (our initial process with clients) and an embedded video in a future 4M (midweek mortgage market minute) email. 


Have a successful weekend.   Mild temps are on the way for next week ...
chatwithjim.ca

the best place to refer clients to get questions answered quickly!  No Phone Tag.  They book directly into my calendar to schedule a call!
Jim Cook is a nationally-recognized broker with some quarter billion in mortgages funded. 
www.mymortgageplace.ca          519-832-7882            chatwithjim.ca
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