Hey everyone! Happy Belated New Year! I hope your 2016’s been off to a great start, and if the only thing you’ve been missing is a mortgage update from Your Northern BC Mortgage Broker, then you’re in luck! I’m about to give you a heads up on what you can expect mortgage-wise over the next 12 months.
Before that, let me just bring any new readers up to speed! My name is Lori Lalonde, and I post the latest mortgage news right here on this blog. Alternatively, you can find out about my award-winning mortgage broker services over on my official website. And that’s not all! You can also connect with me on Twitter and Facebook and BrokerBase and Google+ and LinkedIn, and if that’s not enough then my phone number is 250-782-9665. I always keep it on, even on the weekends. If you live in Dawson Creek, you’re also more than welcome to visit me in my downtown office, for information or consultation or anything else. With all those options, it’s probably more difficult to not contact me, so I look forward to hearing from you soon!
So with all that said, let’s talk about 2016. Here’s the gist of it: the Canadian economy may be in a bit of a slump, but interest rates for mortgages are still incredibly low. In fact, while the Big 6 Banks are hiking up their rates, I’m still offering 2.59 – 2.69 for a 5 year fixed mortgage with great pre-payment options. The biggest hurdle for Canadian homeowners is an impending increase in minimum down payments, which is something that will affect a certain portion of prospective buyers in the coming months. That said, hurdles like that are exactly what professional mortgage brokers are there to overcome, and my goal is and always will be to help as many Canadians get their perfect mortgage as possible. So while I have to acknowledge that getting a mortgage in Northern BC may be slightly more difficult than it was a year ago, it’s important to reiterate that it’s still an excellent time to get one. Especially if you’re thinking about getting a mortgage in the next few years, today’s interest rates are too low to not look into getting one as soon as possible.
If you’re still a little worried (and I know there’s been a lot in the media lately that would be fair cause for concern!), check out this recent article by broker Steve Garganis pointing out how steady mortgage rates have been in Canada (even in spite of unsteady rates in the United States). And if you’re on the fence about coming to a mortgage broker instead of one of the banks, note that almost all of the Big 6 Banks made record profits in 2015 while withholding Bank of Canada rate cuts from Canadian consumers (you can read about that right here, here, or here). The bottom line is that banks offer mortgages to maximize profit, whereas I can find you a mortgage to maximize your happiness. I have access to over 40 lenders, and I can all but guarantee that one of them will have your perfect mortgage.
At the very least, I urge anyone thinking about mortgages in 2016 to contact me personally. I’ve been in the industry for a lot of years, so I’ve watched its ups and downs very carefully – which puts me in a perfect position to advise you on how best to go forward. And know this: I don’t charge for advice. Having a talk with me about your options is completely free, and you have absolutely nothing to lose (and everything to gain!) by doing so. The Canadian mortgage industry is still going strong in 2016, and the best possible thing you can do to take advantage of that is to talk with a professional.
That’s my start of the year spiel for now. Here’s to an amazing 2016!
Lori Lalonde, Your Northern BC Mortgage Broker™