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Chris Friesen
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Chris Friesen - Mortgage Intelligence. Mortgage Broker in Winnipeg
Chris Friesen - Mortgage Intelligence. Mortgage Broker in Winnipeg

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Today's Winnipeg Mortgage Rates
Variable Rate Mortgage (5yr) - 2.40%*

Fixed Rate Mortgage (1yr) - 2.99%
Fixed Rate Mortgage (2yr) - 3.19%
Fixed Rate Mortgage (3yr) - 3.04%
Fixed Rate Mortgage (4yr) - 3.44%
Fixed Rate Mortgage (5yr) - 3.19%*
Promotional Rate, some restrictions apply
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Historical review of 5 year fixed Mortgage Rates
Average since 1957 is 8.78%
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Deal Example of the Day

Client fell ill and got behind on some bills because her disability insurance was far less than her usual income.

Before

Loan Payments - $1757 / month
Credit Card Payments - $150 / month
Mortgage Payment - $1464 / month

Total Per Month - $3371

After

We put together a 1st mortgage and 2nd mortgage for the client and paid off all debts
No more debt payments

Mortgage Payments $1533 / month

Monthly savings of $1838

That’s an additional $22,056 in the clients pocket per year!

Don't Forget To Follow Us On Social Media By Clicking The Links Below!

Chris Friesen
Team Lead and Mortgage Professional
Friesen Mortgage Team
Mortgage Intelligence
P : 204-999-2194
chris@friesenmortgageteam.com
www.friesenmortgageteam.com
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How Second Mortgages Work - The Basics

Second mortgages aren't much different than first mortgages, but there are a few differences...

When thinking about first and second mortgages, the meaning of first and second comes down to the position on title to the house.  A first mortgage will be in first position, and a second mortgage in second, there are even third mortgages.  First mortgages are generally secured by banks or credit unions at low interest rates.  Let's say currently 2.59% for a 5 year fixed mortgage.  Where as second mortgages may range from 4.99%-19%, third mortgages can be higher yet.
 
Second mortgages are more expensive because they are inherently more risky for the lender.  In the case of a foreclosure, the first mortgage lender gets paid out before the second lender does.  Because of all the costs involved in a foreclosure, equity is eaten up quickly in legal fees, realtor fees, and the list goes on.  It is possible that a second lender may actually lose money in the case of a foreclosure.  First mortgages are almost always insured by CMHC, Genworth, or Canada Guaranty.  Where as second mortgages are virtually never insured.
 
Because of these additional risks to the lender, the interest rate is higher.  You'll notice above I mention a second mortgage with a rate of 4.99%.  Be sure to read the fine print, this may be your interest rate, but there will be a large setup fee, in the end, your APR will still work out about the same as a 12-13% second mortgage.  It's sort of "gimicky" in that regard, but looks good on paper.
 
A very typical second mortgage may be anywhere from $15,000 - $50,000 or more, with an interest only payment on a one year term.  Going rates are normally 12-14%, with a 3% lender setup fee.
 
Second mortgages are generally given by a Mortgage Investment Corporation, Private Individual, or Trust Company.
 
Second mortgages are generally used to payoff debt (debt consolidation), but can also be used for renovations, paying for kids school, or to get through a difficult time in the event of loss of job or other such events.
 
Before you sign on the dotted line with another mortgage broker, be sure to check with us.  We'll give you a fresh opinion on whether your mortgage (1st, 2nd or even 3rd) is a good idea, or if there is a better solution.

I would be happy to review your situation. If you need to improve your score, I can outline your best options for credit improvement. If you want to get a mortgage while you work on bettering your score, I can also advise how that may be possible.
Do any of these situations look like yours?

Whether you have perfect credit, or have serious credit issues, we can help.

Chris Friesen
Chris Friesen Mortgage Team
Mortgage Intelligence
P : 204-999-2194
chris@friesenmortgageteam.com
www.friesenmortgageteam.com
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Today's Winnipeg Mortgage Rates
Variable Rate Mortgage (5yr) - 2.10%*

Fixed Rate Mortgage (1yr) - 2.29%
Fixed Rate Mortgage (2yr) - 2.29%
Fixed Rate Mortgage (3yr) - 2.34%
Fixed Rate Mortgage (4yr) - 2.54%
Fixed Rate Mortgage (5yr) - 2.64%*
Promotional Rate, some restrictions apply
Fixed Rate Mortgage (7yr) - 3.44%
Fixed Rate Mortgage (10yr)-3.84%

Canada Benchmark Rate (Qualifying Rate) - 4.69%

*Rates are not guaranteed, and available on accepted credit.
Available for a limited time, and subject to change without notice

Don't Forget To Follow Us On Social Media By Clicking The Links Below!

Chris Friesen
Team Lead and Mortgage Professional
Friesen Mortgage Team
Mortgage Intelligence
P : 204-999-2194
chris@friesenmortgageteam.com
www.friesenmortgageteam.com
Facebook          Twitter          Google+          Linkedin
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Here are 6 reasons why you should Choose a Mortgage Broker

1.     As a large national brokerage, we have clout with our lenders to negotiate great rates and limited-time specials, and those savings are passed along to you.
2.     I can save you thousands of dollars by helping you make the right decisions about fixed vs. variable, term length, pre-payment options, payment flexibility, and other mortgage privileges.
3.     The faster you pay off your mortgage, the more you save. I stick with you for the life of your mortgage with advice, options, and opportunities.
4.     Your credit rating influences what mortgage rate you get. I have both simple quick tricks and sound long-term strategies for boosting your credit rating.
5.     If there’s a chance you may need to break your mortgage, not all lenders calculate penalties the same way and the differences can be jaw-dropping. I know which lenders have the fairest penalties.
6.     I can provide referrals to other important professionals in the homebuying process.

Don't Forget To Follow Us On Social Media By Clicking The Links Below!

Chris Friesen
Team Lead and Mortgage Professional
Friesen Mortgage Team
Mortgage Intelligence
P : 204-999-2194
chris@friesenmortgageteam.com
www.friesenmortgageteam.com
Facebook          Twitter          Google+          Linkedin
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Overbuilding in Winnipeg has CMHC Worried

By Chris Friesen, Mortgage Broker, Published November 2, 2015

Winnipeg has just been added to a list of 11 of 15 cities in Canada where CMHC has concerns of overpricing, overvaluation, and overbuilding.

In speaking with residential appraisers over the last year, a large focus of concern has been the development of Waverley West, and the New Build Condo Market. 

Waverley West looks good on paper, but it’s one of those areas you need to drive through to truly get a feeling for it.  It’s a very poorly designed area, including numerous roundabouts, virtually non existent bus service, and lack of fire stations.  The houses are also in the “upper price range” for the most part, which is a market that has been steadily decreasing over the years, as the younger generation loses interest in having gigantic homes to maintain, and mortgage rules tighten leaving buyers unqualified for such a large home purchase.  I personally was interested in buying a particular house in this area last year, until I went to see it.  My comment upon arrival to the real estate agent was “I would have to send a search and rescue team every time someone comes to visit me”.  The roads and roundabouts are that confusing to navigate.

The other problem is the New Build Condo market.  While “previously enjoyed” condos seem to be selling at a fairly regular pace, and normal price (If I use my personal residence as an example), the new condos sit on the market.  Part of the reason for this is poor finish quality, and exorbitant prices, with weird locations.  To give an example, down the street from my office is a new build condo straddling a gas station.  A large number of units face directly at the gas station, or into the car wash, not more than 15-20 feet away.  I certainly would not want to be inhaling gas and diesel fumes all day, not to mention the risk of fire or other disaster.  And I certainly would not want a view from my kitchen directly into the car wash.  One of my friends purchased a unit in these condos, and told me they’ve had to have someone come in close to 10 times to fix issues with poor build quality.  To give a comparison, these condos sell in the upper $200 a square foot range, there is one for sale at $290,500 for 974 square feet.  That is almost $100 more per square foot than a fully renovated “previously enjoyed” condo down the street, just blocks away.  You are looking at nearly $100,000 extra for the new condo.

The other problem with condos is how many are being built.  I don’t have an exact quotation on this, but was told there are “close to 500 new condos on the MLS that are not yet even built”.  That will certainly skew numbers, when looking at inventory levels in Winnipeg.

All in all, if you’re in the market for a “previously enjoyed” house or condo, the market seems to be doing just fine.  My clients are having no issues selling their properties.  It’s once you get into the new development that there seems to be some issues, particularly in the two areas of Waverley West, and New Build Condos.  I don’t anticipate that Winnipeg is going to have a market correction, but what I do anticipate happening is developers taking a bath on properties that sit for sale for years to come.  When it comes to previously owned homes, CMHC is not expecting a “crash” or “correction” to home prices, moreso just a slowing of increase in value.

Don't Forget To Follow Us On Social Media By Clicking The Links Below!

Chris Friesen
Team Lead and Mortgage Professional
Friesen Mortgage Team
Mortgage Intelligence
P : 204-999-2194
chris@friesenmortgageteam.com
www.friesenmortgageteam.com
Facebook          Twitter          Google+          Linkedin
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Bank of Canada Lowers Overnight Lending Rate
Will Variable Rates drop?
http://youtu.be/byFI7SHUXJs
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Big news! Bank of Canada lowers overnight rate
In a surprise move, the Bank of Canada announced today that it is lowering its key rate down to 0.75 per cent in order to “provide insurance” against the risks to the economy posed by the sharp drop in oil prices. This is the first time the overnight rate has changed since September 2010.
If you’ve got a variable-rate mortgage, need a new mortgage, are renewing, or want to consolidate debt at the lowest cost funds, this is very big news indeed! Get in touch today for help determining whether a fixed or variable-rate mortgage will work best for your situation.
The next rate-setting day is March 4th.
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for these unpublished rate specials.
Terms Posted Rates Our Rates
6 Mnth 3.14% 3.10%
1 YEAR 2.99% 2.69%
2 YEARS 2.94% 2.59%
3 YEARS 3.44% 2.69%
4 YEARS 3.94% 2.79%
5 YEARS 4.79% 2.79%
7 YEARS 6.04% 3.79%
10 YEARS 6.50% 4.39%
Prime Rate 3.00%
5 yr variable 2.25%
Rates are subject to change without notice. OAC E&OE
www.friesenmortgageteam.com
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Why Canadians can expect low interest rates for
longer — much longer: Morgan Stanley
Pamela Heaven | Financial Post | January 15, 2015
Don’t look for another interest rate hike for two more years; in fact, there is a one in three chance
the Bank of Canada will actually cut rates before the end of this year, Morgan Stanley predicts.
The latest forecaster to take a stab at the impact of plunging oil prices on Canada’s economy, the
American bank stands out for its bearish take.
The bank not only pushed its forecast for the first rate hike to 2017, it predicted others would
soon follow suit.
“The fall in oil is undisputedly negative for Canada’s economy,” the bank wrote in its report
Wednesday “Canada Outlook: Sands through the hourglass.”
“Rate differentials should continue to move against Canada, if, as we expect, the market pushes
out expectations for tightening from the Bank of Canada into 2017, reflecting a later closing of
the output gap.”
Until Tuesday, most economists have expected a rate increase in late 2015. But dovish comments
by Bank of Canada Deputy Governor Timothy Lane, led some to reconsider. BMO Capital
Markets, which has cut its 2015 growth forecast to 2.1% from 2.5%, said Wednesday it was now
looking for the next interest rate hike to come in January 2016.
Oil prices that have fallen by about 60% since June are threatening economies that depend on
commodities exports. Wednesday, Brent crude fell to US$46.49, while WTI was trading at
$46.04. A steep spike sent prices up more than 6% to around $48, but analysts doubted it would
last.
On the back of plunging prices, Morgan Stanley has cut its forecast for economic growth 0.6
percentage points to 1.8% for 2015 and sees the malaise stretching into 2016, where it expects
growth to slow to 1.5%, down almost a percentage point from its previous forecast.
That compares to the Bank of Canada’s October outlook which saw the economy gaining 2.5%
in 2015 and 2.3% in 2016.
Weaker growth will be driven by further cuts to spending and production in the energy sector,
which has already reduced capex plans by an average of 20% year over year.
Morgan Stanley says the central bank will have no choice, but to cut its forecast next week when
it releases its monetary policy report, a move that will further pressure on Canada’s struggling
currency.
The bank said it expects the loonie to fall to 80¢ US in coming months as currency markets fully
price in the second round of effects of lower oil prices.
http://business.financialpost.com/2015/01/15/why-canadians-can-expect-low-interest-ratesfor- longer-much-longer-morgan-stanley/
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