Profile cover photo
Profile photo
Mitch Thibodeau - Mortgage Broker
49 followers
49 followers
About
Posts

Fixed vs. Variable. What should you do? Here's my take.

https://buff.ly/2FJFBMa
Add a comment...

Some Kingston real estate stats for your Wednesday, as per KAREA:

- Avg. price of homes sold in Aug. 2018 was $368,506, rising 13.7% from Aug. 2017.
- YTD average price was $364,159, up 9.2% from the first eight months of 2017.
- There were 512 new residential listings in Aug. 2018. This was down 2.7% on a year-over-year basis.
Add a comment...

We saw some minor fixed rate increases this morning. Experts are also predicting that the Bank of Canada may raise rates another .25% at their October or December meeting, which would impact variable rate mortgages. Please contact me if you would like to get a rate locked in or want to know how any rate increases could affect you.
Add a comment...

Some August real estate numbers for Kingston:

- Sales were down 8% compared to last August
- Listings were down 7% compared to last August
- YTD sales are down 13% compared to 2017
- YTD listings are down 14% compared to 2017
Add a comment...

If you are planning on buying in 2018, we can now hold a rate through to the end of the year. If you are looking for a pre-approval please let me know.
Add a comment...

Post has attachment

Please check out my blog for my most recent update concerning the Kingston market, interest rates and the "stress test".
Add a comment...

We remain in a seller's market in Kingston. House sales were down 18% this June compared to last June. Less inventory = Less sales.
On the flip side, the average sale price in June is up 7% compared to last year. Average sale price was $360,811.
Add a comment...

People generally assume that a Bank of Canada rate increase means rates are increasing across the board but that is not always the case. The prime rate increased last week which had an impact on variable rates but fixed rates have not moved. Still some great options out there for fixed and variable rates.
Add a comment...

Post has attachment
The BoC increased the overnight rate by .25% which will in turn increase rates for variable rate mortgages and lines of credit. Fixed rates remain as is. This is the 4th increase in the past 12 months.
Add a comment...

While no one ever wants to pay a mortgage penalty, there are many situations where paying a mortgage penalty is inevitable or just makes the most sense. If you are facing a mortgage penalty, be sure to get a quote for the exact amount from your current bank or lender. An estimate will not suffice.

It's best to know your penalty details up front so that you avoid any surprises on closing.
Add a comment...
Wait while more posts are being loaded