11 Aug

Should You Refinance Your Mortgage Or Not?


Posted by: John Beard

As I continuously strive to be the best mortgage broker in Edmonton I do what I can to provide my clients with as much knowledge as possible.

Many of my clients often approach me curious about refinancing their mortgage. They frequently wonder if they should refinance, what it requires and if it will benefit them. There are a few reasons why refinancing your current mortgage can benefit you in both the short and long run.

I’ve put together a few things for you to look at to help you better understand what refinancing is and whether or not it is something you may be interested in.

Get a shorter term and a lower interest rate

One of the biggest reasons why people refinance is for the opportunity to secure a lower interest rate than what they are currently paying as well as shortening the length of the mortgage’s term. If the benchmark interest rate is at least 1-2% lower than the one on your original mortgage, many expert believe that you can benefit from refinancing. By doing so you will obviously get a lower rate but you also have the chance to lower your monthly payments.

Additionally, you have the chance to shorten the length of your mortgage by choosing to refinance. This ties into obtaining lower rates because if you can acquire a lower rate you’ll also be able to get a shorter term without having to pay more for your monthly payments.

Consolidate some of your debt

Another reason people opt to refinance a mortgage is pay off current debts. The driving force behind this is that it makes more sense to pay off debt that you currently owe and has a high interest rate by using a mortgage that has a lower rate of interest. Instead of paying a high amount over time just in interest expenses alone on a debt, people are able to pay using their mortgage’s interest rate which can save them money long-term.

Switch your rate type

There is really two main types of rates that people have with their mortgage: a fixed-rate and an adjustable-rate. Simply put, a fixed-rate has a rate that is set and will not change for the duration of your mortgage’s term whereas an adjustable rate fluctuates based on the benchmark interest rates. Adjustable rates are popular if you believe rates will be lower than what you could get with a fixed-rate while a fixed-rate provides owners with the satisfaction of knowing they are paying a set amount every month and it will not change. An adjustable rate can be of benefit to those who are planning on selling their home in a few years as they can take advantage of low rates and lower monthly payments before they sell.

While consulting a mortgage broker in Edmonton like myself is the best way to get all of the information you need if you’re considering refinancing your mortgage, these three factors can help give you an idea of what you want to begin with.

For further reading about refinancing, check out this article: http://www.investopedia.com/articles/pf/05/033005.asp.

For all that you need to know about refinancing and for the best mortgage broker rates in Edmonton, contact me today!

11 Aug

Market Update – July 2016


Posted by: John Beard

As I continue to strive to be the best mortgage broker in Edmonton, monthly real estate market updates are something that I look forward to on a consistent basis as it allows me to stay on top of the latest trends in the local area.

In July 2016, the average sale price for a single-family home in Edmonton was $450,366. This was up by 3.45% from June 2016 and an increase of 3.07% from July 2015. The Chair of the Realtors Association of Edmonton says the average price rise has to do with the strength of sales for higher-end homes, pointing out that the median sale price was up 0.74% month-over-month and down 0.25% year-over-year.

In the Edmonton census metropolitan area, there were 1,515 all-residential homes sold this past July. According to the Association, this was down 15% and 16% month-over-month and year-over-year, respectively. This is expected, however, as it is normal for sales to slow in July after peaking in the months of May and June.

Additionally, there was a drop of 4.80% month-over-month in the number of residential listings for July 2016 with 2,895 homes listed. This was also a decrease of 7.27% from July 2015.

The average number of days that it took for a home in the Edmonton CMA to sell was 56 in July 2016, up three days from the 53 averaged in June 2016 and six days from the 50 recorded in July 2015. Leading the way for the month were single-family detached homes (52 days) followed by duplex homes (57) and condominiums (61 days).

At an average sale price of $257,482 last month for condominiums in Edmonton, there was a 2% drop in the average price compared to June 2016. One of the major reasons for the decrease is the fact that there was an increase of luxury properties sold that month which resulted in a boost of the average sale price for all condominiums. The July 2016 average price was in line with the July 2015 average. For a closer look at July 2016’s statistics, you can visit the Association’s website.

If you’re looking at buying or selling a home in Edmonton or its surrounding areas, I can certainly help you find the best deal. I offer a variety of mortgage solutions for those interested in buying a home, including mortgages for first-time home buyers.

I have been able to offer homeowners the best mortgage broker rates in Edmonton over the years no matter what their specific situation involves. Using mortgage calculators, I also help my clients determine how much they are really able to afford in monthly payments while finding them the best method that fits their lifestyle.

If you’re interested in purchasing or selling a home, allow me to show you how I am the best mortgage broker in Edmonton. I can equip you with the best mortgage rates with a favourable term that you can successfully pay off. To begin the process, to simply ask a question or for more information, I encourage you to contact me today!

11 Aug

3 Ways Mortgage Broker Can Help


Posted by: John Beard

If you’re at a point in your life where it is time to obtain a mortgage, you likely have some questions about the process.

As someone who continuously strives to be the best mortgage broker in Edmonton, I help people daily with their choice of how to get a mortgage. One of the most popular and effective ways to secure a mortgage is by going through a certified mortgage broker, like myself.

There are many benefits to working with a broker and I have outlined 3 Ways a Mortgage Broker Can Help You:

1. Expert Knowledge in Mortgages

The knowledge that a broker can pass along to you is something that sets apart brokers from banks. A broker focuses solely on mortgages and the different types of mortgages lenders have available whereas a bank can only provide information relating to that specific bank’s mortgage products.

A broker is able to offer you information and details on a wide variety of mortgage products that he/she thinks would be a great fit for you depending on your situation. A broker like myself will also explain everything in great detail so you know exactly what you are getting and what to expect before committing to anything.

2. The Focus is on You

It’s no secret that as mortgage brokers we rely on your referrals. Without good words and positive reviews from you we likely wouldn’t be very successful. That being said, we also care about you like no other. I understand that your time and money are two very valuable things, meaning I do my absolute best to schedule meetings and calls for times that work best for you while securing the lowest rates.

I have relationships with many mortgage lenders who are able to offer me discounted rates, allowing me to provide you with the most competitive numbers on the market. You can also expect a prompt response to any email, phone call or text message with an answer to your question(s). The personal relationship built between a broker and client is something that people tend to struggle to create with a typical bank employee.

3. Less Work For You

As a broker I always handle all of the necessary paperwork and negotiations that are often needed when someone is in the process of getting a mortgage. You be confident in knowing that all of your documents will be totally accurate and organized when working with me.

As I mentioned in a previous point, I have an established relationship with a variety of lenders. Not only does this instantly position a broker like me to have a better chance at getting the lowest rates, but it also increases the odds that negotiation tactics will work in talks compared to if you approached a lender on your own. Less work is involved for you when dealing with a broker!

By reviewing these three points when it’s time to obtain a mortgage you will have a better understanding of what a broker is and how they can help you.

If you’re looking for the most competitive mortgage broker rates in Edmonton, you have found the right person! Contact me today for more details and to start the journey!