Krista Klein Mortgage Newsletter May 2018 Edition #47 (Roller Disco Queen, My Personal Mortgage Renewal Story, Variable Rate War)

Krista Klein - Mortgage Broker

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krista@kristakleinmortgages.ca
604 618 2017
http://www.kristakleinmortgages.ca

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May 2018 Foreclosure List

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My Personal Mortgage Renewal Story

My sister and I own a rental property together and my mortgage was up for renewal on May 8. We are planning on selling our property so the last thing I want to do is renew into a fixed term where I will be forced to pay a penalty to sell.

As I am in the mortgage business, I started phoning RBC for my renewal papers. It's a few weeks to the date and I want to be on top of it. They send the renewal papers 30days before your time is up so you are at mercy of Canada Post to receive the mail.

I phoned RBC the first time and asked them what my OPEN mortgage options would be. They quoted me 7.25% FIXED OPEN. The sales representative did say it in a very nice way that I almost thought it sounded good.

Think about it. 7.25% Fixed OPEN. My current rate is 2.89%. Existing rates are mid 3s.

This means......If I did not call them and I missed my renewal paperwork....they would have automatically switched me over to this product.

So what now? I still want an OPEN mortgage at a way better rate?

I have a HOMELINE product. This means I can restructure my entire mortgage into a Line of Credit at Prime +0.50%. (3.95%). This product option is not on my renewal term. I have to know that I can ask for it.

The 2nd time I phone RBC Servicing, I speak with someone who knows this might be possible but I have to go to the branch. We make our appointment and we show up to do re-allocate my homeline.

The person I met with was lovely but not sure how to do what I have requested. Now....remember. I am a mortgage broker and in the business so I am coaching her through what this means.

Out of the next door office, an RBC mortgage specialist I have worked with in the past pops out and says, "Hey Krista, Do you remember me"? I was so happy to see her and she ended up helping the sales staff with my homeline re-allocation.

If I did not know what was possible with my mortgage renewal, I would of been stuck in a 7.25% OPEN mortgage or worst took a lower fixed rate without understanding mortgage penalties.

If you are up for renewal, CALL ME. I will be help you find a new better mortgage or coach you on how to work with your existing lender.

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Foo Fighters and the Kiss Guy

I love ROCK! I love Music! And....I love a great show! This video of Dave Grohl bringing up a guy from the crowd left me in awe. Can you imagine receiving an opportunity like this and nailing it!

I wish I was at this show to witness it. Foo Fighters and the Kiss Guy

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Look at me! I'm in London!

And.....this is what all my pictures look like when I travel.

I am about to walk over Tower Bridge for the first time and I am SUPER PUMPED!

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Market Update -The Rate Wars Are ON! But Hurry, They Won't Last Long

The media has been blowing up with news that many of the major lenders are locked in a variable rate battle to the bottom. Lenders are currently offering variable rate discounts that rival anything we have ever seen before with average rates is being offered as low as 2.45%!

If you are currently in a variable rate that has a smaller discount than 0.5% off Prime, now would be a great time to explore refinancing! These rates are being offered only until May 31st, so reach us right away if you are wishing to explore your options.

It is also notable that the benchmark qualifying rate has increased from 5.14% to 5.34%. This is significant because it is the interest rate used to qualify mortgages under the new B20 rules and a higher qualifying rate means less borrowing power for applicants.

The Bank of Canada will be meeting again on May 30th, we will be sure to update you of any changes.

If you think you may qualify to take advantage of this short term Rate War, be sure to call us right away, email me at Kristaklein@gmail.com and we will start working on your rate hold!

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Roller Disco is Alive!

When was the last time you attended a Roller Disco?

The store RollerGirl hosted a Roller Disco at Robson Square to celebrate their 15th year in business. Major roller skating talent showed up at the rink that night and I was in awe of their roller skating moves.

I was so happy to be able to pull out my snazzy roller skates out of the closet. YEP....they are original. Any excuse to wear them.

Check out www.rollergirl.ca for all your skate needs. They even offer roller skating classes.

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My address is: Krista Klein Powered by Pacific West Mortgages & Mortgage Architects 595 Howe St. Suite 506 Vancouver, V6C2T5 Canada	Powered By HippoContact