Must Love Dogs
  
No, not the 2005 RomCom staring Diane Lane and John Cusack. This 2022 update features yours truly and a furry little fellow named Mogi. After always being a cat person since birth, I've now become the proud papa of a Border Collie / Poodle cross who's added a totally new dimension to my take on the dog days of summer. Looking forward to seeing you, with or without your pooch out and about on the North Shore soon.
Cooling-off Legislation
By Fergal McAlinden - May 31, 2022
Amid the furore over rising interest rates and a sales slowdown in recent weeks, one story that may have crept under the radar of housing market observers was British Columbia’s provincial government pushing ahead with plans for a cooling-off period in the purchasing process.
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Lock-in Your Variable Rate?
Are you in a variable rate mortgage and are thinking about locking into a fixed rate? Before you swap your 2.8% variable rate for a 5.29% fixed, how about staying variable, but setting your monthly payment the same as what it would be if you went fixed?
If you are ready to make those higher payments anyway, why not apply that extra money towards your principal instead of interest? For example...
Mortgage Owing: $500,000
Variable Rate: 2.8%
Monthly Payment: $2315.22
Years remaining: 25
New payment if you switch to Fixed: $2,991.12
If you stayed variable and simply bumped your monthly payment to $2,991.12, then this move could potentially shorten your mortgage life by 7 1/2 years while saving you about $225,000 in interest over the life of the mortgage!
Of course this calculation has not factored future increases (or decreases) to the variable rate mortgage.
If you would like to discuss this or other mortgage solutions, please reach out anytime!
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