MBMM Newsletter - September 2023

Mike Morisset - Mortgage Broker

Mortgages by Mike Morisset

mike@mbmm.ca
(778) 240-6641
http://www.mbmm.ca

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Foreclosures List in BC

 

Abbotsford Houses
BC Northern Houses
BC Northern Houses with Acreage
BC Northern Condos and Townhouses
Burnaby Houses
Burnaby Condos and Townhouses
Chilliwack Condos and Townhouses
Chilliwack Houses
Cloverdale Houses
Langley Condos and Townhouses
Maple Ridge Houses
Mission Houses
New Westminster Houses
New Westminster Condos and Townhouses
North Surrey Condos and Townhouses
North Vancouver Houses
North Vancouver Condos and Townhouses
Pitt Meadows Condos and Townhouses
Richmond Houses
Richmond Condos and Townhouses
South Surrey White Rock Condos and Townhouses
Surrey Houses
Surrey Condos and Townhouses
Tsawwassen Condos and Townhouses
Vancouver East Houses
Vancouver East Condos and Townhouses
Vancouver West Houses
Vancouver West Condos and Townhouses
West Vancouver Houses
West Vancouver Condos and Townhouses
Whistler Houses



5 Year Bond Rate Hits 2008 Highs

 

Over the last 4 months, bond rates have increased by 1%. This means that we no longer have 5% rates; instead, we now have 6% rates.

The rates are currently at the highest point they've been since January 2008.

As for when rates will decrease, I have no idea. Even those who are considered knowledgeable in this area have been wrong. The Bank of Canada's predictions have been totally off. One Economist says rates will stay where they are, one says they will move down, one says we are in for more hikes. We are really in a "no one knows" situation and we all just have to wait and see. This wait and see is a difficult position to be in when funds are tight and the budget is being stretched. 

If you are feeling the squeeze, what should you do? Make sure you have access to liquidity. This may mean, restructuring your mortgage to pay out some high interest debts, selling recreational vehicles or toys, and living a bit tighter while we all ride this out.  



A Great Way to End the Summer - My Daughter's First IPE Armstrong Fair & Rodeo!

 

My daughter capped off a summer to remember with the last of her riding events in Armstrong BC! She had an awesome experience and rocked it! We will definitely be doing this fair again!!



Shocked By Your Mortgage Renewal Offer?

 

If your mortgage is up for renewal in the next six months, you are probably coming off a nice low interest rate that you have enjoyed for the last few years.

Chances are that you are aware that rates have been climbing steadily over the last 24 months and your renewal rate will be substantially higher than the rate you last negotiated.

Some lenders are forecasting that rates may continue to increase and are calling up borrowers asking them to renew early. That may seem like they have your best interest at heart but to do this you have to give up your current low rate for the balance of your term.

Don't be fooled by this tactic of renewing early into a less than stellar, higher-than-you-pay-now rate.

What we recommend is to lock in a rate today that is good for four months by committing to moving your mortgage to a new lender, stay with your current lender with the current low rate until your mortgage renewal date, then make the move. We will get the new lender to offer the guarantee that in the next four months, if rates come down, you can request the new lower rate.



Aren't you glad your day is going better than this guy?

 



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