Mylene Lim - Pinay Mortgage Broker February 2025

February List of Foreclosures

Langley Attached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Port Coquitlam, Coquitlam, Port Moody Attached
Richmond Attached
1738375601.Surrey, North Delta, Cloverdale Attached
Abbotsford attached
Abbottsford Detached
Burnaby Attached
Burnaby Detached
Langley Detached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
New Westminster Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached

Mortgage Renewal Challenge

Over the next two years, more than 4 million mortgages—around 60% of all outstanding mortgages—are set to renew. A large share of these mortgages haven't come up for renewal since interest rates began rising in 2022. Even with recent rate declines, most borrowers will likely face noticeably higher payments. 

Higher payments could lead households to cut back on spending more than anticipated, potentially slowing the economy. They could also create financial stress for borrowers and result in losses for lenders and mortgage insurers.

If your mortgage is coming up for renewal, don’t wait until the last minute to explore your options. Starting early gives you a better chance of securing a favourable outcome. Reach out to me, and I’ll help you review and compare the available options.

Understanding Fixed and Variable Mortgage Rates: What’s Right for You in Today’s Market?

 When it comes to choosing a mortgage, one of the most important decisions to consider is deciding between a fixed-rate and a variable-rate mortgage. Both options have their benefits, but the best choice depends on your financial goals, tolerance for risk, and the current economic climate. Let’s break it down:

Fixed-Rate Mortgages

A fixed-rate mortgage locks in your interest rate for the duration of your term, usually 1 to 5 years.

Benefits:

Predictability: Your monthly payments stay the same, which makes budgeting easier.

Stability: You’re protected from interest rate hikes, providing peace of mind.

Ideal for Long-Term Planning: If you plan to stay in your home for a while or prefer financial consistency, this option is great for you.

Drawbacks:

Fixed rates are often higher than variable rates at the start of the term. You might miss out on savings if rates drop during your term.

Variable-Rate Mortgages

Variable-rate mortgages, on the other hand, have an interest rate that fluctuates with changes to your lender's prime rate.

Benefits:

Lower Initial Rates: Historically, variable rates tend to be lower than fixed rates.

Potential Savings: If interest rates decrease, you benefit from lower monthly payments.

Flexibility: Variable-rate mortgages often have lower penalties if you choose to break your term early.

Drawbacks:

Payments can increase if interest rates rise, leading to unpredictability. Not ideal for those who prefer financial stability or have a tight budget.

Let’s Talk About Your Goals

Every borrower’s situation is unique. Whether you’re a first-time homebuyer or looking to refinance, I’d love to discuss your options and help you choose the best mortgage strategy for your needs.

Feel free to reach out for a personalized consultation—I’m here to help you make informed decisions with confidence.