Market Update - May 2018

Most lenders have recently increased their fixed mortgage rates in
response to the rise in government bond yields in the past few
weeks. With the anticipation of Bank of Canada (BoC)’s next rate
hike either on May 30th or July 11th, we are likely to see a
continuous increase of fixed mortgage rates in the near future.

We have noted some big rate differences among mortgage lenders in
recent months. A friendly tip to borrowers who typically renew with
their current lenders due to the convenience of just signing one
document in a second and in the belief that the rate will be
equivalent or very close to other lenders rates.

You can easily leave thousands of dollars of your hard earned money
on the table if you have not done your homework carefully. Based
on our recent research the potential savings by transferring your
mortgage to a different lender can be as much as 0.5% on your
outstanding balance on an annual basis. For example, if your
mortgage balance is $500,000, the 0.5% rate difference will trigger
approximately $2,500 in savings each year.

As always, we offer NO OBLIGATION, free consultation on the best
mortgage financing plan for you. A brief phone call or meeting could
set you on the path to thousands of dollars in savings for your
mortgage renewal.

Michelle Feng
Owner, Verico Smartymortgage
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