Going On Vacation?

	GOING AWAY ON VACATION? PROTECT YOUR HOME AND BELONGINGS WITH THESE TIPS Source: www.independenttraveler.com
		Summer is a popular time for people to go away to exotic locales or closer to home at a cottage on the lake. No matter your destination, it is key to do some due diligence and make sure your home is safe and protected while you are away. Here are some tips:

To give the impression you are at home in the evenings - install timers to turn on your interior lights. However, ensure the times work on a varied schedule as opposed to the exact times each day. Every would-be robber knows the hide-a-spare-key trick so remove your spare key and instead leave it with a trusted friend, family member or neighbour. Lock up any valuables including jewellery and other items in a fire-safe proof or at a safety deposit box at your bank. Shhh! Keep mum on your public social media profiles. Don’t advertise to the world of your absence on your open public social media profiles.

Choosing to own a vacation property or second property can offer you many exceptional advantages, but are your ready for the commitment? GREAT INVESTMENT Real estate has historically risen in value, especially in areas with limited availability. RENTAL INCOME If you choose to rent, you can benefit from additional income. RETIREMENT TEST DRIVE Experience the benefits of retirement ahead of time & see if the reality lives up to the dream. CONVENIENCE Your vacation property allows you to take holidays at the drop of a hat, without the hassle of that extra baggage. UPFRONT FEES A vacation home will very likely cost more than renting. You also have to furnish and decorate. MORTGAGE COSTS Downpayments are often greater (30-35%) as are the interest rates. UPKEEP EXPENSES Just as you do at home, you’ll have to maintain your vacation property. JUSTIFICATION Since you have made the investment you will feel obliged to visit it. Make sure you’ll love it as much as you do right now. NEED SOME ADVICE ON YOUR DECISION?CONTACT ME TODAY!

Posted by Steven Porter. Steven is a licensed Mortgage Agent with Mortgage Architects, Certified Reverse Mortgage Specialist (CRMS); Seniors Real Estate Specialist (SRES) and Accredited Buyer Representative (ABR) and retired, real estate broker with 30 years experience in residential real estate. Steven can be reached at 1-905-875-2582; steven.porter@mtgarc.ca or online at 1800Mortgages.ca . Lic.# 12728

What Determines Mortgage Rates in Canada?

Source: www.StevenPorter.ca
A generation ago, it wasn’t uncommon to see mortgage rates top double digits. But for a good portion of the last decade, the rates have remained historically low. While it’s always hard to predict where mortgage rates will go in the future, it is worth looking at their history and an explanation for what influences their fluctuation.
Variable mortgage rates Variable mortgage rates are determined by commercial banks’ prime rates, which are mainly swayed by the Bank of Canada’s key interest rate. That means an increase in the key interest rate almost automatically leads to a similar increase in variable mortgage rates. The Bank of Canada will typically raises its key interest rate in an effort to combat inflation. Fixed Mortgage Rates Fixed rate mortgage loans are primarily influenced by the yield on Canadian government bonds (bond yields) of corresponding maturity. The correlation between the fixed rates and the yield on five-year Canadian government bonds is almost a near match. This is the case because bond rates represent the benchmark for financial institutions’ cost of funds.
Factors Influencing Bond Yields There are a number of factors that influence government bond yields. Since they are guaranteed by the Canadian government, these bonds are generally among the least perilous assets. Since a large amount of bonds are traded daily in the market, the supply and demand game in the bond market determines their price, and therefore their yield.

In the marketplace today, you can choose from two mortgage rates – fixed or variable. Are you comfortable with some risk in order to possibly save some money in the long run or prefer the peace of mind that comes with stability? These among other factors are important to consider before deciding between fixed or variable.              STILL NOT SURE WHAT MORTGAGE IS RIGHT FOR YOU? CONTACT ME TODAY!

Posted by Steven Porter. Steven is a licensed Mortgage Agent with Mortgage Architects, Certified Reverse Mortgage Specialist (CRMS); Seniors Real Estate Specialist (SRES) and Accredited Buyer Representative (ABR) and retired, real estate broker with 30 years experience in residential real estate. Steven can be reached at 1-905-875-2582; steven.porter@mtgarc.ca or online at 1800Mortgages.ca