------ "Mr.Mike" ------ MIKE SKVORTSOV personal real estate corporation

One Percent Realty

phone: 604-644-6430 mike@onepercentrealty.com

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Good Morning Mikhail

 

Hoping you had a great thanksgiving. Here are this week’s best rates. Need rate sheets for open houses contact me. If you don’t want to receive this email let me know as well.

 

Residential Rates as of October 14, 2014

Prime Rate: 3.00%

 

6 months                    3.95%

1 year                          2.89%

2 years                        2.49%

3 years                        2.69%

4 years                        2.77%

5 years                        2.89%

6 years                        4.09%

7 years                        4.09%

10years                       4.49%

VRM 3years               P - .60

VRM 5years               P - .65

 

Dario Trampus

Mortgage Consultant

The Mortgage Alliance Company

BC Corporate Office Address

310 130 Brew St. Port Moody, BC V3H 0E3

 

 c. 604.209.4106

f. 604.629.6117

e. dtrampus@mortgagealliance.com 

w. mortgagealliance.ca/dariotrampus

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I have listed a new property at 1983 148A ST in Surrey.
This is a best choise for growing family in White Rock. Remodeled 4 bdrms on the one floor up with 3 baths house has over 2,253 sqft, 8yr old roof, new paint, flooring, piping, furnace, some windows and more. Renovated kitchen withnew stainless appliances. New powder room on main. Home office. Huge vaulted ceilings in living room. Nice open plan. West facing fenced yard with large entertainment deck & awning. Walk to HT Thrift & Semiahmoo High School, shopping & more. OPEN HOUSE SAT, OCT 11th, 2-4PM.
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Please visit our Open House at 1983 148A ST in Surrey.
Open House on Saturday, October 11, 2014 2:00 pm - 4:00 pm
This is a best choise for growing family in White Rock. Remodeled 4 bdrms on the one floor up with 3 baths house has over 2,253 sqft, 8yr old roof, new paint, flooring, piping, furnace, some windows and more. Renovated kitchen withnew stainless appliances. New powder room on main. Home office. Huge vaulted ceilings in living room. Nice open plan. West facing fenced yard with large entertainment deck & awning. Walk to HT Thrift & Semiahmoo High School, shopping & more. OPEN HOUSE SAT, OCT 11th, 2-4PM.
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I have listed a new property at 8 23343 KANAKA WAY in Maple Ridge.
COTTONWOOD GROVE - overlooking Cottonwood Creek. Spacious 3 bedroom + 3 bathrooms in 2 level townhouse. Located beside quiet greenbelt with pond on the quiet side of the complex. Spacious open floor plan with 12' ceilings on the main floor,hardwood flooring & maple kitchen cabinets. Huge master bedroom with 4 piece ensuite, oversized double garage & a fully fenced backyard with 33' x 8' concrete patio, large windows, large closet, fresh paint, built-in vacuum are only a few of the many features of this well kept home. Close to great elementary and secondary schools. This property is easy to view & will not disappoint your expectations. Up to 3 domestic animals (maximum 2 dogs) allowed. Quick possession possible.
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I have listed a new property at 405 2355 MADISON AVE in Burnaby.
Perfect one-bedroom & den in the OMA building located in the heart of Brentwood Park. This sleek concrete building has connected walking paths to all directions. Steps to skytrain, shopping and schools. Located in a cul-de-sac this quietunit features new floor, new paint, floor to ceiling windows & an expansive wide outdoor balcony. Extremely pro-active strata makes this a well managed building. Fitness centre with swimming pool, hot tub, gym & sauna. 1 parking and 1 locker. Great investment or live here.
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I have listed a new property at 214 10743 139TH ST in Surrey.
Extra-large 1065 SF 2 bedroom, 2 full bathroom unit with southern exposure - lots of natural light! Quiet, spotless, fully renovated and 'Move in Ready'. New balcony deck, dishwasher, range hood, light fixtures, faucets & showers. All walls freshly painted. Laminate flooring throughout, fully restored kitchen cabinets, backsplash & sink. Great layout, open concept kitchen, bedrooms with bay windows are located at separate ends of home for full privacy, king size master w/walk in closets, big walk in utility/laundry in suite. Spacious & secured Storage locker on same floor! Dedicated underground Parking next to elevator, common areas, rec room & exclusive outdoor space with BBQ & gazebo. Low fees, very well maintained & safe complex. Located in Downtown Surrey, close to Sky train, mall, SFU, community centre, hospital & RCMP. Private & public schools on same block. Easy to show.
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I have listed a new property at 303 590 WHITING WAY in Coquitlam.
Quiet east facing top 3rd floor one bdrm. Kept well. "Balmoral Terrace" centrally located and walking distance to Skytrain, Lougheed Mall, NORTH GATE, Walmart, transit and all amenities. Clean and sleek unit that includes laminate floors,new roof (2011), new paint, underground garage + storage locker. Solid older building with redone foyer + exterior has been done in vinyl. Hot water/heat included in the maintenance fees. ONE CAT IS OK. Rentals NOT allowed. The Seller is open to offers. OPEN HOUSE: SAT, OCT 4TH, 1-3 PM.
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To quote author Simon Sinek's 'Start With Why' - 'I am better than I was 6 months ago, and 6 months from now I will be better than I am today'. Is this email not displaying correctly?
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mike@onepercentrealty.com here is my most recent blog post.

If you are considering an Open Mortgage or are currently carrying a significant balance on a secured line of credit this post will be of value to you.

Interest only payments are great from a cash-flow perspective, but perhaps there is more to consider, read on.

Short Version

An Open Mortgage, or significant balance on a line of credit, only makes sense if you are paying in out in full inside a 6 month period.

Otherwise the interest rate premium of 1% (i.e. Opens are priced at 3.50% whereas closed variables are at 2.45% or better) will equal the expense of the three month interest penalty to break out of a closed variable mortgage early.

It almost never ever makes sense to take an Open Mortgage, or to carry a significant balance on a Secured  Credit Line as opposed to converting it to a closed variable rate mortgage.

Long Version

We will start with some clarity on a few terms that are routinely misunderstood as they apply to mortgages.

Definitions;

Open – A mortgage that can be paid out at any time without penalty.  A.K.A. ‘Secured Line of Credit’, HELOC, STEP, Homeline Plan, etc.

(The interest rate premium on these mortgage products makes them a questionable choice for many, we will detail)

Closed - A mortgage with some sort of penalty for early payment.  A closed variable is typically the absolute best option for minimal prepayment penalty, as well as minimal interest expense.

Fixed – This word refers to the interest rate component, i.e. the interest rate is fixed at 2.89% for 5 years.

Variable - This word refers to the interest rate component, i.e. the interest rate is set at a discount of .60% below Prime.  Prime is reviewed by the Bank of Canada 8 times per year at preset dates.  The BoC has not moved Prime in over four full years now.

***Variable rate mortgages are convertible to fixed without penalty at any point.  Lenders make it easy as you increase their profits and increase the penalty to break free when you convert to a fixed rate product.

Crossover Point – The point at which the interest expense of the premium paid on lines of credit and open mortgages equates to the prepayment penalty to payout in full a closed variable mortgage.  Typically 6 months, but on occasion as short as 60 days.

Have your Broker to the math for you.

The Math;

Open Mortgage, (Secured Line of Credit)

$100,000.00 at 3.50% (interest only)

Monthly interest expense $289.56 per month.

Minimum monthly payment is $289.56 – (increasing by $20.82 per 0.25% rate adjustment when Prime finally rises).

Closed Variable Mortgage

$100,000.00 at 2.40% (30yr Amortisation)

Monthly interest expense $199.01 per month.

Minimum monthly payment is $389.33 – (A payment that will not increase when Prime finally rises, if placed with the correct lender)

This basic math, leads us to a more interesting question;

 If you were offered a return of $190.00 back on a monthly basis, for each $100.00 invested, is that an investment you would make? 

What if it were a major chartered financial institution offering you this investment opportunity?

An investment of $1,200.00 per year is effectively increasing you net worth by $1,080.00.  Arguably $2,280.00 if the payment increase represents a forced savings plan.

Does a 90% monthly rate of return interest you?

Admittedly cash-flow is negatively impacted to the tune of $100.00 per month per $100,000 of mortgage balance with the closed variable option, but it is very difficult to ignore the $190.00 monthly debt reduction.

There are few better places one could place a $100.00 bill each month.

While speaking of payment amounts, we must keep in mind that a secured line of credit is a variable rate product, and if Prime were to rise just 1.25% the payment (all interest) would then be $391.97 per 100K of mortgage balance.  Whereas with a certain choice of lender you will find that in a closed  variable rate mortgage can in fact have a FIXED payment amount for the entire mortgage term.

Creating certainty of cashflow with a Closed mortgage that is not possible with an Open product.

Let’s look at prepayment penalties.

In a closed variable rate mortgage (again with the correct lender) one will only ever be exposed to a 3 month interest penalty.  Currently that equates to ~$600.00 per 100K of mortgage money advanced.  Recall from above, there is a $100.00 per month interest premium being paid to sit in an Open mortgage product.

In other words the borrower that chooses an Open product pays the equivalent of a 3 months interest penalty every 6 months by way of the higher interest rate.

i.e. sitting in a Open for 18 months will cost triple what being in a Closed variable and paying the penalty would equal.

The lender did all this math for their own benefit when designing these products.  However it is unlikely that this math was spelled out clearly for clients who choose an Open mortgage.

Another Landmine Specific to Secured lines of Credit;

Interest only lines of credit (a.k.a. mortgages) are in fact demand loans.  If the lender gets uncomfortable with the borrower for any reason then said lender is within their rights to demand full repayment within 90 days.  This leads to the next point, the lender may demand repayment of the 3.5% line, but in turn offer a new 4.5% credit line to replace it.  (Revisit 2009 for examples of lenders that increased line of credit interest rates by one full percentage point overnight)

Clients were not impressed.  We humans, we rarely read the fine print.

To be clear I am not suggesting one not have a secured line of credit, quite the opposite as per our own personal mortgage.  Rather I am suggesting one not carry a significant balance on a line of credit for long, and ideally have a line of credit product that offers the ability to lock into a closed variable mortgage which not many lenders offer.

The bottom line;

Keep your options Open, but most likely your Mortgage Closed.

Thank you

Dustan Woodhouse

 

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Good Morning Mikhail

 

Im putting together a weekly newsletter just for realtors. It will be brief, have the best mortgage rates for that week, and a feature article… quick and simple.  I also offer this as a flyer for your open houses…. Tell me how many you want and where to deliver them.

 

This week, I’m sending it as an email. If you don’t want to receive it, let me know.

 

Residential Rates as of October 4, 2014

Prime Rate: 3.00%

 

6 months                    3.95%

1 year                          2.89%

2 years                        2.49%

3 years                        2.69%

4 years                        2.77%

5 years                        2.89%

6 years                        4.09%

7 years                        4.09%

10years                       4.49%

VRM 3years               P - .60

VRM 5years               P - .65

 

Dario Trampus

Mortgage Consultant

The Mortgage Alliance Company

BC Corporate Office Address

310 130 Brew St. Port Moody, BC V3H 0E3

 

 c. 604.209.4106

f. 604.629.6117

e. dtrampus@mortgagealliance.com 

w. mortgagealliance.ca/dariotrampus

 

 Helping you get a GREAT mortgage is what I do

 

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Direct:604-644-6430
Fax:604-564-0633
One Percent Realty Ltd
202-505 Hamilton Street
Vancouver, BC
V6B 2R1 CA
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202-505 Hamilton Street, Vancouver, BC V6B 2R1 CA