Name: Loewen Group Mortgages
Address: 321 Nautical Blvd,, Oakville, ON, L6L 0C1, CA
Telephone: (289) 337-4029
Price range: $

Don't Make This Mistake When Locking Into a Fixed Mortgage

Loewen Group • June 20, 2023

Today, I want to have an open conversation about an important topic that has been weighing on my mind: mistakes. Before we delve into it, let me start by expressing my appreciation for the government. However, it's crucial to acknowledge that, like any entity, they have made their fair share of mistakes. They have misled us, plain and simple, with false promises about interest rate increases and their timing. However, I want to ensure that their mistakes don't lead you into making a costly error when it comes to your mortgage. Together, let's avoid this common pitfall and adopt a smarter, not harder approach.

I'm James Loewen, and today we will equip you with the knowledge you need to make informed decisions about your mortgage. First and foremost, let's set the record straight. I still believe that a variable rate strategy can be a viable option, and I maintain my belief that rates will eventually decline. However, if you find yourself uncertain or uncomfortable and desire more stability in your life, such as locking into a fixed rate, that's perfectly alright. This blog post is dedicated to you. What I urge you to do is start thinking strategically.

Undoubtedly, the government has implemented some significant increases that have had a staggering impact, resulting in a loss of trillions of dollars in real estate and wealth across Canada. It's a clear indication that we may be headed towards a recession. So, let's discuss strategy. Do we truly want to commit ourselves to high rates for four or five years? Or should we consider a different approach?

Believe it or not, there are more options available than you may realize. While most people are aware of the 5-year fixed and variable terms, there are also 1, 2, 3, 4, 7, and even 10-year terms. In an uncertain market like the one we're currently facing, adopting a shorter-term approach might be the smarter strategy.

Here's my suggestion: reach out to your existing lender and request the renewal options to convert or lock in to a 1 or 2-year term. Unfortunately, lenders won't provide us with all the necessary information, so email those options to us at the Loewen Group. We work with 34 other lenders, and we will thoroughly review their offerings as well as explore alternative solutions. Our goal is simple: your best interests are our top priority. From there, we will assist you in deciding whether to stick with a variable rate, lock in with your current lender, or explore other possibilities.

Rest assured, regardless of the path you choose, you will be armed with better options than before. You'll be prepared and empowered to tackle your mortgage with confidence.

So, my friends, remember that your interest rate doesn't have to keep climbing. Together, let's work smarter, not harder. Reach out to the Loewen Group, and allow us to guide you through the maze of mortgage choices. We are here to help you make informed decisions and secure your financial future.

This is James Loewen signing off, reminding you that it's time to be smarter, not harder.

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James Loewen

Top Factors to Consider When Choosing a Mortgage Broker in Canada

By james loewen • November 21, 2024

Top Factors to Consider When Choosing a Mortgage Broker in Canada In Canada, buying a house can be exciting yet daunting, especially when thinking of the best mortgage to choose. One of the best ways to make this process easier is by engaging an experienced mortgage broker in Canada. These are professionals who work by connecting you to lenders so that you can find the best loan option available for you. Their vast knowledge of the mortgage sector enables them to help you get the best offers possible. But how do you go about choosing the right mortgage broker from the many available? Factors to Consider When Choosing Mortgage Brokers: Looking to choose mortgage broker? Here are the factors to consider: 1. Experience and Expertise In terms of mortgage broker factors , choosing a mortgage broker, the first important aspect to examine is their experience. This is because the Canadian mortgage sector is quite multifaceted with many laws, rules, and lender union characteristics. An experienced broker is likely well versed in these intricacies and will provide such advice depending on individual financial capabilities. Ask for how long they have been in the business and how many clients they have successfully assisted. Also, a seasoned mortgage loan officer usually has established relationships with many lenders, which in turn will offer better options for you. Most of the time, even more useful information will be when a mortgage broker works in a particular niche. For example, first time home buyer Burlington or the local property market of Hamilton or Milton would be niches where the expertise will come in handy. Need help to choose the best mortgage broker in Canada? Contact us at Loewen Group to get mortgage broker tips and services. Call (289) 337-4029 or start here . 2. Range of Lenders and Products An adept mortgage brokerage firm must have access to several lenders as well as different mortgage options. It is because mortgage broker in Hamilton are on good terms not only with banks and credit unions but also with private lending firms, so they will definitely help in finding the most suitable loan according to the client’s needs as well as their financial capabilities. Also, it is more likely that favorable terms for the loan and adequate interest rates are available when a broker has contacts with several lenders instead of one or two. Ask the broker what type of lenders they work with. Brokers with a larger network tend to be able to provide more options than those who are limited to a few lenders. Be sure also to ask if they have such product capabilities or that they have worked with certain types of lenders. 3. Reputation and Reviews Research and analyze the feedback on the best mortgage broker in Canada. Look for online appraisals on Google, social networks, and other further sites, as well as testimonies of their previous clients. An ideal mortgage broker will always have great reviews from clients who appreciate the broker’s skill and results. If family members, friends, or coworkers have ever used the services of a specific broker and were pleased with the outcome, do not hesitate to request contacts. It is more likely that a trustworthy and reputable mortgage broker in Hamilton, Milton, or Burlington will provide great service and navigate you through the mortgage process seamlessly. 4. Knowledge of Government Programs and Incentives Canada has many programs designed to help young starters, in particular first-time homebuyers. A good broker would know these plans and help you make use of those available to you. For instance, should you be purchasing in Burlington, Hamilton, or Milton, they may know of local initiatives in Ontario such as the Home Buyers’ Plan HBP or even the First-Time Home Buyer Incentive. Ask the potential brokers if they are aware of the schemes and if they have helped clients to access them in the past. You can save on expenses and eschew difficulties in buying a home by engaging the services of a broker who is knowledgeable about government support programs. 5. Local Market Knowledge Market research at the local level can considerably impact one’s decision on acquiring a property. Be it Burlington, Hamilton, Milton, or any other area, a mortgage broker Milton with extensive experience in the given region will be aware of the community features, range of the properties, and prevailing tendencies that affect the mortgage or home buying schedule. He or she probably has turned into contacts with banks, appraisers, and real estate agents, thus further shortening the time frame. Conclusion A crucial first step in the home-buying process is selecting the appropriate mortgage broker Burlington . You may discover a broker who meets your demands and will strive to get you the best mortgage by taking into account elements like experience, reputation, variety of lenders, customer service, and local knowledge. Taking the time to do your homework and make an informed decision can make all the difference, whether you're a first-time purchaser in Burlington, searching for the finest mortgage broker tips, or considering your alternatives in Milton. A knowledgeable, experienced broker will help you comprehend your alternatives, walk you through the mortgage process, and make sure your mortgage fits your long-term financial objectives.