Bank of Canada increases overnight rate target to 3/4 per cent

With a possible interest rate hike on the horizon, is it time to lock in your mortgage rate?
Watch Steve Dostal, Your Mortgage Warrior, on CHCH’s (Hamilton, Halton and Niagara News) Morning Live Show. Steve shares tips on how to find the best rate in today’s mortgage and housing market.



What services can we expect from a Mortgage Broker?

Our job is to find the best terms and rates possible to suit your needs.

Since we don’t work for a lender, we’re not motivated to lead you in only one direction. We’ll analyze your needs, shop the market for the best available deals, then recommend the one that fits your needs best.

Keep in mind that we work with over 40 different lenders. Rates are at historic lows, so the key is to look at the details of your mortgage.


Why choose a Mortgage Broker?

If you fall outside the box of the Bank’s Lending Criteria, you will not get many options. So, that’s where Your Mortgage Broker provides alternatives. We will find a rate and term to find a mortgage that you can live with. Let us simplify the whole process of getting the mortgage that’s right for you.


How do you know it’s the best rate?

You can do your research on the internet:

Websites are loaded with great tools and resources.

In spite of what other websites may say, the only way to quote you the best-available rate that’s accurate for your situation is to let us do a free analysis, then shop the market for you. Join our mailing list to keep up to date with the best rates.


Is it time to lock into a fixed rate?

It’s not time to panic. There have been many times in recent years when it looked like Bank of Canada might raise rates, but it held steady. Your Mortgage Broker is informed and we will keep you up to date. Changes will be slow and we are still at historic lows for interest rates. Before you break your mortgage, know your penalty costs. Homeowners need to weigh the risk versus the reward when opting to continue with a variable rate mortgage. Relax and let us get you a better deal.

There are many mortgage options available. You have my word; I’ll help you find the right residential mortgage products to suit your needs.


What do we need to know about down payments and insurance?

An Insured Mortgage is when a home buyer has less than 20% down or the mortgage is insured by either Canada Mortgage and Housing Corporation (CMHC), Genworth, or Canada Guaranty. The insurance premium is passed onto the borrower. This insurance provides security to the Lender in the event of home buyer default. A Non-Insured Mortgage is when a home buyer has 20% or more for a down payment and therefore is not required to pay mortgage insurance.

If you’re putting down less than 20%, you need to qualify on the benchmark rate of 4.64% which hampers your affordability. The government put in these rules to ensure that you can afford the mortgage if rates go up. So if you put less than 20% down, you qualify at the higher rate.


Should you borrow to have more than 20% down payment?

Keep in mind that your lending ratios have to be in line. If you borrow to borrow money, make sure you do the math. As Your Mortgage Broker, we will help you work it out.

Contact me before your next big purchase, and I’ll help guide you through the process. I’ll show you that it doesn’t have to be complicated. Over the years, I’ve established a network of specialists – lawyers, agents, conventional and private lenders – who my clients rely on to get the job done.

I do all the heavy lifting for you – the paperwork, the rate comparisons, and negotiations for a competitive mortgage that suits your needs. I’ll fight for you – take on the big guys – and as you can see, I don’t get easily pushed around. Simply put – I’m a competitive guy, and I like to win. If you’re interested in learning more about my services, email, or call me for a free consultation.

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