Fixed or Open Mortgage? - Pandemic is motivating young Canadians to buy a home

Oct 22, 2020

This week we will talk to Mike Schroeder of Mortgage Architects about the differences between an open and a locked in mortgage, we’ll take a look at a really unique local business and a few surprises….all in the next 15 minutes or less

 

🇨🇦  𝘾𝙖𝙣𝙖𝙙𝙞𝙖𝙣 𝙍𝙚𝙖𝙡 𝙀𝙨𝙩𝙖𝙩𝙚 𝙉𝙚𝙬𝙨  📰 

            Interesting article on CanadianMortgageTrends.com indicating that the pandemic has motivated many young Canadians to buy a house. “The pandemic has caused many Canadians to turn their living rooms into classrooms, their dining rooms into offices, and their basements into home gyms,” said , Head of Real Estate Secured Lending and Scotia Mortgage Authority at Scotiabank in a release. “This is motivating many to consider investing more in their current homes or re-evaluating their living spaces altogether.”

In addition, the lowered rates when compared to the a year ago, now can save the average home buyer around 13,000 over a 5- yr mortgage period.

Go To https://boknows.homes/8dd0d4e0

 

🏞️  𝙒𝙞𝙣𝙣𝙞𝙥𝙚𝙜 𝙍𝙚𝙖𝙡 𝙀𝙨𝙩𝙖𝙩𝙚 𝙉𝙚𝙬𝙨  📰 

            So about 2 weeks ago I listed a house and the owners were wondering whether now was still a good time to list.  We got 7 offers and it sold for over 40K above asking price.   So yeah…it a great time to sell

 

☎️  𝙋𝙝𝙤𝙣𝙚 𝘾𝙖𝙡𝙡 𝙒𝙞𝙩𝙝 𝙈𝙤𝙧𝙩𝙜𝙖𝙜𝙚 𝙈𝙞𝙠𝙚  💹 

            Let’s tackle the age old questions: Is it better to get a fixed mortgage, or to leave it open?  Lock it in for 5 years, or take a chance with a floating rate?

Mortgage Mike Schroeder of Mortgage Architects says:

            Even though the rates for an open mortgage are already lower than a fixed mortgage, buyers should consider that getting out of a fixed mortgage early can trigger significant penalties.  65% of home owners get out of their fixed mortgage earlier than expected.

See this attached article via cbc news   https://boknows.homes/5d454f60

 

 📆  𝙏𝙝𝙞𝙨 𝙒𝙚𝙚𝙠 𝙤𝙣 𝙩𝙝𝙚 𝘽𝙡𝙤𝙜  📭 

            Are you looking to add value to your home by doing some interior decorating, remodelling or updating?  Check out this great post, with a room by room guide of adding value to your home.

Go to https://boknows.homes/94e0f600

 

🔦  𝙎𝙥𝙤𝙩𝙡𝙞𝙜𝙝𝙩 𝙤𝙣 𝙡𝙤𝙘𝙖𝙡 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨  🏪  

            Today I’m talking about one of the most unique businesses you’ll ever find.  It’s a local manufacturer, the brain child of an entrepreneur named Brian Ross.  Innovation Fabrication is  a metal fabricator who turns old shipping containers into just about anything you can think of.

Pools, popup kitchens and bar yard bars, man-caves and she-sheds and even pop up medical labs and testing sites.

We’re planning to have Brian on in an upcoming episode and tell us more.  You can find the link to his website in the show notes

Innovation Fabrication here     http://wpgfab.com/

 

 👪 🗯  𝙁𝙞𝙣𝙖𝙡 𝙏𝙝𝙤𝙪𝙜𝙝𝙩𝙨 𝙖𝙣𝙙 𝙇𝙞𝙣𝙠𝙨  🖥  

            I don’t always eat soup, but when I do…..it HAS to have meat in it.  One of my favorites is this meatball, tomato and pepper soup.  Its thick, hearty and has a little kick.  You can use beef or turkey, and a link to the recipe is in the show notes.

Meatball, Tomato and Pepper soup:  https://boknows.homes/292ae8a0

 

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