Tino Brelak is an experienced and knowledgeable mortgage broker servicing and helping clients in the Greater Toronto Area (GTA) for over 15 years. His banking background (including branch manager, credit auditor and financial advisor) allows him to navigate the mortgage process and ensure you get both the best mortgage rate and the right product. Whether your credit is perfect or poor, Tino can help you purchase a home, refinance, finance your investment property or get you the best mortgage rate at renewal.
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Why an "Annual Mortgage Review"?

[Posted on: February 13, 2018]

Let's call this the process of a mortgage professional checking under the hood of your mortgage...

Life doesn't stand still, which means your mortgage needs may have changed as well.

First, you will want to ensure you are taking advantage of your prepayment privileges to pay your mortgage off faster. Even the smallest increase to your regular payments shortens your amortization without you much noticing it.

Next, you want to transfer high-interest debt to a lower interest rate so that you can improve your cash flow and save. That is, if you have equity in your home.

You will also want to get a professional review of your options if your mortgage is renewing in the next year or two, especially with rates now definitely on the rise.

Finally, you may need access to lowest-cost funds, be that for renovations, education funding, investment property or similar.
You never know what you don't know!


New 2018 Mortgage Rules

Conventional mortgages must qualify at the government benchmark rate (currently 5.14%), or your contract rate plus 2%, whichever is higher.

Ask about strategies to get around the new rules!

RRSP Deadline is March 1, 2018

Using RRSP funds for a downpayment boost is more important than ever and a strategy first time buyers want to hear about.

New homebuyers can contribute to their RRSP if they have contribution room, withdraw the money after 90 days under the Federal Homebuyer`s Plan, and also use the resulting tax refund to help with their downpayment this spring.

But they need to contribute before the deadline!

Prime Rate Increases Again

Central Bank of Canada increased the Prime Rate to 3.45% in January.

In its Global Outlook report, The Bank of Nova Scotia predicts another two increases in 2018.

If you are in a variable interest rate and would like to discuss your options, contact me directly.

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We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact me for these unpublished rate specials, and for your own personalized rate and mortgage plan.

Terms Posted Rates Our Best Rates
6 Months 3.14% 3.10%
1 Year 3.04% 2.89%
2 Years 3.24% 2.94%
3 Years 3.44% 3.04%
4 Years 3.89% 3.29%
5 Years 5.14% 3.14%
7 Years 5.30% 3.69%
10 Years 6.10% 3.74%
5 Year Variable 2.50% 2.50%


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