Variable Rate vs Fixed Rate Mortgages: What’s Best For You?

If you’re purchasing a home or renewing your mortgage in the near future you may be wondering “should I get a variable or fixed rate mortgage?”. Almost every home buyer has asked themselves this question at one point.
Some studies have shown that choosing a variable rate will save you money 90% of the time.
But what about the other 10% who saved by choosing a fixed rate mortgage?
The decision can be tough, but our team of Kelowna mortgage broker experts at John Antle Mortgages are here to help you pick your best rate. Keep reading to learn about the following:

• Variable Rate Mortgages: Advantages and Disadvantages
• Fixed Rate Mortgages: Advantages and Disadvantages
• Should You Get a Variable Or Fixed Mortgage?
• Can you switch between fixed and variable?

VARIABLE RATE MORTGAGES

Based on the statistic that 90% of homeowners save money with a variable rate, you may be thinking your decision has already been made.
While there are some definite benefits to picking a variable rate mortgage, there are some drawbacks you should be aware of to ensure you’re making an informed decision.
Variable rate mortgages are based off a lender’s prime rate, meaning it’s subject to change. This is great if the prime rate decreases because it means you could be paying less for your home in any given month. However, the opposite is also true. If prime rates increase, you could be paying a lot more.
Since you aren’t locked into a time frame with a variable rate mortgage, you can leave or change your mortgage early if the rate increases substantially. If you decide to leave or change your mortgage early, the penalties are minimal.
Variable rates are more of a gamble than fixed rates. Historically, they’ve offered lower interest rates than fixed rates. However, the rate that the banks advertise, known as the ‘posted rate’, isn’t always the best rate you’re able to get. In fact, this is just a starting place to bargain for a better rate.
If finding your best rate at a multitude of different lenders seems overwhelming, you may want to consider working with a Kelowna mortgage broker who can help you shop, negotiate and find your best rate possible.

FIXED RATE MORTGAGES

A fixed rate mortgage means that you’ll agree to a predetermined rate set over a period of time. Meaning, no matter what happens to the prime rate, you’ll be paying the exact same amount for your home every month.
A clear advantage to a fixed rate mortgage is that it’ll be a whole lot easier to budget your life. It saves you the hassle of reorganizing your finances every month as it will be the same each month. Fixed rates can also give you peace of mind since you’ll never be worried about your mortgage rate increasing.
One downside to fixed-rate mortgages is that you’re locking in for a number of years. Exiting your contract earlier may have a steeper penalty than a variable rate mortgage agreement.

IS FIXED A OR VARIABLE RATE MORTGAGE BETTER FOR YOU?

Deciding if you should choose a fixed or variable rate mortgage can be a tough decision. Kelowna Mortgage experts recommend taking a look at your personal financial situation and determining if the risk of a variable rate mortgage is right for you. While there is a chance you could save, you should ensure you’re in a secure enough financial position that a drastic increase in the prime rate won’t devastate your financial situation.
The prime rate has been steadilly increasing the past few years, with experts predicting it may continue to do so. Since July 2017, the rate has been raised by a quarter of a percent four times for a total of 1.5%.
The central bank’s tax rate increases have caused the big banks to raise their rates as well, which is another reason you may want to work with a mortgage broker like John Antle. Our team of mortgage experts can help you find your best rate from a multitude of lenders, not just the big banks.
If you’re considering it, check out our previous blog on Three Things a Mortgage Broker will do for you That a Big Bank Won’t.

CAN YOU SWITCH BETWEEN FIXED AND VARIABLE MORTGAGE RATES?

If you’re reading this and you’re thinking your current mortgage rate isn’t the right one for you, don’t panic! You do have the ability to change your mortgage agreement.
Since fixed-rate mortgages lock your mortgage rate and contract in for a set period of time, there may be a bigger penalty for exiting your current agreement. However, some lenders will let you add this expense to your new mortgage agreement, costing you very little if your new mortgage agreement ends up saving you more. Contrastingly, switching from a variable rate to a fixed rate may be easier, and less expensive.

KELOWNA MORTGAGE BROKER

If you need help navigating the complexities of fixed vs variable rate mortgages and every other detail with your mortgage, the friendly and experienced team at John Antle Mortgages would be happy to help.
In addition to helping you decide whether fixed or variable rates are best for your personal situation, we can help you find your lowest rate possible for a multitude of lenders. This means you’ll have more flexibility.
The team here keeps your best interests in mind and would be happy to help you find your best possible mortgage options.

CONTACT JOHN ANTLE KELOWNA MORTGAGE BROKER TO DISCUSS YOUR FINANCING OPTIONS.

Source: John Antle

Kettle Valley: The Heart of the Upper Mission

Situated in the Upper Mission, the Village of Kettle Valley resembles no other place in Kelowna.
Pot Valley is ideal for property holders who need to live in a dynamic neighborhood, have a functioning way of life, appreciate million dollar perspectives, and bring their family up in one of Canada's Best Communities.
For more than 20 years, the town has been prevalent among home purchasers who look for in excess of a home. The town respects its occupants with a feeling of having a place and a way of life that is worked around reinforcing the network.
A Community From Another Time
Everything about Kettle Valley has been intended to unite individuals and make an affectionate neighborhood that such huge numbers of individuals are accidentally searching for. The houses run from single family homes to townhouses, worked to speak to customary engineering, however with an advanced wind.
The houses are worked to draw out the best of the town's slope area, and numerous homes highlight incredible perspectives of the lake and the city. The best part about the network? It's worked around the Village Center and delightfully joins nature and recreational regions into the general structure.
The Village Center and Amenities
More than dozen organizations call the Village Center their home. In the unspoiled setting, inhabitants can appreciate a neighborhood bistro and incredible eateries, workmanship studios, dental and chiropractic facilities, and excellent spas and wellness focuses.
Source: Kelowna Life Real Estate Group

Lest We Forget

Every year, on November eleventh, we respect veterans who have served in wartime and recall the warriors who passed on in military administration.
Recognition Day denotes a critical development on the planet history. It helps us to remember the penances made by people, families, and whole nations to end the First World War in 1918 and establish the framework for current majority rule government.
As Canadians, it's our aggregate duty to recall the individuals who have served and made penances for who and what is to come.
The Plea
Did you realize that the expression "In case We Forget" originates from a sonnet composed by the writer of The Jungle Book? Rudyard Kipling composed the ballad Recessional in 1897, rehashing the expression a few times to underscore the threats of neglecting to recall.
This year we commend the 100th commemoration of the finish of World War 1. The request to not overlook the past and not underestimate it is as essential today as it return in 1918 when the Armistice understanding was agreed upon.
Photograph credit: Kelowna Now
On November eleventh, the Okanagan Military Museum welcomes everybody to go to the historical center from 11 a.m. to 3:30 p.m. also, take in more about Canada's military history. There will be uncommon 15-minute visits for the duration of the day, each including an alternate point.
This year, the Royal Canadian Legion Branch 26 is exploring new territory and unique to respect the officers who never made it back home and don't have a gravesite. Roused by a presentation in Calgary, the Legion has set up a field of crosses in City Park with 242 names from the two World Wars and the Korean War. The showcase was set up on November third and will stay in City Park until Remembrance Day.
The Ceremony
Photograph credit: The Daily Courier
This year Remembrance Day falls on a Sunday. What an ideal chance to appreciate the morning with your family and afterward join the service and march.
The Royal Canadian Legion, Branch 26, will hold their yearly service and march in City Park's Veendam Garden.
In Rutland, the Army Navy Air Force Veterans will hold the function at the cenotaph in Lions Park, trailed by a procession.
The Poppies
A year ago, the Kelowna poppy crusade gathered $184,209.65, an unequaled record sum.
This year, the Royal Canadian Legion has propelled an advanced rendition of the poppy. Until November eleventh, you can go to the site www.mypoppy.ca and get a poppy by gift. Likewise with the physical poppies that you can gladly wear to demonstrate your help, the computerized ones can be altered for your Facebook, Twitter, Instagram and LinkedIn profile pictures.
Computerized poppy from mypoppy.ca
Make a gift, wear your poppies and demonstrate your help for the individuals who have served to ensure our nation. Allows together respect their forfeit that has enabled us to assemble a superior home for ourselves and our families.
In case we overlook, Kelowna.
You can live here as well. Check Kelowna Life to figure out how.
Source: Kelowna Life

How will the Bank of Canada Rate Increase effect your Mortgage

I'm joined with Amy Thompson from City Mortgage Group. We're so eager to take a gander at how this new rates going to affect our purchasers and dealers.
I'm Amy Thompson from Citi contract gathering and in case you're in the market for purchasing a house it's great to know every one of your alternatives and where your money related solace lie. Amy a debt of gratitude is in order for going along with me at Starbucks. Much obliged to you for having me.
So yesterday I'm perusing an email from you and I'm similar to "Shoot! What will occur with this new rate increment?" I know we've been, you know getting ready for everything year and our purchasers we've been instructing them to converse with you, ensure their pre-endorsement is set up. In any case, I think it conveys to a greater degree a frenzy when I begin conversing with customers yesterday about it and we really have before us. So given me a chance to comprehend what is 1.75 percent BOC Bank of Canada mean what does this expansion mean for us? So a few people don't understand that the Bank of Canada rate is really their prime rate. Right. So this being said prime has now expanded from 3.7 to 3.95. Alright doesn't sound so agonizing that way. No it doesn't sound so difficult yet this influences purchasing power. So individuals who are hoping to buy with a variable home loan, a few items currently qualify at this higher rate where we've been sheltered with a benchmark however now this new rate change impacts that qualifying part where on some factor contracts.
OK now the unavoidable issue I may not ask frequently and as specialists I get asked this, "Do I stay with the settled? Or on the other hand do I run with the variable?" Because now there's very nearly a full point spread there right? Well I jump at the chance to state there's two sorts of individuals out there. There's somebody who can rest during the evening realizing that tomorrow their home loan rate may change and there's kin and there's kin who need to rest around evening time knowing their home loan installment won't change. There is a premium on a settled home loan however with this rate expanding you have to know your reasonableness on what number of builds you can manage the cost of before it bodes well to anchor in a settled rate. That is kind of in arrangement with the pressure test however right? So in case you're going to complete a variable rate you're now of qualifying under a pressure test rate you need to know where you would max be able to out. So that is not very unique. So offer it to me in plain numbers I have four hundred thousand dollar contract, what does that mean? With this new increment it's barely short of thirteen dollars for each hundred thousand dollars in your home loan. Implying that on the off chance that you have a four hundred thousand dollar contract this rate increments most likely up to your regularly scheduled installment by around fifty dollars. OK so week by week I need to remove two lattes per week. Precisely. That could be testing however thirteen dollars genuinely isn't that agonizing to secure our industry in general.
Okay so best counsel however and we're always lecturing your name and well done on your perusers decision that is so stunning! You've been great in helping our customers get your pre-endorsement. Your pre-endorsement goes on for 120 days. So those pre-affirmed before this rate change have bolted into their rate for a hundred and twenty days from that pre-endorsement date. Yet, with rates on the ascent and they're proceeding to rise get your pre-endorsement in now so we can secure a rate for you for one hundred and twenty days so you when you're out there searching for the ideal home you have it in your back pocket. Furthermore, I think you generally make a decent point our banks are astonishing to work with however you're an extraordinary choice for somebody simply searching for that contract piece and searching for another suggestion they can shop a home loan rate for them. Well there's such a significant number of various items out there banks commonly fit one immaculate item where there's a great deal of entrepreneurs, new entrepreneurs individuals that don't regularly fit that ideal box that we have a home for.
Okay we will reach you before they complete the financing on their next buy. Much thanks to you! Welcome it thank you for going along with us today. In the event that you have any further inquiries on how the new rate increment will influence you please don't hesitate to contact us and look at us at teamlogue.ca.
Source: Team Logue

Will You Need A Farm Appraisal For Refinancing?

In order to receive a fair price in any major real estate transaction, it’s important to understand the ins and outs of your financial situation. A farm is comprised of multiple assets that need to be assessed in order to ascertain the property’s full value. Property DNA Group has locations in Kelowna and Calgary to ensure that we can effectively serve Western Canada. We are happy to meet with you at your farm and spend time going through the property as we develop your comprehensive report.
Common reasons to book a farm appraisal include: 

• Mortgage financing 
• Property purchase / sale 
• Relocation 
• Income tax 
• Estate planning 
• Litigation 
• Assessment appeals 
• Expropriations 
• Partial takings 

Source: Property DNA Group

House Hunting Tips To Help You Find The Right Home in Burlington

Jeremy and Susan are a young couple who recently got engaged. Amongst all their wedding to-dos, the couple decided to start shopping for their first home together. They know Burlington is one of the best places to live in Canada, so they started researching Burlington Real Estate.
They chose Burlington because it offers residents an exceptionally high standard of living and is consistently listed as one of the top places to live in Canada. Unsurprisingly, the Burlington real estate market is a highly competitive housing market that requires the expertise of a knowledgeable realtor to help you find the perfect home for you and your family’s specific needs.
Source: Team Logue Real Estate

Upsizing Your Home: The Hottest Kelowna Real Estate Trend

About 5 years ago, Tracey and her husband Jake squeezed their lives into a small apartment in downtown Kelowna. At the time, it was great. However, a few kids, a dog, and some hobbies later, their space was much too small. The couple began looking at Kelowna real estate, and soon realized it was time to upsize.
Their place in downtown Kelowna caused a lot of frustrations for the couple. From the lack of pantry space in the Kitchen to the lack of space to have overnight guests or even dinner guests over, the couple knew it was time to upsize.
Jake and Tracey’s story isn’t an anomaly these days. Many couples find as their families and lives grow, so does their need for space. In fact, 37% of sellers age 36 and under say their reasons for moving are to find a larger space. Even Kelowna residents approaching retirement are considering upsizing. Many Grandparents want morespace so their children and grandchildren have room to stay in their house.
Upsizing is the hottest Kelowna real estate trend right now. Keep reading for a few practical tips to consider if you think it may be time to upsize your living space.
Source: Sean Skuter

Which Kelowna Community Suits Your Needs?

When it comes to buying home, it is always wise to take your lifestyle considerations and preferences into account. Essentially, you are joining a community and in order to maximize your wish list; it is helpful to put some thought into where you spend most of your time. Many people prefer to be within a specific radius when it comes to extra-curricular activities or their workplace. There are numerous neighbourhoods within Kelowna that all have unique offerings. Kelowna Art and Home Real Estate can provide you with the insight you require. There are many parks in every neighbourhood and many offer beach access. Find a shady spot and bring Fido along to the dog beaches to cool off and relax!
Source: Kelowna Art And Home