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Free Professional Advice

Why choose Micah? Because I provide valuable professional advice and it’s FREE!

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

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Best Rates

Let me shop the major banks and top lenders for you.

Let me negotiate the best rate. Remember I work for you, not the banks.

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Get Approved

My approval rating is high.

With my portfolio of lenders, I can find you a program that works for you.

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Lower rates equals thousands in savings.

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

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When the banks are closed, I am not.

I work for you and I am at your service 7 days a week.

Blog by Micah Verceles

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Mortgage Rates to Rise

The Federal Government of Canada allocates $85 Billion to insure mortgages in Canada through the Canada Mortgage and Housing Corporation.  With the Real Estate market's increased activities this year CMHC has used upwards of $66 Million to help lenders guarantee repayment on their mortgage-backed investments.
As of August 2013 CMHC is limiting the dollar amount of total mortgages insured to a maximum of $350 million for each mortgage lender, including banks and credit unions.  This restriction on available mortgage funds will have adverse effects on interest rates as it will be harder and more expensive for banks to obtain funds to lend to their customers.
Mortgage rates are expected to rise 20 to 65 basis points, which is the equivalent of .20 to .65 of a percentage point.  Many financial institutions have already started to raise their rates closer to 4% however we still have a few lenders offering rates as low as 3.45% for their 5 year fixed rate terms.  These rate will not be available for much longer.   If your mortgage is coming up for renewal or you are looking to purchase a new home, now is the time to secure these low rates while they are still available.
Rate increases and policy changes have made the home buying process more difficult for potential purchasers.  Although CMHC is a major mortgage-backed insurer, there are still other insurers out there who are less stringent.  That is why it is prudent to have a Mortgage Planner who will review your unique situation with you.  If you or anyone you know require any mortgage advice, please feel free to contact me.