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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Home Appraisals 101

[Posted on: June 6, 2017]

When you get a new mortgage, an appraisal of the subject property is often required by your lender.

An appraisal is an unbiased determination by an accredited appraiser of the estimate of the current fair market value of the property. The appraiser provides the lender with a written opinion of the property's value, and is client-paid for most refinances, switches, conventional mortgages and only in exceptional situations, high-ratio mortgages.

It's required for refinances because you can only refinance up to 80% of your home's appraised value, and for some purchases and switches because the property becomes the lender's security.

Keep in mind that when a realtor gives you an evaluation of a property's value, that should not be considered an appraisal for financing purposes. And given the hot housing market in some parts of Canada that are seeing bidding wars, some buyers are paying well over asking and the appraiser may determine that the property has a lower value, which could affect the buyer's financing.

As always, please get in touch at any time if you have any questions.


Increase in CMHC insurance premiums

CMHC is increasing its homeowner mortgage loan insurance premiums as a result of our regular review of insurance products and to reflect the new OSFI Capital Requirements for Federally Regulated Mortgage Insurers that came into effect on January 1, 2017.

The new premiums are effective March 17, 2017 and will result in an increase of approximately $5 to the monthly mortgage payment of the average CMHC-insured homebuyer.

At LTV (loan-to-value) of 95% or lower, the premium will increase from 3.6% to 4%.

The LTV of 90% or less, the premium will go from 2.4% to 3.1%.

For a full list of changes, please visit www.cmhc.ca

Which renovations go right to your bottom line?

Updated kitchen - The kitchen is almost always the heart of the home, so it`s no surprise that kitchen renovations consistently provide the best return on your renovation investment.

A sparkly bathroom - Bathroom renovations are also very reliable when it comes to boosting the overall value of your home.

Fresh painting - Whether it`s inside or outside, a fresh coat of paint can work wonders on the overall impression of your home.

Focus on decor - Updating lighting and plumbing fixtures, counter tops, and replacing worn flooring or refinishing hardwood floors are also definite ROI winners.

Bank of Canada holds the key interest rate steady

As widely predicted, the Bank of Canada announced May 24th that it is holding the key rate steady.

While noting that "economic growth has been faster than expected", the bank said it`s too early to determine if the economy is on a "sustainable growth path", citing weakness in export growth, business investment and employment.

The Bank`s three measures of core inflation, taken together, continue to point to material excess capacity in the economy. While there have been recent gains in employment, little growth in wages and hours worked continue to reflect economic slack in Canada, in contrast to the United States.

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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% 2.39%
2 Years 2.84% 2.14%
3 Years 3.44% 2.34%
4 Years 3.89% 2.44%
5 Years 4.64% 2.54%
7 Years 5.30% 2.89%
10 Years 6.10% 3.29%
5 Year Variable 2.00% 2.00%


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