Andrea Johnston A.M.P. Your Mortgage Specialist !

Metro City Mortgages would like to wish all of our past and present clients a Merry Christmas and Happy New Year! All the best in 2012

2011-12-14T13:39:00.003-05:00

"LIKE" US ON FACEBOOK

2011-11-17T12:16:00.002-05:00

Hi Everyone,
Just wanted to let you know that we have created a new company page for Metro City Mortgages on Facebook called Metro City Mortgages - Andrea Johnston!

http://www.facebook.com/#!/pages/Metro-City-Mortgages-Andrea-Johnston/236931729703288?sk=wall

Please stop by and "Like" us today!

METRO CITY MORTGAGES IS GROWING!!

2011-10-05T14:36:00.002-04:00

I am pleased to announce two new agents that have joined my Metro City Mortgages team! Welcome Duaine Hamilton and Jack Ronson. Duaine and Jack have over 60 years of combined Mortgage Financing experience.
If you are looking to Purchase or Refinance, or would just like a Mortgage Check Up, please give Metro City Mortgages a call today. Or you can apply online at www.mortgagesbyandrea.com. Can you afford to wait?

Everyone should read this! Any questions call me today 613.968.5151

2011-03-04T11:07:00.002-05:00

Bank of Canada leaves key unchanged at 1%

Weekend or After hour Questions???

2011-02-25T15:22:00.002-05:00

Unlike your local banks, Metro City Mortgages is not just a 9-5 only service!! If you or someone you know has mortgage questions or concerns over the weekend and would like to speak to a LIVE person, please feel free to contact Your Metro City Team @ 613.968.5151 or visit us online @ www.mortgagesbyandrea.com

What is the trick to better mortgage rates?

2011-02-23T11:58:00.000-05:00

That’s what folks at the Bank of Canada (BoC) wanted to know.

It led them to undertake an extensive study on mortgage discounting. A draft of that study was released this month and below are its conclusions.

All quotes that follow originate from the paper’s authors: Jason Allen, Robert Clark and Jean-François Houde.

According to their research, the Canadians who get the best mortgage rates are those who:

1. Bargain

Research proves that bank profits “are significantly higher in haggle environments.” As a result, banks prefer not to put all of their cards on the table.

This leads to “price discrimination” whereby banks give better deals to skilled negotiators and well-informed borrowers, and stick it to people who don’t watch out for themselves.

2. Have larger mortgages

“…since few negotiate the renewal of their mortgage…(this) provides lenders with an incentive to attract consumers with larger loans who have large outstanding balances at the time of renewal.”

3. Use a broker

The report states that brokers lower the “search costs” of getting multiple quotes. Multiple quotes (lower search costs) are strongly correlated with lower rates.

“Over the full sample the average impact of a mortgage broker is to reduce rates by 17.5 basis points.” That’s ~$1,670 of interest savings on a typical $200,000 mortgage over five years.

Bank “mortgage specialists offer convenience to consumers, although they do not reduce search costs. This is because they work for one lender only.”

4. Do significant non-mortgage business with a lender

“Branch managers have an incentive to offer larger discounts to consumers…that are, or will be, more profitable to the bank.”

5. Have more equity

Those who put the minimum down (e.g., 5%) “pay higher rates than other borrowers—about 12 basis points more” than those with LTVs below 85%.

6. Are new clients

“…new clients receive larger discounts than existing clients, on the order of 10 basis points.”

The authors state that research by Oxford professor, Paul Klemperer, suggests that “consumer switching costs” (i.e., the time, uncertainty and expense of changing lenders) provide banks with “market power” over existing customers.

7. Use smaller lenders

“We conclude that the larger a bank’s market share, the higher are the rates that it can charge to borrowers.”

“…Borrowers who are new clients at one of the Big 8 banks receive less of a discount than borrowers who are new clients elsewhere.”

8. Are financially capable

BoC: “…poorer borrowers may face greater levels of price discrimination when bargaining in person at the branch than they do when transacting through a broker.”

9. Have better credit

“Financial institutions…offer better rates to high credit score consumers.”

There are, of course, other factors that impact one’s mortgage rate. Moreover, there are exceptions to the findings above. As one example, not all bank reps are uncompetitive. We know some excellent mortgage specialists that are highly competitive—meaning they’re within 10 basis points of the best industry rate most of the time. (Mind you, as this Bank of Canada report concludes, that is not typical.)

Private Lending

2011-02-22T10:12:00.001-05:00

~ Check this out! Private Lending ~

NEW MORTGAGE RULES!!

2011-02-17T10:42:00.001-05:00

On January 17^th, Finance Minister Jim Flaherty announced adjustments to the rules for government-backed insured mortgages that will come into force March 18^th, 2011.

So, if you’re looking to refinance your mortgage after this date, you will only be able to access 85% of the value of your home (instead of the current 90%). As well, the maximum amortization will be lowered from 35 years to 30 years – resulting in increased mortgage payments for those who would typically opt for longer amortizations.

Additionally, on April 18^th, 2011, the government will withdraw its insurance backing on lines of credit secured by homes, such as home equity lines of credit (HELOCs).

Did you know interest rates are now at their lowest level in history? One thing I can tell you for certain is that rates will definitely be going up soon – and some industry professionals think they’ll rise substantially.

Today, Canadians are carrying more personal debt than ever before. It may be really worthwhile to have a quick look at your existing mortgage to see if it makes sense to refinance. We’re finding that even when there’s a penalty for paying out early, you can lower your payments and save thousands of dollars of interest over your mortgage term.

Most consumer debt is at a much higher interest rate, so we have the opportunity to consolidate into a single payment, and save you several hundred dollars per month – while, at the same time, saving you thousands of dollars in interest. Why make several different payments each month and throw away tons of money in unnecessary interest when rates are so good? The money you save in interest can be used for savings such as RRSPs or RESPs for your family’s future. And with the timing of the new changes, it makes sense to act now.

If this has got you thinking, I’d love to speak to you more about it. It’s a really simple process for me to conduct a confidential mortgage review. You may gain complete certainty you’re already receiving the best rate and mortgage available! Otherwise, we can save you some money and make life a little easier. Please let me know if you have any questions.

Andrea Johnston A.M.P.

Mortgage Agent Lic#M08002475

DLC Metro City Mortgages

Tel: 613-968-5151 or Dir: 613-847-0797

E-mail: andrea005@sympatico.ca

Website: www.mortgagesbyandrea.com

Looking for a New Career?

2011-02-15T09:22:00.004-05:00

We are expanding our Team at Metro City Mortgages! All skill and education levels welcome, full training provided. Call today to set up an appointment to speak with myself directly to see if this is the right career for you! 613.968.5151 or email: andrea005@sympatico.ca

2011-01-21T10:19:00.003-05:00

~Very Informative Video ~ Check it out ~ Any further questions, call me today 613.968.5151

Important for you to know:

2011-01-20T09:55:00.001-05:00

Federal Government's
Mortgage Insurance Changes

2011-01-04T10:29:00.003-05:00

Debt advisors flood Canadian market

2011-01-04T10:28:00.001-05:00

Happy New Year Everyone!

Take Advantage of Low Interest Rates

2010-12-06T11:42:00.000-05:00

http://http://www.theglobeandmail.com/report-on-business/new-home-buyers-take-risks-with-low-mortgage-rate/article1367165/singlepage/

Another informative link...

2010-12-02T10:42:00.001-05:00

http://http://www.facebook.com/pages/The-Canadian-Real-Estate-Action-Plan/111022872266304

Great Link, Check it out!

2010-12-02T09:56:00.001-05:00

This will be benifical for everyone!

http://http://www.simpleplanning.net/Financial%20Calculators/BudgetPlanner.html

Smart Canadians Use Mortgage Professionals

2010-12-01T11:22:00.002-05:00

While breaking a mortgage and paying penalties based on the interest rate differential (IRD) can result in a break-even proposition in the short term, if you look at the big picture, you’ll see that the true savings are long term – as we know that rates will be higher in the years to come. Your current goal is to secure a long-term rate commitment before it is too late, and here lies the significant future savings.

WE NOW HAVE A NEW NAME!

2010-03-10T13:03:00.004-05:00

I AM PROUD TO ANNOUNCE THAT OUR COMPANY HAS DECIDED TO CHANGE FROM THE MORTGAGE CENTRE TO DOMINION LENDING CENTRES METRO CITY MORTGAGES. AFTER CAREFUL THOUGHT AND CONSIDERATION, I DECIDED THAT THIS CHANGE WOULD BENEFIT MY CLIENTS DUE TO THE WIDE RANGE OF PRODUCTS AND RATES.
I AM STILL LOCATED AT 200 DUNDAS ST. E., SUITE 305 BELLEVILLE ONTARIO. I INVITE ALL MY PAST AND PRESENT CLIENTS TO PLEASE DROP BY AND CHECK OUT MY NEW OFFICE! ALSO FOR THOSE OF YOU THAT HAVEN'T UPDATED MY NEW TELEPHONE NUMBER IT IS 613-968-5151. COME IN ANYTIME. MY NAME AND LOCATION MAY HAVE CHANGED, BUT NOT MY DEDICATION TO ENSURE EXCELLENT SERVICE TO ALL MY CLIENTS.
AND REMEMBER, I AM NEVER TOO BUSY FOR YOUR REFERRALS!

NOW HIRING: MORTGAGE AGENTS

2009-10-16T14:57:00.005-04:00

I'm expanding my team! Are you an individual that works well in a team environment, is highly motivated and wants to work for one of the Top Mortgage Brokerage Companies in Canada? Then I am looking for you! Please email your resume directly to andrea005@sympatico.ca.

I APPRECIATE YOUR REFERRALS!

2009-10-14T15:53:00.005-04:00

I would like to thank all my clients that have referred your friends and family to me over the years. Your trust in me is definitely appreciated! I hope everyone has enjoyed their referral gifts and I invite anyone to contact me to inquire how to be enrolled in my Referral program today!